The valuer's duty and responsibility, in each subject case, is two fold.

Valuer's Obligation to Determine and Describe the Apposite (well expressed/ appropriate) Value or Estimated Cost

First, because there are several kinds of values and several kinds of cost estimates, each of which has a legitimate place as the end point of some class of valuation engagement, it is the valuer's obligation to ascertain which one of these is pertinent to the particular undertaking. In meeting this obligation, the valuer may consider his client's instructions and/or may obtain legal or other professional advice, but the designating of the apposite value or estimated cost is the valuer's sole responsibility. Also, it is his obligation, in this connection, fully to explain and describe what is meant by the particular value or cost estimate which he has determined, in order to obviate misunderstanding and to prevent unwitting or deliberate misapplication.

Valuer's Obligation to Determine Numerical Results with Whatever Degree of Accuracy which the Particular purposes of the Valuation Necessitate

It is the valuer's obligation to determine the appropriate and applicable numerical results with as high a degree of accuracy as the particular purposes of the valuation necessitate.

Valuer's Obligation to Avoid Giving a False Numerical Result

Obviously, the valuer has every obligation to avoid giving a false figure. The numerical result of a valuation could be false for one of the two reasons: it could be false because it is a grossly inaccurate estimate of the apposite value or cost estimate, or it could be false, even though numerically accurate, because it is an estimate of an inapposite value.

Valuer's Obligation to Competency and Ethical Practice.

In order to meet his obligations, the valuer must be competent in his field. This competency he attains by education, training, study, practice, and experience. He must also recognize, understand, and abide by those ethical principles that are interwoven with and are an essential part of truly professional practice.

Professional Character of Valuation Practice

The members of the Association are engaged in a professional activity. A profession is based on an organized body of specific knowledge - knowledge not possessed by laymen. It is of such a character that it requires a high degree of intelligence and considerable expenditure of time and effort to acquire it and to become adept (skilful) in its application. A valuer's client relies on the valuer's professional knowledge and abilities to the extent it may be necessary to accomplish the purposes of the work. Members of the Association recognize this relationship.

Valuer's Responsibility to Third Parties

Under certain specific circumstances a valuation report may be given by a client to a third party for their use. If the purpose of the valuation includes a specific use by a third party, the third party has a right to rely on the validity and objectivity of the valuer's findings as regards the specific stated purpose and intended use for which the valuation was originally made. Members of the Association recognize their responsibility to those parties, other than the client, who may be specifically entitled to make use of their reports.