Exposure Drafts

New and updated standards documents (such as Guidance Papers) are drafted by working groups or sub-committees of the API Standards Steering Committee (the Committee) or the Property Institute of New Zealand (PINZ) equivalent. 

Before issuing any new or updated standards documents public consultation paper is prepared and submitted to the Committee with a recommendation that it be issued as an Exposure Draft for consultation and feedback.

An Exposure Draft document released for consultation will be available on the Institutes website. Notifications will also be sent to members and any identified interested parties. A consultation period of four to six weeks will normally be allowed for feedback and comment.

Responses will be collated, and the relevant working group or sub-committee will consider what amendments are appropriate to apply to the Exposure Draft. If the feedback received indicates that major change from the Exposure Draft is necessary, the Committee may issue a second Exposure Draft for consultation.

The Committee may decide to modify or depart from the consultation procedures set out above.

After considering feedback received during the consultation period any amendments deemed appropriate a final version of the document will be added or amended. This will be prepared by the working group, or sub-committee, and submitted to the Committee with a recommendation that it is fit for purpose to the released. The Committee will review and if deemed appropriate the final paper will be approved for publication, including the date upon which it is deemed to be effective.

Please note: 

  1. Exposure Drafts do not have any formal standing until they are adopted by API / PINZ as being suitable for use by Members.
  2. They must not be relied upon, reproduced, or used by any Member or any other party for any reason whatsoever.
  3. Reliance should be given to currently adopted/approved/sanctioned Guidance Papers only.
  4. Members and the general public are warned that Draft Guidance Papers may be at various stages of the development and review process and, that they may change or be amended during this development process.

For more information about Professional Standards, please contact us at [email protected] or get in touch.

Open Consultations

Having a clear and transparent consultation process is a prerequisite for the development of professional standards.  The API is committed to providing all stakeholders with the opportunity to review and provide input and comment about draft papers via the exposure draft process.  This will ensure that those with the knowledge and expertise over a broad range of fields are able to participate in providing feedback for the ongoing improvement and development of professional standards.  

The API’s standard setting process is overseen by the API Standards Steering Committee.

Details of current open consultations are listed below.

Residential Desktop Assessment Supporting Memorandum 

Residential Desktop Assessment Supporting Memorandum 

Exposure Draft – consultation open 

The API Residential Standards Committee has completed its review of the Residential Desktop Assessment Supporting Memorandum – For First Mortgage Purposes.  The API exposure draft is now open for consultation. 

The Supporting Memorandum provides guidance on what is a Residential Desktop Assessment and the basis upon which API Valuer Members undertake Residential Desktop Assessments for first mortgage purposes. 

The extensive review has culminated in a number of changes to evolve the Supporting Memorandum for the residential mortgage valuation industry, including, but not limited to; 

  • increasing the existing $1.5 million value threshold to $2 million 
  • clarifying the suitable and unsuitable property types that are applicable 
  • refining the requirements about the essential information to be provided by the lender/third party platform in relation to the subject property and market evidence to facilitate to the Valuer’s ability to complete the request 
  • re-evaluate the references to high percentage lending and mortgage insurance purposes 

The API encourages members and stakeholders to provide comments on the exposure draft paper using the Standards Feedback: RDASM webform below by no later than Friday 12 August 2022. 

Comments are most helpful if they identify and clearly explain the issue or question to which they relate.  Those who have feedback on any of the proposed content are encouraged to provide suggested alternatives which should be supported by specific reasoning. 

Download Exposure Draft paper – Residential Desktop Assessment Supporting Memorandum   

Please provide feedback and comments including any suggested changes/alterations via the Standards Feedback forms below: 

Standards Feedback: RDASM - July/August 2022

  • The API has updated the requirements for an in scope “single residential property” to be included as a suitable property type for a Residential Desktop Assessment report. Do you agree with the changes as drafted, including the increase to the Indicative Assessment threshold less than or equal to $2,000,000? Please provide reasons to support your response.
  • The API has updated the list of unsuitable property types for a Residential Desktop Assessment report. Do you agree with the changes as drafted? Please provide reasons to support your response.
  • The API has reviewed and updated the Allocation and Acceptance of Risk section including removing references to “high percentage lending or for mortgage insurance purposes”. Do you agree with the changes as drafted? Please provide reasons to support your response.
  • The API has updated the requirements for what ‘essential information’ relating to the subject property and the market evidence must be provided by the lender/third party platform in order for the Valuer to complete the Residential Desktop Assessment report. Do you agree with the changes as drafted? Please provide reasons to support your response.

Closed Consultations

Closed consultations appear below in date order with the most recently closed consultations at the top of the list.

AVGP 303 - Valuations of Build to Rent Property
ANZVTIP 9 – Market Value of Rural and Agribusiness Properties

The initial consultation period for this paper was between 3 July 2018 and 25 July 2018. 

A subsequent consultation period for this paper was between 20 January 2021 and 5 March 2021. 

Based on feedback and comments received, the API and PINZ released the final paper with an effective date of 1 July 2022 with earlier adoption permitted and recommended. 

The current paper is available on our TIPs and Guidance Notes page.

ANZVTIP 14 – Considerations when forming an opinion of value when there is a shortage of market transactions

The consultation period for this paper was between 5 August 2020 and 5 September 2020.

Based on feedback and comments received the API released the final paper with an effective date of 1 January 2021.

The current paper is available on our TIPs and Guidance Notes page.

ANZVTIP 13 – Valuations for Compensation and Compulsory Acquisitions

The consultation period for this paper was between 4 March 2020 and 15 April 2020.

Based on feedback and comments received the API released the final paper with an effective date of 1 January 2021.

The current paper is available on our TIPs and Guidance Notes page.

ARPTIP 3 – Methods of Measurement

The consultation period for this paper was between 14 August 2019 and 11 September 2019.

Based on feedback and comments received the API released the final paper with an effective date of 1 April 2020.

The current paper is available on our TIPs and Guidance Notes page.

ANZRPTIP 1 – Retrospective Valuations

The consultation period for this paper was between 6 February 2019 and 6 March 2019.

Based on feedback and comments received the API released the final paper with an effective date of 1 January 2020.

The current paper is available on our TIPs and Guidance Notes page.

ANZRPTIP 11 – Valuation Procedures – Real Property

The consultation period for this paper was between 5 December 2018 and 8 February 2019.

Based on feedback and comments received the API released the final paper with an effective date of 1 July 2019.

The current paper is available on our TIPs and Guidance Notes page.

ANZRPTIP 12 – Valuations for Mortgage and Loans Security Purposes

The consultation period for this paper was between 5 December 2018 and 8 February 2019.

Based on feedback and comments received the API released the final paper with an effective date of 1 January 2020.

The current paper is available on our TIPs and Guidance Notes page.

ANZRPTIP 7 - Leasing Agent Services

The consultation period for this paper was between 16 March 2018 and 18 April 2018.

Based on feedback and comments received the API released the final paper with an effective date of 1 July 2019.

The current paper is available on our TIPs and Guidance Notes page.