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Code of Ethics

Diminished Value Institute Code of Ethics

Each Diminished Value Institute certified appraiser acknowledges the importance of adhering to ethical principles and USPAP compliance, and agrees as follows:

* We shall always conduct ourselves in a responsible and professional manner and use fair and equitable business practices when rendering appraisal services.

* DVI Appraisers shall encourage and promote the highest level of ethical and professional conduct within the appraisal profession;

* DVI Appraisers shall perform assignments ethically and competently in accordance with USPAP and any supplemental standards agreed to by the appraiser in accepting the assignment.

* DVI Appraisers shall not engage in criminal conduct;

* DVI Appraisers shall perform assignments without partiality. DVI Appraisers must have objectivity and independence, and be without accommodation of personal interest. DVI Appraisers will provide opinions which are objective, impartial and unbiased.

* DVI Appraisers shall not accept an assignment that includes the reporting of a pre-determined opinion or conclusion.

* DVI Appraisers shall not communicate assignment results in a misleading or fraudulent manner.

* DVI Appraisers shall not use or communicate a misleading or fraudulent report or knowingly permit an employee or other person to communicate a misleading or fraudulent report.

* DVI Appraisers shall not use or rely on unsupported conclusions relating to characteristics such as race, color, religion, national origin, gender, marital status, family status, age, receipt of public assistance income, handicap, or an supported conclusion that homogeneity of such characteristics is necessary to maximize value.

* DVI Appraisers will not accept payment of undisclosed fees, commissions or things of value in connection with the procurement of an assignment.

* DVI Appraisers will not accept compensation for performing an assignment when it is contingent upon:

  • the reporting of a predetermined result;
  • a direction in assignment results that favors the cause of a client;
  • the amount of a value opinion;
  • the attainment of a stipulated result; or

the occurrence of a subsequent event directly related to the appraiser’s opinions and specific to the assignment’s purpose.

*     DVI Appraisers will not advertise for, or solicit assignments, in a manner that is false, misleading or exaggerated.

*     DVI Appraisers shall protect the confidential nature of the appraiser-client relationship.

*     DVI Appraisers shall act in good faith with regard to legitimate interest of the client and the use of confidential information and in the communication of assignment results.

*     DVI Appraisers shall be aware of and comply with all confidentiality and privacy laws and regulations applicable in an assignment.

*     DVI Appraisers shall not disclose confidential information or assignment results prepared for a client to anyone other than the client and persons specifically authorized by the client; state enforcement agencies and such third parties as may be authorized by due process of law; or a duly authorized professional peer review committee except when such disclosure to a committee would violate applicable law or regulation.

*     DVI Appraisers shall prepare a work file for each appraisal. The file must include the name of the client and the identity, by name or type, of any other intended users; true copies of any written reports, documented on any type of media; summaries of any oral reports or testimony, or a transcript of testimony, including the appraiser’s signed and dated certification; and all other data, information, and documentation necessary to support the appraiser’s opinions and conclusions and to show compliance with this rule and all other applicable standards, or references to the location(s) of such other documentation.

*     DVI Appraisers shall retain the work file for a period of at least five (5) years after preparation or at least two (2) years after final disposition of any judicial proceeding in which testimony was given, whichever period expires last, and have custody of his or her work file, or make appropriate work file retention, access and retrieval arrangements with the party having custody of the work file.

*     The appraiser must disclose any interest the appraiser has in any item(s) being appraised.

*     DVI Appraisers shall not affix the signature of another without consent.

*     DVI Appraisers shall not willfully, knowingly, violate the requirements of the record keeping rule, or any other required ethics as mandated by USPAP.