1- The words and phrases contained in the regulations shall have the meanings specified before each of them in Article (1) of the Certified Appraisers System, issued by Royal Decree No. (M/43) dated 9/7/1433 H, and its amendments, as well as the meanings specified before each of them in Article (1) of the Implementing Regulation of the system.

2- The following words and phrases - wherever they appear in these regulations - shall have the meanings clarified before each of them; unless the context requires otherwise:

• Regulations: Code of conduct for the appraisal profession and its ethics.

• Competent Authority: The Supervision Department of the Authority.

The rules aim to achieve the following:

• 1- Developing the profession of appraisal and elevating it, and raising the level of the employees in it.

• 2- Regulating the responsibility of the certified appraiser in practicing his profession, and clarifying his responsibilities towards those participating with him in preparing the appraisal report, towards his clients, colleagues, employees, official entities, and the community.

• 3- Enhancing the legal protection for the certified appraiser, his clients, and other related parties.

• 4- Promoting the principles of transparency and accountability in the professional practices of the certified appraiser.

• 5- Increasing the efficiency of the appraisal system's performance by raising the level of professional competence within it.

The certified appraiser maintains the honor and status of the profession and does not act in a manner that undermines the trust of the public in him or in the profession.

The certified appraiser - while practicing the profession - should appear in appropriate attire, respect the general professional appearance, and not violate customary norms.

The certified appraiser shall embody honor, integrity, and honesty in their conduct on a personal level, even outside the scope of their professional practice.

The certified appraiser is committed to continuous development and professional education, and keeps up with the latest regulations and rules governing the appraisal profession, enabling him to practice it with the highest degree of professionalism, avoiding errors and shortcomings.

An accredited appraiser may not practice the profession if a final decision has been issued against him for suspension.

1- The certified appraiser is prohibited from accepting any appraisal work that violates the provisions and rules governing the profession of appraisal, particularly in the following cases:

• A- Appraising any asset if he is the owner of it, or a partner in its ownership, or interested in it - directly or indirectly - such as being a broker, marketer, investor, or financier for its acquisition.

• B- Appraising any asset if there is a relationship between him and its owner, or one of the partners in it, or one of the members of its board of directors, up to the fourth degree of kinship.

• C- Appraising any asset for a client to whom he provides other services that affect his independence directly or indirectly.

• D- Appraising any asset owned by entities in which he holds shares or stocks, or is a partner of one of its senior employees, or one of its partners, or one of its board members, or a trustee of one of its endowments.

• E- Providing appraisal services to more than one client on the same subject unless written consent is obtained from all clients.

2- The certified appraiser must - before accepting the appraisal assignment - verify the compliance of all participants with him in this assignment from the appraisers in his establishment with the provisions of paragraph (1) of this article, and replace anyone who cannot comply with any of that.