The Saudi Authority for Certified Valuers plans to hold ”Course 101“ sessions”International Valuation Standards and Ethics and Conduct in the Valuation Profession,“ in Makkah from November 1–5, 2015, and in Riyadh from November 22–26, 2015, in Tabuk from December 6–10, 2015, in Dammam from December 13–17, 2015, and in Riyadh from December 27–31, 2015.
In addition, more than 90 real estate appraisal professionals were granted provisional membership in the Saudi Authority for Certified Appraisers” Real Estate Branch during the month of Sha’ban, after passing a personal interview and fulfilling the membership requirements by passing the prescribed curriculum exams on international valuation standards and the ethics and conduct of the valuation profession. Bringing the total number of participants in the Authority’s courses to 1,007 trainees since the Authority launched the qualification program for real estate appraisers to obtain professional accreditation and licensing to practice the profession.
Of these, 663 trainees attended 20 sessions of Course 101 in Riyadh, Jeddah, Madinah, Al-Ahsa, Dammam, Abha, and Ha’il, and 604 trainees passed the exams, In addition, 259 trainees participated in eight sessions of Course 102, “Fundamentals of Real Estate Appraisal,” in collaboration with the Appraisal Institute in Riyadh, Jeddah, and Al-Ahsa, and 201 of them passed the exams. Two sessions of Curriculum 103, “Basic Real Estate Appraisal Procedures,” were completed in Riyadh and Jeddah, attended by 85 trainees.
For his part, Essam bin Hamad Al-Mubarak, Secretary-General of the Saudi Authority for Certified Appraisers, said: “These courses reflect the Authority’s efforts to regulate the real estate appraisal profession, enhance practitioners’ performance, and grant practitioners membership in the Saudi Authority for Certified Appraisers prior to the entry into force of the Appraisers Law, in implementation of Ministerial Decision No. 531 dated 3/6/1435 AH, which stipulates that anyone practicing the profession of real estate appraisal must obtain membership in the Saudi Authority for Certified Appraisers by 20/3/1437 AH, Membership in the Authority grants practitioners who meet the requirements the right to provide real estate appraisal services in the Kingdom. There is a growing need for their services in the courts to establish rights, particularly in attachment and enforcement proceedings, inheritance distribution, and acquisitions and mergers, as well as to provide appraisal services to the private sector, including banks and real estate finance companies, in coordination with the Ministry of Justice and the Saudi Arabian Monetary Authority.
The Authority is currently intensifying its efforts to expand training courses that qualify participants for membership, which enables them to practice the profession of real estate appraisal, upon successful completion of the training course on international valuation standards and the ethics and conduct of the valuation profession, as well as passing a personal interview.
It should be noted that with the entry into force of the Certified Appraisers Regulation, appraisal has transitioned from a commercial activity to a profession, and the system stipulates that Saudi members of the Authority are eligible to register with the Advisory Professions Department at the Ministry of Commerce and Industry and apply for a license to practice the real estate appraisal profession, while the Authority’s Interview Committee receives membership applications through the Authority’s online portal and schedules interview dates and procedures. The Ministry’s Registration Committee also processes applications for professional licenses from appraisers who hold Commission membership and meet the requirements for registration in the registry. It is also worth noting that a Cabinet decision was issued on 12/1/1436 AH, stipulating (that the Ministry of Civil Service include the assessment task under an appropriate existing job title, such as positions related to finance, accounting, or engineering). The Saudi Authority for Accredited Valuers has launched a dedicated website for registration in the Authority’s training courses, exams, and all events organized by the Authority, through its e-Qima services, which serve as the portal for the electronic services developed and provided by the Authority to facilitate communication with it, regulate the appraisal profession, serve its members, and document their work. Those interested in the Authority’s services can create their own account via the following link: http://qima.taqeem.gov.sa/Qima/register.xhtml
Over the past eight months, the Authority has worked in collaboration with the Royal Institution of Chartered Surveyors (RICS) over the past eight months to develop a curriculum for specialized, non-mandatory courses to qualify appraisers wishing to participate in valuation committees for expropriation for public benefit and temporary seizure of property. The training program aims to provide a comprehensive understanding of the Kingdom’s system of expropriation for public benefit, temporary seizure of property, and compensation, as well as its application, and to draw on valuation and expropriation practices in international markets, The first session began in Riyadh yesterday, Sunday, 20 Dhu al-Hijjah 1436 AH.
