Spotlight on valuers
It is proposing changes to the way the Valuers Registration Board (VRB), which regulates registered valuers and investigates complaints, operates.
In a discussion document, A Review of the Occupational Regulation of Valuers, LINZ says two-thirds of private valuations are for lending purposes and about 80% are sought by the borrower, which is unusual by international standards.
It is estimated that 273,000 private valuations are carried out each year.
“The key risk for consumers of valuation services is that they will make poor decisions when relying on valuations that are wrong or otherwise misleading… Valuation reports contain complex technical information which makes it difficult for some consumers to assess the accuracy and adequacy of the information for the intended purpose."
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