Honesty and Integrity: KMR Appraisal Services LLC

We think of our business as a profession. Requirements to become a licensed appraiser have increased more than ever in the past. That's why it goes without question in this day and age that real estate appraisal can definitely be considered a profession as opposed to a trade. As with any profession we have a strict ethical code.

We have a great deal of responsibilities as appraisers but first and foremost we answer to our clients. Normally, for a regular residential appraisal, the lender places the order to the appraiser, becoming the appraiser's client. Appraisers have certain duties of confidentiality to their clients, and as a homeowner, if you desire to review the appraisal document, you should obtain it from your lender. Other responsibilities also include, accurate sums appropriate to the parameters of the report, acquiring and maintaining an adequate level of competency and education, and the appraiser must conduct him or herself as a professional. Here at KMR Appraisal Services LLC, we take these ethical responsibilities very to heart.

In some cases, appraisers will have fiduciary responsibilities to third parties, such as homeowners, both sellers and buyers, or others. Normally the third parties are specifically defined in the appraisal report. An appraiser's fiduciary duty is limited to those parties who the appraiser knows, based on the scope of work or other written parameters of the job.

There are also ethical standards that have nothing to do with clients and others. For example, appraisers must backup their work files for at least five years - at KMR Appraisal Services LLC you can rest assured that we abide by that rule.

While busy with an appraisal, we follow the highest ethical standards possible. We have a responsibility not to do assignments on contingency fees. That is, we are not able to agree to do an appraisal report and get paid only if the loan closes. Another practice that's restricted is doing assignments on percentage fees. That is probably the appraisal industries most important rule, because it would invite appraisal fraud since raising the value of the home would up the fee. We set ourselves to a higher standard. Other unprofessional practices may be established by state law or professional organizations that the appraiser belongs.

The Uniform Standards of Professional Appraisal Practice (USPAP) also states a violation in ethics as accepting of an assignment that is contingent on "the reporting of a pre-determined result (e.g., opinion of value)," "a direction in assignment results that favors the cause of the client," "the amount of a value opinion," in addition to other situations We follow these rules to the letter which means you can be confident we are going above and beyond to objectively determine the home or property value.

When you engage KMR Appraisal Services LLC we'll make sure you're getting the professional service you expect along with an ethical approach with appraisals that we're known for.