On February 4, Suren Tovmasyan, Head of the Cadastre Committee of the Republic of Armenia, presented to the Standing Committee on Economic Affairs of the National Assembly a legislative package proposing amendments and addenda to the Laws “On Valuation Activities” and “On State Duty”.

In his report, the Head of the Committee noted that a qualification examination for third-level valuers is to be introduced, open to persons with higher education. A relevant procedure will be established for this level.

The draft law also provides for a qualification examination for second-level valuers. The examination will be open to persons with higher education and at least two years of work experience in the valuation sector, as well as persons holding a third-level valuer qualification who have completed a six-month professional training course approved by the authorized body.

The qualification examination for first-level valuers will be open to persons with higher education and at least five years of work experience in the valuation sector, as well as persons holding a second-level valuer qualification who have completed a six-month professional training course approved by the authorized body.

The rapporteur also noted that all valuation activity qualification certificates currently in force will be deemed qualification certificates for first-level valuers.

Suren Tovmasyan noted that the draft provides for the introduction of a mechanism for suspending a valuer’s qualification certificate and establishes the relevant grounds for its application.

The draft also establishes the points awarded for carrying out valuation activities and the procedure for their reduction, as well as the grounds for suspending and terminating the validity of a qualification certificate. A person who has obtained a valuer qualification certificate will be awarded 20 points for carrying out valuation activities during the first year following the date of issuance of the qualification certificate. Points remaining from the previous year will not be carried over to the following year.

The Head of the Cadastre Committee also noted that data concerning all real estate valuation reports must be entered into the relevant registration system using the appropriate identification data.

The legislative package drafted by the Government was discussed at first reading during the Committee meeting and received a positive conclusion.

It was proposed that the draft law be included in the draft agenda of the National Assembly’s upcoming regular sessions.