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Short Form XML - Market Risk Tab

Market Risk Tab

This page outlines LIXI fields and their corresponding mappings to a report within the Property Services Gateway (PSG).  Please note, fields will be required/hidden based on the report type used.  Although not documented here, you can see which fields are required for a specific report by opening that report in the PSG's test environment and seeing which fields appear under the corresponding tab.

Report Integrity Questions

The report integrity questions are designed as prompts to the valuer to ensure they have covered off areas of concern.
The questions are modeled around the RiskRating node and uses the following XPath for flagging ‘Yes/No/Unknown’ responses to the questions:
/ValuationTransaction/Message/ValuationType/FullRegistered/RiskAnalysis/RiskRating/@Rating

The rating values that should be used here are:

Yes 5-High
No 1-Low
Unknown 0-NotKnown

In addition, each of these questions is distinguished by a separate RiskRating Identifiers used with the following XPath:
/ValuationTransaction/Message/ValuationType/FullRegistered/RiskAnalysis/RiskRating[@RatingType='Other']/Identifier/@UniqueID 

VRA Questions

Valuation Risk Alerts (VRAs) are required by certain clients/funders.
Each risk item on a report can either be checked or unchecked (Yes/No), and if checked a comment could be entered.
A VRA question are modelled around the RiskRating node and uses the following XPath for flagging ‘Yes/No’ responses to the questions
/ValuationTransaction/Message/ValuationType/FullRegistered/RiskAnalysis/RiskRating/@Rating

The rating values that should be used here are:

Yes 5-High
No 1-Low

If the question is answered as ‘Yes’, then a minimum 5 word comment must be provided in the corresponding Comments field for the question:
/ValuationTransaction/Message/ValuationType/FullRegistered/RiskAnalysis/RiskRating[@RatingType='Other']/Comment

In addition, each of these questions is distinguished by a separate RiskRating Identifiers used with the following XPath:
/ValuationTransaction/Message/ValuationType/FullRegistered/RiskAnalysis/RiskRating[@RatingType='Other']/Identifier/@UniqueID 

The following are a list of the Identifiers for each of the Report Integrity questions shown on the Sales Evidence tab of the report:

Field
Description
XPath
ValEx UI Input
High Risk Security Does the Subject Property fall within the Commonwealth Bank of Australia's list of high risk security? /ValuationTransaction/Message/ValuationType/FullRegistered/RiskAnalysis/RiskRating[@RatingType='Other']/Identifier[@UniqueID='HighRiskSecurity'] Radio
Critical Documents to Sight Are there any Critical Documents to be sighted by the Bank? /ValuationTransaction/Message/ValuationType/FullRegistered/RiskAnalysis/RiskRating[@RatingType='Other']/Identifier[@UniqueID='CriticalDocumentsToSight'] Radio
Extended Selling Period Are there any adverse marketability issues, that would require an extended selling period of more than 6 months? /ValuationTransaction/Message/ValuationType/FullRegistered/RiskAnalysis/RiskRating[@RatingType='Other']/Identifier[@UniqueID='ExtendedSellingPeriod'] Radio
Essential Repairs Is the subject property incomplete and/or require any essential repairs? /ValuationTransaction/Message/ValuationType/FullRegistered/RiskAnalysis/RiskRating[@RatingType='Other']/Identifier[@UniqueID='EssentialRepairs'] Radio
Construction Documents to Sight Are there any required construction documents to be sighted by the Bank? /ValuationTransaction/Message/ValuationType/FullRegistered/RiskAnalysis/RiskRating[@RatingType='Other']/Identifier[@UniqueID='ConstructionDocumentsToSight'] Radio
High Risk or Non Residential Property Type Does the subject property comprise a higher risk or a non residential property type? For example: Retirement villages, aged care units, boarding houses/hostels, commercial property, three or more dwellings on one title, student accommodation, serviced apartments, development sites, non residential use, etc. /ValuationTransaction/Message/ValuationType/FullRegistered/RiskAnalysis/RiskRating[@RatingType='Other']/Identifier[@UniqueID='HighRiskOrNonResiPropType'] Radio
Existing Improvements Are the existing improvements on the property incomplete or under construction? /ValuationTransaction/Message/ValuationType/FullRegistered/RiskAnalysis/RiskRating[@RatingType='Other']/Identifier[@UniqueID='ExistingImprovements'] Radio
Non Residential Zoning The subject property is not zoned residential, rural residential or equivalent? /ValuationTransaction/Message/ValuationType/FullRegistered/RiskAnalysis/RiskRating[@RatingType='Other']/Identifier[@UniqueID='NonResidentialZoning'] Radio
Non Residential Current Use All or part of the subject property is used for non-residential purposes? /ValuationTransaction/Message/ValuationType/FullRegistered/RiskAnalysis/RiskRating[@RatingType='Other']/Identifier[@UniqueID='NonResidentialCurrentUse'] Radio
Adverse Marketability The subject property is not in satisfactory internal/external condition; not habitable; and / or not readily saleable (within a 0-6 month selling period)? /ValuationTransaction/Message/ValuationType/FullRegistered/RiskAnalysis/RiskRating[@RatingType='Other']/Identifier[@UniqueID='AdverseMarketability'] Radio
Less than 50 sqm The subject property is an apartment with a living area of less than 50sqm? /ValuationTransaction/Message/ValuationType/FullRegistered/RiskAnalysis/RiskRating[@RatingType='Other']/Identifier[@UniqueID='LessThan50sqm'] Radio
Dwelling greater than 10 hectares The subject property includes a residence, and is greater than 10 hectares/25 acres in size? /ValuationTransaction/Message/ValuationType/FullRegistered/RiskAnalysis/RiskRating[@RatingType='Other']/Identifier[@UniqueID='DwellingGreaterThan10HA'] Radio
Vacant Land greater than 2.2 hectares The subject property is greater than 2.2 hectares/5 acres in size and does not include a residence? /ValuationTransaction/Message/ValuationType/FullRegistered/RiskAnalysis/RiskRating[@RatingType='Other']/Identifier[@UniqueID='VacantLandGreaterThan2_2HA'] Radio
Speculative Residential Development The subject property is a residential development property comprising 4 residences or more as a single development, or land held for future development into 4 lots or more? /ValuationTransaction/Message/ValuationType/FullRegistered/RiskAnalysis/RiskRating[@RatingType='Other']/Identifier[@UniqueID='SpeculativeResiDevelopment'] Radio
Serviced Apartment The subject property is a Serviced Apartment (an apartment that is approved and used for holiday and/or short term accommodation, centrally managed and/or serviced; and subject to a Management Agreement)? /ValuationTransaction/Message/ValuationType/FullRegistered/RiskAnalysis/RiskRating[@RatingType='Other']/Identifier[@UniqueID='ServicedApartment'] Radio
Student Accomodation The subject property is Student Accommodation? /ValuationTransaction/Message/ValuationType/FullRegistered/RiskAnalysis/RiskRating[@RatingType='Other']/Identifier[@UniqueID='StudentAccommodation'] Radio
Subject to Company Title The subject property comprises a Company Share Title or Stratum Title? /ValuationTransaction/Message/ValuationType/FullRegistered/RiskAnalysis/RiskRating[@RatingType='Other']/Identifier[@UniqueID='SubjectToCompanyTitle'] Radio
Subject to Crown Lease The subject property is a Rural Crown Lease? /ValuationTransaction/Message/ValuationType/FullRegistered/RiskAnalysis/RiskRating[@RatingType='Other']/Identifier[@UniqueID='SubjectToCrownLease'] Radio
Located In Regional Area The subject property is located more than 50kms from a provincial city with a population greater than 20,000 and more than 20 kms from a primary regional town with a population greater than 10,000? /ValuationTransaction/Message/ValuationType/FullRegistered/RiskAnalysis/RiskRating[@RatingType='Other']/Identifier[@UniqueID='LocatedInRegionalArea'] Radio
No Power There is no power connected to the subject property? /ValuationTransaction/Message/ValuationType/FullRegistered/RiskAnalysis/RiskRating[@RatingType='Other']/Identifier[@UniqueID='NoPower'] Radio
No Water Source Water applicable to the area is not connected to the subject property? /ValuationTransaction/Message/ValuationType/FullRegistered/RiskAnalysis/RiskRating[@RatingType='Other']/Identifier[@UniqueID='NoWaterSource'] Radio
Adversely Affected Is the subject property adversely affected by any observable easements or known restrictions, environmental, planning or heritage issues that are likely to adversely affect marketability? /ValuationTransaction/Message/ValuationType/FullRegistered/RiskAnalysis/RiskRating[@RatingType='Other']/Identifier[@UniqueID='AdverselyAffected'] Radio
Outstanding Defects Are there any outstanding defects or recommended repairs? (If yes, in the Additional Comments section provide brief details and an estimated cost plus an assessment of value as if the repairs were completed)? /ValuationTransaction/Message/ValuationType/FullRegistered/RiskAnalysis/RiskRating[@RatingType='Other']/Identifier[@UniqueID='OutstandingDefects'] Radio

Recent Construction Confirmation Questions

Field
Description
XPath
ValEx UI Input
Completed within last 24 months Is the subject property situated in a unit/apartment/townhouse complex that was completed within the last 24 months? /ValuationTransaction/Message/ValuationType/FullRegistered/RiskAnalysis/RiskRating[@RatingType='Other']/Identifier[@UniqueID='Completed24Months'] Radio with Options 'Yes', 'No' or 'Unknown'
First Sale of Subject Property Is this the first sale of the subject property? /ValuationTransaction/Message/ValuationType/FullRegistered/RiskAnalysis/RiskRating[@RatingType='Other']/Identifier[@UniqueID='FirstSale'] Radio with Options 'Yes', 'No' or 'Unknown'
By lmurphy at 2015-11-05 17:26 | | login to post comments