The New Zealand Institute of Valuers (NZIV) was formed in 1938, and given a statutory role in 1948 with the passage of the Valuers Act 1948.
The NZIV merged operations with the Property Institute in the year 2000, however, due to its duties in section 10 of the Valuers Act, the NZIV continues to exist as a legal entity itself, with the NZIV Council serving also as the Property Institute's Valuers Council. The NZIV also maintains its own Rules and Code of Ethics .
In general, operational and administrative functions of the NZIV are delivered by the Property Institute, and this relationship is governed by a Service Level Agreement and the NZIV annual budget.;
Councillors serve as representatives on National Committees with the President sitting on the Institute's Board.
The Valuers Council of the New Zealand Institute of Valuers is comprised of:
- 3 members from each of the three regions (Northern, Central and Southern)
- the President
- Valuer-General or their representative.