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Rules of Ethics (Professional Appraisals)

Standards of Appraisal Practices & Standards of Ethics and Care.

The National Association of Professional Appraisers follow the Uniform Standards of Professional Appraisal Practice (USPAP). Similar to other professions, there are standards to which is measured the performance of all participants in the profession. Accountants, medical doctors, lawyers, bridge-building engineers, all have professional methods that are generally accepted as the norm for performance. As professional appraisers, we too have standards that guide what we do and how we develop and present appraisals. Appraisals should be meaningful to the client and not misleading in the market place.

In addition to USPAP, NAPA requires professional members to prepare appraisal reports in a uniform manner, each containing certain required elements including:

  • A clear statement of the purpose and scope of the assignment;
  • A clear definition of the appropriate value;
  • A description of the methods and techniques used to estimate the value;
  • A clear description of the property and rights being appraised;
  • A certification statement that contains several statements including the unbiased position of the appraiser;
  • Supporting evidence in the form of sources and research consulted, comparable sales, or other reasonable evidence;
  • A statement of qualifications which sets out the experience of the appraiser and specifically states why the appraiser is qualified to perform this particular appraisal assignment.
  • The appraiser has a responsibility to communicate each professional appraisal opinion and conclusion in a manner that is meaningful to the client or designated user, and not misleading in the market place.

Rules of Ethics

A professional appraiser should be perceived by the public as objective and not swayed by sides in an issue, or have judgment affected by contingent benefits. The Rules of Ethics of the National Association of Professional Appraisers follow the Ethics Provision of the Uniform Standards of Professional Appraisal Practice.

In addition to USPAP, there are ten membership Rules of Ethics.

  1. Members agree to perform their duties as appraisers ethically.
  2. Members agree not to set fees on a percentage basis or that are contingent on arriving at a particular value, or future happening or outcome of the assignment.
  3. Members agree not to act as advocates, but as objective estimators of value.
  4. Members agree not to appraise a property in which the appraiser has a present or future interest without fully disclosing that fact.
  5. Members agree not to advertise or solicit appraisal work through inaccurate, misleading, false or deceptive claims.
  6. Members agree not to misuse their professional status with NAPA.
  7. Members agree to respond to an inquiry or complaint notice from NAPA peer review committee.
  8. Members agree to disclose who performed the appraisal and to have each participant who contributed significantly to the assignment sign a certification statement.
  9. Members agree that the appraiser is required to possess both the knowledge and experience to perform an appraisal task competently or obtain experienced assistance.
  10. Members agree that an appraisal assignment is a confidential matter and agree not to disclose the nature of the assignment except to the client, those the client directs you to disclose, a court of law, or NAPA peer review committee.