DEFINITIONS IN VALUATION PROFESSION

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UNIT-2

CHAPTER-6

DEFINITIONS IN THE VALUATION PROFESSION

In ancient Greece, Hippocrates postulated a Code of Professional ethics for physicians that emphasized service to the patient and the advancement of the healing arts over the comfort and profit of the physician.

Many common themes are found in the codes of ethics of various professions.

Nearly all codes of ethics of various profession contains:

Strict requirements for ethical behavior, honesty, integrity.
Requirements to assist the profession in enforcing its code of conduct
Strict requirements regarding competent performance.
Provisions addressing problems that can arise when a conflict exists between the interests of the client and the professional practitioner.

Public Trust The most significant thing of any profession is its ability to promote and maintain public trust. Without which, (that means the public to have confidence in the services provided by the professionals) that profession will not survive. Trust means “faith in.” “Confidence in, “the ability to rely upon,” Public can be defined broadly as “all people,” or narrowly as “all people who use the professional’s services.”Real estate is one of the basic sources of wealth in the global economy.
The homeowners business entities, governments, individuals, and others who own, manage, sell, purchase, invest in, or lend money on the security of real estate must have ready access to the services of Valuers / Valuers who provide unbiased opinions of value, as well as sound information, analyses, and advice on real estate – related issues. Qualified Valuers / Valuers also are increasingly appointed to use their expertise to value other property types such as personal property, machinery and equipment, and businesses.Some Code of Professional Ethics and Standards of Personal Appraisal Practice are adopted. The Code of Professional Ethics is composed of some definitions, Ethical Rules, and explanatory Comments and the standard consists of mainly the international Valuation ……………………….READ MORE