Recapping this week's main advice
As we navigate these uncertain times NZIV members are being reminded of their standards and ethical obligations when carrying out valuations without an inspection.
As outlined in our Communication of Wednesday, 18 August the Ministry of Business Innovation and Employment has advised us that: 'Certain types of valuation services may be undertaken under number 29 in Schedule 2, where necessary to maintain other alert level 4 businesses or services. Valuation services that do not fit into this category or cannot be performed remotely should be deferred. Businesses or services must comply with conditions of operation as set out in the Health Order including operating remotely where possible, providing contact tracing and maintaining social distancing protocols.'
To read the full advice go HERE.
We have also published a very helpful FAQ HERE which addresses issues such as providing valuation services without an inspection.
Members are encouraged to read and follow the advice issued on Wednesday and urged to check with their Professional Indemnity Insurer if they are contemplating completing a valuation without inspection.
- Members are advised to agree a Scope of Works and have a signed Terms of Engagement for the services they will provide. IVS 101 Scope of Works (i) provides guidance on any limitations or restrictions on inspection, enquiry and/or analysis. See full advice HERE. Members must comply with all ethical obligations in providing services without inspection
- And Yes, members can comply with IVS without an inspection 'providing you get agreement with your client, declare a departure under IVS Framework and meet your ethical obligations. See full advice HERE (Specifically the section on IVS Framework 60 Departures)'.
We are also providing you with an opportunity to hear from Standards Board Chair Blue Hancock via a FREE webinar on Monday at 2pm. In the meantime, those with additional questions can email: email@example.com.
New Zealand Institute of Valuers