Real estate appraisal is an independent profession such as medical doctors, lawyers, engineers which exists in most western countries and in Israel as well as.
In order to be state licensed, controlled by the Ministry of Justice, appraiser needs to have a minimum professional education, pass 9 exams, maintain their license by paying annual fee, and comply with the Code of Professional Ethics and Standards.
The professional education consists of knowledge of universal rules of real estate valuation methods regarding legal and economic aspects.
Most of the real estate appraisers in Israel are members of the Israeli Real Estate Appraisers Association. This is a non for profit state organization with over 700 members. Its missions are as follows:
1. To support and advance its members for real estate solutions
2. To uphold professional credentials, standards of professional practice and ethics consistent with the public good
3. To provide professional education by conducting lectures, seminars and conventions
4. To publish periodic professional publications, journal, articles and, research
5. To advocate the appraisal profession with legislators and regulators to encourage the adoption of appraisal policies that best serve the public interest
6. To represent appraisers in legal and other issues versus government authorities
The organization is committed to creating a progressive environment for its members and public by providing the following services:
1. Offering lectures, seminars and conventions locally and overseas
2. Arbitration and bridging services by appointing experts
3. Creating a market database
4. Publishing periodic professional articles and magazines
5. Holding a professional library
6. Supporting research needs of members
7. Offering a regular updates on the appraisal industry and legislation
8. Offering a job database
9. Providing updated information on related services such as title search and zoning
10. Purchasing discount related services and merchandise
In short, members of the association form a network of highly qualified professionals throughout the country and overseas
For ongoing information about The Israeli Real Estate Appraisers Association
Consult by phone 035225969 Ms. Shosh Ganon or Ms. Keren.Levi or by Email landvalu@netvision.net.il
World literature describes three approaches that are popular when valuating real estate:
The market approach – this approach consider sells prices of properties that resemble the estimated property through making adjustments.
The cost approach – this approach consider the components of a property – land, building, developers profit and VAT.
The income approach – this approach calculate all the expected fruits from a property (i.e. present value of rent fee). rent fee according to the market interest).
Appraisers are counseling businessmen, organizations, developers, constructers and companies / people that own properties.
