Economist / The Saudi Council for Residents approves the penalty for (66) violations of accredited evaluators during 2020 the Saudi Press Agency

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Riyadh 03 Jumada Al-Akhira 1442 AH corresponding to January 16, 2021 AD SPA
The Saudi Authority for Accredited Valuers (Taqeem) represented by the Committee for Reviewing Violations of the Provisions of the Accredited Valuers System approved the punishment for (66) violations by accredited evaluators during the year 2020, due to their lack of commitment to the application of the accredited evaluators system and its implementing regulations and the failure to practice the evaluation profession in accordance with the approved standards and rules of conduct. And the professional practice guide issued by the authority; With the aim of clarifying and explaining all the steps that the evaluator takes while practicing the profession of evaluation, in a way that contributes to preserving rights, protecting interests and trust when making decisions.
The committee stated that the most prominent violations of the accredited evaluators are failure to adhere to the evaluation criteria approved by the authority, such as not applying the evaluation method in a correct manner, choosing a value basis that is not commensurate with the purpose of the evaluation, or not defining the scope of work and writing it in the evaluation report, or not mentioning the comparisons and making the necessary adjustments. Her and other professional infractions.
The committee also clarified that the penalties imposed on the evaluators are the cancellation of the registry registered for a real estate valuer and the suspension of 3 real estate evaluators from practicing the profession for specific periods, in addition to 11 fines, blame and warning for a number of violations.
The third article of the accredited evaluators system stipulated that practicing the profession of evaluation in its various branches be limited to those who have a license to practice the profession, and Article 32 of the accredited evaluators system stipulates penalties for violators of the provisions of the system that start with a warning and reach imprisonment for a period not exceeding one year, provided that the appropriate punishment is taken into account. With the violation, the system also stipulated the penalty of censure or suspension from practicing the profession for a period not exceeding one year, or a fine not exceeding 200,000 or canceling the license or striking off the record of the violator from the register of approved residents.
It is noteworthy that the Saudi Authority for Accredited Valuers (Taqeem) has been entrusted with organizing, developing, qualifying and accrediting the practitioners of the profession of valuation in the various branches of valuation, whether the real estate appraisal branch that includes estimating the value of real estate of all kinds and related rights such as ownership and disposition of ownership, mortgage, insurance and expropriation, Easement, usufruct, and the economic establishments appraisal branch that includes the evaluation of business establishments, or the interests of ownership, whether they are individual or companies, and the evaluation of intangible assets, such as patents, trademarks, goodwill, intellectual property, and the vehicle damage assessment branch that includes the assessment of the damages caused In the vehicle as a result of a traffic accident or natural disasters, and the machinery and equipment assessment branch, which includes the assessment of factories, production lines, service devices, airport equipment, pumps, air-conditioning, operating equipment and systems, and the like.
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