STANDARDS OF PROFESSIONAL APPRAISAL PRACTICE

Standard 1
In developing a real property appraisal, an appraiser must be aware of, understand, and correctly employ those recognized methods and techniques that are necessary to produce a credible appraisal.

Standard 2
In reporting the results of a real property appraisal, an appraiser must communicate each analysis, opinion, and conclusion in a manner that is not misleading.

Standard 3
In reviewing an appraisal and reporting the results of that review, an appraiser must form an opinion as to the adequacy and appropriateness of the report being reviewed and must clearly disclose the nature of the review process undertaken.

Standard 4
In performing real estate or real property consulting services, an appraiser must be aware of, understand, and correctly employ those recognized methods and techniques that are necessary to produce a credible result.

Standard 5
In reporting the results of a real estate or real property consulting service, an appraiser must communicate each analysis, opinion, and conclusion in a manner that is not misleading.

Standard 6
In developing a mass appraisal, an appraiser must be aware of, understand, and correctly employ those generally accepted methods and techniques that are necessary to produce and communicate credible appraisals.

Standard 7
In developing a personal property appraisal, an appraiser must be aware of, understand, and correctly employ those recognized methods and techniques that are necessary to produce a credible appraisal.

Standard 8
In reporting the results of a personal property appraisal, an appraiser must communicate each analysis, opinion, and conclusion in a manner that is not misleading.

Standard 9
In developing a business or intangible asset appraisal, an appraiser must be aware of, understand, and correctly employ those recognized methods and procedures that are necessary to produce a credible appraisal.

Standard 10
In reporting the results of a business or intangible asset appraisal, an appraiser must communicate each analysis, opinion, and conclusion in a manner that is not misleading.

Supplemental Standard 1
The form of certification used by a Member in a written report must include: 1. A statement indicating compliance with the Code of Professional Ethics and Standards of Professional Appraisal Practice; and, 2. A statement advising the client and third parties of the Appraisal Institute's right to review the report; and, 3. A statement indicating the current status of the Designated Member under the Appraisal Institute's continuing education program.

Supplemental Standard 2
The Appraisal Standards Board of the Appraisal Foundation added an Ethics Provision to the Uniform Standards of Professional Appraisal Practice on December 4, 1989. The language in this Ethics Provision is very broad and the Appraisal Institute has interpreted this Ethics Provision to apply to appraisal conduct only. The Appraisal Institute has an existing Code of Professional Ethics that is adequate to carry out the intent of the Ethics Provision. Therefore, the Appraisal Institute will enforce its own Code of Professional Ethics under its existing enforcement procedures as the proper means of enforcing the Ethics Provision of the Uniform Standards of Professional Appraisal Practice.

CODE OF PROFESSIONAL ETHICS

Canon 1:
A Member must refrain from conduct that is detrimental to the Appraisal Institute, the appraisal profession and the public.

Canon 2:
A Member must assist the Appraisal Institute in carrying out its responsibilities to the users of appraisal services and the public.

Canon 3:
In the performance of an assignment, a Member must develop and communicate each analysis and opinion without being misleading, without bias for the client's interest and without accommodation of his or her own interests.

Canon 4:
A Member must not violate the confidential nature of the appraiser-client relationship.

Canon 5:
A Member must use care to avoid advertising or solicitations that are misleading or otherwise contrary to the public interest.

Canon 6:
A Member must comply with the requirements of the Standards of Professional Appraisal Practice.