Professional Development Activity
The professional development activity attended was held by a valuation institution. The main
topics of discussion addressed and discussed mainly revolved around real estate property
appraisal trends that are in play today.
In a discussion with one of the professionals about what could be considered as the most
predominant factor that needed to be taken into consideration for an accurate appraisal to be
achieved, the professional greatly stressed that the biggest factor came down to coherent and
systematic collection of data. He expounded more by stating that general data, such as that
pertaining to the location of the property, and specific data, such as that which is particular and
distinct to the property, need to be meticulously collected and analyzed in order for an accurate
appraisal to be achieved.
In another discussion, one of the professionals explained the influence current market trends had
on valuation of properties. He explained that social and economic trends, however evolving and
emerging as they may be, must always be taken into consideration during valuations.
In a different discussion with another professional concerning whether or not the COVID-19
pandemic had any impact on retail valuations during appraisals, the professional explained that
valuations depend on the economic situation of the location the property is based. He went on to
say that valuations were indeed affected due to the unpredictable market variations and decrease
in demand that was seen during the pandemic.
During a conversation on which valuation problems are mainly experienced in developing
countries, one professional mentioned that valuer misconduct, and limited and inaccurate data
are high on the list of problems. He went on to expound that negligence and ineffectiveness of a
valuer can adversely affect the valuation process. He also went on to explain that insufficient and
inaccurate data also negatively impacts the valuation process as valuations are greatly dependent
on the quality of data collected and analyzed. He emphasized that valuers must always strive to
be meticulous and thorough in their work and strive to follow an ethical code of conduct.
At Legal writing experts, we would be happy to assist in preparing any legal document you need. We are international lawyers and attorneys with significant experience in legal drafting, Commercial-Corporate practice and consulting. In the last few years, we have successfully undertaken similar assignments for clients from different jurisdictions. If given this opportunity, The LegalPen will be able to prepare the legal document within the shortest time possible. You can send us your quick enquiry ( here )