APIV Scheme Documentation Terminology

The Definitions below have been included for the interpretation and understanding of certain stated terms used within the APIV Scheme documentation.

API

Australian Property Institute

APIV

Australian Property Institute Valuers Limited

APIV Insurance Standards

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).

Arbitrator

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

Asset means testing

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

Assessed Value

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.

Compliance obligation

Members must adhere to membership and scheme requirements.

CPV

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

Excess

Deductable or excess in relation to PII.

Expert Determination

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.

Expert Evidence Valuation

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).

Financial Reporting Valuation

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.

Government Valuation

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.
Insurance Valuation

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.

LRV

Low Risk Valuation Services

Membership Categories

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

Monetary Ceiling

A specific and compliant dollar amount required per valuation

Non-Government Entity

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)).

OOS

Other Occupational Services

P&M

Plant, Machinery & Equipment

Plant & Machinery Valuation

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.

Professional Standards Legislation

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)
rate, tax, duty or levy

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

Real Property Valuation

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

Resumption

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.

RPV

Residential Property Valuer

Scheme

APIV Professional Standards Scheme

Unit entitlement

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

Valuation of Real Property

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.