Regulations on Real Estate Appraisal
On July 1, 2022, the RA Law "On Appraisal Activities" adopted by the RA National Assembly on December 10, 2021 (hereinafter referred to as the Law, (link: https://www.arlis.am/DocumentView.aspx?DocID=159023), came into force.
Cadastre Committee is the authorized body regulating and controlling the field of appraisal activity, carrying out appraisal professional qualification of individuals (hereinafter: Qualification) and terminating the validity of the qualification certificate, registering and de-registrating appraisers, organizations, individual entrepreneurs, as well as self-regulating organizations in accordance with the law and the legislation of the Republic of Armenia.
The law introduced a recording program (Article 8), as well as the 238-N order (link: https://www.arlis.am/DocumentView.aspx?DocID=164499) of the head of the Cadastre Committee dated June 20, 2022 (published on June 21, 2022, enters into force on July 1, 2022) on "The procedure for managing the appraisal report and the list of input data " was defined.
The real estate Appraisal report drawn up in mandatory cases defined by Article 9 of the Law must necessarily contain information on the individual number generated by the Recording program, which must be reflected right bottom corner of all pages of the Appraisal report (Article 13), otherwise it cannot be used as an Appraisal report.
The procedure for registration and deregistration of appraisers, legal entities and individual entrepreneurs is established by law (Article 12).
As well as the N 224-N Order of the Head of the Cadastre Committee dated June 10, 2022 (published on June 14, 2022, enters into force on July 1, 2022) on "The procedure for electronic submission of applications and attached documents to registration of legal entities and individual entrepreneurs, also the reference form on the employment contract" was defined (link: https://www.arlis.am/DocumentView.aspx?DocID=164048).
The law has also defined a provision according to which, in the case of the appraiser's qualification certificate termination, the Appraisal Organization is also responsible.
The law defines the rights and responsibilities of the Appraisal Organization and the Appraiser (Article 16) and the mandatory requirements submitted to the Appraisal Organization (Article 18).