TÜRKİYE DEĞERLEME UZMANLARI BİRLİĞİ (TDUB)

Brief History & Role

TAA was founded according to Article 40/D of Capital Markets Law 2499.

TAA's organisation, duties, authorisations, conduct rules and principles are regulated by the Statute of the Turkish Appraisers Association (the Statute). The Statute has been approved by the Council of Minister's Decree on 30.10.2009 and put into effect, as published on Official Journal number 27435 dated 17.12.2009.

TAA became operational at its founding general assembly for establishment held on 26.05.2010,at which the board of directors and supervisory board were elected. The Capital Markets Law 2499 has been replaced by the Capital Markets Law 6263 entering into force, as published on Official Journal number 2012 on 30th December 2012. The Statute had to be amended in order to maintain accordance with the provisions relevant for TAA in Article 76 of the new Capital Markets Law 6263, and has entered into effect as published on Official Journal number 2012 on 2nd April 2014.

Purpose of the Association is to render duties given by law and these statutes so as to develop real estate market and real estate appraising activities; to have Association members work in solidarity and in prudence and discipline required by appraising activities; to protect professional benefits of members; to avoid unfair competition; to enlighten and train members about professional issues.

Principal Activities

Developing real estate profession, maintaining a cooperative, diligent and disciplined working environment for members, protecting occupational benefits of members, and preventing unfair competition, educating and training members in professional aspects and establishing a real-estate information centre for compiling local and regional real-estate valuation statistics.

Principal Areas of Policy

Real Estate valuation.

Organisation

Statutes cover issues regarding to bodies, committees, duties and authorities, incomes, expenses, membership, principles of membership, disciplinary penalties, code of ethics, working principles and foundations of TAA.

Appraising organizations that have been entitled to engage in appraising activities in capital market by the Capital Market Board.

Membership

1. Appraisers are liable to make necessary applications for membership with information and documents required by the Association within three months from the date when they are awarded real estate appraiser license. Licenses of those who disregard said liability are cancelled.

2. Appraisal Bodies are liable to make necessary applications for membership with information and documents required by the Association within three months from the date when they are authorized by the board. In case this liability is disregarded, the board is entitled to take all kind of measures against such bodies.

3. Persons those who are holders of the real estate appraiser license can become members of the Association in case on demand. Persons who become member of the Association of their own accord, are subject to rights and liabilities of membership of the Association and they may participate in general assemblies and may vote as long as they fulfil their obligations. Records of persons who are holders of the real estate appraiser license are kept by the Board in line with principles stipulated by the Association.

4. Association Membership of appraisers those who employed by public establishments or bodies are facultative. However, appraisers those whom commission expires have to apply for Association membership within three months. Appraisers those who do not become member of the Association because they are employed by public, cannot benefit from the rights of membership of the Association unless they become member. Appraisers those who are employed in public institutions or establishments are subject to rights and liabilities of Association membership, and they can participate general assemblies and can vote as long as they fulfil their liabilities.

5. Real person Association members - in case they declare that they were not engage in any appraisal activity or that they were not partner, manager or employee of a company that

   engages in appraisal activity - they may demand suspension of their membership being effective from beginning of the calendar year followed by the date of their demand and provided that suspension period is not be less than a year. Voluntarily suspended Association members cannot benefit vote rights and representation in management rights as well as any right provided to Association members and other rights provided due to real estate appraiser license. In case a member whose membership is suspended wants to engage in real estate appraisal activities, he has to pay contribution fee determined by the Association, to make application to the Association. Licenses of Association members those who make misstatement are cancelled by the board.

6. It is mandatory to pay membership entrance fee to account to be opened in the name of the Association before membership application and to submit receipt regarding to payment with other application documents. Membership applications of appraisers and appraisal bodies who have no pay membership entrance fee are not accepted. This provision is not applicable for those accepted to membership again after implementation of disciplinary penalty stated in 28th Article paragraph (d) of these statutes and for those who wants to engage in real estate appraisal activities after suspension. Provisions concerning to those who work at public institutions and establishments and prove this situation, are reserved.

7. Rejection resolution of membership application can be objected before the board within ten days following notification of such resolution to related person.

8. According to paragraph (b) of Article 7 of manifest serial VII No:34 concerning to "Principles of licensing and registry keeping for those who engage in activities in capital markets", person those have real estate appraiser license are liable to pay entrance fee and annual contribution fee during term that they are not engage in real estate appraisal activities or they are not partner, manager or employee of a company which does not engage in real estate appraisal activity. Such members cannot benefit their vote and representation in management right as long as they don't pay entrance fee and annual contribution fee.

9. In case indefinitely cancellation of memberships or authorities of Association members by the board due to circumstances stipulated in legislation, membership registrations are deleted, and in case temporarily cancellation, their memberships are suspended.

10. Membership of Association members those who not pay Association contribution fees in determined time are suspended until payments are made. Members whose memberships are suspended cannot vote in general assemblies and cannot benefit rights provided by the Association.

11. Transactions of membership cancelation or suspension of membership are made by resolution of executive board. Objections are made to the board within one month from the date that the resolution served to member. Resolution of the board is final.

12. Members of the Association have to observe these statutes and resolutions taken by the Association.

Publications

• Application Guidelines

• IVS Turkish Edition