Code of Ethics & Professional Responsibility
The National Council of Housing Analysts (NCHMA) was founded in recognition of the public need for competent, unbiased advice, professional guidance, and sound judgment concerning real estate matters relating to the housing market. The chief aim of NCHMA is to maintain the public trust in the professional work conducted by its members The Code of Ethics and the Standards of Professional Practice were developed with this in mind. In this document we address the following topics: Honesty & Integrity, Confidentiality, Independence & Objectivity, Competency and Professionalism.
Honesty & Integrity
NCHMA and its members are committed to maintaining the public trust through the highest standards of honesty and integrity.
Confidentiality
NCHMA and its members recognize the importance of safeguarding confidential information provided to them in the course of their work.
Independence & Objectivity
NCHMA and its members recognize that the public trust is maintained through independent, unbiased, objective opinions.
Competency
NCHMA and its members are committed to achieving the highest levels of competency.
Professionalism
NCHMA and its members always operate their businesses in an honest and professional manner.
Standards of Professional Practice
The chief aim of the National Council of Housing Market Analysts (NCHMA) is to maintain the public trust in the professional work conducted by its members. The Code of Ethics and the Standards of Professional Practice were developed with this in mind. In this document we address the following topics: Honesty & Integrity, Confidentiality, Independence & Objectivity, Competency and Professionalism.
Honesty & Integrity
NCHMA is committed to maintaining the public trust through the highest standards of honesty and integrity.
The NCHMA analyst or individual NCHMA member shall not engage in fraud, dishonesty, or deceit. Misconduct that involves these activities shall be considered a breach of these ethical standards.
The NCHMA analyst or individual NCHMA member that (1) works for an organization that engages in activities involving fraud, dishonesty, or deceit, or (2) works for an organization that expects the NCHMA analyst or individual NCHMA member to engage in activities involving fraud, dishonesty, or deceit must use reasonable measures to resolve the issue with the offending organization. If the issue remains unresolved after a reasonable period of time, the NCHMA analyst or individual NCHMA member must resign from the offending organization. Failure to resign from the offending organization shall be considered a breach of these ethical standards and a potential cause for dismissal from NCHMA.
Confidentiality
NCHMA analysts recognize the importance of safeguarding confidential information provided to them in the course of their work.
Clients and other individuals who are interviewed in the process of completing an assignment frequently provide confidential information to NCHMA analysts. The NCHMA analyst shall not disclose confidential information to anyone other than persons specifically authorized by the provider of said information.
There is an exception to this rule: The NCHMA analyst shall promptly disclose confidential information when legally required to do so.
If the NCHMA analyst is provided confidential information and another party subsequently approaches the analyst with an assignment that may be affected by either the use or the failure to use the information, it is unethical to accept the assignment, unless the source that provided the confidential information specifically permits it to be used.
Information that has subsequently been made public or is available from another source is not considered confidential for the purposes of this section.
Independence & Objectivity
NCHMA recognizes that the public trust is maintained through independent, unbiased, objective opinions.
The NCHMA analyst shall not agree to contribute to or participate in the development, use, or reporting of an analysis, opinion, or conclusion that is biased.
The NCHMA analyst shall not agree to contribute to or participate in the development, use, or reporting of an analysis, opinion, or conclusion that is contingent upon reporting a predetermined result.
The NCHMA analyst shall not agree to contribute to or participate in the development, use, or reporting of an analysis, opinion, or conclusion that is contingent upon the occurrence of any subsequent event that could potentially jeopardize the analyst’s independence and impartiality.
The NCHMA analyst shall not agree to contribute to or participate in the development, use, or reporting of an analysis, opinion, or conclusion, if the NCHMA analyst has any direct or indirect interest (current or prospective) in the outcome of the assignment.
For a period of time beginning with the NCHMA analyst’s engagement and ending a reasonable length of time after the completion of the analyst’s assignment, the NCHMA analyst shall not acquire an interest in property or an entity that could possibly affect his/her judgment, give rise to a real or potential conflict of interest, or give the appearance of a conflict of interest.
Competency
NCHMA analysts are committed to achieving the highest levels of competency.
NCHMA analysts are required to possess the necessary knowledge and/or experience to complete their assignments competently prior to agreeing to perform said assignments. Should the NCHMA analyst fail to possess the necessary knowledge and/or experience, the analyst may accept such assignments only if: (1) The analyst discloses the lack of knowledge and/or experience, before agreeing to perform the assignment and (2) The analyst takes all necessary and/or appropriate steps to complete the assignment competently.
Professionalism
NCHMA analysts always operate their businesses in an honest and professional manner.
NCHMA analysts shall not: (1) Utilize misleading or deceptive advertising; (2) Solicit services in a misleading or deceptive manner; or (3) Prepare or use a resume or statement of qualifications that is misleading or deceptive.
NCHMA analysts shall prepare a work file for each consulting assignment. The work file, which may be prepared in electronic and/or paper format, must contain the necessary information for a competent third party to recreate the analysis, opinions, and conclusions found in the analyst’s report. The NCHMA analyst shall retain the work file for a period equal to the greater of: (1) Five years from the date of the report, or (2) Two years following final disposition of a proceeding in which the NCHMA analyst gave testimony pertaining to the report.
NCHMA analysts and independent NCHMA members shall not make reference to the National Council of Housing Market Analysts in a manner that is misleading or deceptive, or use NCHMA designations or logos in an unauthorized manner. The failure of the analyst to comply with these provisions shall be considered a breach of these ethical standards.
Questions?
If you have questions about NCHMA’s Code of Ethics and Standards of Professional Practice or would like to initiate a grievance against a NCHMA member please contact NCHMA at info@housingonline.com at 202-939-1750.