Recognised European Valuer (REV) Scheme
The REV scheme has been developed by TEGoVA to mark out qualified valuers who are in active practice valuing property. This is a response to the growth in cross-border property investment so that qualifying valuers can be evident by having REV status to clients from other countries seeking skilled local professionals.
The CAAV has been approved to award REV status – currently two thirds of the UK’s REVs are CAAV Fellows.
In 2012, the organisation for valuers for German mortgage banks (HypZert) took up REV. As a result, German banks are now using some 800 REVs and are understood to be writing the requirement for it into their protocols. With some 1,800 REVs across Europe, this is a sign that parts of the market may come to expect REV status.
Full details can be seen on the TEGoVA website http://www.tegova.org/en/p4912e79a2e83e
What is REV? – REV is a hallmark to show that a qualified valuer is also a valuer in active practice. Its origins lie in the growing need for clients to be able to identify skilled, qualified and active valuers in other countries for cross-border work. As it develops so it can offer a broader recognition on a pan-European recognition of valuers who are both qualified and in active current practice.
What is required? The TEGoVA website http://www.tegova.org/en/p4912ea56015b4 details the criteria for REV status.
Please click here to view the Guidance for CAAV Fellows seeking REV status
Applying for REV Status - Applications for REV status must be made to the CAAV. The application form can be downloaded here
Applications are then considered at the twice yearly General Assembly. This means that completed forms with supporting papers need to be with the CAAV Secretariat at least a month before each Assembly.