- TEGoVA's work
- Recognised European Valuer Scheme (REV)
Recognised European Valuer (REV)
The Recognised European Valuer Scheme is a unique opportunity for the Real Estate valuer.
Message from the Chairman of the Recognition Committee
Welcome to the Recognised European Valuer web pages
The international nature of real estate markets particularly at this time of economic uncertainty underscores the need for co-operation between valuers to ensure that they possess the awareness and knowledge to enable them to give accurate and informed advice to clients across Europe.
To date the principal method of achieving these goals by TEGoVA has been through the creation and maintenance of European Valuation Standards (EVS) whereby TEGoVA has actively sought to harmonise standards and provide valuation guidance and best practice. A new edition of EVS has just been published.
The increasing need for closer co-operation, be they with investors, financial institutions, developers, the construction industry or private investor requires in addition to EVS a personal indicator of excellence through a trans-European indicator of quality in order to assure clients of an individual valuers experience and knowledge.
Real estate valuation will of course continue to require regional specialist knowledge of local conditions but transnational investors increasingly require a means of ensuring that the "local" valuer is part of a wider recognised standard that they can rely on in making transnational investments.
The Recognised European Valuer Scheme and use of the designatory letters REV™ provides such a pan-European assurance to investors of all types by setting a transparent and demanding standard of ability and experience.
The Recognised European Valuer (REV) will have access to a range of TEGoVA newsletters, services and contacts through a dedicated section of the TEGoVA web site through which medium he or she will be enabled to exchange knowledge and information and make contact with other REVs in TEGoVA Member Associations.
Details of the working of the Scheme and how to become a Recognised European Valuer through a TEGoVA Member Association are detailed below.
Krzysztof Grzesik FRICS REV
Chairman of the Recognition Committee
TEGoVA's Recognised European Valuer Scheme is designed to maintain, enhance and harmonise valuation standards and the valuation profession in Europe, and, by the granting of the status TEGoVA 'Recognised European Valuer' and designation REV™, to provide individual practising valuers in each member country with a well-defined indicator of qualification and experience, with the aim of assuring clients of their valuation proficiency.
Who is concerned ?
An individual who is a practising valuer belonging to a Full or Associate TEGoVA Member Association or by an individual valuer of a valuation company which itself is a member of a TEGoVA member association. Applications have to be made direct to the individual's professional organisation.
Trainee valuers are not entitled to achieve recognition.
Who gives the Recognition ?
Recognition shall be granted by the relevant TEGoVA Member Association in accordance with the terms and conditions agreed between them and TEGoVA.
First Stage: the consent to a Full or Associate TEGoVA Member Association
The first stage is the attainment of consent by a Fuul or Associate member association from TEGoVA to award the right to award Recognised European Valuer status (designated by the letters REV™).
To attain this consent the TMA must have:
a) met the standards required by TEGoVA
b) entered into a formal agreement called 'Recognition Document (RD)'
c) complied with the financial obligations prescibed on the agreement
Applications must be submitted in English in a prescribed format.
Second Stage: recognition of an individual practising value
The second stage is the formal recognition of an individual practising valuer by TEGoVA and the Member Association as meeting the required standard, and the granting of consent to use of the designatory letters REV™ (Recognised European Valuer).
Recognition is afforded to individual valuers who are direct members of a TMA and individual valuers who are employees or partners of valuation companies. Trainee valuers are not entitled to recognition.
Recognition of competence is granted in the name of TEGoVA.
Individual recognition is made by the approved Member Association in the form of a certificate signed jointly by the Chairman of TEGoVA and the Chairman/President of the Member Association (or their duly authorised deputy).
The applicant who has been granted Recognised European Valuer status is permitted to use this title and the designation REV™ after his/her name.
Recognition is granted for a period of 5 years after which time the valuer must seek renewal of REV status.
If Recognition should not be renewed, the valuer's right to use the title "Recognised European Valuer" as well as the abbreviation "REV™" expires automatically and immediately.
Renewal of Recognition
Every five years, the valuer who has been admitted to the TEGoVA Recognised European scheme must renew his recognition.
APPLICATION OF THE INVIDUAL VALUER
The individual valuer who is direct member of his/her national association must apply to his/her national association.
Any individual applications sent direct to TEGoVA are not valid.
Individual valuers who are employees or partners of Valuation Companies
In the case of Member Association whose membership comprises valuation companies, TEGoVA permits the process of individual applications made by practising valuers who are partners or employees of the companies, through the companies themselves.
Any individual applications sent direct to TEGoVA are not valid.
APPLICATION DOSSIER OF THE INDIVIDUAL VALUER
To whom ?
The application has to be made direct to the individual's professional organisation.
Content of the application
To apply for TEGoVA recognition the individual valuer must submit an application in the prescribed form to the Member Association of which he is a member, supported by the necessary evidence showing he has achieved the stipulated requirements (see 'Requirements, below).
These will include:
1. Written evidence of a minimum of 20 hours continuous professional development per year;
2. A current, signed CV;
3. A list of 20 valuations undertaken within the last two years including two recent sample valuation reports, which may be edited where appropriate in order to assure confidentiality. together with a short covering note outlining the property type and the method and purpose of the valuation. The reports may be may be edited where appropriate in order to assure confidentiality. There may be situations where (due to factors such as an employer's policy) the valuation reports submitted as supporting evidence of experience are not officially signed by the applicant him/herself. The covering note for each report must include confirmation that the applicant was responsible for the preparation of the report contents. The confirmation should be signed and dated by the valuation report signatory.
By whom ?
Two possible cases:
Be a practising valuer and a fully subscribed member of a TEGoVA Member Association:
Applicants must satisfy the Recognition Committee (see 'Recognition Committee' hereafter) that they meet the educational requirements prescribed by the Scheme (see next item heading below).
If required, they must provide independently verified curriculum vitae of relevant valuation experience.
Be a practising valuer of a valuation company which itself is a member of a TEGoVA Member Association:
In this case, applicants must satisfy the Recognition Committee that they meet the educational requirements prescribed by the Scheme (see next heading below).
In order to achieve the recognition, applicants will be required to demonstrate that they meet the minimum requirements.
The process of recognition seeks to establish a flexible approach with regard to the knowledge and experience required to demonstrate valuation skills.
Whilst it is accepted that the necessary knowledge and professional experience may be gained through several different routes, it is important for the maintenance and improvement of standards that proper criteria for recognition be set in place.
For details, you can go to the 'Requirements' page.
ROLES & RESPONSIBILITIES
The Board of TEGoVA
The TEGoVA Board will appoint, oversee and dismiss as appropriate a Recognition Committee (RC).
The TEGoVA Board will confirm or reject recommendations concerning the scheme made to them by the RC subject to ratification by the General Assembly.
The TEGoVA Board will hear any appeal by a Member Association against refusal by the RC and act as arbiters in the first instance with regard to any dispute concerning the implementation of the REV scheme.
The Recognition Committee (RC)
For details, you can go to the 'Recognition Committee' page.
The Member Association
The right of the Member Association to award Recognised European Valuer status and the designatory letters REV™ under the provisions of this Scheme, requires the association to be responsible for the administrative processing of individual applications and the fulfilment of certain financial obligations to TEGoVA.
The Member Association will implement the Scheme with the terms and conditions agreed with TEGoVA as specified in an agreement called 'Recognition Document (RD)'.
USE OF 'REV' BY VALUATION FIRMS
The Scheme permits a firm of practising valuers to use without charge the designation 'Recognised European Valuers' where at least half of the directors and/or registered partners or employees are fully subscribed and practising members of the Recognised European Valuer Scheme and use the designation REV after their name on official documentation.
LOGO & STAMP
CURRENT LOGO & STAMP
* TEGoVA designed an impress stamp for endorsement on valuation reports by individual REVs.
* Valuation firms allowed to call themselves 'Recognised European Valuers' will be able to display the REV logo.
* The TMAs authorised to award REV certificates can use an Awarding Member Association logo on the home page of its website.
NEW LOGO & STAMP
TEGoVA has designed a new REV logo and a new REV impress stamp for endorsement on valuation reports by individual REVs.Those will be use by TMAs and REV valuers as of December 2012. 2012..
For enquiries, please contact the Chairman of the Recognition Committee or the Secretariat of TEGoVA.
A register of the REV valuers is available. Please click link page hereafter.