LAW OF THE REPUBLIC OF ARMENIA

of November 2, 2005 No. ZR-189

About estimative activities

Accepted by National Assembly of the Republic of Armenia on October 4, 2005

Chapter 1. General provisions

Article 1. Subject of regulation of the Law

1. This Law establishes bases of implementation of estimative activities in the Republic of Armenia and regulates the relations connected with estimative activities.

Article 2. Law coverage

1. Operation of this Law extends to the estimative activities performed in the territory of the Republic of Armenia.

2. This Law does not extend to assessment of cultural values, securities, derivative financial instruments (transactions), currency values, precious metals, gemstones and jewelry of precious metals and stones, cadastral real estate appraisal.

Article 3. Legislation on estimative activities

1. Estimative activities are regulated by the Civil code of the Republic of Armenia, this Law, estimative standards and other regulatory legal acts of the Republic of Armenia, and also international treaties of the Republic of Armenia.

Article 4. The basic concepts used in the Law

1. In this Law the following basic concepts are used:

1) the appraiser - the physical person having the existing certificate on qualification of the appraiser and registered by authorized body;

2) the estimative organization - the organization or the individual entrepreneur performing estimative activities, registered by authorized body according to the procedure, established by this Law;

3) authorized body - the authorized body regulating and controlling the sphere of estimative activities according to the procedure, established by this Law and the legislation of the Republic of Armenia, performing estimative professional qualification of physical persons (further - Qualification) and terminating the certificate on qualification, registering for the purpose of implementation of estimative activities and striking off the register appraisers, the organizations, individual entrepreneurs, and also self-regulatory organizations of appraisers;

4) self-regulatory organization of appraisers - the non-profit, independent, specialized, self-regulating and self-financed organization which is the specialized union of appraisers and created for manifestation and protection of the rights and legitimate interests of appraisers and the estimative organizations, rendering to them the practical and methodical help and implementation of other functions established by this Law;

5) the standard of assessment - the document established by the Government, conforming to international standards of assessment, regulating assessment, containing rules and instructions of general and repeated application;

6) assessment - set of the estimative actions established by this Law, standards of assessment and other regulatory legal acts purposeful on cost determination of object of assessment;

7) the valuation report - the document containing information on the project cost of assessment determined as of the ordered date according to the procedure, established by this Law, standards of assessment and the legislation of the Republic of Armenia;

8) estimative task - the task provided by the customer to the appraiser in whom identification data of the estimated object, the list of the documents submitted for assessment and also assessment purpose, function by assessment and type of the rights to the estimated object are reflected;

9) the qualification commission - the commission holding professional qualification examinations in the field of estimative activities in the territory of the Republic of Armenia, including constituting questionnaires on qualification examinations the asked questions and tasks;

10) the professional commission - the commission performing studying of estimative activities in the territory of the Republic of Armenia, exercising supervision of execution by the estimative organizations and appraisers of requirements of this Law, other regulatory legal acts, standards of assessment and procedures established by the legislation of the Republic of Armenia, and drawing the professional conclusion concerning valuation reports;

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