Valuers Council of Zimbabwe
Until 2006 the Estate Agents Council of Zimbabwe administered all the functions of real estate practice to include valuation, leasing, sales auction and management. However, in recognition of the importance of and complexity of the industry, the Ministry of Justice Legal and Parliamentary Affairs introduced separate acts for real estate and valuations. After the establishment of the separate acts the valuation aspect no longer falls under the Real Estate Council of Zimbabwe.
The valuation aspect is now governed by The Valuers Act 1996, which came into effect on February 1 2006 and is administered by THE VALUERS COUNCIL OF ZIMBABWE through the Ministry of Local Gove-rnment, Public Works, and Urban Development. The council maintains a register of all registered valuers.
Valuation is a specialised aspect of real estate practice. It is mandatory for all firms offering valuation services to practice under a registered valuer with a valid practicing certificate. The public are at liberty to check with the Valuers council before commissioning instructions.
THE VALUERS ACT
The Valuers Act 1996 ensures adherence to strict highest ethical standards, and that only competent and skilled persons execute this function. The Act makes it an offence with punitive measures of a fine, jail or both for unregistered persons to execute this function. The registrar of members to The Master’s Panel of Valuers of The High Court needs to ensure that only those who qualify under the Valuers Act are admitted. Firms can either practice estate agency, valuation, or both provided they comply with the provision of the relevant acts.