Professional Behaviour of A Valuer Registered With IBBI

Definition of a Valuer

A ‘valuer’ is an individual, group of individuals or individual within an entity, regardless of whether employed (internal) or engaged (contracted/external), possessing the necessary qualifications, ability and experience to execute a valuation in an objective, unbiased, ethical and competent manner.

It is fundamental to the integrity of the valuation process that those who rely on valuations have confidence that those valuations are provided by valuer who have the appropriate experience, skill and judgment, act in a professional manner and exercise their judgment free from any undue influence or bias.

Professional behaviour: 

The Professional Valuers should:

1. Act diligently in the service of their clients,

2. To ensure that the service provided is in accordance with all legal, technical and professional standards that are applicable to either the subject of the valuation, the purpose of the valuation or both.

Diligently means-

1. He is steady, earnest, and energetic in his efforts.

2. He is devoted and painstaking in his work and application, to accomplish an assignment of undertaking

3. Assiduity showed great diligence in tracking down the report

4. He had earned a great respect for his integrity, fairness and diligence.

5. Professional behaviour includes acceptance of a responsibility to act in the public interest.

6. A professional valuer’s duty is not limited to satisfying the needs of a particular client or employer. There is also a need to consider if professional decisions have a wider impact on unidentified third parties.

For example:

Valuations are frequently undertaken that can directly impact upon third parties such as stockholders in a company or investors in a fund.

While the client’s needs are normally paramount, a professional valuer should avoid knowingly accepting any instruction that appears to be prejudicial to the interests of the wider public, and which could discredit their own reputation and that of the profession generally. 

7. In marketing and promoting themselves and their work, professional valuers should not bring the profession into disrepute.

8. Professional valuers should be honest and truthful and not:

a) Make exaggerated claims for the services they are able to offer, the qualifications they possess, or experience they have gained; or

b) Make disparaging references or unsubstantiated comparisons to the work of others.

9. Professional behaviour involves acting responsibly and courteously in all dealings with clients and the public at large and responding promptly and effectively to all reasonable instructions or complaints.

10. A professional valuer should avoid any action that may discredit the profession, including any action that a reasonable and informed third party, weighing all the specific facts and circumstances available to the professional valuer at that time, would be likely to conclude adversely affects the good reputation of the profession.