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Will Queensland tort reform change valuation practice and valuers liability

Blake, Andrea & Eves, Chris (2012) Will Queensland tort reform change valuation practice and valuers liability. Australian and New Zealand Property Journal, 3(6), pp. 452-463.

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Abstract

It has been common practice over past property boom and bust cycles in Australia for financial institutions and property owners who have suffered a loss in the property downturn to sue valuers for negligence. Damages claimed are based on the price differential between the valuation at or nearing the peak of the market and the subsequent sale in the market downturn.

However, the context of valuers liability has become increasingly complex as a result of statutory reforms introduced in response to the Review of the Law of Negligence Final Report 2002), in particular the introduction of Civil Liability Acts introducing proportionate liability provisions. Legislative reforms have had some positive outcomes for Valuers, however valuers need to continue to maintain high ethical standards, independence and professionalism in valuation practice.

Impact and interest:

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ID Code: 54302
Item Type: Journal Article
Keywords: valuers’ liability, valuation practice, professional negligence, proportionate liability, economic downturn
ISSN: 1834-5662
Subjects: Australian and New Zealand Standard Research Classification > BUILT ENVIRONMENT AND DESIGN (120000) > OTHER BUILT ENVIRONMENT AND DESIGN (129900) > Built Environment and Design not elsewhere classified (129999)
Australian and New Zealand Standard Research Classification > COMMERCE MANAGEMENT TOURISM AND SERVICES (150000) > COMMERCIAL SERVICES (150400) > Real Estate and Valuation Services (150403)
Divisions: Current > Schools > School of Civil Engineering & Built Environment
Current > QUT Faculties and Divisions > Science & Engineering Faculty
Copyright Owner: Copyright 2012 Australian Property Institute
Deposited On: 25 Oct 2012 14:06
Last Modified: 10 Apr 2013 03:50

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