A property was valued at more than BD 20 million ($ 52 million) while the license granted to the appraisers during the preparation of the appraisal report stated that they are not allowed to appraise a property of worth more than BD 3 million (8 million), the real estate watchdog said in its statement.
The Bahrain Real Estate Regulatory Authority (Rera) has announced that it has suspended the licenses of two real estate appraisers for three months (effective March 16) for violating Bahrain Valuation Standards (BVS).
Rera’s decision follows the conclusion of an investigation that revealed a violation of Bahrain’s Valuation Standards (BVS), which adopts and fully implements international valuation standards.
According to Rera, the decision is based on the provisions of Law 27/2017 promulgating the law regulating the real estate sector and on resolution 2/2019 concerning expert authorizations in the real estate sector, and on its instructions and decisions. regulations aimed at preserving the rights of all traders in the real estate sector.
Rera called on licensed real estate appraisers to adhere to real estate appraisal in the category assigned to them by the agency in order to avoid facing administrative and legal measures.-TradeArabia News Service
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