Real estate is one of the basic sources of wealth in the global economy. Therefore, homeowners, business entities, governments, individuals, and others who own, manage, sell, purchase, invest in, or lend money on the security of real estate must have ready access to the services of Appraisal Institute Members, Candidates and Practicing Affiliates 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 Affilites 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.
Every Appraisal Institute Member, Candidate, Practicing Affiliate and Affiliate agrees to conduct his or her professional activities in accordance with 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.