Code of Ethics
This Code of Ethics and Professional Conduct (the "Code") provides guidelines to the members of The International Society of Appraisers ("ISA") for their professional conduct. These principles are also intended to inform the general public, the business community and government agencies of ISA's ethical standards. Public confidence in the honesty, integrity, professionalism, and ability of the professional personal property appraiser is fundamental to the success of the ISA.
ISA members shall at all times conduct themselves in a manner that enhances the overall image of the appraisal profession.
ADHERENCE TO THE CODE
1.00 Requirement - ISA members shall comply with the Code. Lack of knowledge of the Code shall not constitute an excuse for a member's noncompliance nor be considered in any hearing regarding a member's alleged violation of the Code.
1.01 Preemption - ISA members must comply with all laws and regulations of the country, state, region and municipality in which they practice. In the event of any inconsistency between any law or regulation and the Code, ISA members shall adhere to the highest standard represented by the subject law, regulation, or the Code.
DUTY TO CONTINUE EDUCATION
2.00 Continuing Education - ISA members shall continually expand their knowledge of valuation theory and develop their expertise with respect to the specific product area in which they specialize.
2.01 Current Laws and Regulations - ISA members shall be knowledgeable of the current laws and regulations of the country, state, region and municipality in which they practice relating to the appraisal profession and to their particular field of expertise.
3.00 Honesty - ISA members shall be honest and trustworthy.
3.01 Fraudulent/Dishonest Acts - ISA members shall not be a party to any fraudulent, dishonest, or malicious act.
3.02 Equal Opportunity - ISA members shall not deny service to any prospective client or customer on the basis of national origin, race, religion, sex, age, or physical or mental disability.
3.03 Representations - ISA members shall honestly and fairly represent their professional competency, qualifications, facilities, and capabilities. ISA members shall not exaggerate or otherwise misrepresent their qualifications at any time to the public in general or to any specific person or persons.
3.04 Appraisal Assignment - ISA members shall conduct themselves ethically and professionally at all times in conducting appraisal assignments.
3.05 Market Information - ISA members shall not misrepresent market information or any other type of information obtained during the appraisal process.
3.06 Personal Property Information - ISA members shall not misrepresent, conceal, suppress, or omit any pertinent information about the property being appraised.
3.07 Personal Objectivity - ISA members shall act objectively, conducting themselves as informed professionals who objectively express knowledgeable opinions as to the value of the property being appraised at given points of time and within specified circumstances.
3.08 Conclusion - ISA members shall arrive at an independent numerical conclusion based on knowledge, thorough research and experience without regard to undue influences.
3.09 Gratuities/Gifts - ISA members shall not accept any gratuity, gift from a current or prospective client or customer, or from any other person or entity when its receipt may create the appearance of impropriety or unfair influence regarding their professional decisions or actions.
3.10 Status - ISA members shall not use any status, office, or position to unfairly gain an economic advantage not otherwise available to them.
3.11 ISA Guidelines - All accredited and certified ISA members shall use currently approved appraisal methodology and research procedures to prepare their appraisal report. Such reports shall not conflict with ISA Appraisal Report Writing Standards.
3.12 Opinions - ISA members shall not give advice or opinions that are not within the scope of the appraisal process.
3.13 Disclosure - ISA members shall disclose in the appraisal report all limiting factors and critical assumptions, and the affect these factors have on the appraisal process.
THE RELATIONSHIP OF CLIENT AND APPRAISER
4.00 Confidentiality - ISA members shall maintain the confidentiality of their relationship with the client regarding the property that is being appraised. The ISA members shall safeguard all appraisal reports and documents from unauthorized scrutiny and/or seizure, unless legally required to make such disclosure.
4.01 Access - ISA members shall adhere to the client's right of access to all documents and information concerning that client's appraisal work.
4.02 Personal Affairs - In connection with the appraisal process, ISA members shall refrain from interfering in any way with the personal affairs of the client.
4.03 Conduct - ISA members shall conduct themselves in a professional and impartial manner to the general public and to any third party to whom the client gives the appraisal report.
4.04 Diligence - ISA members shall apply due diligence and make themselves reasonably available during all stages of the appraisal process.
4.05 Confidence - ISA members shall terminate an appraisal assignment if the member looses the client's confidence.
4.06 Conflict of Interest - ISA members must avoid and withdraw from situations that represent a conflict of interest.
4.07 Expertise - ISA members should accept only appraisal assignments that fall within their professional capabilities.
5.00 Fees - ISA members shall not charge a fee based on a percentage of the valuation found, the financial outcome from the use of the appraisal, or whether the member will purchase the item of the property being appraised.
RESPONSIBILITIES TO THE SOCIETY, THE BOARD AND THE APPRAISAL PROFESSION
6.00 Policy Statements - ISA members shall not, unless authorized, make any oral or written policy statement on behalf of the ISA and/or its membership.
6.01 ISA Bylaws, Regulations and Policies - ISA members shall abide by the current ISA bylaws, regulations, and policies.
6.02 Loyalty - ISA members shall be loyal to the ISA and shall strive for excellence in pursuit of its objectives.
6.03 Conflict of Interest - ISA members shall avoid, and upon notice immediately disclose to the Board of Directors, all conflicts of interest that may arise between the member and the ISA, ISA's Board of Directors, or ISA's bylaws, regulations, and policies.
6.04 Privileged Information - ISA members shall maintain the confidentiality of privileged information known to them by virtue of their membership or office in ISA.
6.05 Infringement - ISA members shall not attempt to obtain an appraisal assignment that is known to have been awarded to a colleague.
6.06 Conduct - ISA members shall deal honestly and fairly with all members and other business associates, treating them with professional courtesy and dignity.
6.07 Disparagement - ISA members shall not make disparaging statements or implications regarding a colleague. ISA members shall not interfere with a colleague's right to practice, serve, or compete to the full extent of the colleague's knowledge, competence, and abilities.
6.08 Interference with Rights - ISA members shall not knowingly interfere with the legal and/or contractual rights of others.
6.09 Development of the Profession - ISA members shall promote development of the profession through the exchange of knowledge and experience with colleagues, students, and the general public.
ENFORCEMENT OF THIS CODE
7.01 Violation of Standards - ISA shall investigate all instances of ISA members who have been accused of willfully violating these standards. All complaints must be made in writing and should include documentation or indication of the source where such documentation can be obtained by the ISA.
7.02 Grievance Procedures - ISA's Code of Ethics Disciplinary Procedures shall be followed in the event of any complaint or grievance pertaining to an alleged violation of this Code.
7.03 Disciplinary Action - Disciplinary action, if any, for violation of any portion of this Code shall be in accordance with ISA's Code of Ethics Disciplinary Procedures.
7.04 Confidentiality - All matters pertaining to ethics grievances shall be treated in strictest confidence by all parties to the grievance procedure. The complainant and respondent shall not discuss the proceedings outside the scope of the ISA ethics process. Violation of confidentiality may be treated as a failure to abide by the Code.
8.00 Amendments - The Code may be amended only by a majority vote of the ISA Board of Directors
Approved by the ISA Board of Directors on September 17, 2002.