Online Enrolments Residential Valuation Standing Instructions
The Residential Valuation Industry Group (RVI) has released a revised version of the ABFI Residential Valuation Standing Instructions Version 2.1 which will came into effect on 1 September 2018.
The new version (ABFI RVSI V2.1) includes a number of changes throughout the document to provide clarity and consistency to Members and Instructing Parties. Items of note include further guidance with regards to Suitable (In Scope) and Unsuitable (Out of Scope) property types, definitions for ‘off the plan’ purchases, existing/continuing/permitted use, relocatable (and off site) manufactured homes and rural lifestyle properties. Several items have been added to VRA 1 and the minimum requirement for two photos for all Vacant Land Reports.
Completion of this year’s Standing Instructions Online Module is compulsory for Valuers undertaking residential valuation on bank panels using the API PropertyPRO and Restricted Assessment report format.
Lenders require Valuers to complete the elearning module by 31 Dec 2018. Please be aware that the API offices will be closed 5.00 pm 24 December 2018 until 6 January 2018 – offices reopen at 9.00 am on 7 January 2018.
Valuers who seek or wish to maintain their appointment to a Lender’s residential panel must complete the module before they can commence panel valuation work for 2019.
Valuers are therefore encouraged to complete the e-learning module as soon as possible.
To register for the Residential Valuation Standing Instructions Version 2.1 please click here.