RES411 LECTURE 3

Code of Professional Conduct-Fundamental Principles

1. Character.
A property valuer/real estate professional shall demonstrate good
character and reputation in all dealings with clients, colleagues and
the public at large.
2. Integrity.
i) A property valuer/real estate professional shall be
straightforward and honest in professional and business
relationships.
ii) A property valuer/real estate professional shall not knowingly
be associated with a Valuation , a report containing a Valuation
, a reference to a Valuation or any other communication about
valuation if the they believe that it either:
a) Contains statements or information that are materially false
or misleading or that are made recklessly or
b) Omits or obscures information required to be included where
such omission or obscurity would be misleading
c) If a property valuer/real estate professional becomes aware
that they have been associated with such information, they
should take immediate steps to be disassociated from that
information, for example by issuing a modified valuation or
report
3. Accountability. A property valuer/real estate professional shall be
accountable for any failure to comply with the ethical principles of
 conduct or the competent application of professional knowledge and
skills.
4. Legal Compliance.
A property valuer/real estate professional shall comply with all
conditions of any statutory system or regulating requirements of
existing statutes relating to the practice.
5. Objectivity.
A property valuer/real estate professional shall not allow conflict of
interest, undue influence or bias to override his professional
judgment.
6. Professionalism.
a) A property valuer/real estate professional shall act diligently and to
produce work in timely manner in accordance with applicable legal
requirements, technical and professional standards. He must
always in the public interest and avoid any action that discredits
the profession.
b) A property valuer/real estate professional shall ensure that his
knowledge and skill are updated annually in accordance with the
minimum standards contained in the Competency Framework of
the regulatory professional body.
c) A property valuer/real estate professional shall:
i) Keep in one or more bank account, different from his
personal or Firm’s Account any money held or entrusted to
him or his firm in any capacity other than that of beneficial
owner
ii) Account for any money held less any agreed deductions to
the the parties involved.
d) A property valuer/real estate professional shall not practice as
property value while personally engaged in such other occupation
or business which the professional regulatory body may from time
to time declare to be incompatible with the professional status of
the property valuer/real estate professional.