Australian Property News
Junior valuers to require sign-off
Posted on Thursday, November 27 2008 at 3:56 PM
More junior members of the Australian Property Institute (API) will no longer be able to undertake property valuations in their own right, under changes to the organisation’s code of conduct.
The institute is changing its rules of conduct in a bid to improve the accuracy of property valuations.
The amendments clarify the rules that govern the conduct of provisional members and the requirements of other API members regarding the supervision of provisional members.
Specifically, the changes will restrict the ability of provisional members, provisional associate members and graduate members to undertake property valuations in their own right.
They will instead be required to have their property valuation reports co-signed, the property itself co-inspected, or both, by an API member with the relevant qualifications.
The rules of conduct govern how API members undertake property valuations, setting out standards of professional practice, conduct, education and ethics.
The Australian Competition and Consumer Competition signed off on the changes this month.
In making its assessment the ACCC was satisfied that the minor variations wouldn't have a detrimental impact on the public.
'The ACCC considers that the proposed changes may provide benefit to the public through clarifying the valuation activities that provisional members are able to undertake,' it said in its decision.
'In particular, through ensuring that provisional members' valuations are co-inspected and signed by more qualified API members there is a greater likelihood that the valuation will be accurate and hence of greater benefit to the user of the valuation.'
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