Article 15. Duties of the appraiser The Law on Valuation Activities in the Republic of Kazakhstan

Home / RLA / Article 15. Duties of the appraiser The Law on Valuation Activities in the Republic of Kazakhstan

1. The appraiser must:

1) to comply with the requirements of this Law, other regulatory legal acts of the Republic of Kazakhstan and standards of evaluation activities when carrying out evaluation activities;

2) comply with the Code of Business and professional ethics of appraisers;

3) to prevent the preparation of an unreliable assessment report;

4) be a member of only one chamber of appraisers;

5) pay the fees set by the Chamber of Appraisers;

6) inform the customer or the legal entity with whom the appraiser has concluded an employment contract about the impossibility of his participation in the assessment in the event of circumstances preventing an objective assessment.;

7) to ensure the safety and confidentiality of documents, information received from the customer and third parties during the evaluation;

8) provide information on membership in the Chamber of Appraisers at the request of the customer;

9) keep the completed assessment reports for five years;

10) to carry out a direct examination of the object of assessment, as well as to study the documentation on it without transferring their right;

11) provide the Chamber of Appraisers, of which the appraiser is a member, with information about the legal entity with which he has concluded an employment contract, as well as information about any changes to this information, within ten calendar days from the date of conclusion of the employment contract and (or) the occurrence of changes;

12) provide quarterly, in accordance with the procedure provided by the Chamber of Appraisers, information on evaluation reports signed during the specified period, indicating the date of the report and its serial number, the object of evaluation, and the type of a certain value.;

12-1) provide monthly, no later than the 5th day of the month following the reporting period, to the Chamber of Appraisers, of which he is a member, copies of reports on the valuation of property secured at the conclusion of a mortgage agreement, as well as upon the sale of mortgaged property;

13) in cases stipulated by the legislation of the Republic of Kazakhstan, provide copies of stored assessment reports or information to government agencies, other organizations, officials, the Chamber of Appraisers, of which he is a member, upon their request.

14) take professional development courses for appraisers every three years;

15) to familiarize the customer with the register of unscrupulous appraisers.

The requirements of sub-paragraphs 8), 9), 12) and 13) of the first part of this paragraph do not apply to appraisers who have concluded an employment contract with a legal entity.

The legal entity with which the appraiser has concluded an employment contract is obliged to comply with the requirements provided for in paragraphs 1), 3), 6), 7), 8), 9), 12), 12-1) and 13) of the first part of this paragraph.

2. The appraiser cannot make an assessment if:

1) in relation to the object of assessment, the appraiser has or acquires property or binding rights outside the contract;

2) the appraiser has a property interest in the appraised object;

3) the appraiser is an affiliated person of the customer;

4) the customer's legal entity is the appraiser's creditor or insurer;

5) the appraiser is a shareholder, founder, employee, owner, participant, creditor, debtor, sponsor of the customer's legal entity, or the appraiser is a close relative or relative of the customer, an individual;

6) the appraiser is an employee of a legal entity in which the head or a person authorized by him is in close kinship or related relations with the customer – an individual and (or) the head or an authorized person of the legal entity;

7) this entails a conflict of interest or creates a threat of such a conflict, with the exception of obligations arising from concluded public contracts.

The requirements of this paragraph apply to the legal entity with which the appraiser has concluded an employment contract.

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.

President

Republic of Kazakhstan

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