API Education and CPD

Mandatory Modules and CPD compliance

Your API Education and CPD will be checked by the APIV staff to ensure all applicable APIV staff are completing the mandatory module set out by the API and are meeting at least 20 CPD points per year.

Certificate of Currency

NOTE: No action is required if you have completed your APIV annual renewal in full or not recently renewed your PII

If you completed your annual compliance self-declaration for 2024 the APIV will be able to source your COC from the survey, you completed.

If you have recently renewed your PII policy, please supply a copy of your new COC.

Professional Indemnity Insurance Policy wording

You will need to supply a copy of your PII policy wording

Evidence to demonstrate that you are able to pay the maximum excess under your PII policy

You will need to supply a copy of one or more of the following to prove your Maximum Excess and Liquid Business Assets:

  • audited balance sheet; or
  • most recent profit and loss statement; or
  • bank account statement for an account held in the firm’s name; or
  • declaration from an accountant (e.g. ABC Pty Ltd has sufficient net liquid assets to pay excess within 28 days of a request for payment),
  • that evidence of sufficient liquid assets to pay the maximum excess under the PII policy within 28 days of a request for payment, as detailed in Standard 5, Clause 2 of the Appendix B APIV Insurance Standards
Evidence to pay Defence Costs
If defence costs are not adequately covered under the PII policy, please provide a copy of one or more of the following:

  • audited balance sheet; or the  most recent profit and loss statement; or
  • declaration from accountant,
  • that evidences sufficient business assets of at least $500,000 in net value to pay defence costs within 28 days of a request for payment, as detailed in Standard 4.7 of the Appendix-B_APIV-Insurance-Standards

Claims and Notification

Notification of Claims

Anytime you notify your insurer regarding a claim or notification, the APIV must be notified by completing the APIV-Claims/Notification-Form within a week of notifying your insurer.

Disclosure Requirements

Your Disclosure Statement must be visible on all:

  • Letterhead and letters signed by the company or on its behalf
  • Fax cover sheets
  • Newsletters and other publications
  • Your website(s)
  • Written advice, plans, Valuations, drawings, specifications and any other client documents not accompanied by a separate document with the disclosure statement
  • Memorandum of fees and invoices unaccompanied by a separate document with the disclosure statement
  • And with the guidelines as set out by the PSC PSC Disclosure Obligation

Failure to use the prescribed disclosure statement as outlined above would place you in breach of the legislation. This means that, if an insurance claim is made against you, your scheme could be challenged in court.

In some states and territories, this could jeopardise your access to limited liability under a Professional Standards Scheme. You could also be subject to fines.

But meeting your legal obligations isn’t the only reason to display the disclosure statement. By advertising your participation in a Professional Standards Scheme, the statement shows your clients you’re committed to meeting high standards of professionalism and consumer protection.

  • If you are a sole trader, please supply the following documents that you have completed,
  • If you are a company with more than 2 x APIV valuers please try and supply the documents from random valuers that hold an APIV membership.

NOTE: you may redact any confidential information as required.

 

For the Audit, you need to supply:

Valuation Reports

As the sample of valuation reports must be a representative sample, please provide a variety of valuation types (e.g. commercial and residential properties and PropertyPro, long-form and short-form valuations).

Where a valuation report is a long full-form valuation, it will be sufficient to send the first few pages up to and including the signatures section.

Please ensure at least one valuation report pertains to a valuation of $2 million or above.

Your valuation reports given, or intended to be given, to a client, where possible, as below:

  1. One report in Quarter 1 of 2023
  2. One report in Quarter 2 of 2023
  3. One report in Quarter 3 of 2023
  4. One report in Quarter 4 of 2023
Firm Letters (if applicable)

If your firm issues letters, four letters issued to a client or prospective client where possible, as below:

  1. One letter in Quarter 1 of 2023
  2. One letter in Quarter 2 of 2023
  3. One letter in Quarter 3 of 2023
  4. One letter in Quarter 4 of 2023
Firm Emails

Four emails given, or intended to be given, to a client, where possible, as below:

  1. One email in Quarter 1 of 2023
  2. One email in Quarter 2 of 2023
  3. One email in Quarter 3 of 2023
  4. One email in Quarter 4 of 2023
Firm Documents

Four documents given, or intended to be given, to a client which is not a letter or valuation (eg. invoices, written quotes), where possible, as below:

  1. One document in Quarter 1 of 2023
  2. One document in Quarter 2 of 2023
  3. One document in Quarter 3 of 2023
  4. One document in Quarter 4 of 2023
Cover of Excellence logo

The firm’s documents should also demonstrate that your firm does not use the Cover of Excellence® trademark in any of the firm’s documents.

This will need to be confirmed in the audit process.