Code of Ethics
Every member of the Appraisal Institute, American Society of Appraisers, and International Right-of-Way Association agrees to conduct his/her professional activities in accordance with the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute, American Society of Appraisers, and International Right-of-Way Association. In addition, the Appraisal Institute, American Society of Appraisers, and International Right-of-Way Association have developed a sophisticated peer review system through which they enforce their 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.
USPAP Ethics Rule
- An appraiser must promote and preserve the public trust inherent in appraisal practice by observing the highest standards of professional ethics.
- An appraiser must perform assignments with impartiality, objectivity, and independence, and without accommodate of personal interest.
- An appraiser must disclose that he/she paid a fee or commission, or gave a thing of value in connection with the procurement of an assignment.
- An appraiser must not advise for or solicit assignments in a manner that is false, misleading, or exaggerated.
- An appraiser must protect the confidential nature of the appraiser-client relationship.
- An appraiser must act in good faith with regard to the legitimate interest of the client in the use of confidential information and in the communication of assignment results.
- An appraiser must be aware of, and compliant with, all confidentiality and privacy laws and regulations applicable in an assignment.
- An appraiser must not disclose confidential information or assignment results to anyone other than the client, person authorized by the client, state appraiser regulatory agency, third parties that may be authorized by due process of law, or duly authorized professional peer review committee.
- An appraiser must prepare a work file for each appraisal, appraisal review, or appraisal consulting assignment.
- An appraiser must retain the work file for a period of at least five years after preparation, or at least two years after final disposition of any judicial proceeding for which the appraiser provided testimony.
- An appraiser must have custody of his/her work file, or make appropriate work file retention, access, and retrieval arrangements with the party having custody of the work file.
 For a complete document on the Ethics Rule, please refer to the Uniform Standards of Appraisal Practice.