Regulatory teams in the Ministry of Commerce and Investment will begin today to conduct inspection tours on real estate offices and companies in various regions of the Kingdom to ensure compliance with the system of accredited evaluators, and not to practice the valuation profession only through licensed establishments, after completing the requirements and passing the training programs provided by the Saudi Commission for Certified Valuers, as the valuation profession contributes to preserving rights and creating a suitable environment for credit and raising the level of confidence and security in the national economy.
These campaigns come in the form of inspection tours on real estate offices and companies in various regions of the Kingdom to ensure that they are compliant with the system of accredited evaluators. <These campaigns carried out by the regulatory teams in the Ministry of Commerce and Investment, These campaigns come within the framework of its keenness to ensure the implementation of the legislation and executive regulations of the Certified Valuers Law issued by Royal Decree No. (M/43) dated (1433/7/9 H), the most prominent violations of which include practicing the real estate valuation profession without obtaining a license, practicing its valuation 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 he is entitled to practice the valuation profession contrary to the truth.
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, provided that the appropriateness of the penalty is taken into account with the violation, and the law stipulates 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's registration from the register of certified valuers.
It is noteworthy that the Saudi Commission for Certified Valuers provided 290 specialized training courses to qualify practitioners of the real estate valuation profession, attended by 8600 trainees in 19 different cities in the Kingdom, and granted its membership to 1380 people working for 370 licensed establishments to practice the profession of real estate valuation in the Kingdom.
