The regulation of valuers that undertake the crucial task of house or land valuations is very vital since it has a direct bearing on the conduct these valuers have with the vendors or buyers of properties.
The valuers generally are regulated by the various acts and regulations that are brought into practice by the relevant legislations of the respective governments. It is important to review such regulations and replace them if they are old and irrelevant to the current land, house, commercial, residential or industrial property valuations. It is a must to have appropriate regulations and acts governing the valuations because such a framework makes it mandatory for the valuers to discharge their duties while fully complying with the applicable procedures and disciplinary conducts.
The necessary regulations meant for the property valuers also account for inclusion of valuing elements other than real properties, viz. water access rights. Regulations also stipulate the time period for which the registration as a valuer is granted to the applicant i.e. three or five years. When such a time period is about to expire, there is a need to renew the registration which in turn again evaluates the eligibility of the applicant to be reconsidered as an authorized valuer.
The regulating authority maintains a Register of valuers which lets the public to avail information concerning the available registered valuers. The various scenarios for disqualification from registration comprise of matters like bankruptcy, failure to pay monetary penalties, certain convictions and disqualifications under allied legislations. Such a regulatory framework allows the regulator to issue a person with a notice to show cause why disciplinary action should not be taken against them.
The regulating authority may also issue a notice warning the public of the risks in dealing with a particular non-complying registered valuer. Valuer whose registration is suspended, cancelled or is subject to specific conditions must notify his or her clients within three days about the same. The stipulated regulations also give grounds on which appeals against a registration or disciplinary decision by the regulator are heard by the respective tribunals. The aggrieved persons can communicate in writing to the Director General to request a review of the decision.
In a nutshell, the regulatory board for valuations’ of land perform such duties as to keep and maintain the register of valuers, appraisers and estate agents, probationary valuers and probationary estate agents and firms of valuers, appraisers and estate agents.
They also approve and reject applications for registration, hold disciplinary proceedings, to conduct examinations for eligibility. They prescribe scale of fees, and regulate the professional conduct/ethics of valuers, appraisers and estate agents.