Following the Mortgage Credit Directive's recommendation of TEGOVA's European Valuation Standards, TEGOVA shall now provide a European pool of high quality residential valuers to "ensure that internal and external appraisers conducting [residential] property valuations are professionally competent and sufficiently independent from the credit underwriting process so that they can provide an impartial and objective valuation …" Directive 2014/17/EU, Art. 19(2).
Especially in times of economic uncertainty, clients seek out professionals with special knowledge and experience who can help them make difficult investment and pricing decisions. Here, the competitive edge for TRV residential valuers lies in their guaranteed minimum level of education and experience.
Details of the working of the status and how to become a TEGOVA Residential Valuer through a TEGOVA Member Association are detailed below.
TRV status is the mark of excellence in residential valuation, demonstrating to international and local clients that the residential valuer is qualified to a consistent high European standard of practice.
The letters 'TRV' enable cross-border residential real estate investors to identify local residential valuers qualified to a recognisable European level. This gives both large and small local residential valuation firms the opportunity to tap into the steadily increasing market for pan-European investor clients.
Yet TRV's greatest impact is on local clients. In times of economic uncertainty, local clients seek out professionals with special knowledge and experience who can help them make difficult investment and pricing decisions. Here, the competitive edge for TRV residential valuers lies in their guaranteed minimum level of education and experience.
TRV valuers display the initials 'TRV' after their name on their business cards, are provided with a numbered TRV impress stamp on their valuation reports and appear on the TEGOVA TRV on-line register consulted by clients and practitioners from all over Europe.
The TEGOVA-recognised status of TEGOVA RESIDENTIAL VALUER (TRV) is conceived for residential valuers with the following purposes:
• recognising professionals who have reached a high level of achievement in purely residential valuation;
• serving as an incentive to improving residential valuation practice;
• creating an upper level of quality residential valuers clearly distinguishable from the lower level of those professionals involved in residential valuation;
• helping TEGOVA fulfil its role under the Mortgage Credit Directive of providing banks with a substantial and recognisable number of qualified residential valuers;
• providing a TEGOVA recognition in countries with an existing large pool of purely residential valuers who do not need the all-encompassing RECOGNISED EUROPEAN VALUER (REV) qualification knowledge and professional experience in order to conduct high quality residential valuations.
Application for TRV status is open to practising residential valuers who meet the required standards set by a TEGOVA Member Association that has been authorised to award TRV status (Residential Awarding Member Association, AMA) by demonstrating that it has in place an effective quality system to ensure that individual applicants meet the necessary requirements.
The local AMA assesses the individual residential practising valuer in order to ascertain that the applicant meets the standards required by TEGoVA to use the designatory letters TRV (TEGOVA Residential Valuer).
Once granted, the TRV designation can be used by a residential valuer for five years, after which the status can be renewed.
The TEGOVA-recognised status for residential valuers TRV:
• is clearly different and is clearly distinguishable from REV in terms of:
- educational requirements
- breadth of CPD
- length and breadth of professional experience
- presentation and marketing
- acronym, which is radically different both for the individual residential valuer recognition (TRV instead of REV).
• is no impediment to valuers having achieved this status and wishing to broaden their careers to forms of valuation other than residential: those valuers can and will naturally apply for REV.
• is of interest to existing REV members might ADDITIONALLY seek to demonstrate a specialism in the practice of Residential Valuation - so both recognition status TRV and REV can be held by one valuer appropriately qualified.
• will not necessarily be adapted to the professional situation in all countries. Present and future AMAs wishing to focus solely on REV status will go on doing so.
TEGOVA's 'Tegova Residential Valuer' is run and maintained by the Board, assisted by a dedicated Recognition Committee and TEGOVA's Secretariat.
TEGOVA will approve an AMA (Residential Awarding Member Association) as a competent body to process applications by the signature of an agreement with the AMA. It will then monitor the AMA.
The AMA is responsible for the administrative processing and monitoring of individual applications and the payment of certain complementary subscriptions and expenses to TEGOVA.
The main role of the Recognition Committee is the assessment of candidate AMAs and the audit of existing ones.
For details, you can go to the 'Recognition Committee' page.
For enquiries, please contact the Secretariat of TEGOVA.
A register of the TRV valuers is available. Please click link page hereafter.
Each Awarding Member Association will have an AMA TRV intranet page.
The access to the page will be limited to the person who has the authorisation given by the AMA.
The TRV valuers are automatically subscribed to the European Valuer journal. This Journal will provide expert analysis on European valuation developments and coverage of EU real estate policy initiatives.
The TRV designation and logo are registered trademarks of TEGOVA.
TRV Programme Brochure
