MC

MCI has warned all real estate appraisers of practicing their activities without obtaining a provisional membership from the Saudi   Organization for Chartered Appraisers.

This comes in line with implementing the Ministerial Decree No. 531, dated 03.06.1435 AH, organizing the transitional stage for practicing real estate appraisal, and stating that each appraiser should get a provisional membership of the aforementioned organization before 20.03.1437 H corresponding to 31.12. 2015 AD.

MCI emphasizes the application of the provisions of the chartered appraisers against the violators after this date, indicating that 120 chartered appraisers have obtained the provisional membership of the said organization before two months of the deadline set by the Ministry.  MCI statement shows that the provisional membership will   enable the appraisers of providing assessment and appraisal services to the courts, financing institutions and banks for the purposes of real estate financing and restoring rights, as for custody and execution, distribution of inheritance, acquisition and merger.

The Saudi Organization of Chartered Appraisers is granting the provisional membership for those who have met the requirements, such as passing the training course of the International Appraisal  Standards, as well as the Ethics and Conduct of Practicing the Profession of Appraisal, also passing the personal interview.

Within the rehabilitation program of the real estate chartered appraisers, the said organization has set up twenty training courses on"101 Approach for International Standards Assessment" and "The Ethics and Conduct of Practicing Appraisal Profession” in Riyadh, Jeddah, Madinah, Al-Ahsa, Dammam, Abha and Hail, attended by (663) trainees, of which (604) had passed the test, besides having eight training courses on the Approach of the Basic Principles of Real Estate Appraisal, in collaboration with the American Appraisal institute, in Riyadh, Jeddah and Al-Ahsa, attended by (259) trainees, of which (201) had passed the test, as well as setting up two training courses on “ 103 Approach of the Basic Real Estate Appraisal Procedures” in Riyadh and Jeddah, attended by (86) trainees, of which (74) had passed the test.

The said organization set up as well specialized training course for two weeks on the Expropriation of Property for the Public Interest, and the Temporary Seizing of Property, in collaboration with the British Royal Institution of Chartered Surveyors (RICS), attended by 30 trainees.

It is worth mentioning that the Chartered Appraisers System states the eligibility of the Saudi members of the said organization to register at MCI Advisory professions Management, and apply for getting a license to establish an office for Real Estate Appraisal, while the interview committee at the said organization would receive the membership  requests through the electronic link, as well as arranging the dates of interview and completing the related procedures, also MCI Registering Committee would receive the license requests for Real Estate Appraisal Profession, for those who obtained the membership of the said organization, and who wish to register their appraisal offices at the Ministry.