real estate appraisal and asset valuation, in general, has transformed in the last ten years from a mere activity practiced by those who work in real estate development and investment, to an independent profession organized with special requirements and qualifications, which is subjected to government supervision and requires years of study and training to obtain Membership and fellowship.
What’s the definition of an accredited real estate appraiser?
an accredited valuer is a valuer who has passed all training courses and finished all requirements by “SAAV” in a specific valuation sector,
those who wish to open their valuation facility, should complete 3000 hours of experience and pass fellowship exams.
these are called certified valuers.
What agencies need Real Estate valuation services?
- financing Agencies
- judicial authorities
- individuals for buying and selling
- governmental entities
- investment entities
- joint-stock companies
What are the main purposes of Real Estate valuation?
- Mergers and acquisitions.
- Buying and selling.
- Financial reporting
- Legal disputes.
- Inheritance
- Liquidation.
- Mortgage.
Why should companies & individuals work with only Accredited valuers?
- Accredited valuers are qualified and hold many years of experience.
- Accredited valuers are licensed professional experts that follow IVS, national laws, and legislation.
- Accredited valuers are completely independent and impartial.
- Accredited valuers are legally responsible for the reports they issue.
What are the documents that the accredited valuer must hold, and be shown to the client?
- Valid license
A license issued by the Ministry of Commerce containing; the valuation sector in which valuers are licensed to practice and confirms that the holder of this license is authorized to work in asset evaluating a business.
- Basic Membership
an individual membership issued by the Saudi Authority for Accredited valuers, those who hold a basic membership are authorized to work for a licensed valuation company.
- Registered valuation report
The report that the valuers submit to clients at the end of the valuating process after the evaluation mission ends, and the evaluator is required to register a report at the “QIMA” Portal, so a registration certificate for this report is issued on the website
What are the personal characteristics that must be met by Real Estate valuers?
- Impartiality and complete independence.
- Honesty, accuracy, and organization.
- Self-confidence & adaptability
- Knowledge and well education
- Understanding market variables and being able to adapt to them.
- Ability to work under pressure and special circumstances.