Real estate appraiser licenses suspended for violation

The Real Estate Regulation Authority (RERA) today suspended two real estate appraiser licenses.

The decision is based on the provisions of Law 27 / 2017 promulgating the Real Estate Sector Regulation Law and on Resolution 2 / 2019 regarding the licenses of appraisers in the real estate sector, and on the RERA instructions and regulatory decisions to preserve the rights of all dealers in the real estate sector.

The suspension for three months, starting March 16, was decided following the conclusion of an investigation that there was a violation of the Bahrain Valuation Standards (BVS) that fully adopts and implements the International Valuation Standards.

One property was valued at a figure that exceeded BD 20 million dinars whereas the license granted to the appraisers during the preparation of the valuation report stated that they are not allowed to evaluate any property with a value of more than BD 3 million.

RERA stressed that licensed real estate appraisers must adhere to valuing real estate within the category issued to them by the agency in order to avoid facing administrative and legal measures.

Source: Bahrain News Agency