Understanding what is required in your valuation reports is vital to successfully completing a professional interview and attaining Provisional RPV or Associate CPV. Provisional RPV applicants must upload three residential reports and have the choice of submitting either three long-form residential reports or two long-form and one short-form / PropertyPRO report.
What is a PropertyPRO Report?
The PropertyPRO reports are short-form, template-format residential valuation reports. The PropertyPRO Supporting Memorandum provides the basis upon which Valuer Members of the API provide valuations of residential properties for first mortgage purposes using the Residential Valuation and Security Assessment Pro-Forma Report.
Do I need to refer to the Supporting Memorandum at my interview?
The Supporting Memorandum is one of the best reference documents to use to ensure you’re submitting a compliant report. Familiarising yourself with this document will assist you in producing valuations that demonstrate your knowledge and expertise in the residential valuations space.
PropertyPRO Supporting Memorandum holds useful information such as unsuitable properties to be assessed on a PropertyPRO Report, valuation approaches and methods, and even outlines what a compliant report must include.
What should I include in my report?
Here is a useful checklist of items that should be included in your PropertyPRO report. It is also recommended that you see the full list and explanations of each point in the PropertyPRO Supporting Memorandum.
- Standing Instruction
- Instructions in “writing”
- Essential Information
- Property Address
- Instructed By
- Contract Prize
- Contract for Access
- If Tenanted
- Special Instructions (if applicable)
- Tender Details
- Desirable Information:
- Title Details / Real Property Description
- Property Type
- Copy of Full Contract of Sale
- Any other relevant information (any information about affectations which may impact on value)
- Report Dispatch
You are also advised to refer to the API Letter of Instruction for other documents or items you will need to include in your submission.
As always, if you have questions about this, feel free to reach out to [email protected].
Posted on April 5, 2022