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The public auction subjects all possessions to equitable public appraisal and
competitive offer and thereby determines fair and current value of all personal
goods and estates. Auctioneers are masters of procedure and conduct of the public
auction. Auctioneers are confidants of the public and instrumentalist’s
of community progress and development. Such functions impose grave responsibilities
and duties beyond ordinary business policy to which members must dedicate themselves.
Members must strive to maintain the highest standards of the profession and share
with fellow Auctioneers a common responsibility for integrity and honor. Auctioneers
will conduct business in accordance with the following Code of Ethics adopted
by National Auctioneers Association.
PART 1 - PROFESSIONAL RELATIONSHIPS
Article 1.In the best interest of the public, of fellow Auctioneers
and of their own business, Auctioneers should be loyal to National Auctioneers
Association.
Article 2.Auctioneers should so conduct their business as to
avoid disputes with fellow Auctioneers, but in the event of a controversy between
two Auctioneers who are members of National Auctioneers Association, they should
not resort to a lawsuit, but submit their differences to arbitration by National
Auctioneers Association, and the decision of such arbitration should be accepted
as final and binding. If the dispute should be with non-members, the members should
offer the services of this Board to arbitrate.
Article 3.Where members are charged with unethical practice,
they should promptly and voluntarily place all the pertinent facts before the
proper committee for investigation and report.
Article 4.Members should never publicly criticize a competitor,
and where an opinion is especially requested, it should be rendered in conformity
with strict professional courtesy and dignity.
Article 5.Members should not solicit the services of an employee
of a fellow Auctioneer without the fellow Auctioneer's knowledge and consent.
Article 6.In the best interest of society, of the members' associates,
and of the members' own business, Auctioneers should at all times be loyal to
National Auctioneers Association and active in its works; and should willingly
share with fellow members the lessons of their experience.
PART II - RELATION TO CLIENTS
Article 7.In Justice of those who place their interests in the
members' hands, Auctioneers should endeavor to keep abreast of business conditions,
to keep informed in matters of law and proposed legislation affecting such interests,
so as to give intelligent business advice and effective service.
Article 8.In accepting the sale of real or personal property,
members pledge to be fair to both seller and buyer, and to protect the owners'
interest as they would their own.
Article 9.When consulted for an appraisal of value or liquidation
problem, members should give a well considered opinion, reflecting expert knowledge
and sound judgment, taking requisite time for study, inquiry and deliberation.
The members' counsel represents a professional service which they should render
in writing and for which they should make a reasonable charge. Members should
not undertake to give an appraisal or offer an opinion on any proposition on which
they have direct or even indirect interests, without a full disclosure of such
interest.
Article 10.Before accepting a sale it is the duty of Auctioneers
to advise the owner intelligently and honestly regarding the market value of the
business or proposition and the reasonable chance of selling at value or above.
PART III - RELATION TO THE PUBLIC
Article 11.It is the duty of every member to protect the public
against fraud, misrepresentation or unethical practices in connection with the
sale, disposal or liquidations of any real or personal property Auctioneers are
called upon to dispose of at public auction.
Article 12.It is the duty of members to ascertain all pertinent
facts concerning every sale for which they are engaged, so that in offering members
may avoid error, exaggeration and misrepresentation.
Article 13.Auctioneers are confidential trustees of the information
given by the seller or gained by them through relationship, and Auctioneers must
never disclose the gross receipts of a sale or any other information that would
tend to be a violation of the profession.
Article 14.No special conditions real or assumed or inducements
of directions from anyone relieve the member from responsibility strictly to observe
the Code of Ethics in this letter and spirit.
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