Dubai: Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Dubai Crown Prince and Chairman of Dubai Executive Council, on Wednesday approved Resolution No. 37 of 2015 regarding the regulation of the real estate appraiser profession.
The resolution aims to restrict the profession to qualified real estate appraiser and those who are listed in the database of the Real Estate Regulatory Agency (Rera). It also aims to ensure the accurate and regulated appraisal of real estate assets for the purpose of attaining credit facilities from banks.
Rera will be responsible for registering and renewing the registration of trained appraisers, as well as approving and renewing permit applications of sole proprietor establishments who wish to practice the profession. The resolution stipulates that only Emirati are permitted to real estate appraisers, and they must have the necessary qualifications and training that are specified by the resolution issued by the Director of Dubai’s Land Department. The appraiser must have a minimum of two years work experience or has completed he training specified in the aforementioned resolution.
Single proprietor establishments that are licensed to practice the real estate appraiser profession must sign an agreement with the body requesting its services. The agreement must contain the obligations and rights of each party and specify the property that requires appraising, the purpose for carrying out the appraisal and the date in which the process will be completed.
A list attached to this resolution specifies the violations and value of fines. The value of the fine will be doubled if the same violation is committed within a year.