Professional Standards, Negligence, Liability And Indemnity As They Relate To The Real Estate Valuer In Kenya

Abstract

INTRODUCTION A number of countries have for some time found It prudent to exercise some legislative controls on the activities of professionals operating in those countries. In some instances, professional bodies have been formed which have the backing of Acts of Parliament. In other cases these bodies, Unions or Societies have also developed some internal mechanisms for regulating the operations of their members individually and collectively. The wide aim of these controls,' regulations and mechanisms is to ensure the protection of the public, the ultimate consumers the services of these professionals, through approved standards of competence, skill and care and to make sure that the body of knowledge comprising the profession is continually enriched by or through professional development programmes (PDPs). The Valuation industry in Kenya is no exception. The Valuation Profession In Kenya The beginning of any professional practice is the acquisition of the body of knowledge comprising that particular profession. In Kenya valuation is studied as a general discipline for four years at a Bachelor of Arts level at the University during which period a host of supplemental subjects in Land Economics are taught and examined. On qualification from the University, a candidate works for three Calendar years under a qualified Valuer before registering for and taking the examinations of the Institution of Surveyors of Kenya - Chapter of Valuation and Estate Management.

This examination comprises the submission of a project report on an approved topic, five valuation reports for different purposes written by the candidate under pupilage, a written examination on six relevant subject areas that deal with varied subjects on the profession and lastly, the oral examinations which a candidate Is expected to attend and to answer questions related to the project and valuation reports and generally to test the Candidate verbal competence and accumen on different aspects of property valuation and estate, management practice in Kenya.