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LAW OF THE REPUBLIC OF KAZAKHSTAN

of January 10, 2018 No. 133-VI ZRK

About estimative activities in the Republic of Kazakhstan

(as amended on 31-12-2021)

This Law governs the public relations connected with implementation of estimative activities in the Republic of Kazakhstan and also determines the legal basis of regulation of estimative activities.

Chapter 1. General provisions

Article 1. The basic concepts used in this Law

In this Law the following basic concepts are used:

1) assessment - determination of possible market or other project cost of assessment according to the legislation of the Republic of Kazakhstan;

2) approach to assessment - method of determination of possible market or other project cost of assessment with use of one or several evaluation methods;

3) evaluation method - set of the actions of legal, financial and economic and organizational and technical nature made in case of assessment;

4) date of assessment - day or period of time on which the possible market or other project cost of assessment is determined;

5) estimative activities - the professional activity of subjects of estimative activities directed to establishment concerning object of assessment market or other provided by this Law, other laws of the Republic of Kazakhstan and standards of value assessment for certain date;

6) authorized body in the field of estimative activities - the central executive body performing management and cross-industry coordination in the field of estimative activities;

7) the standard of assessment - the regulatory legal act developed and approved by authorized body in the field of estimative activities in which requirements to determination of market or other project cost of assessment, single for subjects of estimative activities, are established;

8) the doubtful valuation report - the written instrument constituted with violation of requirements of the legislation of the Republic of Kazakhstan on estimative activities, with use of the doubtful data leading to misstatement of market or other project cost of assessment, except for case, stipulated in Item 2 articles 14 of this Law;

9) the valuation report - the written instrument constituted according to the legislation of the Republic of Kazakhstan on estimative activities for results of the carried-out assessment;

10) examination of the valuation report - the research conducted by advisory council of chamber of appraisers for the purpose of verification of the valuation report on compliance to requirements of the legislation of the Republic of Kazakhstan on estimative activities and standards of chamber of appraisers;

11) the appraiser - the physical person performing professional activity based on the certificate on qualification assignment "appraiser" granted by chamber of appraisers, and being the member of one of chambers of appraisers;

12) the certificate on qualification assignment "appraiser" - the document confirming compliance of person to requirements to ownership of special theoretical knowledge, practical abilities, skills and work experience;

13) chamber of appraisers - the self-regulatory organization in the field of professional activity created for the purpose of control of quality of estimative activities of her members, protection of the rights and legitimate interests of appraisers;

14) rules of chamber of appraisers - the document developed and approved by chamber of appraisers, determining procedure for the organization of activities of chamber of appraisers and her members;

15) the standard of chamber of appraisers - the document developed and approved by chamber of appraisers, establishing requirements for reuse by members of chamber of appraisers of the single and obligatory principles, characteristics to their services;

16) the qualification commission - the specialized body of chamber of appraisers created for holding qualification examination for persons applying for receipt of certificates on qualification assignment "appraiser", "expert";

16-1) register of unfair appraisers - the list of appraisers constituted based on data of chambers of appraisers on suspension of action of the certificate and (or) deprivation of the certificate and (or) cancellation of the certificate on qualification assignment "appraiser";

17) conflict of interest - situation in case of which interest of the appraiser, the legal entity with whom the appraiser signed the employment contract or the expert can affect reliability of the valuation report or expert opinion;

18) market value - settlement sum of money for which exchange of asset for date of assessment between the interested person and the seller as a result of the commercial transaction after carrying out proper marketing in case of which each of the parties would be effective would take place being knowledgeable, it is prudent also without coercion;

19) other cost - other, except market, the project cost of assessment which types are established by standards of assessment;

20) the expert - the member of advisory council of chamber of appraisers having the certificate on qualification assignment "expert";

21) the certificate on qualification assignment "expert" - the document confirming the appraiser's compliance to the requirements to the level of professional knowledge of the expert established by chamber of appraisers;

22) the customer - the physical and (or) legal entity who signed the agreement on evaluating;

23) affiliates are the physical and (or) legal entities, capable to exert impact on activities of the appraiser, having opportunity directly and (or) indirectly to make decisions by determination of possible market or other project cost of assessment and (or) to exert impact on accepted with each other (one of persons) such decisions, including owing to the concluded bargain;

24) the third parties are the persons who are not among appraisers, experts and customers, having certain relation to object of assessment, estimative activities;

25) international standards of assessment - the standards of assessment accepted by the International council on standards of assessment.

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