REV - Sertificate of Honour for Bulgarian Valuers
Since 1.6.2018, 10 Bulgarian appraisers have been granted the right to use the prestigious European Qualification REV - Recognised European Valuer. At the last TEGoVA session held in May 2018, the Chamber of Professional Valuers (CPV) signed an agreement with TEGoVA, according to which it acquired the status of an Organization entitled to award this qualification degree (AMA) to assessors who are its members.
Currently, there are 2 879 real estate appraisers in the TEGoVA register, working as REV. Bulgaria is one of the member states of TEGoVA, which gets this right this year.
What is TEGoVA actually?
TEGoVA is the European Group of Valuation Associations in Europe. At present, its members are 74 national valuation organizations from 37 countries representing more than 70,000 valuers in Europe. In Bulgaria members of TEGoVA are the Chamber of Independent Assessors (KNOB) and the Chamber of Professional Valuers (CPV).
Continuous Professional Development or CPD
Every profession develops through the growth of the specialists who practice it. Chamber of Professional Valuers (CPV) approves an annual vocational training program for its members, which guarantees at least 20 hours of professional training for each appraiser member or member of one of its members. This program includes the organization of seminars and trainings with international lecturers, in-house trainings, training courses on certain practical problems in appraisal activity, etc.
Conditions for acquiring REV status
According to the detailed documents developed after a special audit by representatives of TEGoVA, applicants for REV status must:
- Be members of the Chamber of Professional Valuers (CPV) as natural persons and adopt its Code of Professional Ethics;
- To be entered in the Register of Independent Assessors with the capacity to evaluate real estate;
- Have at least 5 years of experience as real estate appraisers;
- Have no penalties or other sanctions awarded to them in connection with their appraisal activity in the last 12 months preceding the application;
- To maintain professional liability insurance with a minimum aggregate limit of BGN 100 000 under the Independent Appraisers Act;
- Have continuous vocational training of at least 20 hours for the previous 12 months;
- Submit 20 real estate estimates made over the last 24 months;
- To pass a written and oral examination successfully to the REV Committee.
The Importance of REV Status
- REV status is a measure of professionalism with regard to real estate valuers. This status is awarded to leading evaluators and companies in Europe and is proof that they are qualified according to the highest standards of European standards and practice.
- The 'REV' label allows investors and users of valuation services from all over the world to find local valuers qualified for European property assessments. This enables both large and small appraisers and individual appraisers to break through to the increasingly competitive appraisal market in Europe.
- In times of economic instability, REV status provides national security for users that the valuation services they will use will be provided by professionals with special knowledge and experience that will enable them to make informed investment decisions. The competitive advantage for evaluators with REV status is the proof that they have a minimum of professional knowledge and experience as well as a thorough knowledge of European Standards of Appraisal to enable them to interpret and apply their principles at national level.