Professional principles

The professional principles regulate the behaviour of certified valuers in their relations with clients, interested parties, employees, applicants, suppliers, associations and the public.

Certified valuers undertake to follow these principles. They sign a separate agreement stating that they will submit to the certification body’s arbitration court in case of dispute.

Certified valuers can also be in permanent employment. Valuers working in valuation departments in credit and insurance companies must also follow the professional principles in their relations with internal clients (e.g. credit department of a bank).

Valuers in permanent employment must be free to act independently in carrying out their professional activities, in particular the process of valuation. The employer’s power to give disciplinary instructions is not, of course, affected by these professional principles. This is also true for principles specific to the industry, such as banker’s discretion, compliance etc.

• Always act in accordance with the professional principles.
• Valuers must behave and carry out their work in such a way that the image of valuers certified by the certification body is not damaged.
• There should be no disparagement of certified valuers as a profession.

• Steady financial situation.

• Valuers commit to compiling appraisals to the best of their knowledge and belief and in accordance with the statutory regulations, ordinances and instructions that apply in relation to the particular client.

• Valuers may accept only instructions for which they have the necessary skills, expertise and experience. In particular, jobs may be accepted only if the valuer is familiar with the country-specific
  regulations (particularly those of a legal and technical nature) and the regional real estate
  market.

• Certified valuers must participate in regular further training.

• Valuers must submit realistic quotations in terms of service provided, deadlines and costs.

• Respect for the intellectual property rights of others and use of such material only if the source
  is stated.

• Certified valuers are basically responsible for their own work and may not accept any restriction of their independence in carrying out their professional activities.

• Valuations are carried out objectively and to the best of the valuer’s knowledge and belief.

• Certified valuers must respect their employees’ obligation to carry out their professional activities independently.

• Compliance with data protection requirements and banker’s discretion (under public law and
  criminal law and in-company).

• All internal procedures, information and data of which valuers become aware while carrying out
  their professional activities shall be treated confidentially.

• The data shall only be used for the commissioned appraisal.

• Documentation relating to the appraisal must not be passed on to third parties and shall be
  returned to the client after the project has been completed.

• Lists of clients may be published, if the client agrees to this in writing.

• Compliance guidelines of the credit and insurance industries are to be followed.

• In the case of conflicts of interest, the client must immediately be provided with all relevant facts in writing.

• In this case, the instructions may be carried out only after the client has been provided with a detailed written description of the conflict of interests, and has, in spite of this fact, insted on the instructions being carried out, and has confirmed this in writing.

• If a conflict of interests occurs while an appraisal is being carried out, the client must be informed immediately in writing and the valuer must offer to abort the appraisal.

• Fees for valuations shall be calculated in such a way that they are in accordance with the type
  and scope of the work carried out and shall be agreed with the client before commencement
  of work.
• No consideration may be paid above and beyond the agreed fee.

• Certified valuers shall neither directly nor indirectly offer employment at their company or at
  other companies to employees of their clients.
• For reasons of maintaining objectivity, it is expected of certified valuers and their employees that
  they will not negotiate employment with clients while working with them.
• It is expected of clients that they will not offer employment to employees of the certified valuer
  while they are working together.

• Certified valuers may not work on one property for several clients at the same time unless this has been expressly agreed to in writing by all clients.

• To maintain independence and for reasons of fair competition, no unpaid services may be rendered in advance, with the exception of compiling and submitting quotations.
• Certified valuers shall carry out advertising in a professional way and present their qualifications only with reference to their skills and experience.

Valuers must keep a record of all appraisals they have been commissioned to carry out. This
record must show the following:

• Name of client
• Date commissioned
• Subject matter of appraisal
• Either the date the appraisal was compiled or the reason why the appraisal was not carried
  out
• If applicable any complaints about the work of the valuer or the appraisal services provided.

Valuers must retain the following documents during the period of validity of the certification
agreement and for at least one year after it has come to an end: Regardless of this, the retention
period shall end at the end of the sixth calendar year after the year in which the records or
documents were made:

• the above record of client and commission
• a complete copy of the written appraisal
• other written documents which are relevant to the valuer’s professional work 

For valuers in permanent employment, it is sufficient if the employer ensures the retention of
these documents. Valuers who are not employed by the client are only permitted to retain documents
if the valuers ensure that they can access these documents for the whole of the retention
period and that they can actually be made available to the valuer within a reasonable time
– within ten working days at the most.

Valuers must keep a record of all complaints made against them within the scope of the certificate
issued.

All certified valuers must forward to the certification body business information which is important
for administrative purposes of the certification body and to monitor compliance with the
rules by the certified person, unless this would breach banker’s discretion or similar regulations.

Certified valuers must provide comprehensive information to the certification body. Information
must be provided within four weeks of the certification body requesting it. The certification
body must be informed of changes to a current investigation at the latest seven days after the
change has been made.

• The certification body shall ensure that the professional principles are complied with.

• The certification body is only obliged to investigate claims of breach of these professional principles if the claimant can provide proof.

• If the professional principles are breached, the certification body should react by giving the necessary directions and implementing step-by-step penalties.

Certified valuers must inform HypZert immediately of the following:

• Change of office address;
• Change of residence;
• If they become a self-employed valuer;
• If they conclude an employment contract;
• If they lose the certificate;
• If they make a statutory declaration pursuant to ZPO (Civil Procedure Ordinance) §807 or a warrant is issued to compel the making of a statutory declaration pursuant to ZPO §901;
• If they apply for insolvency proceedings for their assets or the assets of a trading company of which they are managing director or shareholder, such proceedings are commenced or insolvency proceedings are rejected because of insufficient assets;
• Commencement of criminal investigation proceedings or final conviction for a crime or offence.