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REV, TEGoVA (english)

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Recognized European Valuer (REV, TEGoVA) Program

About the Program

Requirements to the valuer:

List of certified valuers for the Recognized European Valuer program

About the Program

A new system of common European requirements to real estate valuers entitled Recognized European Valuer (REV) was approved by TEGoVA in 2007 to replace the cancelled certification system Approved by TEGoVA.

This system is implemented via national associations being members of TEGoVA.

The Russian Board of Appraisers has been a member of TEGoVA since 2005.

The Recognition Committee of TEGoVA has accepted an application for accreditation of the RBA in TEGoVA and the right to recommend its members to be assigned the professional REV title.

Requirements to a valuer:

·        To be a practicing valuer and a valid member of the organization that is a member of TEGoVA;

·        To be a practicing valuer (a member of the Russian Board of Appraisers) in an appraisal company that is a member of the RBA;

·        Have full expertise and professional experience in the sphere of theory and practice of appraisal including the knowledge of European appraisal standards or International Valuation Standards (set by the IVCS) and national appraisal standards used in compliance with the specifics of state regulation.

To be recognized, the applicants must meet the requirements from one of the three categories:

Category 1*. A candidate that has a recognized university degree or a diploma of postgraduate education or any other certificate valid for asset appraisal (taking into account the definition of the recognized university degree, postgraduate training programs and other certificates valid for asset appraisal):

·        has two years of professional experience in the sphere of property appraisal;

·        has conducted and can present at least 20 written appraisals for the past two years. In exceptional circumstance, the Recognition Committee can accept a smaller number of appraisals;

·        meets further requirements that can be deemed as necessary by TEGoVA.

Category 2**. A candidate that has a university degree or a diploma of postgraduate education or a degree or has professional qualification that is deemed to be valid for the sphere of real estate:

·        has five years of professional experience in the sphere related to property, with three years devoted to the accumulation of professional experience in the sphere of property appraisal;

·        has conducted and can present at least 20 written appraisals for the past two years. In exceptional circumstance, the Recognition Committee can accept a smaller number of appraisals;

·        meets further requirements that can be deemed as necessary by the relevant national association being a member of TEGoVA.

Category 3**. A candidate without a university degree or diploma of postgraduate education or degree or any other valid educational or professional qualification:

·        has ten years of professional experience in the sphere of property, with three years devoted to the accumulation of professional experience in the sphere of property appraisal;

·        has conducted and can present at least 20 written appraisals for the past two years. In exceptional circumstance, the Recognition Committee can accept a smaller number of appraisals;

·        meets further requirements that can be deemed as necessary by the relevant national association being a member of TEGoVA.

The applying appraiser must:

• Take part in advanced professional training programs

The expert appraiser must annually ensure at least 20 academic hours of continuous professional advanced training with the approval and control exercised by the RBA.

• Follow the professional ethics code

The expert appraiser must confirm his/her compliance of the national association’s code of ethics and appraisal standards as well as regulations and instructions of his/her country related to property appraisal.

• Acquire legal recognition that enables the appraiser to practice appraisal in his/her country of residence

In the countries where the appraisal profession is subject to regulation, the application must be authorized to practice appraisal in compliance with the national regulations.

Major spheres of expertise and requirements to university diplomas, diplomas of postgraduate education or other certificates confirming education required for asset appraisal

A university degree, a diploma of postgraduate education or other certificates valid for asset appraisal can be deemed as recognized by TEGoVA in case they confirm the appraiser’s training for rendering high-quality appraisal services on the basis of multi-discipline expertise with the following aspects serving as the basis:

• principles of the economic theory including those related to the real estate market;
• principles of appraisal, appraisal practice and standards including appraisal regulations established by the law;
• real estate financing, investment and statistical analysis;
• real estate, land management and environmental protection legislation.

Major spheres of expertise and requirements to university diplomas, diplomas of postgraduate education or other certificates confirming education required for asset appraisal

• Principles of the constitutional, civil and contractual law
• Taxation of incomes, real estate and proprietary rights
• Accounting principles
• Knowledge of the land cadastre and register of proprietary rights
• Principles of building construction
• Professional ethics standards
• In-house regulations and standards of the Russian Board of Appraisers (a self-regulatory organization)

These aspects can be modified as required to take into account the specifics of each country.

List of certified valuers for the Recognized European Valuer program

* In full compliance with the requirements of the Law about Appraisal Activities in the Russian Federation and in-house documents of the Russian Board of Appraisers

** It is not in full compliance because of contradiction to the Law about Appraisal Activities in the Russian Federation and is not taken into account in in-house documents of the Russian Board of Appraisers