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UME Stands by the AMEA Appraiser’s Code of Ethics
At UME, we provide a manner of service to customers that is in accordance with the highest of standards. Therefore, we conduct ourselves under the AMEA Appraiser’s Code of Ethics…
The appraiser shall conduct himself or herself in all respects according to the Code of Ethics and Standards and Procedures of Professional Appraisal Practice of the Association of Machinery and Equipment Appraisers (AMEA) Code of Ethics This Code of Ethics contains principles to govern each individual appraiser’s conduct and practice. It is each member’s duty to adhere to the letter and spirit of his or her practice according to this Code of Ethics.
Each individual is obligated to:
- Conduct his or her appraisal activities in a professional manner, demonstrating the highest level of integrity, which will reflect credit upon himself/herself, and the accrediting organization, AMEA.
- Accept only those assignments that he or she is competent to perform and has the knowledge and ability to perform in a professional manner.
- Make his or her client fully aware of any interest he or she has in the machinery or equipment to be appraised. The appraiser must state clearly that his or her opinion of values is unbiased and objective. These opinions must not be prejudiced by past, present, or any future interests in the machinery and equipment appraised. It is a violation of this Code of Ethics to formulate opinions of value that may be subjective or self-serving or that are based on any interests that may affect the validity of the appraisal.
- Base compensation paid for an appraisal on the nature and scope of the appraisal. The appraiser shall not derive compensation for an appraisal contingent on values pre-determined by the client. The payment of undisclosed fees, commissions or things of value in connection with the procurement of Appraisal, Review, or Consulting assignments is unethical.
- Prepare the appraisal report personally and express opinions in it that are his or hers and not that of another party, unless specifically stated in the report that another Appraiser or Advisor has been consulted and whether or not that person has been compensated for those opinions. The amount of compensation need not be stated, only that compensation or none has been committed.
- Hold all appraisals in strict confidence with his or her client, and shall not furnish it to another party unless specifically authorized to do so by the client or a court of law.
- Adhere to these standards, even when signing an appraisal report on the line over the words “Review Appraiser”. If more than one person signs the report, this certification must clearly specify which individuals did and which individuals did not make a personal inspection of the property.
- Avoid advertising for or soliciting appraisal assignments in a manner which is false, misleading, or exaggerated.