Valuers Registration Regulation 2003

Queensland Valuers Registration Act 1992 Valuers Registration Regulation 2003 Current as at 1 July 2013 NOTE—This is the last reprint before repeal. Repealed on 23 August 2013 by 2013 SL No. 167 s 7

Information about this reprint This reprint shows the legislation current as at the date on the cover and is authorised by the Parliamentary Counsel. A new reprint of the legislation will be prepared by the Office of the Queensland Parliamentary Counsel when any change to the legislation takes effect. This change may be because a provision of the original legislation, or an amendment to it, commences or because a particular provision of the legislation expires or is repealed. When a new reprint is prepared, this reprint will become a historical reprint. Also, if it is necessary to replace this reprint before a new reprint is prepared, for example, to include amendments with a retrospective commencement, an appropriate note would be included on the cover of the replacement reprint and on the copy of this reprint at www.legislation.qld.gov.au. The endnotes to this reprint contain detailed information about the legislation and reprint. For example— • The table of reprints endnote lists any previous reprints and, for this reprint, gives details of any discretionary editorial powers under the Reprints Act 1992 used by the Office of the Queensland Parliamentary Counsel in preparing it. • The list of legislation endnote gives historical information about the original legislation and the legislation which amended it. It also gives details of uncommenced amendments to this legislation. For information about possible amendments to the legislation by Bills introduced in Parliament, see the Queensland Legislation Current Annotations at www.legislation.qld.gov.au/information. • The list of annotations endnote gives historical information at section level. All Queensland reprints are dated and authorised by the Parliamentary Counsel. The previous numbering system and distinctions between printed and electronic reprints are not continued.

Queensland Valuers Registration Regulation 2003 Contents Part 1 1 2 Part 2 Division 1 3 4 5 6 Division 2 7 7A 8 9 10 11 12 Division 3 13 14 Part 3 Division 1 15 16 Division 2 17 18 Page Preliminary Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Code of professional conduct Duty to client Act in client’s interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Confidentiality. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Disclosure of interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Certificate of registration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Professional responsibility Code of professional conduct—Act, s 66 . . . . . . . . . . . . . . . . . . . 5 Complying with code of professional conduct . . . . . . . . . . . . . . . 6 No predetermined result of valuation . . . . . . . . . . . . . . . . . . . . . . 6 Qualifications and experience . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Valuation report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Advertising . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Statements about another valuer or the profession . . . . . . . . . . . 7 Professional fees Professional fees generally . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 No contingency fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Miscellaneous provisions Continuing professional development CPD—Act, s 36B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Amount of CPD—Act, s 42FA. . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Other miscellaneous provisions Prescribed institutes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

Valuers Registration Regulation 2003 Contents Part 4 19 Schedule Transitional provision for Valuers Registration Amendment Regulation (No. 1) 2006 CPD undertaken for renewal of registration . . . . . . . . . . . . . . . . . Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 11 Endnotes 1 2 3 4 5 6 Index to endnotes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Date to which amendments incorporated. . . . . . . . . . . . . . . . . . . . . . Key . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Table of reprints . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . List of legislation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . List of annotations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 12 12 13 13 15 Page 2

Valuers Registration Regulation 2003 Part 1 Preliminary [s 1] Valuers Registration Regulation 2003 [as amended by all amendments that commenced on or before 1 July 2013] Part 1 Preliminary 1 Short title This regulation may be cited as the Valuers Registration Regulation 2003 . 2 Commencement This regulation commences on 1 September 2003. Part 2 Code of professional conduct Division 1 Duty to client 3 Act in client’s interest A registered valuer, in making a valuation for a client— (a) must act in the client’s interest; and (b) must not do anything that— (i) benefits the valuer or another person without benefiting the client; or (ii) disadvantages the client. Current as at 1 July 2013 Page 3

Valuers Registration Regulation 2003 Part 2 Code of professional conduct [s 4] 4 Confidentiality (1) A registered valuer must not— (a) disclose to a person other than the client details of a valuation made for the client; or (b) make use of the information contained in the valuation other than for the client’s benefit. (2) Subsection (1)(a) does not apply if— (a) the client gives the valuer written permission to disclose the details; or (b) the valuer is required by law to disclose the details. 5 Disclosure of interest (1) A registered valuer may make a valuation, for a client, of land in which the valuer has a direct or indirect interest only if— (a) the valuer gives the client details of the valuer’s interest; and (b) the client, after receiving the details, gives the valuer written approval to make the valuation. (2) In this section— direct or indirect interest , in land, includes an interest in the improvements in relation to the land. improvements means site improvements or non-site improvements within the meaning of the Land Valuation Act 2010. 6 Certificate of registration A registered valuer must display the valuer’s certificate of registration in the valuer’s place of business at any time the valuer is carrying on the business of a registered valuer. Page 4 Current as at 1 July 2013

Division 2 Valuers Registration Regulation 2003 Part 2 Code of professional conduct [s 7] Professional responsibility 7 Code of professional conduct—Act, s 66 (1) For section 66(2) of the Act, the code of professional conduct is— (a) if the board approves a code of professional conduct (the approved code )—the approved code; or (b) otherwise—the API code. (2) If subsection (1)(a) applies, the board must— (a) publish the approved code on the board’s website; and Editor’s note — The board’s website is at <www.vrbqld.com.au>. (b) keep copies of the approved code available for inspection at the board’s office by members of the public during business hours; and Editor’s note — The board’s office is located at 40 George Street, Brisbane. (c) give registered valuers written notice of the approval of the code and any amendment of it. (3) The approved code, or any amendment of it, takes effect from the day stated in the notice. (4) The day stated in the notice must be at least 30 days after the board gives registered valuers notice of the approval or amendment. (5) In this section— API code means the Australian Property Institute’s Code of Ethics and Rules of Conduct, stated in the publication ‘Professional Practice’ published jointly by the Australian Property Institute and the New Zealand Property Institute. Editor’s note — A copy of the API code may be purchased from the Australian Property Institute at level 2, 131 Leichhardt Street, Spring Hill. Current as at 1 July 2013 Page 5

Valuers Registration Regulation 2003 Part 2 Code of professional conduct [s 7A] 7A Complying with code of professional conduct A registered valuer in making a valuation must comply with the code of professional conduct that applies when the valuer receives instructions to make the valuation, including taking all necessary steps to obtain and verify factual data that may affect the valuation. 8 No predetermined result of valuation A registered valuer must not make a valuation if the instructions to make the valuation require a predetermined result. 9 Qualifications and experience A registered valuer must not make a valuation, for which the valuer does not have the qualifications and experience, other than under the supervision of another valuer who has the qualifications and experience. 10 Valuation report (1) A registered valuer who prepares a valuation report must include the following in the report— (a) details of the valuer’s qualifications relevant to the valuation; (b) the valuer’s number in the register; (c) for the subject of the valuation report— (i) the date of each inspection carried out by the valuer; and (ii) the date the valuation was made. (2) The registered valuer must sign and date the report. Page 6 Current as at 1 July 2013

Valuers Registration Regulation 2003 Part 2 Code of professional conduct [s 11] 11 Advertising (1) A registered valuer must ensure that an advertisement about a service provided by the valuer— (a) would not be likely to create false expectations about the result of the service; and (b) is not misleading. (2) A registered valuer must not advertise in a way that, directly or indirectly, injures the professional reputation of another valuer or damages the valuation profession. 12 Statements about another valuer or the profession A registered valuer must not make a statement to another person, about the professional reputation of another valuer or the valuation profession, that is— (a) false, malicious or misleading; or (b) made without good faith and intended, directly or indirectly, to injure the professional reputation of the other valuer or to damage the profession. Division 3 Professional fees 13 Professional fees generally (1) A registered valuer who makes a valuation must not charge, for the valuation, a fee— (a) based on a stated outcome; or (b) that might reasonably be expected to prejudice the valuer’s advice as an independent expert. (2) A registered valuer must, if asked by a client, give the client information about the way in which a fee charged for a valuation is calculated. Current as at 1 July 2013 Page 7

Valuers Registration Regulation 2003 Part 3 Miscellaneous provisions [s 14] 14 No contingency fees (1) A registered valuer who makes a valuation that may be used to decide the amount of compensation to be paid to a person, must not— (a) make payment of the fee for the valuation contingent on the amount of compensation; or (b) fix a fee for the valuation as a percentage of the amount of compensation. (2) A registered valuer who makes a valuation to be used to decide the rates or other charges to be levied on land, must not make payment of the fee for the valuation contingent on the result of a proceeding about the correctness of the valuation. Part 3 Miscellaneous provisions Division 1 Continuing professional development 15 CPD—Act, s 36B (1) For section 36B(1)(a) of the Act, CPD is— (a) at least 10 hours spent on the type of CPD the board considers suitable, including, for example, the following types of CPD— (i) attending seminars, conferences, workshops, field days or addresses about property matters, conducted by professional organisations, industry bodies or employers; (ii) preparing and presenting papers about property matters; (iii) writing and circulating or publishing articles about property matters; Page 8 Current as at 1 July 2013

Valuers Registration Regulation 2003 Part 3 Miscellaneous provisions [s 16] (iv) holding positions on committees of professional or property industry bodies or organisations; (v) undertaking formal education about property matters; (vi) undertaking informal education about property matters by perusing appropriate journals or using audio or visual tapes; or (b) giving the board— (i) at least 2 valuation reports completed during the previous 12 months; and (ii) reasons for not acting under paragraph (a). (2) However, a registered valuer must not undertake the CPD mentioned in subsection (1)(b) in 2 consecutive years. (3) The board must, before 1 May in each year, give each registered valuer written notice of the type of CPD the board considers suitable for the renewal of the valuer’s registration for the financial year beginning on 1 July of the following year. 16 Amount of CPD—Act, s 42FA For section 42FA(b) of the Act, the amount of CPD is 5 hours. Division 2 Other miscellaneous provisions 17 Prescribed institutes For sections 30(b)(i) and 36B(1)(b) of the Act, each of the following entities is a prescribed institute— (a) the Australian Property Institute; (b) the New Zealand Property Institute; (c) the Royal Institution of Chartered Surveyors; (d) the Singapore Institute of Surveyors and Valuers. Current as at 1 July 2013 Page 9

Valuers Registration Regulation 2003 Part 4 Transitional provision for Valuers Registration Amendment Regulation (No. 1) 2006 [s 18] 18 Fees The fees payable under the Act are stated in the schedule. Part 4 Transitional provision for Valuers Registration Amendment Regulation (No. 1) 2006 19 CPD undertaken for renewal of registration (1) Despite the amendment of section 15 by the amending regulation, that section, as in force before the commencement of this section, applies to CPD undertaken by a registered valuer for the renewal of the valuer’s registration for the financial year beginning on 1 July 2006. (2) In this section— amending regulation means the Valuers Registration Amendment Regulation (No. 1) 2006. Page 10 Current as at 1 July 2013

Schedule Fees Valuers Registration Regulation 2003 Schedule section 18 $ 1 Application for registration as a valuer (Act, s 29(1)(c)) . . 201.60 2 Certificate of registration (Act, s 34(1)) . . . . . . . . . . . . . . . 57.95 3 Roll fee (Act, s 36(1)) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 201.60 4 Late fee (Act, s 36(2)) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57.95 5 Late fee (Act, s 36B(2)) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57.95 6 Application for restoration of registration as a valuer (Act, s 40(2)). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 201.60 7 Application to be recorded on list of specialist retail valuers (Act, s 42B(2)) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 201.60 8 Application for renewal of recording on list of specialist retail valuers (Act, s 42FA(a)) . . . . . . . . . . . . . . . . . . . . . . . 201.60 9 Application for restoration of recording on list of specialist retail valuers (Act, s 42GB(2)(b)) . . . . . . . . . . . . . . . . . . . . 57.95 Current as at 1 July 2013 Page 11

Valuers Registration Regulation 2003 Endnotes Endnotes 1 Index to endnotes Page 2 Date to which amendments incorporated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12 3 Key . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12 4 Table of reprints . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .13 5 List of legislation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .13 6 List of annotations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15 2 Date to which amendments incorporated This is the reprint date mentioned in the Reprints Act 1992 , section 5(c). Accordingly, this reprint includes all amendments that commenced operation on or before 1 July 2013. Future amendments of the Valuers Registration Regulation 2003 may be made in accordance with this reprint under the Reprints Act 1992 , section 49. 3 Key Key to abbreviations in list of legislation and annotations Key AIA amd amdt ch def div exp gaz hdg ins lap notfd num o in c om orig p para prec pres prev Explanation = Acts Interpretation Act 1954 = amended = amendment = chapter = definition = division = expires/expired = gazette = heading = inserted = lapsed = notified = numbered = order in council = omitted = original = page = paragraph = preceding = present = previous Page 12 Key (prev) proc prov pt pubd R[X] RA reloc renum rep (retro) rv s sch sdiv SIA SIR SL sub unnum Explanation = previously = proclamation = provision = part = published = Reprint No. [X] = Reprints Act 1992 = relocated = renumbered = repealed = retrospectively = revised version = section = schedule = subdivision = Statutory Instruments Act 1992 = Statutory Instruments Regulation 2002 = subordinate legislation = substituted = unnumbered Current as at 1 July 2013

Valuers Registration Regulation 2003 Endnotes 4 Table of reprints A new reprint of the legislation is prepared by the Office of the Queensland Parliamentary Counsel each time a change to the legislation takes effect. The notes column for this reprint gives details of any discretionary editorial powers under the Reprints Act 1992 used by the Office of the Queensland Parliamentary Counsel in preparing it. Section 5(c) and (d) of the Act are not mentioned as they contain mandatory requirements that all amendments be included and all necessary consequential amendments be incorporated, whether of punctuation, numbering or another kind. Further details of the use of any discretionary editorial power noted in the table can be obtained by contacting the Office of the Queensland Parliamentary Counsel by telephone on 3237 0466 or email legislation.queries@oqpc.qld.gov.au. From 29 January 2013, all Queensland reprints are dated and authorised by the Parliamentary Counsel. The previous numbering system and distinctions between printed and electronic reprints is not continued with the relevant details for historical reprints included in this table. Reprint No. 1 1A 1B 1C 1D 1E 2 2A 2B 2C 2D 2E 2F 2G Amendments included none 2004 SL No. 67 2004 SL No. 189 2005 SL No. 103 2006 SL No. 7 2006 SL No. 110 — 2007 SL No. 98 2008 SL No. 149 2009 SL No. 137 2010 SL No. 162 2010 Act No. 39 2011 SL No. 135 2012 SL No. 105 Effective 1 September 2003 1 July 2004 27 September 2004 1 July 2005 6 February 2006 1 July 2006 1 July 2006 1 July 2007 1 July 2008 1 August 2009 1 August 2010 20 September 2010 1 August 2011 1 August 2012 Notes R1E withdrawn, see R2 Current as at 1 July 2013 Amendments included 2013 SL No. 84 Notes 5 List of legislation Regulatory impact statements For subordinate legislation that has a regulatory impact statement, specific reference to the statement is included in this list. Explanatory notes All subordinate legislation made on or after 1 January 2011 has an explanatory note. For subordinate legislation made before 1 January 2011 that has an explanatory note, specific reference to the note is included in this list. Current as at 1 July 2013 Page 13

Valuers Registration Regulation 2003 Endnotes Valuers Registration Regulation 2003 SL No. 194 made by the Governor in Council on 21 August 2003 notfd gaz 22 August 2003 pp 1372–5 ss 1–2 commenced on date of notification remaining provisions commenced 1 September 2003 (see s 2) exp 1 September 2013 (see SIA s 54) Notes—(1) The expiry date may have changed since this reprint was published. See the latest reprint of the SIR for any change. (2) A regulatory impact statement and explanatory note were prepared. amending legislation— Natural Resources, Mines and Energy Legislation Amendment Regulation (No. 1) 2004 SL No. 67 pts 1, 17 notfd gaz 28 May 2004 pp 277–80 ss 1–2 commenced on date of notification remaining provisions commenced 1 July 2004 (see s 2) Valuers Registration Amendment Regulation (No. 1) 2004 SL No. 189 notfd gaz 17 September 2004 pp 249–50 ss 1–2 commenced on date of notification remaining provisions commenced 27 September 2004 (see s 2) Note—A regulatory impact statement and explanatory note were prepared. Natural Resources and Mines Legislation Amendment Regulation (No. 1) 2005 SL No. 103 pts 1, 17 notfd gaz 3 June 2005 pp 415–19 ss 1–2 commenced on date of notification remaining provisions commenced 1 July 2005 (see s 2) Valuers Registration Amendment Regulation (No. 1) 2006 SL No. 7 notfd gaz 3 February 2006 pp 426–7 ss 1–2 commenced on date of notification remaining provisions commenced 6 February 2006 (see s 2) Natural Resources Legislation Amendment Regulation (No. 1) 2006 SL No. 110 pts 1, 18 notfd gaz 2 June 2006 pp 572–6 ss 1–2 commenced on date of notification remaining provisions commenced 1 July 2006 (see s 2) Natural Resources and Water Legislation Amendment Regulation (No. 1) 2007 SL No. 98 pts 1, 10 notfd gaz 1 June 2007 pp 582–4 ss 1–2 commenced on date of notification remaining provisions commenced 1 July 2007 (see s 2) Natural Resources and Water Legislation Amendment Regulation (No. 1) 2008 SL No. 149 pts 1, 10 notfd gaz 6 June 2008 pp 800–2 ss 1–2 commenced on date of notification remaining provisions commenced 1 July 2008 (see s 2) Page 14 Current as at 1 July 2013

Valuers Registration Regulation 2003 Endnotes Natural Resources and Water Legislation Amendment Regulation (No. 1) 2009 SL No. 137 pts 1, 10 notfd gaz 3 July 2009 pp 934–6 ss 1–2 commenced on date of notification remaining provisions commenced 1 August 2009 (see s 2) Environment and Resource Management Legislation Amendment Regulation (No. 2) 2010 SL No. 162 pts 1, 20 notfd gaz 2 July 2010 pp 1033–7 ss 1–2 commenced on date of notification remaining provisions commenced 1 August 2010 (see s 2) Land Valuation Act 2010 No. 39 ss 1, 325 sch 1 pt 2 date of assent 20 September 2010 commenced on date of assent Environment and Resource Management Legislation Amendment Regulation (No. 1) 2011 SL No. 135 pts 1, 20 notfd gaz 8 July 2011 pp 632–5 ss 1–2 commenced on date of notification remaining provisions commenced 1 August 2011 (see s 2) Natural Resources and Mines Legislation Amendment Regulation (No. 1) 2012 SL No. 105 ss 1, 2(2)(c), pt 20 notfd gaz 20 July 2012 pp 863–7 ss 1–2 commenced on date of notification remaining provisions commenced 1 August 2012 (see s 2(2)(c)) Natural Resources and Mines Legislation Amendment Regulation (No. 2) 2013 SL No. 84 ss 1, 2(2), pt 20 notfd gaz 31 May 2013 pp 160–5 ss 1–2 commenced on date of notification remaining provisions commenced 1 July 2013 (see s 2(2)) 6 List of annotations Disclosure of interest s 5 amd 2006 SL No. 7 s 4; 2010 Act No. 39 s 325 sch 1 pt 2 Code of professional conduct—Act, s 66 s 7 sub 2006 SL No. 7 s 5 Complying with code of professional conduct s 7A ins 2006 SL No. 7 s 5 Valuation report s 10 sub 2006 SL No. 7 s 6 Statements about another valuer or the profession s 12 amd 2006 SL No. 7 s 7 Current as at 1 July 2013 Page 15

Valuers Registration Regulation 2003 Endnotes CPD—Act, s 36B s 15 amd 2006 SL No. 7 s 8 Fees s 18 amd 2004 SL No. 67 s 40 PART 4—TRANSITIONAL PROVISION FOR VALUERS REGISTRATION AMENDMENT REGULATION (No. 1) 2006 pt 4 (s 19) ins 2006 SL No. 7 s 9 SCHEDULE—FEES sub 2004 SL No. 67 s 41; 2004 SL No. 189 s 4; 2005 SL No. 103 s 36; 2006 SL No. 110 s 38; 2007 SL No. 98 s 22; 2008 SL No. 149 s 23; 2009 SL No. 137 s 26; 2010 SL No. 162 s 44; 2011 SL No. 135 s 47; 2012 SL No. 105 s 54; 2013 SL No. 84 s 54 © State of Queensland 2013 Authorised by the Parliamentary Counsel Page 16 Current as at 1 July 2013