Valuer independence: strict duties on impartial valuation, disclosure of conflicts, and prohibition on third-party remuneration. Regulation 12 requires REIT valuers to ensure valuations are impartial, compliant with valuation standards, and produced under robust internal controls with adequate personnel and financial resources. Valuers must act with independence, objectivity and professional judgment, avoid misleading claims, not accept third-party remuneration, and not accept assignments with predetermined conclusions. They must disclose any direct or indirect consideration and any transactions or arrangements with the REIT manager or counterparties that could affect independence, refrain from investing in or disposing REIT units/assets around the engagement period, and acquaint themselves with all relevant laws and regulations.