The API Rules of Professional Conduct which were in place from 4 April 2019 (“2019 Rules”) excluded ACT Leasehold property from the definition of “residential property” applicable to API Members holding PMAPI (RPV).  

This was not the intention of the API, and this oversight was rectified with the release of the 2024 version of the Rules which came into effect on 31 March 2024. 

Within the ACT all residential property is subject to a Crown Lease which locates the precise land by Block and Section identification as well as the purpose for which the land can be used, the term of the lease and the rent chargeable. A residential property in the ACT is defined as a dwelling or unit used as a domicile and is subject to ACT Leasehold tenure. 

An API valuer member certified by the API as a “Residential Property Valuer” (RPV) who undertook a valuation of a “residential property” subject to ACT Leasehold tenure during the period 4 April 2019 to 30 March 2024 will not be deemed to be in breach of the 2019 Rules pertaining to the fact that the residential property was subject to ACT Leasehold tenure. 

The above applies to any complaint or claim against a PMAPI (RPV) to the extent that the allegation is that the RPV breached the 2019 Rules by undertaking a valuation of a residential property subject to ACT Leasehold tenure. 

If there are any queries in relation to this Member Alert, please do not hesitate to contact the API. 

To download a copy of this alert, click here.