Under the Australian Property Institute (API) standards, what is the primary purpose of a property valuation?
Correct Answer
A) To give an opinion of market value as at a specific date
According to API standards, a property valuation provides a professional opinion of market value as at a specific date, based on market evidence and appropriate valuation methodology. It represents what the property would likely sell for under normal market conditions, not the maximum price or replacement cost.
Why This Is the Correct Answer
A valuation is a professional opinion of market value as at a stated date. The date matters because values move, and the opinion reflects the market evidence available at that time.
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