NOTE: The following text is provided for informational purposes. Appraisal Professionals is not an affiliate of the AACA with the exception of the professional designation of the senior appraiser.

Conceived in 1975, the American Association of Certified Appraisers, Inc. was incorporated and began granting designations in early 1977. Presently, the Association is represented in every state of the United States, Canada, Bermuda, and the Virgin Islands.

One main purpose of the Association is to recognize qualified individuals who are in the Real Estate profession and to educate those who wish to pursue a career in Real Estate Appraising.

Designations are awarded to individuals in the Real Estate Field, Banking, Building Construction, Governmental Agencies, Savings and Loan Associations, etc. who have done appraising and show an interest in broadening their knowledge in the appraisal field.

In order to raise professional standards the Association has placed its emphasis on educational programs which will familiarize our designated appraisers with all aspects and techniques of Real Estate Appraisal.

1. PROFESSIONAL DESIGNATIONS

AFFILIATE

Any interested individual who wishes to further the professional standard of Appraising or is interested in engaging in Real Estate Appraising. The Affiliate will receive a certificate but is not a certified designate. An affiliate may be elevated to a designated status when all experience criteria are met. Applicant shall agree to follow the Code of Ethics of the American Association of Certified Appraisers.

R-1 RESIDENTIAL- FIRST LEVEL

Applicant must (A) be a graduate of a Realtors Institute, or hold an undergraduate college degree in real estate, or (B) complete an AACA course of study and pass an AACA written exam or equivalent. The R-1 will receive a certificate but is not a certified designate. The designation credits one year towards the CA-R time requirement. Applicant shall agree to follow the Code of Ethics of the American Association of Certified Appraisers.

CA - R CERTIFIED APPRAISER - RESIDENTIAL

Applicant must (A) have a minimum of three years experience in appraising residential property and show acceptable residential appraising expertise or (B) meet either requirements for Residential First Level, submit an acceptable narrative appraisal and show acceptable residential appraising expertise. Applicant shall agree to follow the Code of Ethics of the American Association of Certified Appraisers.

CA - S CERTIFIED APPRAISER -SENIOR

Applicant must have a minimum of five years experience in appraising residential and commercial/industrial property and show acceptable residential and commercial/industrial appraising expertise. Applicant shall agree to follow the Code of Ethics of the American Association of Certified Appraisers.

CA - C CERTIFIED APPRAISER - CONSULTANT

CA - C is the highest designation offered by the Association. Applicant must have a CA -S designation for a minimum of two years, meet the requirements of the Education Committee, and submit a consultant paper which they have recently completed. The Board of Directors shall examine this paper with the utmost care. Applicant shall agree to follow the Code of Ethics of the American Association of Certified Appraisers.

Once a designation is obtained, there is no requirement that anyone seek a higher designation, although the Association does encourage its members to progress in the organization. A person seeking a new designation must meet all of the requirements for the designation, pay all applicable fees and make application to the National office. The Board of Directors will give due consideration to any request for such change in designation.

IMPORTANT

Candidates must fully complete an application form and meet any other qualification criteria, as applicable. The Board of Directors will review all qualifications and experi­ence and will assign appropriate designations. Failure to pay the Association's annual dues in any year after initial appli­cation shall result in a forfeiture of the previously assigned designation, a requirement to return the Association's Certificate and membership card; and a relinquishment of the right to any further use of the Association's name. All members agree that upon failure to return the certificate and membership card, the Association has the right to publish the defaulting appraiser's name in the Association's Newsletter.

2. PROFESSIONAL PRACTICE AND CODE OF ETHICS

STATEMENT OF PURPOSE

The American Association of Certified Appraisers is organized to advance the standards of professionalism and ethical appraisal procedures of its Certified Appraisers. It shall certify and recognize all qualified real estate appraisers and then assist, train and educate them for the best interest of the appraisal profession and the public.

The term "appraiser(s)" shall be used herein to mean all Certified Appraisers in the American Association of Certified Appraisers, Inc.

Section #1. Professional Conduct

The appraiser shall conduct himself at all times in a manner beneficial to the American Association of Certified Appraisers, Inc., his client and the public. No fee may be contingent upon the valuation of an appraisal,

Section #2. Appraisal Reports.

All appraisers must affix their particular designations to all appraisal reports. All appraisals must contain all pertinent information. (These requirements do no apply to staff appraisers for non-public use by his employer; but do apply to public fee appraisers.)

2:1 Description of subject property

2:2 Identify rights to be appraised

2:3 Date of value

2:4 Purpose of appraisal

2:5 Definition of value

2:6 Statement of highest and best use

2:7 Description of explanation in the appraisal report of the appraisal method(s) used

2:8 Statement of contingent and limiting conditions

2:9 Statement of non-interest and certification

2:10 Signature of all participating appraisers and inclusion of any dissenting opinions.

No appraisal may contain the following items:

A: General and vague assumptions.

B: Unsupportable judgments and opinions.

C: Improbable highest and best use.

D: Unsupportable or erroneous data.

Section #3. Professional Practice

It is Unethical For An Appraiser To:

3:1 Injure or malign the professional reputation or prospects of any appraiser by the use of false or malicious statements or by innuendo.

3:2 Knowingly withhold or fail to report any violations of the code of ethics or professional practice of an appraiser to the American Association of Certified Appraisers, Inc.

3:3 Reveal the substance of any appraisal without permission of the client or due process.

3:4 Issue a separate report when other appraisers have assisted in the formation of the estimated value.

3:5 Issue a fractional, hypothetical appraisal without a statement that it is fractional or hypothetical, and a statement of the limitations and uses of said appraisal.

3:6 Accept an appraisal assignment on a type of property which the appraiser has no previous experience unless a disclosure is made or the assistance of an experienced appraiser is obtained.

3:7 Use designations or the implying certification which the appraiser has not obtained, or which designation and certification has expired.

3:8 Violate Federal, State or Local statutes or regulations regarding fair housing.

3:9 Be convicted of a felony.

Section #4. Advertising Practices

4:1 Whenever and wherever a designate makes reference to membership in the American Association of Certified Appraisers, Inc, the member shall state their specific designation in the AACA.

4:2 Only members holding the Certified Appraiser -Residential CA-R; Certified Appraiser - Senior CA-S; and Certified Appraiser - Consultant CA-C may state they are a designated member of the AACA.

4:3 Members hold the Affiliate and Residential First-Level designation may not make statements indicating a status with the AACA.

4:4 Advertisements under a corporate or company name which include reference to the AACA must also include the name and designation of the individual designate who is in good standing with the AACA.

4:5 Members shall not advertise or solicit in a manner that is inaccurate, misleading, in violation of any statutes or regulations regarding fair housing, or detrimental to the faith and trust of the public or the AACA.

Section #5. Causes for Disciplinary Action.

Disciplinary action against an appraiser is taken in the event of violations of professional and ethical conduct as set forth in the Professional Practice and Code of Ethics of the American Association of Certified Appraisers,

The Association will investigate violations and may take action in the form of censure, suspension, expulsion or other appropriate action as recommended by the Board of Directors of the American Association of Certified Appraisers, Inc.

Section #6. Amendments.

The Board of Directors of the American Association of Certified Appraisers, Inc. reserves the right to alter or amend the provisions of the Professional Practice and Code of Ethics in order to further the interests of the Association.