55.— (1) A licensee shall, within 7 working days of being requested by the vendor of land to value the land for sale, or within such longer period as may be agreed between the licensee and the vendor, provide the vendor with a statement in the specified form of the advised market value of the land.

(2) A licensee shall, within 7 working days of being requested by the lessor of land to value the land for letting, or within such longer period as may be agreed between the licensee and the lessor, provide the lessor with a statement in the specified form of the advised letting value of the land.