| dc.description.abstract | Property Valuation is the process of giving an opinion of the value of an asset or liability on a
stated basis, at a specified date (Royal Institution of Chartered Surveyors, 2019). It is carried out
for a myriad of purposes including financial reporting, tax reporting, litigation support, transaction
support, and to support secured lending decisions among others on numerous assets through the
use of different bases of valuation as appropriate for the purpose chosen (International Valuation
Standards Council, 2019).
The valuation process involves identification through inspections, recording, manipulation and,
reporting of data as collected in the area of valuation. Inspections and investigations must always
be carried out to the extent necessary to produce a valuation that is professionally adequate for its
purpose. The valuer must take reasonable steps to verify the information relied on in the
preparation of the valuation and, if not already agreed, clarify with the client any necessary
assumptions that will be relied on (Royal Institution of Chartered Surveyors, 2019). However, this
process does not come easily due to the problems and challenges Valuers face (Nicholas Abala,
2018) | en_US |
