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LAW OF THE AZERBAIJAN REPUBLIC

of December 8, 2023 No. 1052-VIQ

About estimative activities

This Law according to Items 1, 10 and 11 parts I of article 94 of the Constitution of the Azerbaijan Republic determines the organizational, economic and legal basis of implementation of estimative activities in the Azerbaijan Republic.

Chapter 1. General provisions

Article 1. Basic concepts

1.1. For the purposes of this Law the following basic concepts are used:

1.1.1. estimative activities - activities for cost determination of object of assessment by the appraiser in the cases provided by this Law and also for the purposes established by the customer;

1.1.2. the appraiser - the physical person meeting the requirements, the established this Law, the acquired right to perform estimative activities and being the member of Chamber of appraisers;

1.1.3. the estimative organization - the commercial legal entity whose main field of activity are estimative activities, and specializing in the direction (directions) of estimative activities;

1.1.4. assessment object - any material or non-material property which assessment is provided by regulatory legal acts, or provided on assessment by the customer;

1.1.5. the customer - physical person or legal entity, being the final consumer of service in assessment based on the agreement on assessment signed with the appraiser or the estimative organization for the purpose of assessment of the object of assessment which is in its property or use.

1.2. Other concepts used in this Law express the values established by regulatory legal acts of the Azerbaijan Republic.

Article 2. Legislation of the Azerbaijan Republic on estimative activities

The legislation of the Azerbaijan Republic on estimative activities consists of the Constitution of the Azerbaijan Republic, international treaties which the Azerbaijan Republic, this Law and other regulatory legal acts joined.

Article 3. Circle of application of this Law

3.1. Except for case, the stipulated in Article 16.4 Laws of the Azerbaijan Republic "About compulsory insurances", and case of determination of the damage caused to insured state-owned and municipal property as a result of loss occurrence by types of compulsory insurance, this Law is not applied in case of assessment of property, risks and damage on the insurance classes regulated by the laws of the Azerbaijan Republic "About insurance activity" and "About agrarian insurance".

3.2. Proceeding from requirements of the Civil code of the Azerbaijan Republic, the Tax code of the Azerbaijan Republic, the Law of the Azerbaijan Republic "About financial accounting" and other regulatory legal acts, this Law is not applied in case of write-off become useless, and also stolen or the lost property, plant and equipment (funds) which are on balance of the state companies and organizations, and also companies from shares of the state in the authorized capital, and realization of the material values received from demolition of these means and also, proceeding from requirements of the Law of the Azerbaijan Republic "Of financial accounting" is unknown, in case of inventory count of assets and liabilities, and also according to the Law of the Azerbaijan Republic "Of precious metals and gemstones" - in case of assessment of ingots of precious metals.

3.3. The relations in the field of estimative activities in the Alyatsky free economic zone are governed according to requirements of the Law of the Azerbaijan Republic "About the Alyatsky free economic zone".

Article 4. Directions of estimative activities

4.1. Estimative activities are performed in the following directions:

4.1.1. assessment of personal estate (machines and equipment, vehicles, animals and plants, etc.);

4.1.2. real estate appraisal, including parcels of land;

4.1.3. assessment of movable and immovable samples of cultural heritage, cultural values, monuments history, culture and nature;

4.1.4. assessment of the companies;

4.1.5. assessment of the non-material property benefits (objects of intellectual property rights, shares of legal entities in the authorized capital (fund) and common property and securities, and also requirements and rights);

4.1.6. assessment of accounts payable and other obligations, receivables, material reserves and other assets;

4.1.7. assessment of natural resources;

4.1.8. assessment of damage, lost profit and risks;

4.1.9. assessment of services;

4.1.10. assessment of other objects of assessment.

Chapter 2. Implementation of estimative activities

Article 5. Requirements to implementation of estimative activities

5.1. Taking into account article 5.2 of this Law the person having the higher education and general length of service at least 3 (three) years which successfully passed qualification examination and being the member of Chamber of appraisers can be the appraiser.

5.2. Persons having the outstanding or not removed criminal record for intentional making of heavy and especially serious crime, and also corruption crime irrespective of its nature and degree of public danger, and other crime against interests of service, and also crime in the economic sphere, persons concerning whom there is judgment which took legal effect about application of enforcement powers of medical nature cannot be appraiser.

5.3. The appraiser performs the activities independently or based on the employment contract signed with the estimative organization.

5.4. The physical nonresident persons who underwent accreditation in Chamber of appraisers can be engaged in estimative activities in the territory of the Azerbaijan Republic. The procedure for accreditation of physical nonresident persons for occupation estimative activities and requirements to these persons is established by the body (structure) determined by relevant organ of the executive authority.

Article 6. The organization and holding qualification examination for occupation estimative activities

6.1. Qualification examinations for occupation estimative activities consist of written testing, will be organized and held by the body (structure) determined by relevant organ of the executive authority for the directions of estimative activities.

6.2. Persons wishing to be engaged in estimative activities and which compliance to the requirements provided by articles 5.1 and 5.2 of this Law is established can participate in qualification examinations. Participation in qualification examinations paid. The amount of payment for participation in qualification examinations is established by the body (structure) determined by relevant organ of the executive authority.

6.3. Information on results of qualification examination is placed on the official page of the body (structure) determined by relevant organ of the executive authority on the Internet.

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