Evaluation Activity Q&A

Can an assessment report be prepared without an inspection of the facility and without qualification of the assessor?

The legislation of the Republic of Kazakhstan in the field of valuation activities determines that valuation is the determination of the possible market or other value of the subject property.

The appraiser is an individual carrying out professional activities on the basis of a certificate of qualification "appraiser" issued by the chamber of appraisers, and is a member of one of the chambers of appraisers.

According to the requirements for the form and content of the assessment report, the assessment report is a written document drawn up in accordance with the legislation of the Republic of Kazakhstan on assessment activities based on the results of the assessment.

The appraiser is obliged to conduct a survey of the object of assessment, as well as study the documentation on it without transferring his right.

In connection with the above, we inform you that the appraiser is obliged to inspect the object of assessment, as well as have a certificate of qualification "appraiser."

At the same time, the appraiser is obliged to comply with the requirements of the Law on Appraisal Activities, other regulatory legal acts of the Republic of Kazakhstan and standards of appraisal activities when carrying out appraisal activities.

What determines the general approaches to the conditions for carrying out appraisal activities within the framework of the functioning of the single market for services?

General approaches determine the procedure for carrying out assessment activities in the territory of other Member States (informing the appraisers of one side of their body about the start of activities in any other side, maintaining a register of appraisers by the bodies of each side who intend to conduct an assessment in any other side, exercising control functions, consideration by the competent authority of appeals (complaints).

What is a comparative list of property valuation objects?

The comparative list includes information in accordance with the legislation of the Member States on the ratio of the names of property assessment objects and permits (admission) according to the qualification certificate.

The comparative list is intended to guide appraisers, regulatory, regulatory and other competent authorities and organizations of Member States in assessing relevant facilities in another State with its own qualification certificate.

Is the responsibility of appraisers and chambers of appraisers provided for violation of the norms of the legislation of the Republic of Kazakhstan on appraisal activities?

Article 25 of the Law provides for the suspension, termination, deprivation of certificates of assignment of qualifications "appraiser," "expert."

For example, if the appraiser draws up an inaccurate assessment report more than twice, liability is provided in the form of deprivation of the certificate of qualification "appraiser."

Also, criminal liability of appraisers is provided in accordance with Article 251 of the Criminal Code of the Republic of Kazakhstan for using their powers contrary to the tasks of their activities and in order to obtain benefits and advantages for themselves or other persons, or organizations or harm to other persons or organizations, if this act caused significant harm to the rights and legitimate interests of citizens or organizations or the interests of society or the state protected by law.

Article 184 of the Code of the Republic of Kazakhstan "On Administrative Offenses" provides for the responsibility of the chambers of appraisers (for late provision or failure to provide, as well as provision of inaccurate information in the form established by the authorized body in the field of appraisal activities and failure by the chamber of appraisers to eliminate violations of the legislation of the Republic of Kazakhstan on appraisal activities identified during the audit by the authorized body in the field of appraisal activities).

Economic implications of opening the single market for services. What are the predictions?

The single market will create a more competitive environment, which can lead to lower prices for assessment services and improved quality of services.

Also, appraisers will have access to a wider market, which could lead to an increase in demand for their services.

The market opening is expected to have a positive impact on the industry in the long term. Increased competition and market expansion are likely to lead to industry growth and improved service quality.

In the EAEU countries, how is appraisal activity regulated? What is the difference from Kazakhstan?

In what form is the chamber of appraisers created and are there requirements for the quantitative composition of its members?

The legislation of the Republic of Kazakhstan on appraisal activities establishes requirements for the organizational and legal form of the chamber of appraisers and the required number of its members.

According to Article 16 of the Law of the Republic of Kazakhstan "On Appraisal Activities," the chamber of appraisers is created in the form of a non-profit organization and is a self-regulatory organization based on compulsory membership, uniting at least three hundred appraisers on membership terms.

The requirement for the number of appraisers is a prerequisite for obtaining the status of a self-regulatory organization in the field of appraisal activities.