Technical Information Papers and Guidance Notes
The principal objective of a Technical Information Paper (TIP) or Guidance Note (GN) as well as any associated Resource Pack (if applicable) is to clarify professional and industry processes, appropriate practices and procedures and to discuss their use and implementation.
A TIP or GN is designed to be of assistance to Members and those who use Members’ services. They serve as a guide and measure of acceptable professional practice and conduct of a Member.
The intention of a TIP or GN is to:
- Provide information on the characteristics of different types of assets that are relevant to the advice.
- Provide information on appropriate practices and their application.
- Provide information that assists Members in exercising the judgements they are required to make in specific situations.
- Convey elements of what is considered “competent professional practice” for Australian Property Institute (API) Members.
A TIP or GN is not intended to provide comprehensive training, instruction or prescriptive practices and procedures, or direct that a process, professional approach or method should or should not be used in any specific instruction or situation.
Member Obligation
Members are responsible for choosing the most appropriate approach in a matter based upon the task and instruction. It is a matter for each Member to decide the appropriate practice in any situation, and if they are unclear, seek professional advice from others, or contact the API. Members have the responsibility of deciding when it is inappropriate to follow a TIP or GN.
The Institute(s) do not warrant that anything contained in this or any TIP or GN is the definitive or final statement on any issue. Members must perform their own work pursuant to their own professional expertise and experience and if required, seek additional advice which might include legal advice.
In the case of a valuation paper, a TIP or GN recognises the International Valuation Standards (IVS) published by the International Valuation Standards Council (IVSC) and in place at the date of the valuation.
Court of Tribunal Reliance
A court or tribunal may take into account the contents of any relevant TIP or GN or other document relating to a recommended professional practice published by API in deciding whether the member acted to a standard required by law.
Currency of Publication
Case law and relevant legislation may change over time and whilst the Institutes(s) consider that the content of a TIP or GN is current at the date of publication, Members and those who use Members’ services should have regard to legislative changes and new rulings and, if necessary, seek further advice prior to having regard to the TIP or GN.
Departure or Non-Compliance
Where a Member considers that a circumstance exists that warrants the departure from or non-compliance with the content of any TIP or GN, the Member’s report (or other advice) must include a statement that outlines:
(a) the reasons for the departure or non-compliance with a TIP or GN; and
(b) any impact the Members departure or non-compliance may have on the content of the report.
Members are advised to seek legal and/or other advice before departing from practice recommended in a TIP or GN.
Current TIPs and GNs
A list of the current TIPs and GNs including their effective dates is contained below. To access any of the papers the quick links in the table below will open up the Member Portal/Knowledge Base/Standards/TIPs/Guidance Papers where a copy of the paper can be downloaded.
| Document Name | Category | Code | Effective Date |
|---|---|---|---|
| Valuation Procedures - Real Property Paper | Valuation Guidance Papers - General | ANZVTIP 11 | 1 July 2019 |
| Addressing the Concept of Forced Sale Paper | Valuation Guidance Papers - General | ANZVTIP 3 | 1 July 2015 |
| Valuation of Partial Interests in Property held within Co-ownership Structures Paper | Valuation Guidance Papers - General | ANZVTIP 6 | 15 November 2016 |
| Valuations for Compulsory Acquisitions | Practice Standards | APS 1 | 7 December 2017 |
| Valuations for Compulsory Acquisition | Valuation Guidance Papers - Specific Purposes | ANZVGN 5 | 1 August 2006 |
| Retrospective Valuations Paper | Valuation Guidance Papers - Specific Purposes | ANZVTIP 1 | 1 January 2020 |
| Valuations for Insurance Purposes Paper | Valuation Guidance Papers - Specific Purposes | ANZVTIP 4 | 1 July 2015 |
| Valuations for use in Offer Documents | Valuation Guidance Papers - Specific Purposes | ANZVGN 8 | 1 August 2008 |
| Valuations of Real Property, Plant & Equipment for Use in Australian Financial Reports Paper | Valuation Guidance Papers - Specific Purposes | AVTIP 8 | 1 July 2019 |
| Assessing Rent and Rent Determinations | Valuation Guidance Papers - Specific Purposes | AVTIP 10 | 9 February 2018 |
| Valuations for Mortgage and Loan Security Purposes | Valuation Guidance Papers - Specific Purposes | ANZVTIP 12 | 1 January 2020 |
| Market Value of Property, Plant & Equipment in a Business | Valuation Guidance Papers - Specific Property Types | ANZVTIP 2 | 1 July 2015 |
| Valuation of Self Storage Facilities | Valuation Guidance Papers - Specific Property Types | ANZVTIP 5 | 23 November 2016 |
| Valuation of Accommodation Hotels | Valuation Guidance Papers - Specific Property Types | ANZVTIP 7 | 30 November 2016 |
| Market Value of Rural and Agribusiness Properties | Valuation Guidance Papers - Specific Property Types | ANZVTIP 9 | 27 April 2017 |
| Disclaimer Clauses and Qualification Statements | Property Guidance Papers - General | ANZRPGN 1 | 1 August 2006 |
| Acting as an Expert Witness | Property Guidance Papers - General | ANZRPTIP 1 | 1 July 2015 |
| Acting as an Expert Witness Resource Pack | Property Guidance Papers - General | ANZRPTIP 1 RP | 1 July 2015 |
| Property Advisors | Property Guidance Papers - General | ANZRPTIP 2 | 1 July 2015 |
| Property Advisors Resource Pack | Property Guidance Papers - General | ANZRPTIP 2 RP | 1 March 2015 |
| Methods of Measurement | Property Guidance Papers - General | ARPTIP 3 | 1 April 2020 |
| Due Diligence | Property Guidance Papers - General | ANZRPGN 6 | 1 August 2006 |
| Property Research Guidelines | Property Guidance Papers - General | ANZRPTIP 6 | 9 February 2018 |
| Leasing Agent Services | Property Guidance Papers - General | ANZRPTIP 7 | 1 July 2019 |
| Land Contamination Issues | Property Guidance Papers - Specific Purposes | ARPGN 1 | 1 August 2006 |
| Native Title Issues | Property Guidance Papers - Specific Purposes | ARPGN 2 | 1 August 2006 |
| Development Management | Property Guidance Papers - Specific Purposes | ANZRPTIP 4 | 1 July 2015 |
| Feasibility Studies | Property Guidance Papers - Specific Purposes | ANZRPGN 5 | 1 August 2006 |
| Preparing a Property for Sale | Property Guidance Papers - Specific Purposes | ANZRPTIP 5 | 1 July 2017 |
| Property Insurance Management | Property Guidance Papers - Specific Purposes | ANZRPGN 7 | 1 August 2006 |
Future TIPs
The following papers have been either reviewed and updated or are new papers which have been created and approved for released by the Standards Steering Committee.
The effective date of the individual papers is contained in the table below. An individual paper may permit and encourage earlier adoption, with this noted with an individual paper.
| Document Name | Category | Code | Effective Date |
|---|---|---|---|
| Valuations for Compensation and Compulsory Acquisitions | Valuation Guidance Papers - Specific Purposes | ANZVTIP 13 | 1 January 2021 |
| Considerations when forming an opinion of value when there is a shortage of market transactions | Valuation Guidance Papers - Specific Purposes | ANZVTIP 14 | 1 January 2021 |
Previous Versions of TIPs and GNs
To access previous papers (TIPs and GNs) published by the API, please contact the API Standards Team on standards@api.org.au.
