508. Valuer's standard of care and skill.

A person who holds himself out or purports to act as a valuer represents himself as having the skill and knowledge which a reasonably competent member of his profession or calling would have1, and it is his duty to take reasonable care to give a reliable and informed opinion on the open market value of the land in question at the date of valuation2. In the absence of special instructions it is not a valuer's duty to advise on future movements in property prices, whether nationally or locally; his concern is with current value only3.

Valuation is not an exact

Popular documents