For honest and ethical appraisals, rely on N. J. Monastero & Associates

In recent years, requirements to become a licensed appraiser have increased more than ever before. That's why it goes without question these days that real estate appraisal can unquestionably be dubbed a profession rather than a trade. As with any profession we must follow strict ethical considerations.

For an appraiser the primary obligation is to his or her client. Typically, for a regular residential appraisal, the appraiser's client is the lender ordering the appraisal. Appraisers have rules and regulations they must follow, including confidentiality for their clients. Homeowners, who require a copy of an appraisal report, should obtain it from the lender. Other obligations also include, accurate calculations appropriate to the nature of the assignment, acquiring and keeping an appropriate level of competency and education, and of course, the appraiser must behave in a professional manner. Maintaining high ethics and client confidentiality is is what we do everyday at N. J. Monastero & Associates.

Appraisers can also have fiduciary obligations to third parties, such as homeowners, both sellers and buyers, or others. Those third parties normally are spelled out in the appraisal assignment itself. An appraiser's fiduciary responsibility is restricted to those third parties who the appraiser knows, based on the scope of work or other factors in the framework of the job.

Appraisers also have standards outside of boundaries of clients and other fiduciary obligations. For example, appraisers must keep their work files for at least five years - something else N. J. Monastero & Associates takes very seriously.

We always perform to the highest ethical standards possible. Accepting orders on contingency fees is never an option. That is, we don't agree to do an appraisal report and collect payment on the contingency of the loan closing. Another practice that's restricted is doing assignments on percentage fees. That is probably the appraisal professions most important rule, because it could influence appraisers to inflate the value of homes or properties in order to increase their fee. We set ourselves to a higher standard. Other unprofessional practices may be defined by state law or professional societies that the appraiser belongs.

The Uniform Standards of Professional Appraisal Practice (USPAP) also defines a violation in ethics 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," in addition to other situations. We diligently follow these rules to the letter which means you can be at ease knowing we are going above and beyond to objectively determine the home or property value.

With N. J. Monastero & Associates, you can be assured of 100 percent ethical, honest service.