The process called commercial valuation is completely different in comparison of the residential valuation. Both are different from each other because the purpose of utilization is also different. Different methods is to be adopted for calculation of true value of the property. For calculation of fair market value of the property it is really important and essential to adopt the standard method. When non standard method is to be adopted for calculation then the outcomes can not be achieved in accurate manner as well as it would not be accepted by the controlling authority of the process. It is also important to acquire up to date market information in the process of property valuation so that failure can be avoided.
In the process of property valuation different legal rules and regulation is been involved which is compulsory for all to obey it. If rules is not been obeyed then strict action is to be taken by the authority against such person. Guidance is to be given by the Australian standard in the process so that all sort of activities can be carried out in right manner at right timings. The main reason behind involvement of legal rules and the regulation is to maintain legacy in the procedure and also for maintenance of welfare of the society. Due to involvement of the legal rules and the regulation in the process of valuation control can be done over unfavorable activities and the loss of finance. Successful outcomes can be gained when the process do run into flexible manner.