WHO IS A PROPERTY VALUER

WHO IS A PROPERTY VALUER

Property Valuer: Property Valuer is responsible for assessing the value of residential, industrial or commercial properties.

To work as a Property Valuer, you must have a Certified Practising Valuer (property valuer) accreditation and superior market knowledge of your area.

Valuation of property assets for various purposes is a service and by nature and scope, it is distinct from activities of assessment, evaluation and measurements that are incidental to allied professional services in accounting, quantity surveying and engineering.

It has its discipline and this must be nurtured and not bastardised. When IVSC threw up the question of the appropriate definition of a professional valuer between 2010 and 2011, they received as varied answers as the number of respondents ⁽¹⁾.

In this light, the reference to the valuation duties in IACE as ‘engineering appraisal (valuation)’ was invariably a technical assessment misconstrued as substitute to the conventional market valuation of professional property valuers⁽²⁾.

 While the Nigerian ESV cannot boast of monopoly of knowledge and competence in all valuation subjects, his disposition (academic and practice) only places him at an advantage over other proximate professionals.

To acquire full competence in the valuation of all forms of property assets, the ESV need to a pursue adaptable knowledge in various other subjects of valuation beyond his subsisting real estate orientation. This would invariably require that his academic and practice focus be devolved into optional core valuation and real estate sub-fields. Otherwise, for quality service in an increasingly complex society, the ESV must be prepared to collaborate with specialist experts (like engineers) when required.

Nevertheless, professional engineers, quantity surveyors and accountants can explore their proximate knowledge areas by pursuing a full property valuation career. Many estate surveyors and valuers also discovered themselves to be somewhat richer in knowledge about land than most legal practitioners but rather than appropriate to themselves the designation of ‘land lawyers,’ many went ahead to formally obtain full training and registration as lawyers.

References

International Valuation Standards Council. A competency framework for professional valuers; Exposure Draft; 2012.

Otis A. How the Institute of Appraisers & Cost Engineers Work; 2015. Available:http://news.biafranigeriaworld.co m/archive/2003/nov/25/0172.html (Culled 04/10/2015)

A. Ashaolu (2016) Valuation of Machinery and Equipment: Is it Inter-disciplinary, Multi-disciplinary or Collaborative? Journal of Scientific Research & Reports 9(7): 1-9, 2016; Article no.JSRR.23397 ISSN: 2320-0227