![]() Honesty and Integrity: D. O'Kane and Company, LLCWe think of what we do as a profession. Requirements to become a licensed appraiser have become more difficult than ever in the past. That's why it goes without question in this day and age that real estate appraisal can unquestionably be considered a profession rather than a trade. As with any profession we have a strict ethical code.
We have many responsibilities as appraisers, but first and foremost we answer to our clients.
Typically, for a normal residential appraisal, the lender (or an agent of the lender) places the order to the appraiser, becoming the appraiser's client.
Subsequently, appraisers have certain duties of privacy to their clients, plus strict rules and regulations to which we must adhere. As
a homeowner, if you want to obtain a copy of an appraisal report, you normally have to request it via your lender.
Appraisers will frequently be obligated to consider the interests of third parties, such as homeowners, buyers and sellers, or others. Normally the third parties are clearly defined in the appraisal report. An appraiser's fiduciary responsibility is limited to those third parties who the appraiser is aware of, based on the scope of work or other written parameters of the job.
Appraisers also have rules outside of boundaries of clients and others. For example, appraisers must store their work files for a minimum of five years - something else D. O'Kane and Company, LLC diligently adheres to. We require the highest professional integrity possible from ourselves. Doing assignments based on contingency fees is never an option. That means we don't agree to do an appraisal report and base our pay upon coming up with a particular value conclusion. There's a definite conflict of interest if an appraiser can report a greater value with the reward of getting paid more money! We just don't do it. Finally, the Uniform Standards of Professional Appraisal Practice (or simply "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", or "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 working hard to provide an unbiased determination of the home or property value. As soon as you order an appraisal from D. O'Kane and Company, LLC, we'll make sure you're getting the professional service you expect along with the business principles we're known for. |