Appraiser News, Commercial Corner
AI board adopts ‘Valuers Code of Professional Ethics’
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Appraiser News, Commercial Corner
Monday, September 14, 2015
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The Appraisal Institute Board of Directors, at this year’s AI meeting in Dallas, adopted the Valuers Code of Professional Ethics as a model code and approved making the VCPE available for use by non-AI professionals as a companion document to the existing Appraisal Institute Standards of Valuation Practice.
The following ethical codes were adopted:
- A valuer must refrain from conduct that is detrimental to the profession, and the public.
- A valuer must maintain appropriate records.
- A valuer, in providing services, must develop and report unbiased analyses, opinions, and conclusions.
- A valuer must not violate confidentiality.
- A valuer must not advertise or solicit in a manner that is misleading or otherwise contrary to the public interest.
The board also approved all three 45-day notice items on the agenda. The items addressed the honorary member category of the Appraisal Institute, related entities referenced in the bylaws and revisions to admissions regulations to reflect a new standards definition.
In other action, the board:
- Voted to distribute to Appraisal Institute professionals an exposure draft of a proposed Guide Note concerning assumptions and hypothetical conditions.
- Adopted the Body of Knowledge Project Team’s recommendations to newly define the formal Appraisal Institute body of knowledge; the board will consider amendments to Regulation 7 at its November 2015 meeting to create a Body of Knowledge Committee.
- Expressed support of the Executive Committee’s efforts in implementing the board’s direction related to The Appraisal Foundation.
- Revised the Appraisal Institute’s Statement of Investment Policy.
- Approved a third term for the Wyoming and Western South Dakota Chapter president.
- Elected Craig Steinley, SRA, AI-RRS, and Val K. Chiasson, MAI, SRA, to the Audit Committee for the remainder of 2015.
- Re-elected Charles T. (Tom) Cowart, MAI, as chair of the Strategic Planning Committee for 2016 and 2017.
- Decided not to create a committee of regional executive directors.
The AI board’s next scheduled meeting is Nov. 19-20 in Chicago.
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