What is the purpose of a "statement of ethics" for appraisers?

The purpose of a "statement of ethics" for appraisers is to detail the ethical standards and professional conduct expected from appraisers. This document serves as a foundational guideline, underscoring the commitment of appraisers to uphold integrity, objectivity, and fairness in their work. By establishing these standards, the statement ensures that appraisers act in a manner that maintains public trust in the appraisal profession. It emphasizes the importance of honesty, transparency, and adherence to professional regulations, helping to guide appraisers in their decision-making and interactions with clients and the public.

In contrast, outlining financial obligations focuses on economic duties rather than ethical principles, serving a different purpose altogether. A promotional tool would aim to market appraisal services, which is unrelated to the ethical framework appraisers should follow. Lastly, defining legal responsibilities would pertain more to compliance with laws and regulations rather than the broader ethical standards guiding professional conduct. Thus, the statement of ethics is crucial for fostering a culture of responsibility and trustworthiness within the appraisal community.