REVAA Code of Ethics

The Real Estate Valuations Advocacy Association (REVAA) is a nonprofit trade association that is dedicated to the improvement of the property valuations industry. Its members are companies that produce and sell, or benefit from, real property valuation products including appraisals, Broker Price Opinions (BPO's), Automated Valuation Models (AVM's) and other innovative approaches that benefit mortgage investors, servicers, originators and borrowers.

REVAA promotes high ethical standards, political awareness, and the growth of the property valuations industry. To achieve this, REVAA members have established and agree to uphold the standards included within this document.

Standards for Relationships with Field Professionals:

  • Prompt payment for services rendered.
  • Fair and professional treatment of Field Professionals so that performing valuation or pricing reports can be a viable part of their business.
  • Verification of appropriate licensing of Field Professionals.
  • Monitor ongoing adherence to quality standards by Field Professionals.
  • Abstain from any undue influence or attempt to influence the Field Professional with respect to his or her value or price conclusions; provided that this shall not be read to limit member companies from requesting additional information or correcting factual errors with respect to a report.

Standards for Relationships with Customers:

  • Performance in compliance with agreed upon Service Level Agreements.
  • Respectful of the fact that customer satisfaction drives product viability.
  • Member companies agree to strive for high quality standards given the product and its intended purpose, keeping customer preferences, viability of product, and specific intended usage as guiding factors.

Standards for Relationships with other Valuation Product Providers:

  • Cooperation and fair dealing, keeping in mind that customer satisfaction and product accuracy is our top priority.

Standards for Internal Controls:

  • Maintenance of appropriate books and records reflecting customer orders and valuation reports.
  • Protect confidentiality of non-public customer information.