The Residential Valuation Industry Committee (RVI Committee) conducted a review of V3 of the ABFI Residential Valuation Standing Instructions (ABFI RVSI) and have released a revised version (V4) which comes into effect on 26 March 2023 with earlier adoption not permitted.
The new version (ABFI RVSI V4) includes a number of changes throughout the document to provide clarity and guidance to instructing parties and API Valuer Members in regard to certain scenarios.
Items of note include:
- Section 2.4 (w) – new ‘Unsuitable/Out of Scope’ request
- Section 3.3 – update to the definition of ‘Highest & Best Use’ to align with the PPSM
- Section 3.10.3 –guidance relating to what to do “where vacant land is not resaleable…”
- Section 8.1 – updates to examples relating to VRA 1
- Section 8.4 – updates to VRA 4
- Section 9.4 – additional guidance on ‘Issuing Amended Reports’
- Section 9.5 – update to the requirements relating to the use of photos taken or sourced from others
- Section 10 – updates to the section relating to the valuation of vacant land
- Section 11.4 – updates to requirements for ‘construction valuations’
- Section 11.8 – updates to the ‘split contracts for multiple dwelling residential developments’
- Section 12.8 – further guidance relating to ‘relocatable and (off site) manufactured homes’
- Minor grammar and formatting updated throughout
Members are encouraged to review the entire document to ensure they are aware of all the changes that have been made to the ABFI RVSI. More information relating to the RVSI V4
If there are any queries in relation to the revised version of the ABFI RVSI, please do not hesitate to contact the standards team at [email protected]
The new Residential Valuation Standing Instructions Training Module will be released on the 27 February 2023.
Read the latest news about the RVSI module
For further information visit Compulsory Modules