December 2011 e-News
December 2011 e-News
RELEASE OF RESIDENTIAL VALUATION AND SECURITY ASSESSMENT PRO FORMA SUPPORTING MEMORANDUM
The Australian Property Institute (API) in conjunction with the major lending institutions, lender mortgage insurers and valuation firms has conducted a significant review of the Residential Valuation and Security Assessment Pro Forma Supporting Memorandum.
The Supporting Memorandum provides the basis upon which Members of the API will provide valuations of single residential property for first mortgage purposes using the PropertyPRO ‘Residential Valuation and Security Assessment Pro forma Report for Mortgage Purposes.’
The Supporting Memorandum sets out the limitations and qualifications inherent in valuations, and in particular the Risk Analysis provided in the report... [Read More]
PROFESSIONAL PRACTICE & INTERNATIONAL VALUATION STANDARDS
The International Valuation Standards Council (IVSC) publications are regularly reviewed to maintain relevancy, consistency, clarity and application.
The International Valuation Standards Council (IVSC) has announced that:
- IVSC Standards (Eighth Edition published 2007) will be withdrawn on 31 December 2011.
- New standards (IVS 2011) have been released and will become effective from 1 January 2012.
Whilst the timing of the issue of the new standards has not been ideal, having been involved in the preparation of the new standards via formal submissions, we endorse the direction the IVSC is taking...[Read More]