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VRB newsletter No.5 - September 2000

Welcome

Review of the Valuers Registration Act 1992

As a result of the recent review of the Valuers Registration Act 1992, registration of Valuers in Queensland will remain.  The following is the Media Release put forward by the Department of Natural Resources in relation to the changes in registration and to the Board itself.

Valuation review enhances consumer protection

A recent review of the Valuers Registration Act 1992 has led to a number of reforms that will protect consumers and strengthen the role of the valuation industry’s professional institutes.

The review has also prompted the State Government to broaden membership of the Valuers Registration Board to include community and business representation.

The Department of Natural Resources undertook a Public Benefit Test of the Valuers Registration Act 1992 to examine whether its requirement for valuers to be registered was anti-competitive.

Natural Resources Land Services Executive Director, Loren Leader, said registration of valuers would continue, as the review found the Act reduced risks to consumers by regulating who could supply valuations services.

“To be registered as a valuer a person is required to prove they have attained certain qualifications and agree to abide by a professional code of conduct.

“The review found deregulation would have exposed the community to some risks, as infrequent users of valuations services may not be able to fully assess the quality of the service they had received,” Mr Leader said.

The review also recommended that valuers should be required to provide evidence of continuing technical competence to gain registration renewal.

“This important change will enhance consumer protection and strengthen the self-regulating functions of the industry’s professional institutes, who undertake regular professional development programs for valuers.”

Mr Leader said membership of the Valuers Registration Board would be widened to give business and the community a greater say in the registration of valuers.

“As business and the community are the main users of valuation services, it makes sense to give them input into decisions on whether a valuer should be registered,” he said.

A further review will be conducted within the next three to five years to assess the success of the new system.

The registration of valuers was first legislated in 1965 to increase the standard of valuation work and to provide a measure of protection to consumers.

Registration

There are approximately 1400 registered valuers in Queensland of which about 140 are by Mutual Recognition.  The current situation of registration throughout Australia is as follows:

The Board registers approximately 40 to 50 new valuers each year and about 20 by Mutual Recognition.

The Trans Tasman Mutual Recognition Act is now in vogue and we have had one application under this Act .

New Applicants for Registration

The Board continues to be disappointed by the standard of report presented by candidates, and will not hesitate to defer registration for up to six months, depending on the problem.

The lawyer acting for the client in a negligence matter will take no notice of the excuse that the report was rushed to get it in the mail late Friday afternoon; a report for the Board is under no time pressure and must simply be mistake free.

Thirteen candidates were deferred over the last twelve months.

A number of candidates have trouble in proving or explaining their practical experience; a log book, signed off by the employer, can greatly assist.  Generally the Board is looking for two years full time experience in addition to graduating with a degree.  Experience in like disciplines, such as real estate sales or building management will be treated on their merits, with a maximum credit of six months.

The Board has met with Mr Peter Elliott of the University of Queensland in relation to the property course currently available; discussions were held in relation to the practical experience component of the course and the recommended introduction of compulsory work experience.  The numbers of under graduates seeking work experience has diminished considerably over the last few years, and this shows up in the candidates; it also affects their employment chances upon graduation.  Most employers offer work experience quite willingly as it gives them the chance to overview potential employees.

The Importance of Referee Reports

Previous editions of this Newsletter have highlighted the importance of referee reports in the valuers registration process.  Registration is, in part, a peer review process.

The registration process gives the Board access to a limited cross section of the applicant’s recent work and, in most instances, the opportunity for only one interview.  The only other information the Board can rely on to assist with making the decision to register or not register a candidate is the referees’ reports.

This information regarding the registration process should emphasise the reliance the Board has on referees’ reports.

The Board impresses on all valuers who complete a referee report, for a candidate seeking registration, is that they must seriously consider what advice they give the Board about the applicant through the reporting process.

Frank, honest and factual disclosure is required.

Continuing Professional Development

The Board was the major sponsor at the recent API Conference at Cairns.  The Board also sponsored the Rural Conference held at Toowoomba in March.

The Board considers that all registered valuers should continue their professional development in ways that best suit an individual’s practice.  These conferences are an ideal way to keep up to date with what is going on in the property industry. The Board will continue to sponsor suitable professional development activities.

Fee Increase

In accordance with CPI, Legislation has been approved for a $1 increase to the following fees as at the 1st July 2000:

Complaints

Since our last newsletter in July 1999, the Board has received 37 complaints of a varying nature.   An Investigator was appointed in 14 instances and two valuers had charges brought against them.  As a result of the significant number of investigations, the Board has incurred considerable costs.

Where hearings are required, these are heard by the Board Members and the two Assistant Members comprising of -

Board Members

Assistant Members

The Board Members plus the Assistant Members form the Valuers Registration Board Committee  and this Committee presides over any hearings that take place.

Specialist Retail Valuers

The Retail Shop Leases Act has now been amended and any Specialist Retail Valuer should obtain a copy of the new Act as there are many changes which are of interest and need to be acted upon.

We hope this newsletter was interesting and informative. The Board would welcome comments or suggestions about the newsletter, in particular any topics you would like raised in future newsletters.

Julia French
Secretary

Last updated 24 February 2005