Rule #1. All NAAA Qualified Buyer’s Agents
will perform ethically when accepting an assignment from a potential client.
A member may not accept any job that he or she is not qualified to complete.
It is up to each member to determine his or her fitness for the job.
It is acceptable for the appraiser to contact another member who is
qualified to do that particular job and assign it to that person. However,
the Buyer’s Agent who is qualified to complete the job will have control
over every aspect of it, though the unqualified member may take part in it
and assist the qualified appraiser through mutual agreement. When the
member originally contacted to provide the service contracts with another
member to do the work the client must be informed of the subcontract.
Rule #2. The Buyer’s Agent’s Fee
Structure will be discussed and put in written form before any aircraft
search begins. NAAA recognizes that some members may choose to charge
a commission on the purchase price of the aircraft, though this practice is
discouraged. Any member who charges a commission for service rather
than a flat fee for service may not write any type of written appraisal,
certified aircraft appraisal, or market analysis on any aircraft he or she
considers for purchase for the client.
Rule #3. An NAAA Buyer’s Agent may not
write a certified aircraft appraisal or provide any document purported to be
an appraisal on an aircraft that he has not personally inspected and
documented. He or she may, however, provide a market analysis to the
client as a temporary document pending the inspection and documentation of
the aircraft, or for the purpose of determining which aircraft are more
suitable than others to inspect and document.
Rule #4. An NAAA Buyer’s Agent is
an advocate for his client and no one else. Any appraisals written by
the agent for the client should be written in the same objective manner that
any other aircraft appraisal would be written. However, the Buyer’s
Agent can, when acting in that capacity, add his or her own personal
thoughts and advice to the client. Such advice may be in writing
within the document, provided verbally, or within another agent to client
Rule #5. An NAAA Qualified Buyer’s
Agent will act at the client’s behest in that he or she may do as much or as
little of the purchase process as the client requires. However, when
negotiating on behalf of the client the Buyer’s Agent will do so solely with
the client’s interest at the forefront. The client will be made aware
of the details of any negotiation, should he not be present during them, and
the final decision as to the negotiation and purchase will always be the
client’s, who may act upon the Buyer’s Agent’s advice or not. An NAAA
Buyer’s Agent may not sign any documents committing the client to any
agreement with a seller or seller’s agent without the client’s written
consent. In fact, such written consent should be in the form of a legal
document giving the Buyer’s Agent the client’s power of attorney.
Rule #6. The Buyer’s Agent will
insure that the necessary paperwork is completed before and after the
purchase is completed. This may include documentation of ownership,
such as a title search, proper registration of the bill of sale, proper
registration of the aircraft, proper filing of financial documents, etc.
However, the buyer’s agent is not responsible for documentation provided by
and filed by a financial institution that he or she does not handle.
The buyer’s agent should provide the client with a title search completed
approximately 90 days after the completion of a purchase that shows that the
change of ownership and registration has been documented by the proper
authorities. If the aircraft is being registered in a country other
than the United States of America this rule may be waived by the agent if he
or she, with the consent of the client, decides it is not feasible to do an
authentic search for such documentation.
Rule #7. NAAA Qualified Buyer’s
Agents must maintain the confidential nature of the appraiser-client
relationship. Under no circumstance will a member disclose the results of
any appraisal report, or any information gathered in the conduct of that
appraisal, negotiation, or client discussion to anyone who does not have a
need to know that information to further the client’s interest without the
express permission of the client. This rule does not apply to
any government or court ordered decree, such as a subpoena, that may be
legally provided to the agent by a government or court official having
legitimate jurisdiction in a legal case.
Rule #8. Members who are endorsed as NAAA/USPAP
appraisers will adhere to the USPAP standards and operational requirements
as published in the Uniform Standards of Professional Appraisal Practice
when conducting NAAA/USPAP appraisals.
Rule #9. An NAAA Buyer’s Agent
will, under no circumstance, offer to sell to a client an aircraft that he
is selling or brokering for another client, one that he owns, or has a
financial interest in, or one that is owned by an immediate family member.
Rule #10. Under no circumstance will
an NAAA Buyer’s Agent take money or any other consideration from a seller or
seller’s agent in furtherance of the purchase of an aircraft by his client.
At any time should any money or other consideration be presented to the
Buyer’s Agent by the seller or seller’s agent it instantly becomes the
property of the client.