A supplementary regulation has been added in relation to the requirement of 3-year experience necessary to obtain real estate appraiser as per the decision of the Securities and Exchange Commission (SEC) No. 6/189 of 26.02.2014 which was announced in the Weekly Bulletin No. 2014/6 of 26.02.2014.

According to this regulation, those who do not meet the requirement of 3-year experince in the field or those who cannot certify that they have 3-year experince in the field can obtain license by undergoing a training to be planned after successfully pasing the examination administered for real estate appraisal.

The related excerpt from the bulletin announced by the SEC is as follows:

“Our Commission has decided to add the following to the Article 2 (I) of the Commission Decision No. 7/150 of 13.02.2006 announced in the Weekly Bulletin of our Commission No. 2006/6 of 13.02.2006 related to the criteria based on which the examinations shall be carried out to determine whether the relevant real estate appraisers and property valuation surveyors fulfill the experience requirement:

“(I) Those who have succeeded in the examinations for Real Estate Appraisal License and Property Appraisal License delivered by our commission, however cannot submit a report certifying that they meet the requirement of 3-year experience in line with the articles above or whose application was rejected as the applicant did not fulfill the other requirements, will be deemed as having the required qualification in terms of year of experience in the field in the event that they attend the applied vocational training program, the content of which will be approved by the Commission and which will be held by the Sermaye Piyasası Lisanslama Sicil ve Eğitim Kuruluşu A.Ş. (official training body of the Capital Markets for Licensing Registry and Training)”

In addition, the Article 8(1) of the Statute of Appraisers’ Association of Turkey published in the Official Gazette No. 28960 of 02.04.2014 sets forth the following:

“Article 8- (1) Appraisers are obliged to make the necessary application for the membership to the Association together with the information and documents required by the Association within three months as of the date on which they have been entitled to obtain the real estate appraisal license. The license of those who do not abide by this requirement shall be annulled  by the Commission.”