Real Estate Regulatory Authority (Rera): Temporary suspension of two Valuation licenses
The Real Estate Regulatory Authority today issued a temporary suspension to activity of two valuation licenses, in accordance with the provisions of law (27) for 2017 Promulgating the real estate sector, based on resolution (2) for 2019 on Licensing of Real Estate Valuers, and in accordance with RERA regulations which seeks to preserve the rights of all the real estate stakeholders.
The decision taken to suspend the two licenses was for 3 months from the date of the suspension, Tuesday March 16, 2021. After investigating the matter it was found that the violation was contrary to the Bahrain valuation Standards (BVS), and the property that was valuated exceeds 20 million dinars, where they are not allowed to value properties worth more than 3million BD, according to the license granted to them by RERA during the preparation of the valuation report.
RERA emphasizes that all licensed real estate valuers are obliged to value properties that fall within the classification of the category issued to them by the Real Estate Regulatory Authority to avoid administrative or legal action taken against anyone who violates the law and regulations.