APIV Definitions

Australian Property Institute

Australian Property Institute Valuers Limited

Means the insurance standards approved by the APIV and presented to, and considered by, the Professional Standards Councils in connection with the Councils’ approval of the Scheme (subject to any amendment to such Insurance Standards as are subsequently approved by the APIV and presented to the Councils and approved or endorsed by the Councils in writing).

An independent person or body officially appointed to settle a dispute.

Valuation of Real Property undertaken for the purpose of determining a rate, tax, duty or levy that applies in respect of the property including but not limited to any council rates, Good & Services Tax or stamp duty

An express statement of professional opinion by a person who is or was a Participating Member as to the value of any right, interest or benefit related to the ownership, occupation or use of real property or plant, machinery or equipment. Where a valuation states a range of values, rather than a single value, the Assessed Value shall be deemed to be the mid-point value in such range.

Members must adhere to membership and scheme requirements.

Certified Practising Valuer (by itself or with (P&M) after it)

Deductable or excess in relation to PII.

Any Valuation of Real Property undertaken for the purpose of making a determination acting as an expert pursuant to an agreement or deed where all relevant parties have agreed to indemnify, release or hold the valuer harmless in respect of any liability in connection with the valuation. An Expert Determination can be binding or non-binding.

Any Valuation of Real Property undertaken for the purpose of providing expert evidence in relation to a proceeding before a court or tribunal where the expert’s primary duty is to the court or tribunal (excluding a Valuation of Real Property undertaken for Resumption purposes).

Any Valuation of Real Property undertaken for the purpose of the preparation and issue of financial reports by any entity in the general course of the entity’s operations. It excludes special purpose financial reports prepared in respect of a specific transaction including any sale, merger, takeover or fundraising.

Any valuation of real property prepared on instructions from by any:

• (a) Government in Australia (including Federal, State or Territory and Local);
• (b) Government department; or
• (c) Government agency; or
• (d) Government statutory or non-statutory body.

Any assessment of the cost of replacement of destructible improvements to real property undertaken for the purpose of advising on the insurable value of such property in connection with the entry into, or proposed entry into, a contract of insurance.

For the avoidance of doubt, an ‘insurance assessment means any assessment of the cost of replacement of destructive items of chattels including plant, machinery & equipment undertaken for the purpose of advising on the insurable value of such property in connection with the entry into, or proposed entry into, a contract of insurance.

Low Risk Valuation Services

A specific category under the APIV scheme that your professional work falls into.

A specific and compliant dollar amount required per valuation

A person or entity which is not a government entity of the type identified in the definition of Government Valuation at clause 5.1 (including, for the avoidance of doubt, any joint Australian Property Institute Valuers Ltd Professional Standards Scheme Instrument 7 2027375/5486303.19/29-09-2020 venture or partnership between one or more Government Entity(s) and one or more Non-Government Entity(s)).

Means the occupation carried out by Participating Members by application of the qualifications, training, skills, practices, disciplines, specialisations, standards, guidelines and experience of Certified Practicing Valuers, Certified Practising Valuers (Plant & Machinery) and/or Residential Property Valuers.

Means any service provided by a Participating Member acting in the performance of the Occupation.

Other Occupational Services

Means any Occupational service other than: 

1. Real Property Valuation Services
2. Low-Risk Valuation Services
3. Plant & Machinery Valuation Services

Plant, Machinery & Equipment

Any valuation of any right, interest or benefit related to the ownership, possession or use of plant, machinery or equipment expressed as an Assessed Value.

The Act in each state or territories legislation;

• Professional Standards Act 1994 (NSW);
• Professional Standards Act 2004 (Qld);
• Professional Standards Act 2004 (SA);
• Professional Standards Act 2005 (Tas);
• Professional Standards Act 1997 (WA);
• Professional Standards Act (NT); and
• Civil Law (Wrongs) Act 2002 (ACT)

Valuations undertaken for the purpose of determining a rate, tax, duty or levy that applies in respect of the property including but not limited to any council rates, Good & Services Tax or stamp duty; or

The Valuation of Real Property but excluding any Low-Risk Valuation Services.

Compulsory acquisition of land (including compulsory acquisition or appropriation of Crown land) under the provision of any Act of the Commonwealth or a State authorising compulsory acquisition or appropriation of land.

Residential Property Valuer

APIV Professional Standards Scheme

A unit entitlement represents each unit’s value as a percentage of the value of the whole complex or development

Any valuation of any right, interest or benefit related to the ownership, occupation or use of real property including land and all things that are a natural part of the land as well as any improvements to the land (but excluding plant, machinery, and equipment) expressed as an Assessed Value.