Category archives: Post-novosti-eng

As the Key Note Speaker, the General Director of the International Valuation Standards Council (IVSC), Mr. Nick Talbot, was present at the promotion of the awarding of internationally recognized certificates of real estate valuers in accordance with the requirements of the International Valuation Standards. Mr. Nick Talbot addressed the audience and congratulated the certifiers on the acquisition of international certificates of REAL-ESTATE VALUER in accordance with the requirements of International Valuation Standards.

The conference was also attended by representatives of regulators (colleagues from the Banking Agency of the Federation of Bosnia and Herzegovina and the Banking Agency of Republika Srpska), members of the academic community, representatives of the Association of Banks in Bosnia and Herzegovina, representatives of the Association of Professional Risk Managers in Bosnia and Herzegovina, colleagues from the banks, and other friends of our association.

With this promotion, BHPA managed to fulfill one of the most important goals for 2021, which is to adjust to the new Instructions for Collateral Valuation adopted by the Banking Agency of the Federation of Bosnia and Herzegovina and the Banking Agency of Republika Srpska.

BHPA extends its most sincere congratulations to colleagues who have acquired the title of Real Estate Valuer in accordance with International Valuation Standards and thanks everyone present at the promotion.

We thank everyone present at the promotion.

• Professor Muharem Karamujić PhD, President of the BHPA,

Department of Finance, Shool of Economics and Business in Sarajevo

• Mr. Nicholas Talbot,

Chief Executive Officer of the International Valuation Standards Council

• Mr. Igor Jokić,

the President of the Association of Professional Risk Managers in B&H (UPRMBiH), Director of Credit Risk Management Department of the Raiffeisen Bank B&H

• Ms. Sanela Pašić,

a Member of the Board of Directors of the Association of Banks of B&H (UBBiH) and UPRMBiH, Chief Executive Officer at Addiko Bank B&H

• Mr. Denis Hasanić,

a Member of the Board of Directors of UPRMBiH and BHPA, Chief Risk Officer and Chief Finance Officer of the NLB Banka Sarajevo

• Mr. Edin Mujagić,

Chief Risk Officer and Chief Finance Officer of the Union Bank Sarajevo

• Professor Vedad Silajdžić PhD, Member of the Board of Directors of BHPA

Department of Business Law, Shool of Economics and Business in Sarajevo

• Mr. Emir Hodžić, Vice President of the BHPA

Director of Risk Management Division of the Union Bank d.d. Sarajevo

• Mr. Dragan Serdar,

Director of the Supervision Sector, Banking Agency of Republika Srpska

• Mr. Miško Dakić,

Director of the Legal Affairs Department, Banking Agency of Republika Srpska

• Ms. Danijela Nježić Buzadžija,

Director of the Regulatory and Reporting Sector, Banking Agency of Republika Srpska

• Mr. Admil Nukić,

Assistant Director for Banking Supervision, Banking Agency of the Federation of Bosnia and Herzegovina

• Professor Aziz Šunje, PhD,

Department of Management and Organization, School of Economics and Business in Sarajevo

• Mr. Sejfudin Hodžić, MA,

Business Development Consultant

• Professor Dragoljub Janković, PhD,

Head of training for capital valuation at the Institute of Certified Valuators of Montenegro

• Professor Mirza Kršo, PhD,

Department of Finance, School of Economics and Business in Sarajevo

• Professor Dragan Vukasović, PhD,

Faculty of Economics, Independent University of Banja Luka

 

 

Promoted BHPA members (internationally recognized real estate valuers in accordance with IVS):

 

Mr. Fevzija Hajdaragić

Ms. Vesna Šilić

Ms. Nidžara Hadžiomerović

Mr. Milan Subotić

Mr. Abdulah Delibašić

Ms. Mirna Trčalo

Mr. Dragan Šojić

Mr. Omer Pajić

Ms. Indira Čamdžić

Ms. Amela Vukojević

Ms. Merima Kadrić Kovačević

Mr. Nijaz Mačak

 

 

Bosnian and Herzegovinian Property Association sends its sincere congratulations to colleagues who have acquired the title of Real Estate Valuer in accordance with International Valuation Standards.

 

 

 

We are pleased to inform you that the Bosnian and Herzegovinian Property Association (BHPA), after a detailed application process, which primarily referred to the argument that our educational process and licensing procedures contain all the necessary elements of the Professional Membership Obligations (PMOs) of the IVSC, received the improvement of the status from associate membership to full membership. Accordingly, we hereby receive official confirmation that our proposed educational processes and procedures in the professional licensing of valuers are fully compliant with the requirements of the IVSC.

In addition to making significant progress in international recognition in the valuation profession, the most significant detail of the letter we received from IVSC is that they agree with our proposed professional education and licensing program for valuers of various forms of assets defined in IVS. In accordance with the above, in the coming period BHPA will organize the following programs of professional education and licensing:

• Education program for professional certification of real estate valuers in accordance with IVS (successful completion of the program would result in a license of an internationally recognized real estate valuer operating in accordance with IVS, BHPA RV IVS – RE);
• Education program for professional certification of machine and equipment valuers in accordance with IVS (successful completion of the program would result in a license of an internationally recognized machine and equipment valuer operating in accordance with IVS, BHPA RV IVS – PM);
• Education program for professional certification of business and business interest valuers in accordance with IVS (successful completion of the program would result in a license of an internationally recognized business and interest interest valuer operating in accordance with IVS, BHPA RV IVS – BBI); and
• Education program for professional certification of intangible assets valuers in accordance with IVS (successful completion of the program would result in a license of an internationally recognized valuer of intangible assets operating in accordance with IVS, BHPA RV IVS – IA).

 

The above licenses will be promoted globally on the list of IVSC valuers, i.e. on the global list of valuers who are able to work in accordance with IVS and who have a valid globally recognizable IVSC license.

 

In addition to all the above, we have received explicit support from IVSC in the work which will, among other things, be reflected in the fact that it will take an active and direct part in promoting our association and its members globally, regionally and nationally, including communication. with the Entity Banking and Promotion Agencies of the BHPA and its members performing valuations in accordance with the IVS).

 

Finally, it is important to emphasize that by gaining full membership in the IVSC we are ranked among the globally most important professional organizations, such as: Royal Institution of Chartered Surveyors (RICS), Australian Property Institute (API), Canadian Institute of Chartered Business Valuators (CICBV), American Society of Appraisers (ASA) and others.

On April 16, 2020 BHPA held the webinar. The webinar was attended by 27 members, and presentations were held on the following topics:

1. Information on the work of the Association with reference to the latest recommendations of relevant international professional bodies

–          Panelist: Mr. Emir Hodžić, ABHPA

2. Advanced Financial Analysis

–          Panelist: Ms. Tea Mioković, MA

3. Influence of energy efficiency on the valuation

–          Panelist: Mr. Vedad Ćiber, RBHPA

 

In these uncertain times, due to the rapid escalation of the corona virus across all markets, RICS has taken some exceptional measures, such as the cancellation of all events before April 24. The events will be rescheduled when we know more how the situation evolves.

 

Our regional office in Brussels remains closed for the moment, but our team continue to work remotely from home and can be contacted by email or by phone during normal office hours. We are in touch with our regional and local boards to discuss the challenges we are facing and give a positive response.

 

Our support

 

It is not an easy time and we would like to do our best to support you:

• Instead of face-to-face, we are expanding our online trainings and events https://my-rics.org/4I51-T100-48CQN9-MM7RN-1/c.aspx
• Through our World Built Environment Forum (WBEF) series of free webinarshttps://my-rics.org/4I51-T100-48CQN9-MM7RO-1/c.aspx, you can explore how industry leaders can positively address some of the world’s most important challenges. As part of this offer, you will get very soon an invitation to join our European WBEF webinar on the impact of COVID-19 in the European real estate markets. An opportunity to analyse the situation and support the World Health Organisation (WHO) to fight against the corona virus pandemic, thanks to our sponsors’ contribution. Save the date: Tuesday 7 April 2020, 14:00 – 15:00 CET.
• To continue advancing, we will be offering up to 12 hours of free CPD to our European members through our online academy https://my-rics.org/4I51-T100-48CQN9-MM7RP-1/c.aspx (OLA). You will be able to select some of the most demanded learning courses on ethics and professional conduct to continue your career progression.
• If you are concerned about how your profession will be impacted by the current crisis, we are developing guidance for professionals https://my-rics.org/4I51-T100-48CQN9-MM7RQ-1/c.aspx on important areas of risk, such as valuation.
• We will continue to monitor developments and seek further help related to finances and wellbeing. Remember Lionheart https://my-rics.org/4I51-T100-48CQN9-MM81L-1/c.aspx, an independent charity for RICS professionals globally can offer free and confidential advice, financial support, professional counselling and legal advice.

 

Your opinion matters to us

 

Do you have any suggestions for us on how the government can support our industry – especially the self-employed among you – in the current situation? Please write to us and we will bring your suggestions to our professional groups and advisory board. You can stay in touch and interact with us via our social media channels. You can also remain updated via our COVID-19 response hub on rics.org.

 

Stay healthy,

 

The pandemic has rendered real estate valuation work in most countries difficult to undertake in the absence of market activity (transactions are rare if not non-existent)  as postulated by the definition of market value.  In the circumstances many valuers have included disclaimer clauses in their reports highlighting the uncertain nature of the valuations reported. Whilst TEGoVA supports the insertion of such clauses,  it is also aware that in some countries the law and standards may not allow them.  Thus, valuers should ensure first and foremost that their reports are in compliance with local law.

 

TEGoVA also advises  that where valuers are instructed to arrive at a market value of a property for a non-statutory purpose over the next few weeks:

1. They should first identify the last date (pre-crisis date) when in their opinion a market value of the subject property could have been determined on the basis of the available market evidence and offer an opinion of the value of the subject property at that pre-crisis date. This will set a benchmark value against which the client can usefully gauge the market value reported at the relevant current date of valuation.
2. In reporting a value at a current date of valuation, valuers should make clear reference to the comparable evidence relied upon and state the extent to which adjustments if any have been made to that evidence on account of the crisis. If adjustments have been made, the valuer should justify them either on the basis of actual market evidence or reasoned valuer’s judgement.  Valuers are advised that for the duration of a period of market uncertainty in any particular local market they should not feel obliged to make adjustments (downward or upwards) to the pre-crisis market evidence provided this is made clear in the valuation report. In such a case the reported pre-crisis and current values will be the same subject to any material changes affecting the subject property between the two dates.

 

In following the advice set out in this communication, valuers should ensure that it is replicated in the Terms of Engagement agreed with the client. Valuers should also recommend that the value of the subject property be kept under frequent review.

 

Where local law prohibits the use of a disclaimer concerning “valuation uncertainty” or where a client instructs a valuer not to rely on such disclaimer, this should be noted in the Terms of Engagement agreed with the client.

 

The TEGoVA Board continues to monitor the situation and may issue further advice in due course.

 

The Board of Directors

BHPA held its first education in 2020, on February 22, 2020, in the Municipality of Čelinac starting at 10:00. The attendees were addressed by an advisory board member, Mr. Dragan Sojic, RBHPA. After the introductory presentation, two lecture sessions were held.

The first session of the lecture was held by Ms. Sanja Pupovac, a long-time BHPA member and also a member of the BHPA Board of Directors, while the second part of the lecture was held by Ms. Ljiljana Radmanović, an internal assessor at one of the commercial banks in BiH.