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Recognised European Valuation Company

The Recognised European Valuation Company (REVC) status applys only where national law requires the provision of valuation services through a valuation company.

THE SCHEME

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Introduction

Where national law requires the provision of valuation services through a valuation company, the Recognised European Valuation Company (REVC) scheme permits an approved awarding member association (AMA) to award REVC status to such a company.

The REVC scheme is complementary to and runs in parallel with, but does not replace the existing Recognised European Valuer (REV) status.

Requirements

The status REVC will only be awarded to a valuation company that complies with the requirements shown at (a) to (j), below:

a. the valuation company to be awarded REVC is properly constituted and registered in the home country of the awarding AMA with the sole corporate purpose of providing real estate valuation services;

b. the valuation company complies with all applicable laws and regulations of the home country, and will provide a company registration number to the AMA;

c. the applicant valuation company has the appropriate management controls, IT, material and human resources in place to guarantee the competent and effective provision of valuation services and management of that company;

d. the applicant valuation company is able to guarantee to the awarding AMA that it has in place a system for the provision and monitoring of continuous lifelong learning of a minimum of 20 hours per annum for individual valuer employees be they direct employees of the company or employed on a freelance basis;

e. the applicant valuation company has a code of professional practice incorporating business ethics compliant with the TEGoVA Code of Ethics and Conduct;

f. the individual practicing valuer members of the applicant valuation company meet the educational and experience requirements of the TEGoVA REV ™ status;

g. the applicant valuation company is able to demonstrate to the satisfaction of the awarding AMA that they are solvent and a going concern;

h. the applicant valuation company carries liability insurance cover in accordance with the AMA national requirements;

i. the applicant valuation company has in place a technical supervision process comprising a team of senior staff of qualified, experienced valuers.

j. specify the number of qualified valuers employed at the time of the application for REVC together with an indication of the nature and type of valuations carried out by the company. Where all the foregoing conditions are met the awarding AMA shall be entitled to grant to the applicant valuation company the right to call itself a Recognised European Valuation Company and be entitled to use an appropriate logo and initials REVC on official correspondence and be registered on the REVC website.

Term

The award and designation REVC to an approved valuation company is valid for five years, renewable subject to satisfactory audit for compliance by the awardiing member association and /or TEGoVA.

Valuer Requirements

Applicant Valuation Companies must satisfy the TEGoVA awarding Member Association that valuers employed by the company possess sound knowledge of, and professional experience in, the theory and practice of valuation including the application of European Valuation Standards or such other equivalent valuation standard recognised by TEGoVA and required (where appropriate) by a state regulation.

Additionally and in order to achieve recognition, applicant valuation companies will need to demonstrate that their valuer employees comply with the education, experience, continuing professional development and ethical requirements.

REVC Register

A register of the REVC companies is available. Please click link page hereafter.

     
ATASA Logo

ATASA (PROFESSIONAL ASSOCIATION OF VALUATION COMPANIES OF SPAIN)

Asociacion Profesional de Sociedades de Valoracion (ATASA) is the only awarding member association authorised to award REVC status to its valuation company members.

The legal structure in Spain

The provision of real estate valuations has a unique legal structure in Spain.

Under the current laws (a), where a valuation of real estate in Spain is required for the purposes of:

1. Mortgage lending;
2. Hedging provisions by insurance companies;
3. Real estate investment trusts;
4. Pension schemes; and
5. Financial reporting.

The valuation must be processed through a state licensed valuation company.

NOTE: (a) Act 2/81 as amended; Royal Decree 685/82,
RD 716/09; RD 775/97; Ministerial Order ECO/805/03


Valuation Process

Each company must employ a minimum of ten professional valuers, with the appropriate specialism, such as an architect or engineer depending on the class of property.

Whilst the property valuer may be salaried or self-employed, at least three valuers must be linked or associated to the company and only work for that specific company. They will be responsible for the management and supervision of the quality of valuation work.

Every valuation must include the inspection of the subject and each valuer is required to send his/her valuation to the valuation company, where it is checked and supervised for any inconsistencies and, when approved, is signed by both the valuer and the responsible representative of the valuation company.