26 Janvier 2021
What's the Difference Between a Chartered Surveyor and a Land Surveyor?
Chartered Surveyor is basically the description of Fellows and Professional Members of the Royal Institute of Chartered Surveyors legally entitled to use the title in Ireland and Commonwealth countries. Chartered originates from an Act of Parliament of the United Kingdom dated 8 Geo. II, c. 33. The first chartered surveyors were those appointed by the king to survey certain public lands. It is believed that the survey was intended to prevent the enrichment of one group over another through an unfair system of compensation.
With the development of new technologies and improved survey methods, chartered surveyors are now engaged in a wide range of financial activities such as housing market valuation, mortgage valuation, estate valuation, and many others. Mortgage valuation is perhaps the most widely performed survey type. They usually prepare the valuation reports on behalf of real estate agents or lenders and assign an independent third party expert to do the job. There are basically three main articles or parts included in a typical mortgage valuation: the property assessment, the identification of risks and the financial model.
Property assessment refers to the methodology surveyor uses to arrive at the valuation results. These include measurements of characteristics like site condition, accessibility, soil type, and other physical features of the land. The main concern of a property assessment is to provide accurate information about the worth of a property to potential buyers and/or investors. A major part of the property assessment involves creating a comparable case study for the client to base his decision on. Typically, a chartered surveyor will use this case study to justify the value of a particular property.
Similar to property assessment, the identification of risks is an integral part of any valuation surveyor's work. In this section, the chartered surveyors evaluate the existing conditions of the land and other relevant factors that may affect its future usage or even its saleability. The professional bodies that regulate surveyors are known as the National Society of Surveyors and the Professional Engineers Organization. These organizations set the criteria for surveyor qualification and recommended membership therein. Read more great facts on rics building survey, click here.
Financial Modeling is an important aspect of valuation that most chartered surveyors are required to undertake. This section evaluates the financial viability of a proposed project and the associated costs. This involves the calculation of realistic values of various factors like interest rates, financing costs, land prices, and construction materials. A professional surveyor will use these inputs to formulate a realistic projection of the value of property that can be submitted to investors. Please view this site https://www.dictionary.com/browse/chartered-surveyor#:~:text=noun,to%20satisfy%20their%20professional%20requirements for further details.
Another important aspect is the fact that every surveyor has to take account of the compliance requirements of local laws, which are actually what's the difference between a good surveyor and one who is not. Some of these laws concern the manner in which surveyors have to handle their information, the kind of questions they are supposed to ask their clients and the kind of information they are supposed to gather from their clients. These are some of the most important and basic requirements that any chartered surveyor should fulfill in order to ensure the best possible services.