Consumer Protection are seeking industry views on the final draft of the new Land Valuers Code of Conduct 2016.

Status: CLOSED Friday 20 May 2016

Background

The new code, will replace the existing Land Valuers Code of Conduct 2011, (the 2011 Code) and implements feedback previously received from the industry during a review in 2013.  The intent of the changes is to make the code more relevant and appropriate to the current property market and industry practice.

Current consultation phase:

The purpose of this phase of the consultation is to give industry participants an opportunity to comment and consider any practical implications before the new code commences.

Key changes:

The main changes in the new code include:

• the language and format of the code, which has been updated to make it easier to read and understand;
• making the rules consistent, where appropriate, with the other property industry codes of conduct and the Australian Consumer Law;
• specific supervision requirements for non-licensed assistants who provide support to licensed valuers ; and
• further clarification on record keeping and risk management requirements for licensed  valuers.

There are also new rules requiring licensed valuers to:

• act in good faith and in the best interests of the client;
• complete valuation work within a reasonable time and in accordance with the client’s reasonable instructions; and  
• disclose any reward that they have given or received in exchange for a client referral.

Previous consultation

In May 2013, the Department issued the Property Industry Codes of Conduct Discussion Paper which highlighted and sought feedback on a range of issues relating to the 2011 Code and the codes of conduct for the settlement and real estate industries.  The majority of respondents to the discussion paper supported the codes and the need for them to be amended to provide greater detail and clarity on matters relating to the duties of licensees.

Ongoing consultation with the Australian Property Institute has occurred during the drafting of the new code.

Fee Deregulation and Costs Disclosure

These changes are in addition to fee deregulation and the related cost disclosure requirements introduced in February 2016. No further changes have been made to these requirements.

Transition Period

Licensed valuers will have a transition period of 1 month from the date that the new code comes into effect before having to comply with its requirements. During this period a licensed valuer who complies with the 2011 Code but not the amended version will not have breached the code.   

Downloads and resources

Licensed Valuers Code of Conduct 2016 - consultation draft

Licensed Valuers Code of Conduct 2011 - current code

Have your say

The consultation phase is now closed. 

Enquiries:

Enquiries can be made by calling Consumer Protection Advice Line on 1300 304 054 or by email.