Bahrain's Real Estate Regulation Authority (Rera) has announced that it had suspended licences of two real estate appraisers for three months (effective March 16) over violation of the Bahrain Valuation Standards (BVS).
The Rera move comes following the conclusion of an investigation that revealed 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 BD20 million ($52 million) whereas the licence 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 BD3 million (8 million), said the real estate watchdog in its statement.
According to Rera, 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 licences of appraisers in the real estate sector, and on its instructions and regulatory decisions to preserve the rights of all dealers in the real estate sector.
Rera called upon licensed real estate appraisers to adhere to valuing real estate within the category issued to them by the agency in order to avoid facing administrative and legal measures.-TradeArabia News Service
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