CODE OF ETHICS FOR AUCTIONEERS

FOR THE CERTIFIED INSTITUTE OF
AUCTIONEERS

INTRODUCTION

The members and aspiring members of the Certified Auctioneers Institute, being responsible individuals, have an obligation to member auctioneers and the public to live up to this Code of Ethics.

Inasmuch as the Certified Auctioneers Institute is the highest professional organization for the practicing Auctioneer, it is necessary that the membership uphold a strong Code of Ethics to govern the activities of its members and its aspiring members and references to Certified Auctioneer in this Code of Ethics are equally applicable, for disciplinary purposes, to aspiring members.

ARTICLE 1

The Certified Auctioneer should keep himself informed on matters affecting the auction profession in his community, the state, and nation so that he may be able to contribute responsibly to public thinking on such matters. He must not conduct himself in a manner that would have an adverse effect upon the institute or the auction profession. Therefore, a member of the institute must conduct himself in a manner that will maintain and build public confidence in both the profesion and the institute.

Article 2

The Certified Auctioneer is duty bound at all times to abide by the laws and regulations governing his profession in all jurisdictions in which he conducts his practice.

Article 3

The Certified Auctioneer is duty bound at all times to report his knowledge of ethical violation and improprieties of any Certified Auctioneer to any of the Executives; Ethics and Disciplinary Committee  of the Institute.  It is essential that each member fully cooperate with the institute in matters relating to the professional activities of the institute, especially those  matters  relating to administration of disciplinary proceedings.

Failure of a Certified Auctioneer to report a known ethical violation or impropriety of another Certified Auctioneer is, of itself, a violation of this Article.

Article 4

In conducting an auction, member must deal with his customers in a manner exhibiting the highest standards of professionalism and integrity. A Certified Auctioneer owes the customer the duties of honesty, integrity and Fair dealings at all times

A member  should seek no unfair advantage over other Certified Auctioneer and should conduct his business professionally and  avoid any discrepancy .

Article 5

In the best interest of the society, or his agent and his own business, the Certified Auctioneer should willingly share with other Certified Auctioneers the lessons of his experience for the benefit of the public, and should be loyal to the Institute and active in its work.

Article 6

To assure better service to the seller and prevent misunderstanding, Certified Auctioneer should enter into written agreements that set forth the specific terms and conditions of the auction and provide for the exclusive right to sell real or personal property. In auction of real property, members should provide customers with clear and concise understanding of all terms and conditions of the auction as well as making available a copy of the contract to be signed. The terms and conditions should include but not limited to the following: deposits, settlement terms , title and delivery of deed , taxes , default, interest , insurance, buyers premium ( where applicable ) bidders disputes, warranties and representations.

Article 7

The Certified Auctioneer pledges to protect and promote the interests of his client.

This obligation of absolute fidelity to the client’s interests is primary, but it does not relieve the Certified Auctioneer of the obligation to treat fairly all parties to the transaction. Therefore, the auctioneer must provide the client with detailed written accounting of sale , which must include information concerning the handling and disbursement of all funds received or controlled by the auctioneer .

Article 8

The Certified Auctioneer shall not accept compensation from more than one party, even if permitted by law, without the full knowledge of all parties to the transaction.

Article 9

The Certified Auctioneer shall avoid misrepresentation or concealment of pertinent facts. He has an affirmative obligation to disclose adverse factors of which he has personal knowledge.

Article 10

The Certified Auctioneer shall not deny equal professional services to any person for reasons of race, color, sex, religion, age, or national origin. The Certified Auctioneer shall not be a party to any plan or agreement to discriminate against a person or persons on the basis of race, color, sex, religion, age, or national origin.

Article 11

A Certified Auctioneer is expected to provide the highest level of competent service in those fields in which the Certified Auctioneer customarily engages. Each member of the institute must continuously improve his skills to remain proficient.

The Certified Auctioneer shall not undertake to provide specialized professional services concerning a type of property or service outside his field of competence unless he engages the assistance of one who is competent on such types of property or services, or unless the fact are fully disclosed to the client.

Any person engaged to provide such assistance shall be so identified to the client and his contribution to the assignment should be set forth.

Article 12

The Certified Auctioneer shall not undertake to provide professional services where he has a present or contemplated interest unless such interest is specifically disclosed to all affected parties.

Article 13

The Certified Auctioneer, any member of his immediate family, his firm, or any member thereof, or any entity in which they have an ownership interest shall not acquire an interest in or buy for themselves property listed with Certified Auctioneer without making true position known to the

Article 14

Whenever a Certified Auctioneer is charged with unethical practice or is asked to present evidence in any disciplinary proceedings or investigation, he shall promptly place all pertinent facts and information before the panel of inquiry. Therefore, each member should record audio and / or videotape all auctions they conduct and retain for a reasonable period of time.

Article 15

When acting as agent, the Certified Auctioneer shall not make a profit on expenditures made for his client’s   without the client prior knowledge or

Article 16

The Certified Auctioneer shall not engage in activities that constitute the unauthorized practice of law and shall recommend that legal counsel be obtained when the interest of any party to the transaction requires it.

Article 17

The Certified Auctioneer shall keep in a separate special account in an appropriate financial institution, monies coming into his possession in trust for other persons, such as trust account, clients monies, and other like items.

Article 18

The Certified Auctioneer shall be careful at all times to present a true picture in his advertising and representations to the public.

He shall neither advertise without disclosing his name nor permit any person associated with him to use individual names or telephone numbers unless such person’s connections with the Certified Auctioneer is obvious in the advertisement. Shall not knowingly submit false , misleading information or exaggerated facts about his company abilities as a means to obtain business or advertise.

Article 19

The Certified Auctioneer, for the protection of all parties, shall see that financial obligation and commitments regarding auction transaction are in writing, expressing the exact agreement of the parties. A copy of each agreement shall be furnished to each party.

Article 20

The Certified Auctioneer shall not engage in any practice or take any action inconsistent with the agency of another Certified Auctioneer.

Article 21

The Certified Auctioneer shall not publicly disparage the business practice of a competitor volunteer an opinion of a competitor volunteer an opinion of a competitor’s transaction if his opinion is sought and if the Certified Auctioneer deems it appropriate to respond, such opinion shall be rendered with strict professional integrity and courtesy.

Article 22

The Certified Auctioneer shall not directly or indirectly solicit the affiliation of an employer or independent contractor in the organization of another Certified Auctioneer without prior notice to Certified Auctioneer.