What is the difference between a Real estate Agents’ property appraisal and a professional valuation?
A valuer is bound by the Valuers Act 2003 to be certified and have tertiary qualifications prior to valuing property. Every valuation figure must be based on a predetermined set of factors and comply with an industry standard. A valuer’s figure may be used in court and only a valuers valuation is accepted by banks for Mortgage purposes. A real estate agent can only provide a general market appraisal and are only expected to be registered as a sales person after a two week registration course in order to be able to write this appraisal. Furthermore, a Real Estate Agent may have vested interests and therefore are not an independent unbiased adjudicator.
Related Questions
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