The API has received feedback relating to Rule 4 Impartiality and Rule 13 Statutory Valuations of the API Rules of Professional Conduct (the API Rules) for API valuers who undertake statutory valuations. 

As a point of clarity, the API reinforces that all Members, including those working for, or on behalf of a statutory body, must comply with the API Rules of Professional Conduct. 

The following Q&A article details the obligations of valuers undertaking valuations for/on behalf of a statutory body. 

Do the API Rules of Professional Conduct apply to valuers undertaking valuations for/on behalf of a statutory body?

Yes. All API members, including those working for or on behalf of a statutory body, must comply with the API Rules of Professional Conduct. 
However, Rule 13 provides that: 
13.1  Valuers undertaking valuations for/or on behalf of a statutory body, must comply with the requirements of the statutory body that they have undertaken the professional services for. 
13.2  Statutory valuations of property must also be undertaken in accordance with these Rules unless the specific instructions of the statutory body require otherwise. 
This means that where a valuer is undertaking a valuation for or on behalf of a statutory body, the Rules do not apply to the valuer to the extent that the requirements of the statutory body instructing the valuer contradict the API Rules. 
The API considers all referrals regarding breaches of the API Rules on a case-by- case basis. In this scenario, where a valuer can demonstrate to the API that they were undertaking a statutory valuation according to requirements that contradict the API Rules, this will enliven Rule 13.2 and the valuer will not be in breach of the API Rules. 

 

This Q&A article can also be found on our FAQ page.   If there are any queries in relation to this matter please contact the Standards team