The Appraisers Association of America, Inc. is an association of individual professional appraisers who have been admitted to membership in the Association after meeting the qualifications for such membership as set forth by the Board of Directors.

Since appraisal procedure is a pursuit requiring extensive knowledge and experience, the Association accepts as its responsibility the duty to review continually and to maintain the highest standards for its membership. The following sets forth the Code of Ethics which all members of the Association are required to follow:

Assumption of Responsibility
It is the responsibility of the individual appraiser to contract for appraisal work only within the areas of his or her professional competence and expertise. Every appraiser must sign and certify his or her appraisal. In the event that an appraiser discovers, after contracting for an appraisal, that he or she is not qualified to carry out the full appraisal, he or she must call upon, or recommend to the owner or custodian of the property, an appraiser who is qualified for that portion of the appraisal not within his or her area of expertise.

Objectivity
All items of property covered within an appraisal must be appraised objectively, independent of outside influences and without any other motive or purpose than stated in said appraisal. All items must be described accurately and all factors affecting their valuation must be stated clearly and concisely with the highest degree of accuracy.

Examination of Property
All items for appraisal must be examined personally by the appraiser, or be so noted.

Purpose of Appraisal
As appraisals are prepared under varying circumstances which can influence the valuation of the property, it is necessary to determine the nature and purpose of each appraisal in advance and to note the nature and purpose for which said appraisal has been prepared.

Valuation
An appraisal valuation is based on numerous factors affecting the value of the item to be appraised. Individual factors may vary from item to item, but in reaching a value conclusion all factors should be considered.

The following factors are not all-embracing, but in each instance must be considered and included:
1. The purpose of the appraisal;
2. Clear identification of each item;
3. The valuation method used;
4. The valuation approach;
5. The quality of the item;
6. The condition of the item; and
7. Where available, the provenance or history of the item.

Where an appraisal is based on either wholly, or partially, hypothetical facts, such conditions and facts must be stated in the appraisal in clear and concise terms to afford the reader of said appraisal sufficient information to appreciate how the valuation has been reached.

Fees

Fees for appraisal services should be commensurate with the service rendered. The fee should be determined and agreed upon with the owner or custodian prior to commencement of the appraisal service. No appraiser shall contract to perform services for a fixed percentage of the value of the item appraised.

Confidentiality

It is the appraiser's responsibility to keep all appraisals confidential, unless required by the owner, or by due process of law, to release such appraisal.

Prior to the preparation of an appraisal, an appraiser should make reasonable inquiry of their client as to how the item to be appraised was acquired. Appraisers should not prepare appraisals for items that readily appear to have a doubtful provenance and may be stolen property. Where the appraiser is aware of clear and convincing evidence that the item may be stolen property, appraisers should inform the appropriate authorities of the facts as they are known to the appraiser.

All appraisals should be prepared in accordance with the guidelines set forth in the current editions of the Elements of a Correctly Prepared Appraisal of the Appraisers Association of America, the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation, and Object ID.

Relations with Colleagues

An appraiser is obligated to share knowledge and experience with his or her colleagues. It is unethical for an appraiser to volunteer adverse judgment on the qualifications of, and procedures rendered by another member of the Association, except when the statement is scrupulously based on facts and made to the proper authority within the Association or in a court of law.

Please feel free to contact AAA with any questions or comments.
212.889.5404, x11.