Guidance Papers

Guidance Papers

The principal objective of a Guidance Paper (GP) 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 GP 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 GP 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 GP 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 GP.

The Institute(s) do not warrant that anything contained in this or any GP 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 GP recognises the International Valuation Standards (IVS) published by the International Valuation Standards Council (IVSC) and in place at the date of the valuation.

Court or Tribunal Reliance

A court or tribunal may take into account the contents of any relevant GP 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 GP 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 GP.

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 GP, the Member’s report (or other advice) must include a statement that outlines:

1. the reasons for the departure or non-compliance with a GP; and
2. 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 GP.