Azerbaijan to strengthen control over compliance with national appraisal standards
Azerbaijan, Baku, Aug.4 / Trend, U. Ismayilova /
Azerbaijan Society of Appraisers (ASA) plans to hold control over the introduction of national appraisal in Azerbaijan in 2011, ASA executive office's head Amil Ismayilov said.
"From the end of 2010, ASA intends to begin developing of normative documents to comply with national standards by appraisers," Ismayilov said.
He said monitoring on the compliance with national appraisal standards in Azerbaijan will be held jointly with the State Committee for Standardization, Metrology and Patents of Azerbaijan.
Regarding the situation in compliance with national standards by appraisers at this stage, Ismayilov said that it is too early to conduct control, because the market is experiencing a period of adaptation to national standards. In this regard, the monitoring is planned for next year.
"Today, most appraisers are still undergoing the process of adaptation, and they are not fully aware of national standards, including certified appraisers, who have already begun to use national appraisal standards," Ismayilov noted.
State Committee for Standardization, Metrology and Patents of Azerbaijan in December 2009 approved national appraisal standards in Azerbaijan, which were developed by the ASA, based on international standards.
Appraisal activity in Azerbaijan is regulated by the law "On appraisal activity" adopted in 1995.
In March 2009, Azerbaijan introduced a system of certification appraisal activity. The certification of appraisal activity in Azerbaijan is carried out within the International Finance Corporation's (IFC) program on the development of mortgage in Azerbaijan and Central Asia jointly with the International Evaluation Center and Azerbaijan Society of Appraisers.
So far, only two exams have been held and the third was unsuccessful. Only seven of participants of 30 people, who attended the certification of appraisers, received certificates.