1.1 TEGoVA represents the leading professional bodies in Real Estate trans Europe. The Group has recognised the responsibility of each Member Association to require educational requirements of its members and introduced its Minimum Educational Requirements (MER) for every valuer elected to practice from 1 January 2003. The educational requirements of many Associations are more stringent than those identified in this document.

1.2 The TEGoVA educational strategy is aimed at ensuring that the highest standards of professional competence in valuation are delivered and to this end the MER are regularly reviewed and updated. The first revision was proposed at a meeting in Madrid in October 2004 and adopted by the General Assembly of TEGoVA at its meeting in May 2005 in Greece.

1.3 The document sets out the requirements, which are equivalent to and consistent with the Second Diploma Directive relating to the Mutual Recognition of Professional Qualifications (92/51/EEC). Member Associations outside the EU must translate the requirements of the Second Directive and develop a syllabus that matches the criterion of the Directive.

1.4 The subject areas are in one of three sections, namely, understanding, general knowledge and in-depth knowledge.

Understanding

* Principles of economic theory
* Statistical analysis
* Environmental protection
* Corporate finance

General knowledge

* The Real Estate market
* Building construction
* European and International Valuation Standards

In-depth knowledge

* Land Law
* Professional practice
* Principles of valuation
* Land use and Real Estate planning
* Statutory valuation
* Valuation standards
* Applied valuation

Please find attached the Minimum Educational Requirements document.