Definitions/ Glossary
Candidate Valuer – Person who is enrolled at an accredited tertiary institution for the prescribed valuation course, and who is allowed to conduct valuations under the supervision of a registered professional mentor.
Professional Associated Valuer – Professional who has passed the prescribed examinations and has gained practical experience in property valuation which is of the prescribed scope, variety, nature and standard.
Professional Valuer – Professional Associated Valuer who gained further experience and skills level through examinations with the SACPVP.
SAIV – South African Institute of Valuers; voluntary association for property valuers.
SACPVP – South African Council for the Property Valuers Profession; oversees the registration of professionals, candidates in the property valuation profession.
CBE – Council for the Built Environment; overarching body for the professions of property valuation, quantity surveying, architecture, engineering, project and construction management, and landscape architecture.
Appraiser – Internationally refers to a valuer of property, where in South Africa it would be a Professional Associated Valuer or Professional Valuer. An appraiser in the South African context often refers to a person instructed by the Master of the Court to assist in valuations for Estate Duty purposes.
IVSC – International Valuation Standards committee Market Value – The estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arm’s length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently, and without compulsion Highest and Best Use - The most probable use of a property which is physically possible, appropriately justified, legally permissible, financially feasible, and which results in the highest value of the property being valued.