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Assessment Committee

 

Barbaros AYDIN

Member

 

 

 

 

The guidelines for the establishment, operation and functioning of Assessment Committee have been set forth according to Article 24 of Turkish Appraisers’ Association Statue (the Statue) and the Regulation for Legislation on Establishment, Working and Operation of Turkish Appraisal Professionals Association Professional Conduct Committee (the Regulation).

 

The Assessment Committee is established by the Board of Directors in order to assist the resolving of any dispute that may arise among the association members or between the association members and the customers about appraisal services, to assess the complaints about the association members about the appraisal reports subject to objection and in issues that are not under the scope of task of the Discipline Committee, to accomplish the audit and control tasks assigned by the Capital Markets Board of Turkey or by the Board of Directors and to notify related parties about their results.

Committee Members to be assigned among Association Members should possess professional experience of at least 3 years on the fields of real estate appraisal, capital markets, finance, banking, land registry and cadaster, law, urban planning, engineering, general management, economy, management, administration and financing and accounting. Committee Members are full time employees of the Association and are assigned by the Executive Board.

Applications to the Assessment Committee are made by filling in Application Form (legal entity/natural person) completely and sending to our Association together with relevant appraisal reports.

Application Form

For an application to be processed, the Application Form has to be filled in completely and the appraisal report to be assessed has to be sent to the Association. In cases of missing information and documents related to application, applications are not put into process and completing missing information and documents is requested.

Applications to Assessment Committee are put into process, once applications are forwarded by the Executive Board to the Assessment Committee.

Upon the approval of application, research and assessment costs are determined by the Executive Board depending on the scope of application and qualities of the real estate and notified to those demanding the assessment. If confirmed by the person demanding the assessment, the payment of research and assessment costs is expected to be made before the assessment process is started.

Demands for assessment sent to the Association which do not fulfill the application requirements and research and assessment costs of which have not been paid in are ignored.

Assessment Committee is authorized to collect information related to the appraisal report subject to objection or application and to ask individuals and entities in connection with the report for further information. Assessment Committee prefers an assessment method depending on the subject of objection and the report’s characteristics.

Executive Board may also deny assessment applications by stating justifications, for appraisal reports after the date of issuance of which more than one year has passed or the conditions of subject property or market conditions have changed remarkably in comparison to the date of appraisal.

For the study to be performed within the scope of application to the Assessment Committee – study notes including original appraisal report/reports, a copy of agreement, Land registry and cadastre information portal (TAKBIS) system information and details of comparable market cases as the report was prepared may be asked from Members. Appraisal reports are examined technically, in office studies as well as field researches carried out by visiting the subject real estate on site as needed. Information and documents at official institutions and organizations subject to assessment (zoning plan status, architectural project, layout plans and similar) are examined and compared with the information included in the appraisal report. Information and documents about comparable market cases used in value study and researches in the vicinity of subject location are also subject of examination.

As the result of studies conducted under the scope of application, the Assessment Committee presents its opinions and decision to the Executive Board by preparing an Assessment File. If the study is complete, a final decision is made by the Executive Board for the assessment file prepared by Assessment Committee. Assessment File is not deemed to be qualified as an Appraisal Report and does not replace an Appraisal Report.

In cases when the Assessment Committee comes to a conclusion that the operations of Association Member preparing the report subject to objection requires a disciplinary investigation according to of the Statue and relevant regulations of the Association, a request for such an investigation is submitted to the Executive Board.

Committee Members are liable not the disclose confidential information or any other kind of information obtained due to their position and when carrying out their tasks, to anyone expect for persons or relevant authorities by law or particularly authorized, and not to make use of them causing benefits for or damages on third parties or themselves. Such liability shall also apply after the termination of their duties.