REGULATION 5 - CODE OF PROFESSIONAL ETHICS
The members, candidates and designees of the Auction Marketing Institute, Inc. being responsible individuals, have an obligation to the membership, designees, fellow auctioneers, and the public to live up to this Code of Ethics:
Inasmuch as the Auction Marketing Institute is the highest professional organization for the practicing auctioneer, it is necessary that the membership uphold a strong Code of Ethics to govern the activities of its members, designees and candidates and references to AMI® AUCTIONEERS in this Code of Ethics are equally applicable, for disciplinary purposes, to members, designees and candidates.
The AMI ® AUCTIONEER should keep himself informed on matters affecting the auction profession in his community, the state, and nation so that he may be able to contribute responsibly to public thinking on such matters.
The AMI ® AUCTIONEER is duty bound at all times to abide by the laws and Regulations governing his profession in all jurisdictions in which he conducts his practice.
The AMI ® AUCTIONEER is duty bound at all times to report his knowledge of ethical violations and improprieties of any AMI® AUCTIONEER to the Executive Vice President-Secretary of the Institute. Failure of a AMI ® AUCTIONEER to report a known ethical violation or impropriety of another AMI ® AUCTIONEER is, of itself, a violation of this Article.
The AMI ® AUCTIONEER should seek no unfair advantage over other AMI ® AUCTIONEERS and should conduct his business so as to avoid controversies with other AMI ® AUCTIONEERS.
In the best interests of society, of his associates, and his own business, the AMI ® AUCTIONEER should willingly share with other AMI ® AUCTIONEERS the lessons of his experience and study for the benefit of the public, and should be loyal to the Auction Marketing Institute and active in its work.
To assure better service to the seller and prevent misunderstanding, the AMI ® AUCTIONEER should enter into written agreements which set forth the specific terms and conditions of the auction and provide for the exclusive right to sell real or personal property.
The AMI ® AUCTIONEER pledges to protect and promote the interests of his client. This obligation of absolute fidelity to the client's interests is primary, but it does not relieve the AMI ® AUCTIONEER of the obligation to treat fairly all parties to the transaction.
The AMI ® AUCTIONEER shall not accept compensation from more than one party, even if permitted by law, without the full knowledge of all parties to the transaction.
The AMI ® AUCTIONEER shall avoid misrepresentation or concealment of pertinent facts. He has an affirmative obligation to disclose adverse factors of which he has personal knowledge.
The AMI ® AUCTIONEER shall not deny equal professional services to any person for reasons of race, color, sex, religion, age, or national origin. The AMI ® AUCTIONEER shall not be a party to any plan or agreement to discriminate against a person or persons on the basis of race, color, sex, religion, age, or national origin.
An AMI ® AUCTIONEER is expected to provide the highest level of competent service in those fields in which the AMI® AUCTIONEER customarily engages.
The AMI ® AUCTIONEER shall not undertake to provide specialized professional services concerning a type of property or service outside his field of competence unless he engages the assistance of one who is competent on such types of property or service, or unless the facts are fully disclosed to the client.
Any person engaged to provide such assistance shall be so identified to the client and his contribution to the assignment should be set forth.
The AMI ® AUCTIONEER shall not undertake to provide professional services where he has a present or contemplated interest unless such interest is specifically disclosed to all affected parties.
The AMI ® AUCTIONEER, any member of his immediate family, his firm, or any member thereof, or any entity in which they have an ownership interest shall not acquire an interest in or buy for themselves property listed with the AMI® AUCTIONEER without making the true position known to the seller.
If an AMI ® AUCTIONEER is charged with unethical practice or is asked to present evidence in any disciplinary proceeding or investigation, he shall promptly place all pertinent facts and information before the Board.
When acting as agent, the AMI ® AUCTIONEER shall not seek to make a profit on expenditures made for his principal-owner, without the principal's knowledge and consent.
The AMI ® AUCTIONEER shall not engage in activities that constitute the unauthorized practice of law and shall recommend that legal counsel be obtained when the interest of any party to the transaction requires it.
The AMI ® AUCTIONEER shall keep in a separate special account in an appropriate financial institution, monies coming into his possession in trust for other persons, such as escrows, trust funds, client's monies and other like items.
The AMI ® AUCTIONEER shall be careful at all times to present a true picture in his advertising and representations to the public. He shall neither advertise without disclosing his name nor permit any person associated with him to use individual names or telephone numbers unless such person's connection with the AMI ® AUCTIONEER is obvious in the advertisement.
The AMI ® AUCTIONEER for the protection of all parties, shall see that financial obligations and commitments regarding auction transactions are in writing, expressing the exact agreement of the parties. A copy of each agreement shall be furnished to each party.
The AMI ® AUCTIONEER shall not engage in any practice or take any action inconsistent with the agency of another AMI ® AUCTIONEER.
The AMI ® AUCTIONEER shall not publicly disparage the business practice of a competitor nor volunteer an opinion of a competitor's transaction. If his opinion is sought and if the AMI ® AUCTIONEER deems it appropriate to respond, such opinion shall be rendered with strict professional integrity and courtesy.
The AMI ® AUCTIONEER shall not directly or indirectly solicit the affiliation of an employee or independent contractor in the organization of another AMI ® AUCTIONEER without prior notice to said AMI ® AUCTIONEER.
AMI ® UNIFORM PRINCIPLES OF PROFESSIONAL AUCTION PRACTICE
The Auction Marketing Institute, Inc. is an educational organization for practicing auctioneers who are members of the National Auctioneers Association. It has established a Code of Ethics to guide the business activities of its members, candidates and designees and has developed the following Uniform Standards of Professional Auction Practice to further the general understanding and application of said Code of Professional Ethics to its members, clients, customers and the general public.
In the performance of his duties the professional auctioneer has important obligations to his client, customers, the general public, and also his profession. Because of these obligations each member, candidate and designee of the Auctioneer Marketing Institute is required to perform his professional activities within the Standards of the Uniform Principles of Professional Auction Practice as set forth herein.
These standards include a Competency Provision which places an immediate responsibility on the auctioneer prior to acceptance of an auction assignment. The standards contain binding requirements, as well as specific guidelines to which the auctioneer must conform. Definitions applicable to these standards are also included.
The Uniform Standards deal with the procedures to be followed in conducting an auction. To maintain the highest level of professional practice, auctioneers shall observe these Standards. The users of auction services should demand work performed in conformance with these Standards. These minimum Standards and ethical principles are the foundation of the Auction Marketing Institute Auctioneers' professional practice and should be used as a guideline to judge a member of the Institute.
Prior to entering into an agreement to perform any auction, an auctioneer must carefully consider the knowledge, experience and capability that will be required to conduct the auction competently and either:
- must have the knowledge, experience and capability necessary to conduct the auction competently; or
- immediately disclose the lack of knowledge, experience and capability to the client, and take all steps necessary or appropriate to conduct the auction competently.
Since the background and experience of auctioneers varies widely and a lack of knowledge, experience or capability can lead to unsatisfactory results, the competency provision requires an auctioneer to have the knowledge, experience and capability required to conduct an auction competently.
If an auctioneer is offered the opportunity to conduct an auction, but lacks the necessary knowledge, experience or capability to conduct it competently the auctioneer must disclose his lack of knowledge, experience or capability to the client prior to accepting the auction and then take the necessary or appropriate steps to conduct the auction competently.
This may be accomplished in various ways including but not limited to personal study by the auctioneer; associating with an auctioneer reasonably believed to have the knowledge, experience or capability; or retention of others who possess the required knowledge, experience or capability.
If, in the course of conducting an auction, an auctioneer discovers that he lacks the required knowledge, experience or capability the auctioneer must take all appropriate steps to remedy the deficiency.
The concept of competency also extends to auctioneers who are requested or required to travel to geographic areas wherein they have no recent auction experience.
An auctioneer preparing for an auction in an unfamiliar location must spend sufficient time to understand the nuances of the local market and the supply and demand factors relating to the specific property type and location involved.
If an auctioneer is not in a position to spend the necessary time in a market area to obtain this understanding, affiliating with a qualified local auctioneer may be the appropriate response to ensure a competently conducted auction.
If any part of these standards is contrary to the law or public policy of any jurisdiction, only that part shall be void and of no force or effect in that jurisdiction.
For the purposes of these standards, the following definitions apply:
A procedure which allows a customer to participate in the bidding process without being physically present. It is usually handled under an established set of guidelines by the auctioneer or his representative.
An auction without reserve. See Auction Without Reserve.
AMI ® AUCTIONEER
An auctioneer who has earned the CAI ® designation, AARE ® designation, GPPA designation or has been admitted as a candidate for the CAI ® designation.
A public sale of property to the highest bidder.
AUCTION WITHOUT RESERVE
An auction in which property put up for sale is sold to the highest bidder; where no minimum price will limit the bid; where the seller may not withdraw the property from the auction after the first bid has been received; and where the seller may not nullify the sale by bidding himself or through an agent. "Auction Without Reserve" is equivalent to the term "Absolute Auction".
AUCTION WITH RESERVE
An auction in which the seller or his agent reserves the right to establish a minimum bid, to accept or reject any and all bids and to withdraw the property at any time prior to the announcement of the completion of the sale by the auctioneer.
AUCTION SUBJECT TO CONFIRMATION
See Auction with Reserve.
A person whom the seller engages to direct, conduct or be responsible for a sale by auction.
ACCOUNTING OF SALE
A report issued to the seller by the auctioneer detailing the financial aspects of the auction.
An offer of a price.
Auction Marketing Institute, Inc. Board of Governors.
An amount of money, usually based on a percentage of the successful bid, charged to the successful bidder and either added to the successful bid to determine the final selling price or paid separately by the successful bidder in addition to the successful bid.
The party for whom the auctioneer sells property; it is often synonymous with "seller".
COMPLETION OF SALE
A sale by auction is complete when the auctioneer so announces by the fall of the hammer or in some other customary manner.
A party who attends the auction for the purpose of buying the property offered for sale.
EXCLUSIVE RIGHT TO SELL
An auction agreement between the owner of a property and an auctioneer giving the auctioneer the exclusive right to sell the property and receive the agreed-upon commission when the property is sold, regardless of who is responsible for producing the buyer.
Auction Marketing Institute, Inc.; also known as the Auction Marketing Institute.
The lowest acceptable price at which the seller agrees to complete the sale.
Any member of an auctioneer's immediate family, the auctioneer's firm or any member thereof or any entity in which the auctioneer or one of the above owns a controlling interest.
REPORT OF SALE
A report issued to the seller by the auctioneer detailing the activities of the auction.
THE AMI® AUCTIONEER AND THE CLIENT
In conducting an auction for a client an auctioneer must be aware of and correctly employ those recognized methods and techniques that are necessary to produce a competently conducted auction.
Standard 1 is directed toward conducting a competent auction. The rules set forth in S.R. 1 establish the requirements that a competent auctioneer should meet in fulfilling his fiduciary responsibility to the client.
Standards Rules Relating to Standard 1
An auctioneer must maintain absolute fidelity to the client and the client's interests and must protect and promote those interests throughout the term of the relationship.
Explanatory Comment S.R. 1-1
When a client selects an auctioneer to conduct an auction, that client expects the auctioneer to render his service in the best interest of the seller. If the auctioneer becomes the purchaser of the property there could be some doubt in the mind of the client whether the auctioneer acted in the seller's best interest, even if the auctioneer was completely innocent of any wrongdoing.
It seems to create even more doubt about the auctioneer's intentions when the auctioneer does not disclose the fact that he had an interest in the property or tries to cover the fact by using a third party to complete the transaction.
The same problems arise when employees and family members of the auctioneer are involved. A similar problem arises when the auctioneer receives payments from an independent contractor the auctioneer has recommended to the seller.
The many problems that can arise from such situations can be completely solved or at least greatly reduced, simply by letting all the parties involved know what interest the auctioneer may now have or contemplates having in the near future.
Of course the best policy is to refrain from such activities completely, but there are cases where divided interests cannot be avoided and such interest should be disclosed openly to all parties.
(a) The auctioneer must not improperly disclose confidential information that he obtains in the course of his professional service to a client.
Explanatory Comment S.R. 1-1 (a)
As a confidential trustee of information given by the seller or gained by the auctioneer through a relationship with the seller, a member of the Institute must carefully observe the confidential nature of the auctioneer-client relationship in order to preserve and protect this relationship and to maintain the public's confidence in the members of the Institute and the profession generally.
Such confidential information may not be disclosed to anyone other than to those persons specifically authorized by the client to receive such information. The auctioneer, however, should not withhold confidential information from a committee or member thereof when the committee or individual member is acting within the scope of its authorization granted by the Institute.
The auctioneer must not disclose confidential data that is obtained from a prospective client even when the transaction with the prospective client does not materialize into an auction sale.
(b) In performing duties as an agent for the client, the auctioneer shall not accept compensation from more than one party, even if permitted by law, without full disclosure to all parties in the transaction.
(c) In performing duties as an agent for the client, an auctioneer with a present or contemplated interest in the property shall specifically disclose such information to all affected parties.
(d) The auctioneer or a related party shall not acquire an interest in or buy for themselves property in the auction without the prior knowledge and consent of the seller.
(e) An auctioneer shall not make a profit on expenditures made for his client without the client's prior knowledge and consent.
(f) A member of the Institute must keep on file, as part of the written agreement or by a separate written document, a disclosure of any special interest in a client's property that the auctioneer has or contemplates having in the future and must be evidenced by the signature of all parties.
In conducting an auction, an auctioneer must:
(a) not undertake an auction without having or acquiring the knowledge necessary to complete the auction.
Explanatory Comment to S.R. 1-2
(a) The programs offered by the Institute give the Institute members a source through which they can improve their services and they, therefore, should participate either as students or teachers of seminars and other continuing education programs of the Institute. The public relies on the auctioneers for necessary information and past experience in order to make decisions about selling their property at auction, and a member of the Institute must be a professional person who can be relied on by the public to give proper counseling.
(b) be aware of, understand and correctly employ those recognized methods and techniques that are necessary to competently conduct an auction.
Explanatory Comment S.R. 1-2 (b)
This rule recognizes the principle of change in the auction industry. To keep abreast of these changes and developments, the auction profession is constantly revising its methods and techniques and devising new methods and techniques to meet new circumstances.
For this reason, it is not sufficient for auctioneers simply to maintain the skills and the knowledge they possessed when they became auctioneers. Each auctioneer must continually improve his skills to remain proficient in the auction profession.
(c) not commit a substantial error of omission or commission that significantly affects an auction.
Explanatory Comment S.R. 1-2 (c)
In preparation for and conducting an auction, an auctioneer must be certain that all aspects of the auction are handled with sufficient care to ensure competent performance. This includes but is not limited to the contracting process with the client, marketing the property, presale planning and preparation, conduct of the auction and post auction responsibilities.
(d) not render auction services in a careless or negligent manner, such as a series of errors that, considered individually, might not significantly affect the results of an auction but which when considered in the aggregate would be detrimental to the client's interests.
Explanatory Comment S.R. 1-2 (d)
Perfection is impossible to attain and competence does not require perfection. An auctioneer must not, however, conduct an auction in a careless or negligent manner. This rule requires an auctioneer to use due diligence and due care.
(e) not accept an auction knowing that his previous experience is insufficient to complete the auction competently. It is unethical for the auctioneer to accept the auction without disclosing such inexperience to the client prior to accepting the auction.
Explanatory Comment S.R. 1-2 (e)
The auctioneer should associate himself with another auctioneer who has had such previous experience.
In conducting an auction, an auctioneer must observe the following specific requirements:
(a) A written contract, which must address the following items: title; ownership; description of the property; type, date and location of auction; seller's legal right to sell; liens and encumbrances, if any; bulk sales law compliance, if applicable; auctioneer's exclusive right to sell; term of contract; compensation; costs of sale; settlement terms; sale or withdrawal prior to auction; default by buyer or seller.
Explanatory Comments S.R. 1-3 (a)
An auctioneer has an obligation to conduct business affairs in a professional manner, which requires the use of written contracts.
The Institute recognizes that its members sell both real and personal property and that contractual requirements may depend upon the type of property being sold. Members may develop their own contract forms; each of the items enumerated in this rule must be addressed.
The term settlement encompasses both the issues related to closing the sale between buyer and seller and the obligations of the auctioneer to provide the seller a written report of sale, an accounting and a disbursement of funds within a stated time frame.
Whenever possible, the auctioneer should contract with the client on an "exclusive right to sell" basis.
(b) In addition to those items in the written contract, the auctioneer must discuss the following items with the client and where appropriate include them as part of the written contract: duties and obligations of the parties; services to be provided by auctioneer; insurance coverage relating to liability, theft and casualty loss; use of buyer's premium, if applicable; handling of funds received and controlled by the auctioneer.
Explanatory Comments S.R. 1-3 (b)
The auctioneer must discuss with the client all issues related to the financial aspects of the auction, including collection of sale proceeds, sales tax, form of payment by buyers and responsibility for guaranteeing payment of checks. Additionally, the auctioneer must provide the client with a detailed written accounting of sale, which must include information concerning the handling and disposition of all funds received or controlled by the auctioneer.
If a buyer's premium is to be used as part or all of the compensation to the auctioneer, all pertinent facts related to such use must be included in the written contract.
The auctioneer must not enter into an agreement with a seller to withhold information from the public that would prove to be unsafe, illegal or detrimental to the public in any manner.
An auctioneer must not build unreasonable expectations about the outcome of an auction in the mind of a potential client in order to secure the client's business.
THE AMI® AUCTIONEER AND THE CUSTOMER
In conducting an auction, the auctioneer must deal with customers in a manner exhibiting the highest standards of professionalism and respect. The auctioneer owes the customer the duties of honesty, integrity and fair dealing at all times.
This standard recognizes not only the legal concept of an auctioneer's dual agency responsibility to a buyer (in addition to being the agent of the seller, the auctioneer may become the agent of the buyer at the fall of the hammer in certain situations), but also the auctioneer's responsibility to act as a professional at all times. The auctioneer must conduct his business affairs so as to promote a positive image of his business and therefore the auction profession.
In conducting an auction, an auctioneer should create an atmosphere that encourages customers to attend and participate in the bidding process. Customers must be provided with sufficient information to enable them to understand the auction process, the property being offered and the terms and conditions of the sale.
Standard 3 is directed toward the auctioneer's relationship with the customer at an auction. It recognizes the need to educate and inform customers and attendees to enable them to understand and effectively participate in the auction process.
Auctioneers must provide customers with a clear and concise understanding of the property being sold and the auction process as it relates to that specific auction.
(a) The auctioneer must accurately describe the property to be sold, including all facts pertinent to the transaction.
Explanatory Comment S.R. 3-1 (a)
There is an affirmative obligation on the part of the auctioneer to inform customers of all information pertinent to the property which he could reasonably ascertain, including the duty to avoid misrepresentation or concealment of pertinent facts. It is important for all customers to fully understand the property on which they are bidding and to gain a thorough and accurate description. The auctioneer must at all times present a true picture in advertising and representations to the public. The customer should be aware that the auctioneer is not obligated to discover latent defects in the property and should not advise on matters outside the scope of his expertise.
(b) The customers need to be informed of the type of auction, the bidding process, how to bid, order of sale, settlement procedures and checkout and removal process.
Explanatory Comment S.R. 3-1 (b)
It is recognized that custom and practice may vary in the sale of different types of property as well as in different geographic areas. Therefore, this information may be provided in oral or written form.
The bidding process may allow for absentee bidding which is recognized as a valid service to customers who may be unable to attend the auction personally . If utilized, the rules concerning this procedure should be fully explained to all attendees prior to the commencement of bidding.
In an auction of personal property, the auctioneer shall provide customers with a clear and concise understanding of all the terms and conditions of the auction as well as provide the buyer with a written bill of sale. The terms and conditions should include but not be limited to the following: deposit; terms of payment; sales tax; buyer's premium, if applicable; possession; title; risk of loss; removal; bidder disputes; default; warranties or guarantees, if any, or lack thereof.
Explanatory Comment S.R. 3-2
It is recommended that wherever possible the auctioneer shall fulfill this responsibility in written form. It shall be acceptable, however, for the auctioneer to communicate this information orally prior to the commencement of bidding.
In an auction of real property, the auctioneer shall provide customers with a clear and concise understanding of all the terms and conditions of the auction as well as making available a copy of the contract to be signed. The terms and conditions should include but not be limited to the following: deposit; settlement terms; title and delivery of deed; possession; expenses of settlement and pro-ration of taxes, rents, interest and insurance; buyer's premium, if applicable; bidder disputes; default; warranties and representations; risk of loss.
Explanatory Comment S.R. 3-3
It is recommended that wherever possible the auctioneer shall fulfill this responsibility in written form. It shall be acceptable, however, for the auctioneer to communicate this information orally prior to the commencement of bidding.
An auctioneer must not advertise or make public statements about property he is selling without first taking requisite time for study, inquiry and deliberation so as to ascertain that all advertising and public statements are true and factual to the best of his knowledge after reasonable research and study is completed.
THE AMI® AUCTIONEER AND THE PUBLIC
Auction Marketing Institute, Inc. members, candidates and designees subscribe to the highest professional standards in the auction industry. This requires that they adhere to the Institute's Code of Ethics and conduct their business activities in a manner consistent with these standards.
The term professional can mean many things. There are certain elements of professionalism, however, which must be present to define this term as it relates to the AMI® auctioneer. Adherence to the Institute's Code of Ethics is one. The Institute's Uniform Principles of Professional Auction Practice are others.
In all advertising, whether it be institutional or auction sale related, the auctioneer shall be careful at all times to present a true picture to the public. The auctioneer shall include in such advertising his name or the name of the firm for which he is employed, his address and telephone number.
Explanatory Comment to S.R. 4-1
Included in this concept is the principle that an auctioneer must not use false, misleading or exaggerated facts about his abilities or history or those of the company in any form of advertising or in public statements or private interviews as a means to obtain business.
Each AMI® Auctioneer must continually improve his skills to remain proficient. The auctioneer must participate in structured continuing education programs and should keep informed on all matters affecting the auction industry and his areas of specialization.
An AMI® Auctioneer should audio tape and/or video tape all auctions he conducts.
Explanatory Comment S.R. 4-3
In order to protect the public and to avoid misunderstandings, the auctioneer should create and retain for a reasonable period of time an audio and/or video record of each auction he conducts.
THE AMI® AUCTIONEER AND HIS PROFESSION
A member, candidate or designee of the Institute must not conduct himself in a manner that would have an adverse effect upon the Institute or the auction profession.
A member, candidate, designee of the Institute must at all times be aware of the trust and confidence the public has placed upon him and of the detrimental effect upon the profession that misconduct can have upon the public's view of the auction business. Therefore, a member of the Institute must conduct himself in a manner that will maintain and build public confidence in both the profession and the Institute.
Professional status is accorded to auctioneers who become members of the Institute. To preserve that status for other AMI® auctioneers, as well as serve the public interest best, it is essential that all members of the Institute use professional and ethical conduct to secure new business.
To produce unrealistic expectations in the minds of potential clients impairs public confidence in the profession. Solicitation of new business must therefore meet the standards of the Institute, and AMI ® auctioneers must adhere to professional conduct in securing auction agreements.
Standard Rules Relating to Standard 5:
An AMI® auctioneer must not engage in conduct that has a detrimental or adverse effect upon the Institute or the auction profession.
An AMI ® auctioneer must not conduct himself in a manner that is dishonest or fraudulent or involves deceit or misrepresentation.
An AMI® auctioneer must not engage in any conduct that results in his conviction for a felony involving moral turpitude.
An AMI ® auctioneer must be active in the work of the Institute and assist in meeting its obligations to the public and its members.
It is essential that each AMI ® auctioneer fully cooperate with the Institute in matters relating to the professional activities of the Institute, especially those relating to admissions matters and disciplinary proceedings, and in reporting all violations of this Code to the Institute.
In order to maintain in the mind of the public that membership, candidacy and designation in the Institute requires a high degree of personal integrity and professional competence, each member must use a high degree of care, and exercise fair and frank judgment in passing upon applications for admission to the Institute. Fairness and frankness are essential because the rejection of a qualified individual is as detrimental to the Institute as the acceptance of an unqualified individual.
Each member is charged with the responsibility of voluntarily bringing to the attention of the Institute all knowledge that he may possess with respect to matters that might be detrimental to the Institute. A member should serve on a committee or as an officer if called to do so and must carry out his responsibilities with diligence and objectivity.
Standard Rules Relating to Standard 6:
An AMI ® auctioneer should also belong to the appropriate trade associations within the auction industry at the national, state and local levels. Professionalism further dictates the auctioneer's active involvement in such associations.
An AMI ® auctioneer shall not knowingly submit false or misleading information or refrain from submitting any information deemed relevant to the admissions process.
An AMI ® auctioneer shall not knowingly submit false or misleading information or refrain from submitting any information that would be relevant to the initiation, orderly processing or proper disposition of a disciplinary proceeding.
An AMI ® auctioneer who has accepted an assignment to a committee or accepted an office should carry out those responsibilities with diligence and objectivity.
An AMI ® auctioneer should not accept employment that precludes him from complying with this Code or any Regulations of the Institute.
AMI® UNIFORM PRINCIPLES OF PROFESSIONAL APPRAISAL PRACTICE
These uniform principles of professional appraisal practice refer to those who have completed the Institute's Graduate Personal Property Appraiser (GPPA®) 101 designation course.
A member, candidate or designee must refrain form conduct that is detrimental to the AMI, appraisal profession and the public.
A member, candidate or designee must assist the AMI in carrying out its responsibilities to the users of appraisal services and the public.
In the performance of an appraisal assignment, a member, candidate or designee must develop and communicate each analysis and opinion without bias for the client's interest and without accommodation of his or her own interest.
Article 4: A member, candidate or designee must not violate the confidential nature of the appraiser-client relationship.
A member, candidate or designee shall not undertake to provide specialized professional services concerning a type of property or service outside his or her field of competence unless he or she engages the assistance of one who is competent on such types of property or services, or unless the facts are disclosed to the client.
In promoting an appraisal practice and soliciting appraisal services, a member, candidate, or designee must use care to avoid advertising or solicitation that is misleading or otherwise contrary to the public interest.
A member, candidate or designee, any member of his or her immediate family, firm or any member thereof, or any entity in which they have ownership interest shall not undertake an appraisal assignment without making the true position known to the client.
A member, candidate, or designee must comply with the requirements of the Uniform Standards of Professional Appraisal Practice.
To maintain the high quality of appraisal work that is expected of those affiliated with the AMI, all members, candidates and designees are required to conduct assignments and prepare their findings and reports in accordance with the Uniform Standards of Professional Appraisal Practice (USPAP). USPAP, Supplemental Standards and Guides Notes illustrate how the Standard Rules should be applied in various situations.