Topic 79. Legal framework for valuation activities

The main document is Law No. 135-FZ of 1998 "On valuation activities in the Russian Federation."

The authorized body for monitoring the implementation of valuation activities in the Russian Federation, which determines the main goals, principles and directions of the state policy on valuation in the Russian Federation, is Ministry of Property Relations.

Strategic goal valuation activity - the creation in the Russian Federation of a system of valuation activities that is developing and adapted to external conditions, providing high-quality valuation services.

Near term goal - creation of legal and methodological base. Independent valuation activity is an independent type of entrepreneurial activity. The main function of the state is to create a system of legal regulation of valuation activities. This is a system of licensing, control. The main mechanisms for regulating appraisal activity: - licensing of appraisers, a system of standards, unification of training programs for the training and certification of specialists, a system for certification of the quality of services, a system for insuring civil liability of appraisers, a system for monitoring the implementation of legislation.

Licensing of valuation activities are handled by executive authorities and the Ministry of Property Relations. The Ministry has the right to issue a business valuation license (Property Valuation and Management Lecture Notes).

There are 2 assessment systems - mandatory and optional (optional). Mandatory assessment is arranged in the following cases:

1) when involving in the transaction objects that belong in whole or in part to the Russian Federation or municipalities. 2) if a dispute arises about the value of the valuation object.

When legislation does not contain a requirement for assessment, an optional (or optional) one is applied.

The status of an appraiser is a set of rights and obligations of an appraiser, the responsibility that he bears for his professional actions. The status is also established with the help of legal principles. The most important of these is the principle of independence.

The rights of the appraiser (Article 14 of the Law) and obligations (Article 15 of the Law) - 2 groups - to the state and to the customer. + must keep copies of reports for 3 years.

Authors: Shevchuk D.A., Shevchuk V.A.

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