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The Australian Property Institute (API) is a professional industry body representing residential, commercial and plant and machinery valuers, analysts, fund managers and property lawyers.
The API was originally formed in 1927 as the Commonwealth Institute of Valuers. [1] Multiple Australian financial institutions [ which? ] require property professionals who carry out mortgage valuation work to be members of the API. [2]
The Commonwealth Institute of Valuers had 3225 members in 1972. [1]
The API provides certifications to its members reflecting their specific field of expertise. Such Certifications are required by some Australian States to practice in the specific field. These Certifications are:
API publications include The Australia & New Zealand Property Journal , the Professional Practice Manual and Valuation Principles and Practices.
Members of the Institute are bound by a code of ethics, rules of conduct, and professional practice standards. The API has reciprocity agreements with the following bodies
These reciprocity agreements provide API members with portable skills and qualifications allowing them to practice throughout the world.
The National Office of the Australian Property Institute is located at 3/60 York Street, Sydney NSW 2000.
Professional certification, trade certification, or professional designation, often called simply certification or qualification, is a designation earned by a person to assure qualification to perform a job or task. Not all certifications that use post-nominal letters are an acknowledgement of educational achievement, or an agency appointed to safeguard the public interest.
An accountant is a practitioner of accounting or accountancy. Accountants who have demonstrated competency through their professional associations' certification exams are certified to use titles such as Chartered Accountant, Chartered Certified Accountant or Certified Public Accountant, or Registered Public Accountant. Such professionals are granted certain responsibilities by statute, such as the ability to certify an organization's financial statements, and may be held liable for professional misconduct. Non-qualified accountants may be employed by a qualified accountant, or may work independently without statutory privileges and obligations.
Building design, also called architectural design, refers to the broadly based architectural, engineering and technical applications to the design of buildings. All building projects require the services of a building designer, typically a licensed architect. Smaller, less complicated projects often do not require a licensed professional, and the design of such projects is often undertaken by building designers, draftspersons, interior designers, or contractors. Larger, more complex building projects require the services of many professionals trained in specialist disciplines, usually coordinated by an architect.
Real estate appraisal, property valuation or land valuation is the process of assessing the value of real property. Real estate transactions often require appraisals because every property has unique characteristics. The location also plays a key role in valuation. Appraisal reports form the basis for mortgage loans, settling estates and divorces, taxation, and so on. Sometimes an appraisal report is used to establish a sale price for a property.
The Royal Institution of Chartered Surveyors (RICS) is a global professional body for those working in the Built Environment, Construction, Land, Property and Real Estate. The RICS was founded in London in 1868. It works at a cross-governmental level, and aims to promote and enforce the highest international standards in the valuation, management and development of land, real estate, construction and infrastructure.
Property management is the operation, control, maintenance, and oversight of real estate and physical property. This can include residential, commercial, and land real estate. Management indicates the need for real estate to be cared for and monitored, with accountability for and attention to its useful life and condition. This is much akin to the role of management in any business.
A quantity surveyor (QS) is a construction industry professional with expert knowledge on construction costs and contracts. Qualified professional quantity surveyors can be known as Chartered Surveyors in the UK and Certified Quantity Surveyors in Australia and other countries. In some countries such as Canada, South Africa, Kenya and Mauritius, qualified quantity surveyors are known as Professional Quantity Surveyors, a title protected by law. Due to a shift in the Construction industry and the increased demand for Quantity Surveying expertise, today less importance is being placed on Charterships, with a large % of working Quantity Surveyors practising with College / University degrees and without membership or fellowship to professional associations.
Founded in 1904, the Association of Chartered Certified Accountants (ACCA) is the global professional accounting body offering the Chartered Certified Accountant qualification (ACCA). It is the fourth-largest professional accounting body in the world, with 252,500 members and 526,000 future members. ACCA's headquarters are in London with principal administrative office in Glasgow. ACCA works through a network of over 110 offices and centres in 51 countries - with 346 Approved Learning Partners (ALP) and more than 7,600 Approved Employers worldwide, who provide employee development.
An appraised value or mortgage valuation (Australia) pertains to the assessed value of real property in the opinion of a qualified appraiser or valuer. It is usually a pre-qualification & risk-based pricing factor related to the issuance of mortgage loans by a financial institution.
Building officials of developed countries are generally the jurisdictional administrator of building and construction codes, engineering calculation supervision, permits, facilities management, and accepted construction procedures.
The Appraisal Foundation (TAF) is the United States organization responsible for setting standards for the real estate valuation profession. The organization sets the congressionally authorized standards and qualifications for real estate appraisers, and provides voluntary guidance on recognized valuation methods and techniques for all valuation professionals. The aim is to ensure appraisals are impartial, objective and independent, are conducted without bias and are performed in an ethical and competent manner.
Propertymark is a membership organisation for estate agents. It is based in and covers the UK. It is the UK's leading professional body for estate agents. Its members practice across all aspects of property in the UK, including residential and commercial sales and letting, property management, business transfer, auctioneering and land.
Chartered Surveyor is the description of Professional Members and Fellows of the Royal Institution of Chartered Surveyors (RICS) entitled to use the designation in the (British) Commonwealth of Nations and Ireland. Chartered originates from the Royal Charter granted to the world's first professional body of surveyors. Chartered Surveyors are entitled to use "MRICS" or "FRICS" after their names as appropriate.
The International Valuation Standards Council (IVSC) is an independent, not-for-profit, private sector standards organisation incorporated in the United States and with its operational headquarters in London, UK. IVSC develops international technical and ethical standards for valuations on which investors and others rely.
A Chartered surveyor in the United Kingdom is a surveyor who is a member of the Royal Institution of Chartered Surveyors ("RICS"). Until the end of the 20th century, some members were members of the ISVA, but this organisation merged into the RICS in 1999.
The Russian Society of Appraisers (RSA) is a premier organization of valuation professionals in Russia, embracing about 50% of recognized valuation professionals in the country from across various specialisms and geographical regions. It was the first national professional valuation society to be established in 1993 and the only Valuation Society to attain 'All-Russian Public Organization' status, with branches in the majority of constituent entities of the Russian Federation. It has the status of self-regulated organization (SRO), with current membership reaching over 6,000 individuals. Members of the Russian Society of Appraisers comprise both property and business valuation professionals.
The International Right of Way Association (IRWA) is a non-profit organization for Right of Way education and certification programs, as well as professional services, worldwide. The IRWA headquarters are located in Gardena, California, in the South Bay Area of Los Angeles.
International Property Measurement Standard (IPMS) is a standardised and globally applicable method for measuring property. It aims to address current inconsistencies in the way property of all types is measured from one market to the next, improving property market data and providing greater transparency.
John Anenechukwu Umeh is the first professor of estate management in Africa and Asia.
The Nigerian Institution of Estate Surveyors and Valuers (NIESV) was founded in 1969 by the few qualified General Practice Chartered Surveyors who were mostly trained in the United Kingdom. The Institution was recognized by the Federal government of Nigeria by the enactment of the Estate Surveyors and Valuers ” Decree No. 24 of 1975.