Valuers Act 1948
The Valuers Act sets the rules on who can undertake property valuations in New Zealand and how Registered Valuers should operate. Under the Act, in order for somebody to qualify as a Registered Valuer, they must have a recognised degree (in, or majoring in, valuation or property) and have at least three years’ experience working as a graduate valuer directly under a Registered Valuer, as well as meeting age and character requirements.
After completing the minimum three year training period, a graduate valuer must pass the Registration examination conducted by the Valuers Registration Board (the VRB) in order to practice as a Registered Valuer.
The minimum time it takes to qualify as a valuer is therefore generally 6 years, and only somebody who has met the above requirements may call themself a Registered Valuer.
If the valuer successfully gains Registration from the VRB then, after obtaining an Annual Practising Certificate, they may provide valuations to the public. The Act imposes requirements on Registered Valuers, including a condition to adhere to a prescribed Code of Ethics, and a requirement to belong to the New Zealand Institute of Valuers.
New Zealand Institute of Valuers Rules were adopted at a General Meeting of the Institute held on 18 April 1997
And approved by the Minister on 4 July 1997 and 29 September 1997
Amended 20 May 1998
Amended 28 November 2002
Amended 13 June 2012