TEGoVA Autumn General Assembly Meeting

TEGoVA Autumn General Assembly Meeting – Marseille

27-28 october, 2017y

TEGoVA General Assembly Endorses New European Valuation Standard (EVS 6) on Automated Valuation Models.

95 delegates representing 52 valuers’ associations from 29 countries attended the Autumn meeting of TEGoVA in Marseille on 27-28 October.

The meeting was hosted by Chambre des Experts Immobiliers de France (CEIF-FNAIM). The General Assembly meeting was preceded the day before on the 27th of October, by a Valuation Conference titled “Is the Real Estate Valuer the Market Compass”. The conference which focused on issues of main concern to valuers in France was opened by Philippe Conté REV, President CEIF FNAIM, Denis Pelouse REV, President TEGoVA France and Krzysztof Grzesik FRICS REV, Chairrman of TEGoVA.

Undoubtedly the highlight of the meeting was the endorsement of a new European Standard (EVS 6) concerning the use of Automated Valuation Models (AVMs). The key message of EVS 6 with immediate effect, is that:

“AVMs cannot be used to produce a valuation report that complies with EVS independently of a valuation process founded, inter alia, on inspection of the property by the valuer and the application of valuation judgment by the valuer. Where used, an AVM is never more than a tool contributing to the valuer’s estimation of value, for which he remains responsible.”

EVS 6 emphasises that an AVM is not a valuation. It can serve as a starting point for some buyers and sellers in considering a property’s value. It can be used by the qualified valuer as one input in his comprehensive analysis of the market provided he is satisfied with his knowledge of the AVM’s input data and model.

To complement EVS 6, the General Assembly also endorsed a new Guidance Note EVGN 11 titled “The Valuer’s Use of Statistical Tools”

In keeping with the AVM theme of the Assembly, there were presentations on the subject by Michael MacBrien (Adviser to TEGoVA), Scott Robinson MAI SRA AI-GRS, Immediate Past President of the Appraisal Institute (AI) and Randy J Ripperger CAE, President of The International Association of Assessing Officers (IAAO).

The following associations were upgraded from Observer Member to Full Member and Associate Member of TEGoVA::

• IEV – ISTITUTO di ESTIMO e VALUTAZIONE (E-VALUATIONS) – Institute of Estimation and Valuation
• KAA – SHOQATES SE VLERESUESVE TE KOSOVES (SHVK) – Kosovo Appraisers Association (KAA)

Finally the following associations were admitted as TEGoVA members:

• IAAO – INTERNATIONAL ASSOCIATION of ASSESSING OFFICERS
• IVSP – INSTITUTI PËR VLERËSIME DHE STUDIME PRONËSORE (IVSP) – Institute for Appraisals and Property Studies(IAPS)
• UOPBiH -UDRUZENJE OVLASCENIH PROCJENJIVACA u BOSNI i HERCEGOVINI– Association of Certified Appraisers in Bosnia and Herzegovina- (ACABH)
• UNIS – UNION DES SYNDICATS DE L’IMMOBILIER – National Union of Property Professions