LICENSING OF APPRAISERS IN SINGAPORE - A CASE FOR REVIEW

Abstract

The appraisal profession in Singapore has risen to the fore in recent times by its active involvement in all forms of real estate activity. Government departments, statutory boards, corporations and private property owners now employ the services of Appraisers extensively in all decision-making situations pertaining to the use and disposition of real estate. Associated with this rapid rise in the appraisal profession is the urgent need for a more comprehensive system of control and guidance for members of the profession. The present licencing system under the Auctioneers' Licences Act which has served well in the past, cannot be said to fulfill this need adequately in view of its brevity and superficiality. A system of mandatory registration for Appraisers, as practised in New Zealand and Malaysia is, in the view of many professional Appraisers, a better alternative to the existing system. This system will ensure that the public and the profession will be better served by Appraisers who have acquired, maintained and demonstrated continuing competence. The crux of the problem, however, lies with the non-acceptance of this system by the Government. Previous proposals for the system in 1971 and 1977 were flatly rejected as untimely. The validity of this reason is now questionable. Unless the Government can further substantiate such a stand, this dissertation holds the view that the present system governing the appraisal profession needs change. Mandatory registration for Appraisers is a workable alternative and a fitting remedy to the situation.