When REALTORS® prepare opinions of real property value or price they must:

Standard of Practice 11-1

be knowledgeable about the type of property being valued,

have access to the information and resources necessary to formulate an accurate opinion, and

be familiar with the area where the subject property is located

unless lack of any of these is disclosed to the party requesting the opinion in advance.

When an opinion of value or price is prepared other than in pursuit of a listing or to assist a potential purchaser in formulating a purchase offer, the opinion shall include the following unless the party requesting the opinion requires a specific type of report or different data set:

identification of the subject property

date prepared

defined value or price

limiting conditions, including statements of purpose(s) and intended user(s)

any present or contemplated interest, including the possibility of representing the seller/landlord or buyers/tenants

basis for the opinion, including applicable market data

if the opinion is not an appraisal, a statement to that effect

disclosure of whether and when a physical inspection of the property's exterior was conducted

disclosure of whether and when a physical inspection of the property's interior was conducted

disclosure of whether the REALTOR® has any conflicts of interest (Amended 1/14)

Standard of Practice 11-2

The obligations of the Code of Ethics in respect of real estate disciplines other than appraisal shall be interpreted and applied in accordance with the standards of competence and practice which clients and the public reasonably require to protect their rights and interests considering the complexity of the transaction, the availability of expert assistance, and, where the REALTOR® is an agent or subagent, the obligations of a fiduciary. (Adopted 1/95)