Applicants will be tested by way of oral examination by the VRB on their valuation knowledge and experience.
Applicants can expect to be examined by the VRB on current publications, case law, seminars, developments and technology relevant to valuers.
When Are Exams Held
Currently the VRB examines applicants four times a year.
Regional examinations are held at Auckland, Wellington and Christchurch in May and November.
The VRB also conducts examinations in Wellington in February and August (information correct as of July 2022).
Structure of Examination
Applicants should allow approximately 3 and a half hours for the examination process, being one and a half hours prior to the oral exam to consider five valuation scenarios and up to two hours for the exam.
Each exam will include as two of the five scenarios, a mandatory scenario on each of valuer ethics and standards, both international and national.
Applicants are expected to be totally familiar with all valuation principles in their chosen rural, urban or rural/urban discipline, valuation trends, continuing education, and laws and cases affecting valuers and valuation.
Applicants will be expected to have a financial calculator and be fully conversant with its use.
Exam Questions
Scenario questions in the exam will usually include the range of work the candidate has undertaken during the three years before applying, including the range of work referred to by referees, provided the applicant's experience is sufficient to demonstrate a range of competencies over a range of urban valuation work.
Using residential as an example, an applicant who has three years residential valuation experience must include the valuation of single ownership residential dwellings, and a selection from dwellings under different ownership structures such as cross lease or unit title, income related property, and land subdivision.
For a rating valuer, the work undertaken would include statutory valuations for rating purposes.
The principles to be considered on a range of valuation work must be understood.
Applicants must satisfy the VRB that they have sufficient practical experience in a broad range of valuation competencies to justify the VRB adding their name to the Register.
Examination Marking
The marking of each applicant is based on a matrix. The current matrix utilised by the VRB is found here and the basis of marking to pass the examination is as follows.
A bare pass is 60%.
An applicant will be deferred if the mark is between 40% and 60% or declined if the mark is below 40%.
