Honesty and Integrity: Donofrio Appraisal Associates, Inc.

We think of what we do as a profession. The rigors of becoming a licensed appraiser have increased more than ever before. So it goes without question these days that real estate appraisal can unquestionably be called a profession rather than a trade. In our field, as with any profession, we are bound by an ethical code.

As appraisers our main obligation is to their client. Typically, in residential practice, the lender places the order to the appraiser, becoming the appraiser's client. Appraisers are privy to a lot of data, and like an attorney can only discuss many matters with their client. As a homeowner, if you would like to review the appraisal document, you generally have to get it through your lender. Other obligations also include, accurate calculations appropriate to the scope of the assignment, attaining and keeping an appropriate level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Donofrio Appraisal Associates, Inc., we take these ethical responsibilities very seriously.

Appraisers will frequently be required to consider the interests of third parties, including homeowners, sellers and buyers, or others. Typically the third parties are clearly defined in the appraisal report. An appraiser's fiduciary duty is restricted to those parties who the appraiser is aware of, based on the scope of work or other written parameters of the order.

Appraisers also have duties outside of boundaries of with whom we share information For example, appraisers must backup their work files for a minimum of five years - at Donofrio Appraisal Associates, Inc. you can rest assured that we stick to that rule.

Donofrio Appraisal Associates, Inc. holds itself to the industry standards and guidelines set in place for professional behavior. We refuse to accept anything less from ourselves. 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 collect payment on the contingency of the loan closing. We don't do assignments on percentage fees. That is probably the appraisal industries most important rule, because it would tend to make appraisers inflate the value of homes or properties to increase their paycheck. We set ourselves to a higher standard. Other improper practices may be defined by state law or professional societies to which an appraiser belongs.

The Uniform Standards of Professional Appraisal Practice (USPAP) also defines unethical behavior as the acceptance 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," as well as other situations. We follow these rules to the letter which means you can be confident we are working hard to objectively determine the home or property value.

As soon as you engage Donofrio Appraisal Associates, Inc. we'll make sure you're getting the professional service you expect along with the an ethical approach with appraisals that we're known for.