The following is the Code of Ethics followed by Heirloom Estates
PURPOSE: This Code of Ethics and Professional Conduct (the "Code") provides guidelines to the members of The International Society of Appraisers ("ISA") for their professional conduct. These principles are also intended to inform the general public, the business community and government agencies of ISA's ethical standards. Public confidence in the honesty, integrity, professionalism, and ability of the professional personal property appraiser is fundamental to the success of the ISA.
PURPOSE: This Code of Ethics and Professional Conduct (the "Code") provides guidelines to the members of The International Society of Appraisers ("ISA") for their professional conduct. These principles are also intended to inform the general public, the business community and government agencies of ISA's ethical standards. Public confidence in the honesty, integrity, professionalism, and ability of the professional personal property appraiser is fundamental to the success of the ISA.
Certification:
With every appraisal that Heirloom Estates conducts, You will see a signed certification that the appraiser swears to the following:
I certify that to the best of my knowledge and belief:
a. Statements of fact contained in this report are true and correct.
b. The reported analyses, opinions, and conclusions are limited only by the reported critical assumptions and limiting
conditions, and are my personal impartial, and unbiased professional analyses, opinions, and conclusions.
c. I have no undisclosed past, present or contemplated future interest in the property that is the subject of this
report, and no personal interest with respect to the parties involved. I have not been part of any transaction or
appraisal of these items in the past three years.
d. I have no bias with respect to the property that is the subject of this report or to the parties involved with this
assignment
e. My engagement in this assignment was not contingent upon developing or reporting predetermined results.
f. My compensation for this appraisal is not contingent upon the development or reporting of a predetermined value or
direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated
result, or the occurrence of a subsequent event directly related to the intended use of this appraisal.
g. I have personally inspected the listed property that is the subject of this report.
h. Unless noted elsewhere, no one provided significant professional assistance to the person signing this report.
i. This appraisal has been prepared in conformity with and is subject to the current version of the International
Society of Appraisers’ Appraisal Report Writing Standard and Code of Ethics. In addition, my analyses, opinions, and
conclusions were developed and this report has been prepared in conformity with the current version (2012-2013) of
the Appraisal Foundation’s Uniform Standards of Professional Appraisal Practice (USPAP).
j. I regard all information concerning this appraisal as confidential. I retain a copy of this document along with my
original notes, and I will not allow others to have access to these records without your written permission unless so
ordered by a court of law.
k. This appraisal conforms with the requirements of Treasury Regulations and with the requirements of IRS Revenue
procedures 65-19 and 66-49.
b. The reported analyses, opinions, and conclusions are limited only by the reported critical assumptions and limiting
conditions, and are my personal impartial, and unbiased professional analyses, opinions, and conclusions.
c. I have no undisclosed past, present or contemplated future interest in the property that is the subject of this
report, and no personal interest with respect to the parties involved. I have not been part of any transaction or
appraisal of these items in the past three years.
d. I have no bias with respect to the property that is the subject of this report or to the parties involved with this
assignment
e. My engagement in this assignment was not contingent upon developing or reporting predetermined results.
f. My compensation for this appraisal is not contingent upon the development or reporting of a predetermined value or
direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated
result, or the occurrence of a subsequent event directly related to the intended use of this appraisal.
g. I have personally inspected the listed property that is the subject of this report.
h. Unless noted elsewhere, no one provided significant professional assistance to the person signing this report.
i. This appraisal has been prepared in conformity with and is subject to the current version of the International
Society of Appraisers’ Appraisal Report Writing Standard and Code of Ethics. In addition, my analyses, opinions, and
conclusions were developed and this report has been prepared in conformity with the current version (2012-2013) of
the Appraisal Foundation’s Uniform Standards of Professional Appraisal Practice (USPAP).
j. I regard all information concerning this appraisal as confidential. I retain a copy of this document along with my
original notes, and I will not allow others to have access to these records without your written permission unless so
ordered by a court of law.
k. This appraisal conforms with the requirements of Treasury Regulations and with the requirements of IRS Revenue
procedures 65-19 and 66-49.
CODE of Ethics of the ISA
SECTION 1:
SECTION 1:
1.00 Requirement - ISA members shall comply with the Code. Lack of knowledge of the Code shall not constitute an excuse for a member's noncompliance nor be considered in any hearing regarding a member's alleged violation of the Code.
1.01 Preemption - ISA members must comply with all laws and regulations of the country, state, region and municipality in which they practice. In the event of any inconsistency between any law or regulation and the Code, ISA members shall adhere to the highest standard represented by the subject law, regulation, or the Code.
1.01 Preemption - ISA members must comply with all laws and regulations of the country, state, region and municipality in which they practice. In the event of any inconsistency between any law or regulation and the Code, ISA members shall adhere to the highest standard represented by the subject law, regulation, or the Code.
Section II:
DUTY TO CONTINUE EDUCATION
DUTY TO CONTINUE EDUCATION
2.00 Continuing Education - ISA members shall continually expand their knowledge of valuation theory and develop their expertise with respect to the specific product area in which they specialize.
2.01 Current Laws and Regulations - ISA members shall be knowledgeable of the current laws and regulations of the country, state, region and municipality in which they practice relating to the appraisal profession and to their particular field of expertise.
2.01 Current Laws and Regulations - ISA members shall be knowledgeable of the current laws and regulations of the country, state, region and municipality in which they practice relating to the appraisal profession and to their particular field of expertise.
Section III:
ETHICAL RULES
ETHICAL RULES
3.00 Honesty - ISA members shall be honest and trustworthy.
3.01 Fraudulent/Dishonest Acts - ISA members shall not be a party to any fraudulent, dishonest, or malicious act.
3.02 Equal Opportunity - ISA members shall not deny service to any prospective client or customer on the basis of national origin, race, religion, sex, age, or physical or mental disability.
3.03 Representations - ISA members shall honestly and fairly represent their professional competency, qualifications, facilities, and capabilities. ISA members shall not exaggerate or otherwise misrepresent their qualifications at any time to the public in general or to any specific person or persons.
3.04 Appraisal Assignment - ISA members shall conduct themselves ethically and professionally at all times in conducting appraisal assignments.
3.05 Market Information - ISA members shall not misrepresent market information or any other type of information obtained during the appraisal process.
3.06 Personal Property Information - ISA members shall not misrepresent, conceal, suppress, or omit any pertinent information about the property being appraised.
3.07 Personal Objectivity - ISA members shall act objectively, conducting themselves as informed professionals who objectively express knowledgeable opinions as to the value of the property being appraised at given points of time and within specified circumstances.
3.08 Conclusion - ISA members shall arrive at an independent numerical conclusion based on knowledge, thorough research and experience without regard to undue influences.
3.09 Gratuities/Gifts - ISA members shall not accept any gratuity, gift from a current or prospective client or customer, or from any other person or entity when its receipt may create the appearance of impropriety or unfair influence regarding their professional decisions or actions.
3.10 Status - ISA members shall not use any status, office, or position to unfairly gain an economic advantage not otherwise available to them.
3.11 ISA Guidelines - All accredited and certified ISA members shall use currently approved appraisal methodology and research procedures to prepare their appraisal report. Such reports shall not conflict with ISA Appraisal Report Writing Standards
.
3.12 Opinions - ISA members shall not give advice or opinions that are not within the scope of the appraisal process.
3.13 Disclosure - ISA members shall disclose in the appraisal report all limiting factors and critical assumptions, and the affect these factors have on the appraisal process.
3.01 Fraudulent/Dishonest Acts - ISA members shall not be a party to any fraudulent, dishonest, or malicious act.
3.02 Equal Opportunity - ISA members shall not deny service to any prospective client or customer on the basis of national origin, race, religion, sex, age, or physical or mental disability.
3.03 Representations - ISA members shall honestly and fairly represent their professional competency, qualifications, facilities, and capabilities. ISA members shall not exaggerate or otherwise misrepresent their qualifications at any time to the public in general or to any specific person or persons.
3.04 Appraisal Assignment - ISA members shall conduct themselves ethically and professionally at all times in conducting appraisal assignments.
3.05 Market Information - ISA members shall not misrepresent market information or any other type of information obtained during the appraisal process.
3.06 Personal Property Information - ISA members shall not misrepresent, conceal, suppress, or omit any pertinent information about the property being appraised.
3.07 Personal Objectivity - ISA members shall act objectively, conducting themselves as informed professionals who objectively express knowledgeable opinions as to the value of the property being appraised at given points of time and within specified circumstances.
3.08 Conclusion - ISA members shall arrive at an independent numerical conclusion based on knowledge, thorough research and experience without regard to undue influences.
3.09 Gratuities/Gifts - ISA members shall not accept any gratuity, gift from a current or prospective client or customer, or from any other person or entity when its receipt may create the appearance of impropriety or unfair influence regarding their professional decisions or actions.
3.10 Status - ISA members shall not use any status, office, or position to unfairly gain an economic advantage not otherwise available to them.
3.11 ISA Guidelines - All accredited and certified ISA members shall use currently approved appraisal methodology and research procedures to prepare their appraisal report. Such reports shall not conflict with ISA Appraisal Report Writing Standards
.
3.12 Opinions - ISA members shall not give advice or opinions that are not within the scope of the appraisal process.
3.13 Disclosure - ISA members shall disclose in the appraisal report all limiting factors and critical assumptions, and the affect these factors have on the appraisal process.
Section IV:
THE RELATIONSHIP OF CLIENT AND APPRAISER
THE RELATIONSHIP OF CLIENT AND APPRAISER
4.00 Confidentiality - ISA members shall maintain the confidentiality of their relationship with the client regarding the property that is being appraised. The ISA members shall safeguard all appraisal reports and documents from unauthorized scrutiny and/or seizure, unless legally required to make such disclosure.
4.01 Access - ISA members shall adhere to the client's right of access to all documents and information concerning that client's appraisal work.
4.02 Personal Affairs - In connection with the appraisal process, ISA members shall refrain from interfering in any way with the personal affairs of the client.
4.03 Conduct - ISA members shall conduct themselves in a professional and impartial manner to the general public and to any third party to whom the client gives the appraisal report.
4.04 Diligence - ISA members shall apply due diligence and make themselves reasonably available during all stages of the appraisal process.
4.05 Confidence - ISA members shall terminate an appraisal assignment if the member looses the client's confidence.
4.06 Conflict of Interest - ISA members must avoid and withdraw from situations that represent a conflict of interest.
4.07 Expertise - ISA members should accept only appraisal assignments that fall within their professional capabilities.
4.01 Access - ISA members shall adhere to the client's right of access to all documents and information concerning that client's appraisal work.
4.02 Personal Affairs - In connection with the appraisal process, ISA members shall refrain from interfering in any way with the personal affairs of the client.
4.03 Conduct - ISA members shall conduct themselves in a professional and impartial manner to the general public and to any third party to whom the client gives the appraisal report.
4.04 Diligence - ISA members shall apply due diligence and make themselves reasonably available during all stages of the appraisal process.
4.05 Confidence - ISA members shall terminate an appraisal assignment if the member looses the client's confidence.
4.06 Conflict of Interest - ISA members must avoid and withdraw from situations that represent a conflict of interest.
4.07 Expertise - ISA members should accept only appraisal assignments that fall within their professional capabilities.
Section V:
APPRAISAL FEES
APPRAISAL FEES
5.00 Fees - ISA members shall not charge a fee based on a percentage of the valuation found, the financial outcome from the use of the appraisal, or whether the member will purchase the item of the property being appraised.
