Professional Ethics
Professional Status
• Specialist knowledge
• Personal responsibility
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• Professional qualifications for admission • Formal recognition
• Corporate organisation
• Service motive
• Public recognition
What is Professional Ethics?
• What people ‘ought’ to do
• To act morally
• Have proper regard for others
A code of ethics is a set of guidelines which is designed to set out acceptable behaviours for members of a particular group, association or profession.
Client Professional Relationship
• An imbalance of power and expertise. • Theimportanceofthemattersabout
which clients consult professionals.
• Thetransparencyofprofessionaldiligence and expertise.
• Thelimitednatureoftherelationship between clients and professionals.
Professional Duty and Responsibility
• Fidelity
• Integrity
• Honour, courtesy and professionalism • Impartial and objective
• Spirit of fairness
• Loyalty to Institute
• Respect and goodwill
• Fiduciary
Competence and Specialisation
• Duty of care and skill – A moral obligation
• Professional competence
– Should not undertake work that you are not qualified for or have experience in
Conflict of Interest
• Restricts the circumstances in which a valuer may act in a conflict situation
• Withdraw if conflict arises
• Unless conflict fully disclosed in writing and agreed to by all parties
Confidentiality
• Shall not disclose confidential information
– Except where
• Legal requirement
• Information is public knowledge
Independence and Impartiality
To this end no member shall:
• Adopttheroleofadvocatetotheexclusionof that independence and impartiality.
• Allow the performance of the member’s professional duties to be improperly influenced by the preferences of clients or others as to the result of their professional work.
• Rely improperly upon information supplied by clients or others in the performance of their professional duties.
• Act in any other way inconsistent with the duties of independence and impartiality.
PINZ Code of Ethics
• Compliance with standards • Professional duty
• Competence
• Conflict of Interest
• Confidentiality • The Profession
PINZ Rules of Conduct
• Professional and Personal Conduct
– Competence, honesty, loyalty, integrity, fairness
– Bound by Code of Ethics and Practice Standards and must comply with CPD
– Independent and impartial
– Considered answer
– Use correct professional qualification
• Instructions, Inspections and Reports
– Written instructions preferred
– Don’t accept instructions beyond your competence
– Must inspect the subject property
– Plagiarism
– Assumptions and references
– Keep file notes and reports
• Fees and Payments – Fees/Commissions
• Use of Member’s Name and Designation – Reputation
– Name and Signature on every report
• Conflict of Interest – Disclosure in writing
• Client Relationships – Confidentiality
• Advertising
• Reference to Institute
• Inducements
– NZIV members to comply with Valuers Act 1948
NZIV Code of Ethics
• For members of both NZIV and PINZ NZIV Code of Ethics takes precedence over PINZ Code of Ethics
• PredominantlysameasPINZethics
• Must also comply with PINZ Rules of Conduct.
Responsibility to Clients
Principle of care and skill (see cases such as Baxter v Gapp, Phillips vs Wood)
– Liability to employer or third party Personal Responsibility
– Valuer responsible to find out all the material facts Duty to Trustees
– “Prudent person test”
Principle – Third party liability
Acceptability in Court
– Expert witness
– Registered versus unregistered valuers – Advocates
Competency
Professional relationships
– Independence in joint valuations
– Criticism of fellow professionals
– Use of multiple valuations
– Expert status in court
Impartiality
Instructions from clients
– Are the instructions realistic?
Expert assistance
Independence
– Unbiased
– Impartial
– Avoid conflict of interest
Professional indemnity insurance Disclaimers
Links to Relevant Codes of Ethics
IVSC – Code of Ethical Principles for Professional Valuers
https://www.ivsc.org/standards/international-professional-standards/consultation/code- of-ethical-principles#tab-summary
PINZ and NZIV – Rules and Codes of Ethics
https://propertyinstitute.nz/Category?Action=View&Category_id=1401
RICS – Ethical Standards
https://www.rics.org/oceania/upholding-professional-standards/standards-of- conduct/ethics/
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