CONNECTION BETWEEN VALUATION STANDARDS AND REAL ESTATE APPRAISAL PROCEDURE (A COUNTRY BASED APPROACH)

Kaarel Sahk, Maile Kajak and Kalev Sepp

ERES from European Real Estate Society (ERES)

Abstract: During the ownership reforms in Estonia as in all the Baltic States a lot of properties as the basic objects of restitution based ownership reform were returned to the former owners. During this procedure a permanently growing of importance of real estate appraisals is followed. The appraisal procedure itself was founded not only on the legal act of ownership reform but also on the valuation standards. In this case the connection of the international valuation standards is noticed perceived already from the middle of the last decade. The situation was essentially changed while in 2005 was started the publishing of the national valuation standards. In the lights of the aims to explain the connection between appraisal practise and the standardized regulation of the applied appraisal procedure was carried out a questionnaire. The survey engaged mostly the certified real estate appraisal professionals and was concentrated to the usage of the valuation standards by them during the last two decades. The survey data was compared with the results of regular auditing process of the real estate appraisers that is carried out rarely than five years of professional practice of each certified appraiser, the suggestions of the Certification and Examination committees were also considered. As a result of the survey were drawn down basic liens of relationship between the standardization procedure and the contemporary professional practice and the proposals for the professional and academically education in area.

JEL-codes: R3 (search for similar items in EconPapers)
Date: 2010-01-01
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