The person that is paid for estimating and evaluating or providing opinion regarding the value of any real estate or any real estate rights thereon.
Real Estate Appraisal Role
The appraisal shall carry out his work upon an agreement concluded between him and the contracting party determining the obligations and duties of the appraisal and the entitled wage for such task, the role of the appraisal shall include giving opinion regarding the value of the real estate or any real estate rights and evaluate it in accordance with the applicable standards and principles.
Real Estate Appraisal Obligations
1. The appraisal shall be committed to conclude a written agreement with the contract party upon undertaking any evaluation activities for him.
2. The appraisal shall keep a register in which all evaluation operations he conducted, providing that such register shall include the following:
a. Description of real estate subject of valuation.
b. Value or total values of the real estate.
c. Description of the type of valuation applied.
d. Description of method by which valuation was reached.
e. Any assumptions related to valuation.
f. Any other issues may be required by the Municipal Affairs Department.
3. The appraisal shall conduct valuation in full independence from the contracting party and not to let the contracting party influence him regarding the method of conducting valuation or method of determining the value of the real estate being subject to valuation.
The Required Training Program for The Real Estate Appraisal Profession:
Real Estate Appraisal Program