Real estate is one of the basic sources of wealth in the global economy. Therefore, those who own, manage, sell, purchase, invest in, or lend money on the security of real estate must have ready access to the services of valuers who provide unbiased opinions of value, as well as sound information, analyses, and advice on a wide range of real estate–related issues. The services of Appraisal Institute Members, Candidates, Practicing Affiliates and Affiliates are vital to the well-being of our society and the global economy, and foster economic growth, stability, and public confidence.
Because of this vital role and the commitment of Appraisal Institute Members, Candidates, Practicing Affiliates, and Affiliates to professionalism, the Appraisal Institute has adopted its Code of Professional Ethics and Standards of Professional Appraisal Practice to establish requirements for ethical and competent practice. These requirements also serve to promote and maintain a high level of public trust and confidence in Appraisal Institute Members, Candidates, practicing Affiliates, and Affiliates.
Every Appraisal Institute Member, Candidate, Practicing Affiliate and Affiliate agrees to abide by, uphold and conform his or her actions to the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute. In addition, the Appraisal Institute has developed a sophisticated peer review system through which it enforces its Code of Professional Ethics and Standards of Professional Appraisal Practice. Violations of the Code of Ethics or Standards can result in remedial or disciplinary actions.
Standards of Valuation Practice Adopted - Effective January 1, 2015
The Appraisal Institute has a long history as the leader of the valuation profession and as a developer of valuation standards. In 2013, in keeping with its historic role, as well as in recognition of the limitations of many valuation standards currently in existence, the Appraisal Institute Board of Directors directed the development of high quality, straightforward, principle-based standards that could be used where existing standards are not already required or do not apply. The Board believed that such standards should establish a high level of professional practice, engender public trust, enable valuers and the public to better understand the valuation standards and facilitate the growth and advancement of the valuation profession. The Board also concluded that such standards could help valuers better meet the evolving needs of clients and facilitate the variety of work that clients desire and that valuers now perform.
After several public exposure drafts and revisions the Appraisal Institute is pleased to announce that the Board of Directors has adopted a final version of the Appraisal Institute Standards of Valuation Practice (SVP). The SVP will become effective on January 1, 2015.
View the Standards of Valuation Practice