Appraisal is a profession, and appraisers are professionals. In our field as with any profession, we are bound by ethical considerations.

An Appraiser's primary responsibility is to his or her client.  Normally, in residential practice, the appraiser's client is the lender ordering the appraisal to decide whether to make the mortgage loan.   Sometimes the Appraiser’s client is the homeowner, if that who hires or sends an order in writing, to the Appraiser.

Appraisers have certain duties of confidentiality to their clients -- as a homeowner, if you want a copy of an appraisal report, you normally have to request it through your lender -- obligations of numerical accuracy depending on the assignment parameters, an obligation to attain and maintain a certain level of competency and education, and must generally conduct him or herself as a professional. 

Appraisers may also have fiduciary obligations to third parties, such as homeowners, both buyers and sellers, or others.  Those third parties normally are spelled out in the appraisal assignment itself. An Appraiser's fiduciary duty is limited to those third parties who the Appraiser knows, based on the scope of work or other written parameters of the assignment.

There are ethical rules that have nothing to do with clients and others.  Appraisers must keep their work files for a minimum of five years.  These requirements are spelled out in USPAP – the Uniform Standards of Professional Appraisal Practice.  USPAP is a required class for all Appraisers, with required attendance to a USPAP class every 3 years, or less.

USPAP also defines as unethical 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," and other things.  This means you can be assured we are working to objectively determine the home or property value.

Appraisers in the State of Colorado, are regulated by the Board of Real Estate Appraisers located in Denver, CO.  Link here for the website.

Accurate Appraisals