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Similarities Between Estate Surveyors and Quantity Surveyors

Estate surveyors and quantity surveyors have several similarities. They are both management professionals in environmental studies and provide clients with surveying and building advice. They also serve as project appraisers by forecasting the future of proposed projects. However, there are some key differences. Quantity surveyors focus on cost management and minimizing costs, while estate surveyors focus on valuing property interests. Quantity surveyors manage all construction costs, while estate surveyors seek to determine the period for a project's initial investment to be recouped.

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948 views

Similarities Between Estate Surveyors and Quantity Surveyors

Estate surveyors and quantity surveyors have several similarities. They are both management professionals in environmental studies and provide clients with surveying and building advice. They also serve as project appraisers by forecasting the future of proposed projects. However, there are some key differences. Quantity surveyors focus on cost management and minimizing costs, while estate surveyors focus on valuing property interests. Quantity surveyors manage all construction costs, while estate surveyors seek to determine the period for a project's initial investment to be recouped.

Uploaded by

Amulie
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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SIMILARITIES BETWEEN ESTATE SURVEYORS AND QUANTITY SURVEYORS

The similarities between quantity surveyors and estate surveyors are as follows:
1. Both estate surveyor and quantity surveyors are management professional in
field of environment studies.

2. Estate surveyors and other form of surveying and building related advices their
client.

3. Both quantity survey and estate surveyors serves as project appraisal as the
forecasting the future of proposed project.

4. Both estate surveyors and quantity surveyors look for their client or contractors
working man office or on site, they are involve in project from the start, preparing
estimates and cost of the project.

5. Estate surveyors and quantity surveyors are also referred to as construction cost
consultant or commercial managers.

DIFFERENCES BETWEEN QUANTITY SURVEYORS AND ESTATE SURVEYOR

1. Quantity surveyor seeks to manage and minimize the cost of project and
enhance value for money to achieve the required standards and quality while
estate surveyor tend to manage and value the interest of the project with a
particular interest of the returned in the monetary value of the project.

2. The primary objectives of an estate surveyor is to carryout valuation of interest in


landed properties for a particular purpose while that of the quantity surveyors cost
management and provision of bill of quantity in the construction of a project.

3. Quantity surveyor manages all cost relating to buildings and civil engineering
project from the initial calculation to the final figure. While the estate surveyor seek
to value the period which it will take the project to receiving its initial capital
investment in construction.
TYPES OF VALUATION STANDARDS

The complexity of the valuation process and the significance of its results both for
market players and the very functioning of the market require the co-application of
four independent types of standards1:

Conduct standards;

Process standards;

Definitional standards;

Technical standards.

Conduct standards include a professional ethical code and the specification of


required competences. In addition, they include minimum requirements for a
document serving as the proof of an experts work (i.e. an appraisal study). On the
one hand, the rules of conduct are common for all professions, e.g. the
requirement of professional honesty with respect to clients, of having proper
qualifications, of not accepting tasks which exceed ones competences and
possibilities, and on the other hand, they are specific and particularized, depending
on the actual profession, by professional organizations and/or legislators. For
instance, lawmaking bodies in co-operation with a professional organization specify
the conditions of access to a profession, and requirements which have to be met
by the representatives of a given profession in order not to lose their license or
qualifications.

Process standards include a set of procedures which should be applied and


observed by valuers undertaking a particular task. These procedures include the
following:

The requirement to specify the purpose and intended application of the valuation;

The requirement to specify the date of the valuation and the appraisal study;

The requirement to describe the subject of the valuation as both a physical and
legal entity;

A description of the underlying premises of the valuation; the indication of


methods, techniques, and procedures which have led to the specification of a given
market value;

The indication of information sources;

Value level;
limiting conditions;

Reservations.

Definitional standards are extremely significant for building a common language


for evaluation. They are a tool to combine the theory and practice of valuation.
These standards must cover the following fundamental notions: value, price, and
cost. There was a proposition to define valuation parameters including the
definitions of leasable area, the calculation of return rates, the calculation of
income and expenditures, as well as data sources (NAUBEREIT 2008). In addition,
definitional standards cannot be focused on definitions only, since they have to
provide interpretations for particular categories. For instance, the definition of the
market value of real estate or other property without a proper interpretation of
individual words applied may lead to considerable variations in the understanding
of the value, i.e. the very concept of market valuation.

Technical standards influence the valuation theory. For example, they include
practical solutions for calculating income generated by properties of various
functions (like an office block vs. a hotel), conditions for the acceptance of an
model for an income generated by a property by means of applying certain
valuation premises, the rules of converting income into value or the manner of
calculating corrections for mapping the impact of real-estate differentiating factors
on the value level of property under valuation.

All the above types of standards, although clearly set apart, do co-exist and
interrelate. THORN (2007) is right in claiming that even an advanced valuation
theory may prove poor in practice if it is presented by means of ambiguous and
equivocal terminology. In other words, the theoretical structures applied must
ensure the proper reflection of particular market conditions, and the very valuation
must be an objective market image. Hence, professional ethics turns out to be
quite useless if a valuers opinion does not reflect the behavior of market players
(THORN 2007). Therefore, THORN (2007) introduces the notion of the standards
matrix.

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