Members of the public

Real estate is the largest business in Australia, but for many people it is surrounded by mystery. The most common contact a member of the public will have with an API member is when an inspection is made of a residential property as part of a mortgage loan procedure.

The Australia and New Zealand Valuation and Property Standards manual was not published to “make property simple.” It was prepared for API and PINZ members and their clients, and contains many technical terms, definitions and specific applications understood by property professionals.

However it is clearly written and contains basic principles that members of the public can access, understand and use.

The manual contains definitions of terms such as market value, value in one line, highest and best use, property rights, real estate, leases, market rent, contract rent, turnover rent and what is meant by sale and lease-back.

The publication also provides an understanding of what services land valuers, land economists and plant and machinery valuers provide to their clients and the preparation which precedes them issuing their independent advice to the widely varied professions and industries which rely on an active and efficient property market.