Valuers and Valuation Consulting Firms Code of Ethics, 2020
This section appears to list the headings “Citation,” “Application,” and “Interpretation,” and places them in Part I (Preliminary Provisions) and Part II (Code of Ethics).
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- Valuers and Valuation Consulting Firms Code of Ethics, 2020
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This section appears to list the headings “Citation,” “Application,” and “Interpretation,” and places them in Part I (Preliminary Provisions) and Part II (Code of Ethics). This section is a heading list for ethical principles and topics for valuers and valuation consulting firms. This section is titled “Adherence to Code of Ethics” and “Breach of Code of Ethics” for valuers and valuation consulting firms. This section gives the short title that may be used to cite the Code of Ethics. This Code of Ethics applies to several categories of valuers and to valuation consulting firms registered in Mainland Tanzania.
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Provisions of Valuers and Valuation Consulting Firms Code of Ethics, 2020
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- 3 Verify source ↗
Section 3
AI-assisted research summary: This section appears to list the headings “Citation,” “Application,” and “Interpretation,” and places them in Part I (Preliminary Provisions) and Part II (Code of Ethics).
3. Citation. Application. Interpretation. PART I PRELIMINARY PROVISIONS PART II CODE OF ETHICS
Part
PART II
- 19 Verify source ↗
Section 19
AI-assisted research summary: This section is a heading list for ethical principles and topics for valuers and valuation consulting firms.
19. Fundamental principles. Fundamental canons. Obligations to general public and profession. Conflict of interest. Obligation to employer or client. Prohibited practices. Solicitation of professional assignment. Conduct of valuer. Upholding integrity. Upholding valuation reputation. Impartiality. Confidentiality of information. Fair compensation and working agreements. Valuer diligence. Valuer’s competence and documentation of information. Valuer's professional responsibility. 1 Code of Ethics for Valuers and Valuation Consulting Firms GN 581 (Contd) PART III BREACH OF CODE OF ETHICS - 4 Verify source ↗
A valuer shall endeavour to uphold and advance
AI-assisted research summary: A valuer must uphold the integrity, honour, and dignity of the valuation profession.
4. A valuer shall endeavour to uphold and advance integrity, honour and dignity of the valuation profession by- (a) acting with honesty and impartiality and serving the public, his employer and clients with fidelity; 3 Code of Ethics for Valuers and Valuation Consulting Firms GN 581 (Contd) Fundamental canons (b) conducting affairs of the profession with highest degree of honesty, skills, integrity, confidentiality, objectivity, and observe the code of conduct as described in the Act; (c) striving to enhance the competence and prestige of the valuation profession; and (d) supporting the professional and technical societies of his disciplines through couching, mentoring and nurturing valuation aspirants. - 5 Verify source ↗
A valuer or valuation consulting firm shall
AI-assisted research summary: A valuer or valuation consulting firm must act ethically, competently, professionally, and with integrity in its work and public statements.
5. A valuer or valuation consulting firm shall- (a) act with integrity, competence, diligence, respect and in an ethical manner with the public, clients, prospective clients, employers, and colleagues in the valuation profession; (b) act consistently in a way that emphasises compliance with applicable and related laws and regulations; (c) issue public statements only in an objective and truthful manner; (d) act in a professional manner for each employer or client as faithful agents or trustees, and shall endeavour to avoid conflicts of interests; (e) place the integrity of the valuation profession and the interest of the clients above his own personal interest; (f) use reasonable care and exercise independent professional judgments when conducting valuation data collection, analysis, making recommendations, undertaking valuation assignment and engaging other professional activities; (g) practice and encourage others to practice in a professional and ethical manner that will reflect credits on themselves and the professional; and (h) maintain and improve his professional competence and strive to maintain and improve the competence of other valuation professionals. Obligations to general public and profession - 6 Verify source ↗
(1). Every valuer shall have the following primary
AI-assisted research summary: Every valuer must protect the public and profession, certify documents or reports that meet the prescribed valuation guidelines, and report certain overruled judgments or misconduct to the employer/client, the Board, or another appropriate authority.
6.-(1). Every valuer shall have the following primary obligation- (a) protection of the welfare of the public and profession; and (b) certification of documents or reports which are in the prescribed best practice conformity with guidelines in valuation. 4 Code of Ethics for Valuers and Valuation Consulting Firms GN 581 (Contd) Conflict of interest Obligation to employer or client Prohibited practices Solicitation of professional assignment (2) A valuer shall, in the event that professional judgment is overruled under circumstances where the welfare of the public is endangered, notify in writing his employer or client, the Board and such other authorities as may be appropriate. (3) A valuer shall, the event of professional in misconduct or malpractice by a valuer, firm or general public, notify the Board or appropriate authority. - 7 Verify source ↗
(1) Every valuer shall disclose to his employer or
AI-assisted research summary: Valuers must disclose known or potential conflicts of interest to their employer or client, and valuers in public service must not take part in decisions about professional services where they have an interest.
7.-(1) Every valuer shall disclose to his employer or client all known or potential conflicts of interest which may influence his judgment or the quality of services. (2) A valuer in public service as a member, advisor or employee of a government body or department shall not participate in decisions with respect to professional services to which he has interest in. - 8 Verify source ↗
(1) A practicing valuer shall, when undertaking
AI-assisted research summary: A practicing valuer must tell clients and employers about societal and environmental consequences and must speak to the public objectively and truthfully. A valuer using a client's data or recommendation must keep the idea as the client's property and must not use or duplicate it for others without the client's express permission.
8.-(1) A practicing valuer shall, when undertaking valuation assignment, valuation analysis, making valuation, judgments, conclusions and recommendations, inform his clients and employers of societal and environmental consequences of projects or actions thereto in which he is involved, and he shall interpret issues to the public in an objective and truthful manner. (2) Every valuer using data or recommendation by a client shall ensure that the idea remains the property of the client which shall not be used or duplicated by the valuer for others without the express permission of the client. - 9 Verify source ↗
A registered valuer or firm shall not, when offering
AI-assisted research summary: A registered valuer or firm must not act as an agent for an unregistered valuer, firm, or any other person when offering professional services.
9. A registered valuer or firm shall not, when offering professional services, act as an agent for an unregistered valuer, firm or any other person. - 10 Verify source ↗
(1) A valuer shall not solicit for professional
AI-assisted research summary: Valuers must not solicit professional employment in specified misleading or improper circumstances, and they must build their reputation on the merit of their services.
10.-(1) A valuer shall not solicit for professional employment under the following circumstances: (a) falsifying or permitting misrepresentation of himself, his associates, relevant academic or professional qualifications, or exaggerate his degree of responsibility and capability; (b) offering, giving, soliciting or receiving, either directly or indirectly, any financial or material consideration of any amount intended to influence the award of a contract; (c) proposing or accepting a professional commission in which his professional under circumstances judgment may be compromised; 5 Code of Ethics for Valuers and Valuation Consulting Firms GN 581 (Contd) (d) in self-laudatory language, presentations or in any manner derogatory to the dignity of the valuation profession, advertise or write articles for publication; and (e) associating with reports, returns or communications of which the valuer believes that the information- (i) contains false, misleading or biased documents, analyses or results; or (ii) withhold omit or that might required to lead information misleading results. (2) Every valuer shall build his professional reputation on the merit of the services and shall not compete unfairly with others or engage in any actions that violet any other written law. Conduct of valuer - 11 Verify source ↗
A valuer shall not
AI-assisted research summary: A valuer must not engage in several forms of unethical conduct, including misuse of name, undisclosed multiple payments, misrepresentation of registration, disclosure of confidential information, improper influence, accepting improper allowances or commissions, or other professional misconduct.
11. A valuer shall not- (a) permit the use of his name or firm name, his associate in business venture with any person or firm which he reasonably believes that such person is involved in fraudulent or dishonest business or unprofessional practices; (b) accept payment, from more than one party for services on the same assignment, or for services pertaining to the same assignment, unless the circumstances are fully disclosed to and agreed for, by all interested parties; (c) present himself directly or by implication in a professional category that he is not registered or in in professional academic practice; irrelevant category (d) disclose classified information concerning the business affairs or technical processes of any present or former client or employer without his consent; and (e) be influenced in his professional duties by his involvement or conflicting political lenience, interests and shall- or not allowances, directly or indirectly from other parties dealing with clients or employers of the valuation in connection with the work for which the valuer is responsible; and commissions accept (i) 6 Code of Ethics for Valuers and Valuation Consulting Firms GN 581 (Contd) (ii) constitute refrain from profession misconduct which may price undercutting, forgery or falsification of intentional under valuation or over valuation, and collusion with third party to falsify valuation report or advice. information, Upholding integrity Upholding valuation reputation - 12 Verify source ↗
(1) A valuer shall be objective and truthful in making
AI-assisted research summary: Valuers must act honestly and objectively, avoid negligence, avoid improper payments, avoid misleading or self-laudatory advertising, and not take valuation work based on a pre-set opinion.
12.-(1) A valuer shall be objective and truthful in making or presenting professional reports, statements or testimonies. (2) A valuer shall take all reasonable steps to avoid negligence, overestimation or underestimation of material, particular or information obtained in the course of valuation. (3) A valuer shall not solicit or accept financial or other valuable consideration, directly or indirectly from client, employer, his agents or other parties in connection with work for which he is engaged except the acceptable fee. (4) A valuer shall not advertise his professional service in a manner that is self-laudatory or which is not true or factual or which is derogatory to the dignity of other valuers in the profession. (5) A valuer shall not accept valuation assignment or prepare any valuation report that involves a predetermined or pre-planned opinion or view. - 13 Verify source ↗
(1) A valuer shall avoid actions or practices which
AI-assisted research summary: Valuers must avoid conduct that discredits the valuation profession or deceives the public, and must not maliciously harm another valuer’s reputation, prospects, practice, or employment.
13.-(1) A valuer shall avoid actions or practices which are likely to discredit the valuation profession or deceive the public. (2) A valuer shall not maliciously attempt to injure directly or indirectly, the professional reputation, prospects, practice or employment of another valuer, and shall not in that respect criticize valuation report of another valuer. (3) Where a valuer believes that another valuer is unethical, that person shall present such information to the proper authority for action. (4) A valuer whose professional advice is not accepted shall take all reasonable steps to ensure that persons overruling or neglecting his advice are aware of the dangers the valuer believes may result from such overruling or neglect. Impartiality - 14 Verify source ↗
(1) A valuer shall, when reviewing a report prepared
AI-assisted research summary: A valuer reviewing another valuer’s report must be impartial, make fair judgments, and explain agreement or disagreement with the conclusions. A valuer in private practice must not review another valuer’s work for the same client unless the other valuer knows about it or the client relationship has ended.
14.-(1) A valuer shall, when reviewing a report prepared by another valuer, always be impartial, make fair judgments and justify the reasons for his agreement or disagreement with the report’s conclusions. 7 Code of Ethics for Valuers and Valuation Consulting Firms GN 581 (Contd) Confidentiality of information Fair compensation Valuer diligence (2) A valuer in private practice shall not review the work of another valuer for the same client except with the knowledge of such other valuer or unless the relationship of such valuer and client has been terminated. - 15 Verify source ↗
(1) A valuer shall not, for personal advantage, use
AI-assisted research summary: A valuer must keep professional information confidential and not use or disclose it for personal advantage, except where law allows or requires disclosure.
15.-(1) A valuer shall not, for personal advantage, use confidential information obtained as a result of professional relationships. (2) A valuer shall take reasonable steps to ensure staff under his control and persons from whom advice and assistance is sought, respect the duty of confidentiality. (3) A valuer shall uphold the principle of confidentiality even after the end of his professional relationships with the client or employer. (4) A valuer shall handle the client’s information sensitively all the time, and in that respect not disclose confidential information or results relevant to an assignment or would be beneficial to another party or person. (5) A valuer shall not, unless authorised or required to do so by law, reveal facts, data or information obtained in his professional capacity without the prior consent of the client or employer. - 16 Verify source ↗
A valuer or valuation firm shall
AI-assisted research summary: A valuer or valuation firm must uphold appropriate and adequate compensation in valuation work and formalise working agreements for professional valuation assignments.
16. A valuer or valuation firm shall- (a) uphold the principle of appropriate and adequate compensation for those engaged in valuation work; and (b) formalise working agreements for those engaged in professional valuation assignment. - 17 Verify source ↗
(1) A valuer shall commit
AI-assisted research summary: Valuers must act professionally, diligently, and promptly, follow assignment requirements and standards, get client consent before using external help, disclose third-party involvement, and treat clients and the public courteously.
17.-(1) A valuer shall commit to working with professionalism and diligence and present work in a timely manner in accordance with requirements and applicable technical and professional standards, and avoid any actions that discredit the profession, including- (a) understand the dimensions of required assignment and ensure the scope of the work is sufficient to achieve credible results; the (b) receive precise instructions from the client and document it in writing in accordance with guidelines before engagement to avoid any misinterpretation of meanings or scope of work; and (c) not accepting assignments if the circumstances do not permit the achievement of accurate and reliable high quality results. 8 Code of Ethics for Valuers and Valuation Consulting Firms GN 581 (Contd) (2) A valuer shall obtain the consent of the client when requiring the help of the external source. (3) Where valuation requires engagement of a third party, information of that third party shall be disclosed and acknowledged including the identity of the assistants and their role in the preparation of the valuation report. (4) A valuer shall work according to the requirements of the assignment carefully, diligently and in a timely manner. (5) A valuer shall work hard to provide the best service for the clients and exercise due care to ensure that the provided services is in accordance with all applicable professional and technical regulations and standards of valuation. (6) A valuer shall treat clients and the public with courtesy and respond quickly and effectively to reasonable instruction and complaints. - 18 Verify source ↗
(1) A valuer shall for each assignment prepare and
AI-assisted research summary: A valuer must keep a work file for each assignment, verify valuation data, and not rely on unverified information unless the information is clearly restricted.
18.-(1) A valuer shall for each assignment prepare and maintain a work file which shall contain a hard or soft copy of every written report, correspondence notes and documentation in addition to the information, data and procedures adequate to support the valuer’s opinion inquires, inspection, sources, methods, analyses and calculations. (2) A valuer shall verify the data used in the valuation and identify the extent of its reliability. (3) A valuer shall not rely on information presented by the client or any other person without verification of their eligibility or source and reliability, unless the valuer specifies the nature and extent of the information as a restriction. Valuer’s competence and documentation of information Valuer's professional responsibility - 19 Verify source ↗
(1) Every valuer shall accept personal responsibility
AI-assisted research summary: Every valuer must take responsibility for work under their charge, follow registration laws, avoid using non-valuer businesses as a cover for unethical conduct, and give proper credit and recognition to others.
19.-(1) Every valuer shall accept personal responsibility for every professional activity under his charge and- (a) shall conform with registration laws in the practice of valuation; and (b) shall not associate with a non-valuer corporation or partnership as a “cloak” for unethical acts. (2) Every valuer shall give credit for valuation assignment of those to whom credit is due, and recognize the proprietary interests of others. (3) Every valuer shall cooperate in extending the effectiveness of the profession by interchanging information and experience with other valuers and students, and will endeavour to provide opportunity for the professional development and advancement of valuers under his supervision and in that case he shall- 9 Code of Ethics for Valuers and Valuation Consulting Firms GN 581 (Contd) (a) encourage valuation employees’ efforts to improve their education; (b) encourage valuation employees to attend and make presentations at professional and technical society meetings; (c) encourage valuation employees to become registered at the earliest possible date; and (d) take part in training and supervising young valuers. PART III BREACH OF CODE OF ETHICS Adherence to Code of Ethics
Part
PART III
- 21 Verify source ↗
Section 21
AI-assisted research summary: This section is titled “Adherence to Code of Ethics” and “Breach of Code of Ethics” for valuers and valuation consulting firms.
21. Adherence to Code of Ethics. Breach of Code of Ethics. 2 Code of Ethics for Valuers and Valuation Consulting Firms GN 581 (Contd) THE VALUATION AND VALUERS REGISTRATION ACT, (CAP. 138) _____ CODE OF ETHICS _____ (Made under section 66) ____ THE CODE OF ETHICS FOR VALUERS AND VALUATION CONSULTING FIRMS, 2020 PART I PRELIMINARY PROVISIONS CitationReferenced legislation
- THE VALUATION AND VALUERS REGISTRATION ACT (resolved)
- 20 Verify source ↗
A valuer or valuation firm shall adhere to the Code
AI-assisted research summary: Valuers and valuation firms must follow the Code, support people who uphold it, and report unethical valuation decisions or practices to the Board immediately.
20. A valuer or valuation firm shall adhere to the Code and shall do all necessary endeavours to support those who seek to uphold it and report immediately any unethical valuation decisions or practices by valuers, firms and others to the Board. Breach of Code of Ethics - 21 Verify source ↗
A person who contravenes any provision to this Code
AI-assisted research summary: A person who breaks any provision of the Code of Ethics is treated as having committed professional misconduct.
21. A person who contravenes any provision to this Code of Ethics shall be deemed to have committed a professional misconduct and shall be pursued against by the Board as provided under the Act. Dar es Salaam, NDJOVU, 4th June, 2020 CLETUS ELIGIUS Chairman of the Board 10
Part
PART I
- 1 Verify source ↗
This Code of Ethics may be cited as the Code of Ethics
AI-assisted research summary: This section gives the short title that may be used to cite the Code of Ethics.
1. This Code of Ethics may be cited as the Code of Ethics for Valuers and Valuation Consulting Firms, 2020. Application - 2 Verify source ↗
This Code of Ethics shall apply to fully registered
AI-assisted research summary: This Code of Ethics applies to several categories of valuers and to valuation consulting firms registered in Mainland Tanzania.
2. This Code of Ethics shall apply to fully registered valuers, provisionally registered valuers, temporary registered valuers, technician valuers and valuation consulting firms registered in Mainland Tanzania. Interpretation - 3 Verify source ↗
In this Code of Ethics, unless the context otherwise
AI-assisted research summary: This section defines several terms used in the Code of Ethics, including “Act,” “Board,” “Registrar,” “firm,” and “valuer.”
3. In this Code of Ethics, unless the context otherwise requires- Cap. 138 “Act” means the Valuation and Valuers Registration Act; “Board” means the Valuers Registration Board established under section 12 of the Act; “Registrar” means the Registrar of the Board appointed pursuant to section 23 of the Act; “firm” means a private or government owned entity registered purposely for carrying out valuation activities; and “valuer” means a person who holds at least a first degree in real estate or equivalent qualification with specialization in valuation. PART II CODE OF ETHICS Fundamental principlesReferenced legislation
- Valuation and Valuers Registration Act (resolved)
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