LIXI Valuations 1.

6
Schema Changes

Prepared for: LIXI Members

Prepared by: Erik Fenna

Status: Release

27 November 2012

Version and Date Modified By Comment

RFC Draft version 1 Erik Fenna Draft for comment
Release Erik Fenna Updated with RFC 1.2 changes, and released

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Table of Contents
Overview 1
Purpose of this Document 1
Introduction 1
References 1
Changes 2
Site Dimensions 2
“Recommendation” 2
Risk Rating 3
Capped Liability Scheme 4
Important Notes & Qualifications 4
Approximate Year Built 5
Title@TitleClassification Other value 5
RestrictedAccessAssessments estimated living area 5
Sales Evidence and the Market 6

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Overview
Purpose of this Document
This document describes how change requests and requirements described in LIXI Valuations
1.6 Requirements have been implemented in the LIXI Valuations 1.6 schema.

Introduction
The Australian Property Institute released changes to their pro forma valuation report form in
January 2012, and a set of requirements have been produced to reflect those changes within
the corresponding the LIXI Valuations Schema.

LIXI is pleased to release this paper and the associated schema to the Valuations working
group.

References
Item Location

Valuations 1.6 Requirements RFC v1.1 LIXI Members website (pageseeder) Valuations
working group

Valuations 1.6 Draft Schema RFC v1 LIXI Members website (pageseeder) Vocab working
group

API PropertyPro report API PropertyPro website, including:

Supporting Memorandum 2012-01
Pro-forma Report 2012-01

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Changes
Site Dimensions
Allow free text to cover all possible outcomes/permutations of site dimensions.

Requirements
• Depth is to be optional.
• A new free text attribute Description is to be supported.
• “Regular” and “Irregular” shape is to be defined.

Schema

Definitions
• Regular Shaped Allotment – An allotment which is either square or rectangular in shape,
or any other shape where a square or rectangular shape equivalent in area to the
minimum area for the allotment type could be contained within the boundaries of the
allotment, and includes a battle-axe shaped allotment and a corner allotment where the
only deviation from the above requirements is the access corridor or splay corner
respectively. From NSW gov.
• Irregular Shaped Allotment – An allotment which is not a regular shaped allotment.

“Recommendation”
A valuation requestor may request the valuer to state whether the property is suitable for
security for a lending or mortgage insurance transaction. The schema must be modified to
adequately meet the requirements

Requirements
• A new optional RequiresRecommendation (Yes/No) attribute is to be included to permit
the requestor to request the recommendation.
• RecommendedSecurity is to be optional.
• A new free text attribute RecommendationReason is to be supported, to capture further
descriptive information from the valuer

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Schema

Example XML
When the lender is indicating that a recommendation is required:

<ValueComponent ... RequiresRecommendation=“Yes”/>

When the Valuer is indicating that the Security is an acceptable security to be considered for
Lending Purposes:

<ValueComponent ... RecommendedSecurity=“Yes”/>

When the Valuer is indicating that the Security is not an acceptable security to be considered
for Lending Purposes. When the Valuer indicates that the Security is not an acceptable security
to be considered for Lending Purposes, comments should be provided:

<ValueComponent ... RecommendedSecurity=“No” RecommendationReason=“Appearances can

misleading”/>

Risk Rating
The Market Risk rating “Reduced Value next 2-3 yrs” has been removed, and a distinct new
rating “Recent Market Direction” has been defined and must be supported. The risk rating
values are 1-5 like other ratings.

Requirements
• Remove the enumeration ReducedValue from the RiskRating@RatingType.
• Add an enumeration RecentMarketDirection to the RiskRating@RatingType, with Rating
values 0 (for “unknown”) and 1-5.

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Schema

Notes
The usage guidelines for Recent Market Direction are described in the API PropertyPro
supporting memorandum Market Risk Ratings section.

Capped Liability Scheme

The pro forma report specifies “If applicable, the words “Liability limited by a scheme
approved under Professional Standards Legislation” will be inserted”.

Recommendation
• If applicable, insert the phrase “Liability limited by a scheme approved under
Professional Standards Legislation” into the Disclaimer field.

Important Notes & Qualifications

Valuer must be able to enter text to capture important notes and qualifications

Requirements
• Add optional string field ImportantNotesAndQualifications (maxoccurs=1) under each
Valuation Type (FullRegistered/ImportantNotesAndQualifications;
RestrictedAccessAssessment/ImportantNotesAndQualifications, etc).

Schema

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Approximate Year Built
Although ‘year built’ is supported, the memorandum states “‘About’ is used more often as the
exact year built is often not readily ascertainable. This implies that the schema should be able
to differentiate between a precise year and an approximate year.

Requirements
• Add optional attribute under PropertyCharacteristics to indicate whether YearBuilt is
approximate or exact, or to be erected.

Schema
A “YearBuiltIndicator” has been added to PropertyCharacteristics with appropriate
enumerations

Title@TitleClassification Other value

The @TitleClassification has two instances of the “Other” enumerations.

Requirements
• Remove one of the “Other” enumerations.

Schema
One of the enumerations was removed

RestrictedAccessAssessments estimated living area

RestrictedAccessAssessments should allow you to provide living area, much as FullRegistered
does.

Requirements
• propose to allow Restricted Access node to contain an optional ImprovementAreas node.

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Schema

Sales Evidence and the Market

Further details are being captured regarding the sales evidence & the market, and other
details may be removed.

New items include:

• Selling period, including greater than 6 months
• Sale in line with local market
• Copy of Contract of Sale sighted

Changed items appear to include

• Level of market activity (differing requirements for enumerations from previous usage)

Removed items appear to include

• Recent market direction (moved to risk section, with differing requirements)
• Two-tier or multi-tier market

Requirements
Add new items to include:
• Expected Selling Period, enumerated for <6, 6-12 and >12 months
• Sale in line with local market
• Copy of Contract of Sale sighted
• Comment regarding Contract of Sale sighted

Change
• Level of market activity – remove enumerations

Remove items
• Recent market direction (attribute in risk section to replace this)
• Multi-tier Market

Schema
The attributes for market activity, market direction and multi-tier market from FullRegistered
and multi-tier market from RestrictedAccess have been removed. A new element SalesMarket is
defined, containing the market activity information and recent sales of the subject property.
This element SalesMarket is added to FullRegistered and RestrictedAccess valuations.

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Note also that SalesEvidence has been added to RestrictedAccessAssessment.

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