Future ProPerty ProFessionals - The Australian Property Institute

Future Property
Professionals
Critical changes applicable
from 1st July 2012

Future Property Professionals
Future Property
Professionals
The Future Property
Professionals (FPP)
Program is an exciting
initiative from the
Australian Property
Institute designed to set a higher
level of skills, knowledge and
professionalism in the industry. FPP
supports the academic excellence of
accredited tertiary Institutions and
enhances the practical and professional
competencies of graduates.
FPP has been mandated by the
API as a compulsory program from
1 July 2012.
WHO NEEDS TO COMPLETE FPP?
From 1 July 2012 for all seeking
Provisional Membership (PMAPI)
with Residential Property Valuation
(RPV) designation and Associate
Membership (AAPI) with Certified
Practising Valuer (CPV) designation
with the API are required to
complete the FPP program as a
pathway to Membership.
Additional parameters have
been developed for the FPP
program to recognise those with
extensive Approved Professional
Experience (APE). The following
parameters apply:
• applicants with less than
three years Approved
Professional Experience will
be required to complete the
FPP Program in its entirety
• applicants with between three
years and six years Approved
Professional Experience will
be required to complete the
assessment only sections
of the FPP Program*
• applicants with more than six
years Approved Professional
Experience will be required
to complete the assessment
only section of 6 designated
Modules of the FPP Program
*The Risk Management Module
is a compulsory module for
all those with RPV or CPV
designation and cannot be
waived. The module needs to
be completed in its entirety.
Those completing their final
year of studies at an API accredited
tertiary institution can commence
their FPP studies, provided they have
a minimum of 12 months APE at the
commencement of the program.
FPP MODULES
Those seeking Provisional Membership
(RPV) will be required to complete
nine (six compulsory and three
prescribed) on-line modules, whereas
those seeking Associate Membership
(CPV) are required to complete twelve
(six compulsory, three prescribed and
three elective) on-line modules.
Each module should take between
2 and 3 hours to complete, however
if additional reading is required, this
should be considered in addition to the
estimated completion time.
On successful completion of each
module, a participant can claim 2 CPD
points. Participants can only enrol in 3
modules at any one time.
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Future Property Professionals
WHAT DOES SUCCESSFUL
COMPLETION ENTAIL?
Participants completing the FPP
program in its entirety have two
attempts to successfully complete
a module quiz. The pass mark for
the quiz has been set at 80% and
each quiz has a time limit associated
with it. Those coming in under the
years of APE (only completing the
assessment portion of the module)
are afforded one opportunity to
successfully pass the quiz. The quiz
pass mark remains at 80% and the
timing remains the same.
HOW MUCH APPROVED
PROFESSIONAL EXPERIENCE
IS REQUIRED?
Those seeking PMAPI (RPV) are
required to hold a minimum of 12
months APE in valuation, prior to
applying for Membership. Those seeking
AAPI (CPV) are required to hold a
minimum of 2 years APE in valuation
prior to applying for Membership.
WHAT IS THE INVESTMENT
REQUIRED?
The investment for most FPP modules
in the optional phase up to 1 July
2012 is $53.90 (GST inclusive). The
investment for most FPP modules
once the program is compulsory is $55
(GST inclusive).
The API is pleased to offer the
Preparation for Professional Interview
module, whether for Provisional
or Associate Membership free of
charge to those preparing to sit
their Interview.
The Risk Management Module
is priced at $255 (GST inclusive) for
Members and $415 (GST inclusive)
for Non-Members.
Assessment Only modules will
be available for those who have
significant amounts of Approved
Professional Experience (APE) for
$33 (GST inclusive) per module.
ARE THERE ANY TRANSITIONAL
ARRANGEMENTS IN PLACE?
Applicants are exempted from
completing the requirements of
the FPP program if they meet the
following three criteria:
• Have graduated from an API
approved qualification
• Have a minimum of 12 months
Approved Professional Experience
(APE) if applying for PMAPI
(RPV) or 24 months experience
if applying for AAPI (CPV)
• Have applied for either
PMAPI (RPV) or AAPI (CPV)
Membership prior to 30 June 2012
WANT FURTHER INFORMATION?
Further information about the FPP
program can be found on the API website
at www.api.org.au. A dedicated FPP
helpdesk will provide program support and
enrolment by emailing fpp@api.org.au •
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Future Property Professionals
FPP Program
student testimonial
Tell us about your current employment
Since graduating from my Bachelor’s degree at Bond University, majoring in Property Valuation, I have
commenced my career in valuation at Egan National Valuers (ACT). Throughout the course of my employment I
have gained invaluable knowledge and professional experience in the areas of residential, rural, industrial and
commercial valuations. Meanwhile, I achieved my API status as a Provisional Member of the API, Residential
Property Valuer (PMAPI, RPV).
When are you due to sit your Professional Interview?
My upcoming goal is to sit for the professional Associate Member with Certified Practising Valuer (AAPI, CPV) interview
during August this year.
Where do see your career heading?
In the future I see myself as a Certified Practicing Valuer gaining further professional experience and knowledge
within the field, and perhaps in time becoming a Life Fellow of the API.
How have the FPP Program modules refreshed your knowledge, brought new
information to light or further developed your skills?
After completing half of the FPP program, I have found that most of the
modules provide knowledge that had already been gained during my professional
experience; the only difference is theory and practice. However, the modules
have given me confidence in knowing that I am applying most of the theory
into my own practice and have also refreshed my knowledge in areas that I
could improve on.
Which modules in particular did you enjoy?
In particular I enjoyed Written Communication as I also find concise, accurate
and easily read reports, among other things, to be important in providing the
client with a professional final product.
How has the FPP assisted your professional development
as a Valuer and better prepared you for your next
professional interview?
The FPP program has provided me with a little more confidence and ease
to sit for the professional interview. After completing the
“Preparing For Your Professional Interview” module I have
found some beneficial information that has helped
me to prepare for the application and interview
process as well as what to look out for and what to
look forward to.
Egan Valuers'
Olivia Wystepek
471 aNZPJ JUNE 2012