Registered valuers not necessarily qualified

| 18/08/2014 | 3 Comments

(CNS Business) Updated: The Cayman Islands is the first county in the Americas where all valuations undertaken by chartered surveyors must be registered valuers, a scheme that was introduced by the local chapter of the Royal Institution of Chartered Surveyors. However, while the Valuer Registration scheme regulates valuation reporting standards, clients should be aware that this is not a qualification but a demonstration that a valuer is open to monitoring by the RICS.

It’s an excellent scheme because clients can be assured that standards are being upheld, Simon Watson of Charterland told CNS Business, but he pointed to “a flaw in the system”, which is that a number of valuers have been grandfathered into the scheme who are not necessarily qualified.

Michael Zuriff, Manager of Regulation for RICS in the Americas, clarified the organisation’s position: “We are pleased to see RICS Valuer Registration adopted widely throughout the Cayman Islands and increasingly in the Caribbean. The program provides confidence to users of RICS members’ services that the work is subject to independent review to ensure compliance with the highest international ethical and professional standards. Feedback from lenders, regulators and investors has helped shape this program for the market, and it further underpins the RICS qualification as the leading global professional credential.

“RICS Rules of Conduct for members prohibit any member from practicing outside of his/her area of expertise. As a regulator, we are concerned with the quality of work produced and Valuer Registration allows us the opportunity to proactively monitor quality across the Cayman Islands. Should RICS members be found to not provide services to the public that is of standard or members are working in areas in which they are not competent, RICS is able to apply a range of sanctions.”

Members of the public are also able to make complaints to RICS should they feel that a member is in breach of the Rules of Conduct. Complaints could be made confidentially by calling +1 646 442 4437 or by emailing americasregulation@rics.org.

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  • Geordie1

    So Mr. Watson is suggesting that a newly qualified Valuation Surveyor freshly landed on Grand Cayman from the UK is better qualified than a surveyor who has been practising valuation work in the Cayman Islands for +/- 10 years. Doesn’t make a whole lot of sense to me and more importantly doesn’t make a whole lot of sense to the RICS! He is full of hot air.

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    • Simon Watson

      This is certainly not what I am saying, and I completely agree that local experience is paramount when it comes to valuations in the Cayman Islands, but then so are appropriate valuation qualifications. The point being made though is nothing to do with how long a valuer has been practicing in the Cayman Islands, but to highlight to the end users of valuations the flaw in the otherwise well conceived Valuation Registration Scheme that just because someone is a Registered Valuer does not necessarily mean that they hold any formal valuation qualifications.

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      • CaymanMun

        Once they get what they want, all for themselves, making a complaint to them would be like complaining to the C of C about there members. silence, s-i-l-e-n-c-e and no action. we have one of the proven and best practices in the region, including the US when it comes to anything to do with development. This is all about greed, qualifications do not make someone honest an ethical as we are seeing frequently around here!

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