Licensed Valuers Code of Conduct 2016 (WA)

Western Australia Land Valuers Licensing Act 1978 Licensed Valuers Code of Conduct 2016 Western Australia Licensed Valuers Code of Conduct 2016 Contents Part 1 — Preliminary 1. Citation 1 2. Commencement 1 3. Terms used 1 Part 2 — General duties 4. Knowledge of relevant law 3 5. Application of code 3 6. Acting in best interests of client 3 7. Duty of care, diligence and skill 3 8. Duty of honesty 3 9. Confidential information 4 10. Use of information 4 11. Client's instructions 4 12. Misleading or deceptive conduct 5 13. Competency 5 Part 3 — Employees 14. Supervision and control of employees 6 Part 4 — Conflict of interest 15. Terms used 8 16. Conflicts between interests of clients 8 17. Conflicts between interests of licensed valuer and client 9 18. Impartiality and independence 9 Part 5 — Appointment of licensed valuer and payment of fees 19. Costs disclosure 11 20. Reward not to exceed costs disclosure unless unforeseen significant change occurs 11 21. Fees for referrals 12 22. Written authority 12 Part 6 — Specific duties of licensed valuer 23. Risk management 13 24. Retaining documents and information 13 25. Inspection of land and contents of report 13 26. Valuation methodology 15 Part 7 — Repeal and transitional 27. Repeal of 2016 Code 16 28. Transitional 16 Schedule 1 — Executive Summary Notes Compilation table 18 Defined terms Land Valuers Licensing Act 1978 Licensed Valuers Code of Conduct 2016

Part 1 — Preliminary

1. Citation This code is the Licensed Valuers Code of Conduct 2016.

2. Commencement This code comes into operation as follows — (a) rules 1 and 2 — on the day on which this code is published in the Gazette; (b) the rest of the code — on the day after that day.

3. Terms used (1) In this code — Act means the Land Valuers Licensing Act 1978; as if complete valuation means a valuation of a proposed development that assumes the proposed development to be in a completed state as at the date of the valuation and reflects current market conditions at that date; as is valuation means a valuation that provides the current value of the land as it currently exists rather than an "as if complete valuation" of any proposed development; client, in relation to a licensed valuer, includes, where the context permits, a prospective client; proposed development means any planned development or redevelopment of land, including building improvements or modifications, that are proposed, approved or under construction on the land with the exception of land for which the value of the work on the land when completed will be $200 000 or less; regulations means the Land Valuers Licensing Regulations 1979; reward means any valuable consideration in money or moneys worth paid or received — (a) whether payable in cash or kind; and (b) whether paid or received directly or indirectly; and (c) whether paid or received separately or as a component of a composite price or fee paid or received in respect of any service; valuation work means any work performed by a licensed valuer connected with the valuation of land. (2) A term has the same meaning in this code as it has in the Act unless the contrary intention appears in this code.