5Incorporated land valuer's business to be properly managed and supervised

5 Incorporated land valuer's business to be properly managed and supervised

A land valuer that is a body corporate must ensure that the valuer's business is properly managed and supervised by a natural person who –

(a) has satisfactorily completed an accredited course and has the required practical experience as determined by the Australian Property Institute or any other organisation representing the interests of land valuers in Tasmania; or

(b) was, immediately before the commencement day, a registered valuer under the repealed Act and whose registration was not suspended under that Act; or

(c) if he or she was, immediately before the commencement day, subject to any restricted registration under the repealed Act, is practising in accordance with that restriction.

Penalty:  Fine not exceeding 200 penalty units and a further penalty not exceeding 5 penalty units for each day during which the offence continues after conviction.