Commerce appraisal regulations committee tightens oversight of real estate licensing procedures
. . . to curb exploitation amid growing demand for training in this specialized field. Committee members agreed that the Institute remains the most qualified and credible educational institution to provide these courses.
The Real Estate Appraisers Regulation Committee at the Ministry of Commerce and Industry is taking new steps to strengthen control over licensing procedures and ensure the quality of professional training in the real estate appraisal sector.
The committee has recommended suspending the recognition of real estate appraisal qualification courses offered outside the Institute of Banking Studies for at least one year.
The measure aims to curb exploitation amid growing demand for training in this specialized field. Committee members agreed that the Institute remains the most qualified and credible educational institution to provide these courses, reports Al-Rai daily.
Since its formation, the committee has approved the registration of 62 trainees as certified appraisers out of 150 who completed qualifying courses at the Institute of Banking Studies. Work is ongoing to review the remaining applications and determine eligibility for licensing.
The sources explained that the committee is also considering restructuring the licensing procedures. Under the new proposal, applicants would begin the process at the Real Estate Department of the Ministry of Commerce, which would verify that all requirements are met before the applicant proceeds to the training stage at the Institute of Banking Studies. This change is intended to ensure that only qualified applicants are allowed to enroll in the accredited courses.
Among the anticipated regulatory amendments is a revision to the rules governing the combination of public employment and appraisal work. The new proposal would permit government employees to hold a license to practice the profession of real estate appraisal, provided they obtain approval from their employer. However, they would not be allowed to engage in appraisal activity independently outside their government role.
The distinction between the two terms is significant — a license to practice real estate appraisal allows an individual to conduct appraisals for any entity in the market and two, a license for the appraiser profession, however, restricts the individual to perform appraisal work solely for the institution where they are employed.
Private sector employees, the sources clarified, will not be required to obtain approval from their employers to register as appraisers, nor will they be obliged to provide appraisal services to them.
The committee also reaffirmed that fulfilling all licensing requirements with the Ministry of Commerce is a prerequisite for accrediting any qualification courses. These reforms, according to the sources, are designed to ensure professionalism, prevent conflicts of interest, and enhance confidence in the accuracy and objectivity of real estate appraisals across Kuwait.
