Honesty and Integrity: P1, Inc.

We consider our our job a profession. The rigors of becoming a licensed appraiser have increased more than ever before. So it goes without question in this day and age that real estate appraisal can definitely be dubbed a profession as opposed to a trade. In our field, as with any profession, we must follow strict ethical considerations.

We have a great deal of obligations as appraisers but our chief duty is to our clients. Typically, in residential practice, the appraiser's client is the lender ordering the appraisal. Appraisers have rules and regulations they must follow, including keeping many matters private for their clients a homeowner, if you want a copy of the appraisal document, you should get it from your lender. Other obligations also include, accurate sums appropriate to the nature of the assignment, attaining and sustaining an adequate level of competency and education, and of course, the appraiser must behave in a professional manner. Here at P1, Inc., we take these ethical responsibilities very to heart.

In some cases appraisers will have fiduciary responsibilities to third parties, including homeowners, both buyers and sellers, or others. Those third parties normally are spelled out in scope of the appraisal assignment itself. An appraiser's fiduciary responsibility is restricted to those third 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 be able to produce their work files for a minimum of five years - at P1, Inc. you can rest assured that we stick to that rule.

P1, Inc. holds itself to the industry standards and mandates set in place for professional behavior. We can't accept anything less from ourselves. Doing orders on contingency fees is never an option. That is, we are not able to agree to do an appraisal report and collect the fee only if the loan closes. We can't do assignments on percentage fees. That is perhaps the appraisal professions biggest no-no, because it would tend to make appraisers raise the value of homes or properties to increase their fee. We set ourselves to a higher standard. Other unethical practices may be established by state law or professional societies to which an appraiser belongs.

The Uniform Standards of Professional Appraisal Practice (USPAP) also states unethical behavior 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 at ease knowing we are going above and beyond to objectively determine the home or property value.

With P1, Inc., you won't have any doubts that you're receiving 100 percent ethical, professional service.