Defvas Project

In Partnership with TEGoVA and the IRRV

THE ETHICS OF THE VALUATION PROFESSION

Defvas Project

In Partnership with TEGoVA and the IRRV

CODE OF ETHICAL PROCEDURE

• The assumption of trust, at all times and without reservation

• Abide by the principles of professional conscientiousness, • Actions based on integrity, loyalty, competence and

discretion • A respect for fellow professionals.• A professional will at all times conduct themselves and

their business with honour, dignity, fairness, integrity and independence, to the greater good of the public at large, their clients

• The profession will so regulate their affairs, amongst clients and fellow practitioners, so as to promote the highest standards of ethics and mutual goodwill

Defvas Project

In Partnership with TEGoVA and the IRRV

ROLE OF VALUER AND HIS RELATIONSHIP WITH CLIENTS

• Conflicts of interest• Situations where the valuer has an interest

or a potential interest in a property• The obligation to confirm terms of engagement• Fees for professional work• Maintaining confidence and avoiding situations that

may prejudice the client

Defvas Project

In Partnership with TEGoVA and the IRRV

PROFESSIONAL COMPETENCE

• Valuers must, at all times, remain conversant with current market conditions and legislation

• Valuers are not permitted to accept any assignment that goes beyond the field of their expertise

• Valuers should thoroughly research all of the essential facts, which relate to each valuation

• Valuers, shall for so long as they remain in practice, undergo in each year Continual Professional Development (CPD)

Defvas Project

In Partnership with TEGoVA and the IRRV

RELATIONSHIP WITH FELLOW VALUERS

• Valuers are not permitted to take the initiative in making unsupported criticism of the professional practices of another valuer

• Valuers, if asked for a second opinion, in relation to a case, which is being handled by a fellow valuer, should give such opinion in keeping with integrity and with consideration for the professional standing of that fellow valuer.

• Valuers should endeavour to promote the standing of the profession

• Valuers should refrain from any practice that could be harmful to the good reputation of the profession