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Raising the Professionalism of Real Estate Appraisers for ensuring the Stable development of the Real Estate Assessment System - Lessons learned from the Licensing and Certification System of Real Estate Appraisers in the U.S.-
Korea Real Estate Review
2009, 19(2),
pp.43-71
Publisher : korea real estate research institute
Research Area : Law of Real Estate
Publisher : korea real estate research institute
Research Area : Law of Real Estate
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Accurate real estate appraisals are a pre-requisite for a stable real estate assessment system, and accurate appraisals depend on the professional skill of the appraisers themselves. In the Korean real estate market, there have been long-standing issues regarding the trustworthiness of appraisals, thereby weakening one of the foundations of the real estate assessment system. Most policies seeking to address this problem have focused on the ethics of appraisers rather than on raising their level of professional expertise. Proposals for raising the professionalism of real estate appraisers generally concentrate on appraiser education. However, merely improving education cannot guarantee the stability of the real estate assessment system. The “Real Estate Assessment System for Non-Residential Real-Estate” will soon be introduced, making it more important than ever to establish a system for strengthening the professional aptitude of appraisers. This paper proposes the establishment of a body for licensing, certification, and assessing the professional competence of real estate appraisers as a suitable measure for actively improving their professional expertise. This paper cites recent examples from the U.S., which has strict licensing requirements for real estate appraisers, and considers lessons that the Korean real estate assessment system can learn from the U.S.
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