Professional Principles of Operation
Real estate appraisal companies and the appraisal experts working at these companies have to be independent and objective in their appraising activities. Independence is the integration of understanding and the behaviors that will provide the professional activity to be performed in an honest and unbiased manner. Appraisal experts, in addition to their being honest and unbiased, should never yield before any special circumstances that will eradicate their independence.
Real estate appraisal companies and liable appraisal expert who sign the appraisal report are jointly responsible for the losses and the damages to occur for the third parties making use of the report drawn, due to the results of the prepared report because of the incompatibility of the report to the determined standards, insufficient analyses, using wrong data, and/or having similar deficiencies. The responsibilities of the shareholders, executives, and of the staff remains reserved.
Professional care and due diligence ;
Appraisal experts working at the real estate appraisal companies shall allocate necessary care and diligence while working on the following stages; planning, performing, completion the job, and preparation of the appraisal report. Care and diligence mean giving importance to the details that a prudent appraisal expert gives under the same circumstances and care, attention and effort.
Appraisal experts, the executives, and the supervisors of the company can not disclose any information pertaining to their customers and appraising operations, and can not use this information directly or indirectly to their own benefits or to the benefit of the third parties, or for the detriment of other parties. This responsibility continues even after their resignation.
• Under existence of an explicit approval or a demand of the customers,
• In case of claims of legally authorized public institutions,
• In case of claims of related professional associations for professional purposes,
This information can be given to relative authorities and organizations.