Code of Ethics

The Code of Ethics comprises two parts:-
A: Public Statement of the principles, values and behaviour expected of Members of the Institute:
1. COMPLIANCE WITH STANDARDS

Members shall, at all times, observe the requirements of the Code of Ethics and Rules of Conduct,
and (where applicable) the Constitution, Bylaws or Rules of the Institute, the Practice Standards of the
Institute and compliance with Continuing Professional Development (CPD) requirements.

2. PROFESSIONAL DUTY

It is the duty of Members to render service to their clients and employers with fidelity, to practise their
vocation with integrity, honour and professionalism, to act impartially and objectively when providing
independent advice, and to respect the public interest.

3. COMPETENCE

A Member shall not accept instructions in a matter where, based on a reasonable objective standard,
the Member does not have the competence, skill and/or experience to complete the assignment to the
acceptable professional standard in accordance with this Code of Ethics, and the Practice Standards
of the Institute, unless the assignment is completed in conjunction with a qualified and suitably
experienced practitioner.

4. CONFLICT OF INTEREST

Members shall consider and identify any actual or potential conflict of interest when carrying out their
professional duties, and shall not act in a matter where such conflict or potential conflict has been
identified by the Member or any other interested party unless all interested parties have been made
aware of the situation and have consented to the Member continuing in the task.

5. CONFIDENTIALITY

Members must observe the requirements of confidentiality in their dealings with clients and the public.

6. THE PROFESSION

Members shall at all times conduct business in a manner befitting their profession in accordance with
reasonable public expectations of professional persons.

B: Rules of Conduct
The following clauses are an expansion of the preceding public statement.

1.0 Professional and Personal Conduct

themselves and their profession. High standards of competence, honesty, loyalty, integrity and

fairness shall be observed at all times.

applicable) the Constitution, Bylaws or Rules of the Institute, Practice Standards and compliance with

Continuing Professional Development (CPD) as adopted by the Institute.

requirement for predetermined results where the exercise of objective judgement is required.

Members shall maintain the strictest independence and impartiality in undertaking their professional

duties. To this end, no Member shall:

impartiality;

preferences of a client or other party;

from other sources;

considered and reasoned answer. A member's counsel constitutes professional advice which must

be prepared to the highest standards of competency and rendered only after having properly

ascertained and weighed the facts.

interpretations or which they do not possess.

prospects or business of other Members.

2.0 Instructions, Inspections, and Reports

the Member in sufficient detail to avoid any misinterpretation. Any variations or extensions of the

original instructions should similarly be confirmed in writing.

undertaken in conjunction with a person having the required competence after disclosure to the client.

The inspection shall in all cases be sufficiently comprehensive to enable the Member to complete the

valuation in accordance with the Practice Standards of the Institute. Where, however, a client’s

instructions expressly exclude the requirements for a comprehensive inspection and these

instructions are accepted by the member then the limitations to the valuation must be clearly

acknowledged by the member and client.

person, body or authority which creates the impression that it is their own.

limitations arising from their instructions or enquires, or imposed from any other source.

opinions by way of inquiry, objective comparison, deduction and calculation.

of that information should either be disclosed in the relevant report or contained in the working papers

supporting the relevant report, and be appropriately attributed in either case, unless the information is

protected by confidentiality, or the Member is prevented by privacy or other like laws from disclosing

or referring to the source.

professional opinion from outside experts, the degree of reliance must be indicated.

are signing.

3.0 Fees and Payments

(a) infringe the Code of Ethics or any Statute or Regulation;

(b) depend on the outcome of any valuation or other independent objective advice.

clients to them.

with a client.

4.0 Use of Member’s Name and Designation

enterprise or activity which may bring the Member, the Institute, or the profession into disrepute.

(a) The initials FNZIV and ANZIV denoting Members’ status, and statutory designations “Registered

Valuer” and “Public Valuer”, as appropriate, are personal to individual Members and shall be

used only following or immediately in connection with the Member’s name.

(b) A Member’s name and signature must appear on every valuation or report undertaken, together

with the approved initials indicating their status and where appropriate the designation of “Public

Valuer”, “Registered Valuer” or such other designation as the Institute may from time to time

approve.

Members and “Registered” designations may only be used as permitted by the New Zealand Property

Institute By-laws.
 

5.0 Conflict of Interest

construed to be a conflict of interest. Members shall withdraw from any instruction if a conflict of

interest arises or becomes known after an instruction has been accepted. An exception to this clause

is where the conflict of interest is disclosed to and accepted by the party or parties.

to the client and where appropriate:

(a) advise the client to obtain independent professional advice;

(b) inform the client that neither the Member nor the firm can act or continue to act for the client

unless the appointment or instruction is confirmed in writing acknowledging the actual or

potential conflict of interest; and

(c) disclose the matter in any relevant document or report.

or company of which a Member is a partner director or employee, a Member shall promptly disclose

the relevant facts to the instructing client and where appropriate:

(a) advise the client to obtain independent professional advice;

(b) inform the client that neither the Member nor the firm can act or continue to act for the client

unless the appointment or instruction is confirmed in writing acknowledging the actual or

potential conflict of interest; and

(c) disclose the matter in any relevant document or report.
 

6.0 Client Relationships

or indirectly by a client or to a client without the permission of the client except where there is a legal

requirement for disclosure or the information is of public or common knowledge.

profession nor likely to lessen the confidence of clients or the public in the Institute or the profession.

in respect of the instructions issued to the Member.

not accept a retainer to act for another person in any action or proceedings against, or in conflict with,

the interests of the client.
 

7.0 Advertising

its Members.

8.0 Reference to the Institute

(a) purport to represent the views of the Institute unless expressly authorised to do so;

(b) publicise the Institute or its Members generally in terminology which has not either already

appeared in an advertisement published by the Institute or received the approval of the Institute.

9.0 Inducements for the Introduction of Clients

the offer or provision of any payment, gift or favour of otherwise, for the purpose of securing

instructions for work, or accept instructions from any person where there is reason to believe that

undue pressure or influence may have been exerted by a third party in expectation of receiving a

reward for the introduction.
 

10.0 General

complaint has been lodged or where there is deemed to be a prima facie breach of the Code of

Ethics.

obligations under the Valuers Act 1948, with its Amendments and the Regulations thereunder, and

the Rules of the Institute.