CERTIFIED APPRAISERS ASSOCIATION OF
INDIANA
CODE OF ETHICS
Assumption of Responsibility
It is the responsibility of the individual
appraiser to accept appraisal work only
within the areas of his or her professional
competence and expertise. Every appraiser
must sign and certify his or her appraisal.
Objectivity
All items of property covered within an
appraisal must be appraised objectively,
independent of outside influences and
without any other motive or purpose than
stated in said appraisal. All items must be
described accurately and all factors
affecting their valuation must be stated
clearly and concisely with the highest
degree of accuracy.
Examination of Property
All items for appraisal must be examined
personally by the appraiser, or be so noted.
Purpose of Appraisal
As appraisals are prepared under varying
circumstances which can influence the
valuation of the property, it is necessary
to determine the nature and purpose of each
appraisal in advance and to note the nature
and purpose for which said appraisal has
been prepared.
Valuation
An appraisal valuation is based on numerous
factors affecting the value of the item to
be appraised. Individual factors may vary
from item to item, but in reaching a value
conclusion all factors should be considered.
The
following factors are not all-embracing, but
in each instance must be considered and
included:
1. The purpose of the appraisal;
2. Clear identification of each item;
3. The valuation method used;
4. The valuation approach;
5. The quality of the item;
6. The condition of the item; and
7. Where available, the provenance or
history of the item.
Where an
appraisal is based on either wholly, or
partially, hypothetical facts, such
conditions and facts must be stated in the
appraisal in clear and concise terms to
afford the reader of said appraisal
sufficient information to appreciate how the
valuation has been reached.
Fees
Fees for
appraisal services should be commensurate
with the service rendered. The fee should be
determined and agreed upon with the owner or
custodian prior to commencement of the
appraisal service. No appraiser shall
contract to perform services for a fixed
percentage of the value of the item
appraised.
Confidentiality
It is the
appraiser's responsibility to keep all
appraisals confidential, unless required by
the owner, or by due process of law, to
release such appraisal.
Prior to the
preparation of an appraisal, an appraiser
should make reasonable inquiry of their
client as to how the item to be appraised
was acquired. Appraisers should not prepare
appraisals for items that readily appear to
have a doubtful provenance and may be stolen
property. Where the appraiser is aware of
clear and convincing evidence that the item
may be stolen property, appraisers should
inform the appropriate authorities of the
facts as they are known to the appraiser.
All appraisals
should be prepared in accordance with the
guidelines set forth in the Uniform Standards of Professional Appraisal
Practice of the Appraisal Foundation.
Relations with Colleagues
An appraiser is
obligated to share knowledge and experience
with his or her colleagues. It is unethical
for an appraiser to volunteer adverse
judgment on the qualifications of, and
procedures rendered by another member of the
Association, except when the statement is
scrupulously based on facts and made to the
proper authority within the Association or
in a court of law.
