The MER Document
Introduction
1.1 The European Group of Valuers' Associations (TEGOVA) represents 70 leading professional bodies in Real Estate valuation from 38 countries. Among its roles, TEGOVA seeks to ensure high standards of professional competence in valuation. In support of this, TEGOVA requires each Member Association to set educational standards for its members that are at least as demanding as these Minimum Educational Requirements (MER). MER were first introduced by TEGOVA in January 2003 as a basic requirement for every valuer elected to practice by a member association since then. Many member associations have more stringent educational requirements.
1.2 TEGOVA regularly reviews and updates the MER to support the development of professional standards among its members and so for those who require their services. This revision was adopted by the General Assembly of TEGOVA at its meeting in November, 2010.
1.3 This document sets out the requirements, which are equivalent to and consistent with the EU's Second Diploma Directive relating to the Mutual Recognition of Professional Qualifications (92/51/EEC). In applying MER, Member Associations in countries outside the EU must adopt the requirements of the Second Directive and develop a syllabus that matches the criteria of the Directive.
1.4 Professional services delivered by valuers across Europe vary considerably and many will be specialists in particular sectors. Some geographical areas will be affected by factors that do not apply elsewhere. Thus, the knowledge they require will vary. However, the essential disciplines of valuation will be fundamental to their work and so are central to the MER syllabus. Member Associations develop their educational requirements in line with the Directive and the MER syllabus, though national variations will take account of differing legislation, tax regimes and client requirements. Valuations in, for example, forestry or agriculture may be more prevalent in some countries or for some associations while different types of commercial activity may prevail in others. The Member Association is charged with the responsibility to interpret the MER in ways consistent with the professional demands on its members.
1.5 The globalisation of real estate markets, continuing European integration, together with an improved free flow of services across the EU and rising client expectations are the drivers for change in the breadth and depth of knowledge expected of real estate professionals. The industry is now not only focussed on transaction-orientated business but now also demands the delivery of added value with valuers asked for strategic consultancy with appropriate knowledge in all areas of business, the built environment, corporate governance and corporate social responsibility.
1.6 TEGOVA provides additional and separate guidance in respect of its Recognised European Valuer (REV) and TEGOVA Residential valuer (TRV) Programmes. Valuers that have achieved this status are subject to additional requirements including continuing professional development.
1.7 The subject areas within the MER are grouped into three levels of knowledge that is expected of the valuer:
(a) understanding,
(b) general knowledge, and
(c) in-depth knowledge.
The document
Please find attached the Minimum Educational Requirements document.