Professional Negligence - a Real Threat to Chinese Appraisers
After Chinas accession to the WTO, a large number of foreign investors are expected to invest in various projects, including real estate, in this country. Appraisers in China will be retained by investors, both domestic and overseas, to carry out real estate valuation for various purposes. The Chinese real estate appraisal industry is relatively young. The valuation knowledge and experience of appraisers are also relatively backward. In particular, the understanding of the issues of professional negligence is relatively weak among appraisers. At present, the issues of professional negligence have caught little attention of appraisers in China. The legal duty and financial liabilities are not part of the education and training curriculum of appraisers. In developed countries, professional negligence is an important issue. Negligent appraisers are likely to be sued for damages by their clients. In Australia, the large amount of pay out by insurance companies in professional negligence claims in recent years has led to insurance companies refusing to offer professional indemnity cover to appraisers. With the increasing number of foreign investors in China, the higher standard of valuation from developed countries will no doubt be brought into the country. Chinese appraisers are expected to provide valuation service of comparable quality and standard. Similar to their overseas counterparts, they will no doubt face the real threat of being sued for negligence. This paper discusses the relevant issues and makes recommendations for improvements.
Nelson Chan
School of Construction, Property and Planning. College of Law and Business. University of Western Sydney
国际会议
2003 International Conference on Construction & Real Estate Management(2003 建设与房地产管理国际会议)
哈尔滨
英文
201-204
2003-11-20（万方平台首次上网日期，不代表论文的发表时间）