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Valuation Firm GuideClient Guide
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Valuation Risk Alerts (VRA)Valuation Risk Alerts are required by certain clients. Each risk item on a report can either be checked or unchecked, and if checked a comment can be entered. All risks must be answered either yes or no before the report will be delivered. If unchecked we require a Rating of "1-Low", if flagged as a risk send "5-High". Flagged as a risk: <RiskRating Rating="5-High" RatingType="Other"> Not flagged as a risk: <RiskRating Rating="1-Low" RatingType="Other">
As of Novmeber 25th 2012, ValEx has utilised the following list of industry-wide Valuation Risk Alerts as per the implementation of the new Standing Instructions (please note that the first 3 of these, are existing CBA VRA’s):
Report Integrity QuestionsAlso displayed within ValEx are 'report integrity' questions. These are designed as prompts to the valuer to ensure they have covered off areas of concern. Most report integrity questions have an additional option of "0-NotKnown": <RiskRating Rating="0-NotKnown" RatingType="Other"> </RiskRating> First sale in a recent construction?
Under contractWhere a property is under contract (valuer confirms contract price and date), and the valuer has sighted the contract. XPath: //RecentSale[@IsContract='Yes'] and //ResponseSupportingDoc[@DocType="Contract" and @DocAttached="No"] No Contract, Construction Loan Where a property is not under contract, but for a transaction of Construction Loan. XPath: //RecentSale[@IsContract='No'] and //RealEstate[@Construction="Yes"]
CommentsManual - encourage the valuer to make comment in their additional comments. Automatic - ValEx inserts a pre-defined clause. Yes/No; 5+ words - When answered, a comment by the valuer of 5 or more words is required. Valuation Exchange will render these comments in the additional comments section of a PDF. Estimated selling period vs ExtendedSellingPeriodFor the question: Implementors are encouraged to map the comments of Estimated Selling Period into a positive answer and corresponding comment to this market risk question. NoteFor report integrity, originally "Is the property under contract" was implemented as distinct from "Recent Sale, under contract?". This part of report integrity was to correct the original valuation request information; rather than to correct it in the valuation report itself. Within the user interface, we've left the distinction for the moment - and will be merging the two in the near future. For LIXI implementors, use of //RecentSale[@IsContract='Yes'] will populate both. |
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Commonwealth Bank of Australia Risk Alerts
The CBA currently have the following checks required for Residential Short Forms: