PixabayOn 13 November 2018 the Board adopted its new Complaints and Disciplinary Proceedings Policy and Procedure. These governing documents will apply to all complaints and notifications received by the Board from 1 January 2019, and intend to provide guidance to the Board, registered valuers and the public on how complaints will be managed and disciplinary proceedings will be conducted.
Access document here.
Where a landlord and tenant cannot agree on current market rent for a retail shop for a market rent review, they may jointly appoint a valuer to make a determination of the current market rent or make a request for the nomination of a specialist retail valuer.
Under the Retail Shop Leases Act 1994 (Qld), a retail shop means premises that are – (a) situated in a retail shopping centre; or b) used wholly or predominantly for the carrying on of one or more retail businesses.
Where a landlord and tenant cannot agree on current market rent for a retail shop for a market rent review, they may jointly appoint a valuer to make a determination of the current market rent or make a request for the nomination of a specialist retail valuer.
Under the Valuers Registration Act 1992 (Qld), a registered valuer is permitted to undertake valuation work on retail properties and provide retail rental valuation advice to a Lessor or Lessee.
Subject to the purpose of the rental valuation advice, any rental valuation advice should take account of the Retail Shop Leases Act 1994 (Qld) (RSLA) provisions, and a registered valuer should be familiar with the requirements of the RSLA if they are asked for advice on rental valuation matters for any occupied retail tenancy.
Work which is specifically restricted to a specialist retail valuer, that being a registered valuer listed as a specialist retail valuer with the Board, is a formal rental determination at the time of a market rent review in accordance with the provisions of the lease between the parties for a retail tenancy in accordance with the RSLA.
Further information on the requirements for listings as a specialist retail valuer is available via clicking here.
In Queensland, valuations of real property can only be legally undertaken by a valuer who is appropriately registered under the Valuers Registration Act 1992 (VRA). A legally prepared valuation provides an unbiased and independent assessment of value that can be relied on for financial decisions, legal or statutory requirements. Valuation includes an assessment of a rental value.
To practice as a registered valuer an individual has attained tertiary education qualifications and work
experience to be competent to practice as well as being of good fame and character. Where a valuation is
undertaken for a financial decision, a legal or statutory requirement by any person, company, or enterprise not registered as a valuer this will be in contravention of the VRA.
An appraisal, on the other hand, provides a broad estimate of the potential sale price or rent applicable to a property. It is standard practice for a real estate agent to provide an estimate of the sale price or rent applicable to a property to provide information to buyers, sellers, and tenants. This is not a property valuation and cannot be relied upon as a basis for a financial decision, legal or statutory requirement.
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