The Ministry of Commerce and Investment has referred 25 real estate establishments to the Public Prosecution for violating the Certified Valuers Law, which stipulates that anyone practicing the real estate valuation profession must obtain a license to practice the valuation profession from the Ministry of Commerce and Investment.
The violations of the Certified Valuers Law issued by Royal Decree No. (M/43) dated (1433/7/9 AH) that require punishment according to the system are practicing the valuation profession without obtaining a license, practicing the valuation profession after the expiration or cancellation of the license, providing data that does not conform to the truth, or using any means of advertising that would lead the public to believe that they are entitled to practice the valuation profession contrary to the truth.
The violations varied. The law also stipulates penalties for violators of the Certified Valuers Law, starting with a warning and up to imprisonment for a period not exceeding one year, taking into account the appropriateness of the penalty with the violation, as well as the penalty of censure or suspension from practicing the profession for a period not exceeding one year, or a fine of 200 thousand or revocation of the license and removal of the violator from the register of certified valuers.
Secretary explained. <In this regard, the Secretary-General of the Authority, M. In a special statement to ”Amlak Newspaper“ that the Authority seeks to raise professionalism and improve the practical and regulatory environment of the evaluation market in addition to qualifying practitioners according to international evaluation standards and their accreditation, Al-Jaris explained that since its establishment, the Authority has implemented 230 specialized training courses in real estate evaluation attended by 6300 trainees in 17 different cities in the Kingdom, and granted its basic membership to 930 people who can practice the profession in 300 facilities licensed to practice real estate evaluation throughout the Kingdom ”
. <It is worth mentioning that the Saudi Commission for Certified Valuers was issued by Royal Decree No. (M/43) dated (9/7/1433H) and entrusted with the task of developing and organizing the valuation profession in various branches (real estate valuation, economic facilities valuation, vehicle accident damage assessment, machinery and equipment valuation) In addition to qualifying and accrediting appraisers and monitoring their performance.
