Article 11. Examination of the evaluation report of the Law on Evaluation Activities in the Republic of Kazakhstan

Home / RLA / Article 11. Examination of the evaluation report of the Law on Evaluation Activities in the Republic of Kazakhstan

1. In the event of a dispute about the reliability of the market value or other value of the valuation object specified in the valuation report, including in connection with another existing valuation report of the same object, an expert examination of the valuation report may be conducted.

The evaluation report is examined in accordance with the legislation of the Republic of Kazakhstan on evaluation activities by the expert council of the Chamber of Appraisers, of which the appraiser who conducted the evaluation is a member.

The examination of the assessment report is carried out on the initiative of the customer and (or) a third party challenging the assessment report.

The examination of the evaluation report is carried out at the expense of the party initiating the examination of the evaluation report.

The examination of the assessment report is carried out on the basis of an agreement between the person challenging the assessment report and the Chamber of Appraisers.

2. The result of the examination of the assessment report is a positive or negative expert opinion prepared by the expert council of the Chamber of Appraisers.

A positive conclusion of the expert council is an expert opinion containing a conclusion on the compliance of the assessment report with the requirements of the legislation of the Republic of Kazakhstan on evaluation activities and (or) confirmation of the value of the object of evaluation determined in the assessment report.

A negative opinion of the expert council is an expert opinion containing a conclusion that the assessment report does not comply with the requirements of the legislation of the Republic of Kazakhstan on valuation activities and (or) refutes the value of the valuation object defined in the assessment report.

3. If a negative opinion is issued by the expert council, the payment made by the customer for the examination of the assessment report is reimbursed by the appraiser who prepared the assessment report or by the legal entity with which the appraiser has concluded an employment contract.

4. The expert is not entitled to carry out the examination of the assessment report.:

1) the assessment report of which is disputed;

2) in the cases provided for by the first part of paragraph 2 of Article 15 of this Law.

5. Excluded by the Law of the Republic of Kazakhstan dated 07/01/2024 No. 107-VIII (effective sixty calendar days after the date of its first official publication).

6. In cases where expertise in a particular field of science, technology, art or craft is required for the examination of an assessment report, the expert council has the right to involve scientists and specialists in the field of the assessment.

7. Disputes arising between the person challenging the assessment report and the Chamber of appraisers that issued the expert opinion shall be considered by the court.

In case of judicial recognition of the expert council's conclusion as unreliable, the members of the expert council and the Chamber of appraisers shall be liable in accordance with this Law and other laws of the Republic of Kazakhstan.

This Law regulates public relations related to the implementation of valuation activities in the Republic of Kazakhstan, and also defines the legal basis for regulating valuation activities.

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