Valuers Registration Regulation 2024

This regulation may be cited as the Valuers Registration Regulation 2024.

For sections 30(b)(i) and 36B(1)(b) and (c) of the Act, each of the following institutes is prescribed—

the Australian Property Institute;

the Property Institute of New Zealand;

the Royal Institution of Chartered Surveyors;

the Singapore Institute of Surveyors and Valuers.

For section 36B(1)(a) of the Act, the CPD prescribed is that, for each CPD period, a registered valuer spends at least 10 hours in total on—

if the board gives the valuer a CPD notice before the start of the CPD period—CPD activities that satisfy the requirements stated in the notice; or

otherwise—any 1 or more CPD activities.

In this section—

CPD activity means any of the following activities—

attending seminars, conferences, workshops, field days or addresses about property matters that are conducted by the board, professional organisations, industry bodies or employers;

preparing and presenting papers about property matters;

writing and circulating or publishing articles about property matters;

undertaking formal education about property matters;

undertaking informal education about property matters by perusing appropriate journals or similar documents.

CPD notice, in relation to a CPD period, means a written notice that—

states the minimum number of hours a registered valuer must spend on 1 or more stated CPD activities during the CPD period; but

does not require a registered valuer to spend more than 10 hours in total on CPD activities during the CPD period.

CPD period means a period—

starting on 1 May; and

ending on the next 30 April.

For section 42FA(b) of the Act, the CPD prescribed is that, for each CPD period, a specialist retail valuer spends at least 5 hours in total on—

if the board gives the valuer a CPD notice before the start of the CPD period—CPD activities that satisfy the requirements stated in the notice; or

otherwise—any 1 or more CPD activities.

In this section—

CPD activity means any of the following activities—

attending seminars, conferences, workshops, field days or addresses about retail rental valuation that are conducted by the board, professional organisations, industry bodies or employers;

preparing and presenting papers about retail rental valuation;

writing and circulating or publishing articles about retail rental valuation;

undertaking formal education about retail rental valuation;

undertaking informal education about retail rental valuation by perusing appropriate journals or similar documents.

CPD notice, in relation to a CPD period, means a written notice that—

states the minimum number of hours a specialist retail valuer must spend on 1 or more stated CPD activities during the CPD period; but

does not require a specialist retail valuer to spend more than 5 hours in total on CPD activities during the CPD period.

CPD period see section 3(2).

For section 66(2) of the Act, the code of professional conduct for valuers consists of—

the provisions of schedule 1; and

if the board approves a document for inclusion in the code—the approved document.

To the extent of any inconsistency between a provision of schedule 1 and a document mentioned in subsection (1)(b), the provision of schedule 1 prevails.

If the board approves a document for inclusion in the code, the board must—

publish the document on the board’s website; and

keep copies of the document available for inspection, at the board’s office, by members of the public during business hours; and

give each registered valuer a written notice stating—

that the board has approved the document for inclusion in the code; and

the version number or other identifying information for the document; and

the day on which the document takes effect as part of the code.

For subsection (3)(c)(iii), the day stated in the notice must be—

for a document published by the Australian Property Institute—at least 5 days after the day the notice is given; or

for another document—at least 30 days after the day the notice is given.

The document takes effect as part of the code on the day stated in the notice.

The fees payable under the Act are stated in schedule 2.

The Valuers Registration Regulation 2013, No. 167 is repealed.

This section applies until a document, approved by the board under new section 5(1)(b), takes effect as part of the code of professional conduct for valuers.

Despite the repeal of former section 5(1)(b)(ii), the API rules continue to have effect as part of the code of professional conduct for valuers.

Also, former section 5(2) continues to apply as if the reference in the provision to a document mentioned in subsection (1)(b)(i) or (ii) were a reference to the API rules.

In this section—

API rules means the document called ‘Rules of Professional Conduct’ published by the Australian Property Institute with an effective date of 31 March 2024.

Note—

The API rules are available on the Australian Property Institute’s website.

former, in relation to a provision of this regulation, means the provision as in force immediately before the commencement.

new, in relation to a provision of this regulation, means the provision as in force from the commencement.

A registered valuer, in making a valuation for a client—

must act in the client’s interests; and

must not do anything that—

benefits the valuer or another person without benefiting the client; or

disadvantages the client.

This section applies in relation to information contained in a valuation that a registered valuer makes for a client.

The registered valuer must not—

disclose the information to a person other than the client; or

use the information other than for the client’s benefit.

Subsection (2)(a) does not apply—

to the extent the information is disclosed—

with the written consent of the client; or

in compliance with a lawful process requiring production of documents to, or giving of evidence before, a court or tribunal; or

as otherwise required by law; or

if the information is publicly available at the time of the disclosure.

If a registered valuer has a direct or indirect interest in land, the valuer must not make a valuation of the land, or of improvements to the land, for a client unless—

the valuer discloses the nature of the valuer’s interest to the client; and

after the disclosure is made, the client gives the valuer written approval to make the valuation.

In this section—

direct or indirect interest, in land, includes an interest in improvements to the land.

improvements means—

site improvements under the Land Valuation Act 2010, section 23; or

non-site improvements under the Land Valuation Act 2010, section 24.

A registered valuer must, on the request of a client, produce the valuer’s certificate of registration for inspection by the client.