The Parliament eliminated licensing requirements for real estate appraisal. Instead a requirement for certification was introduced. Individual wishing to obtain a certificate have to pass an exam and pay a fee of 20,000 drams. Under old law appraisers had to pay 150,000 drams annually to keep the license active. Appraisers are also required to purchase professional responsibility insurance. Amendments provide for restrictions on interested transactions with related parties. Individuals without a certificate are prohibited from signing appraisal reports, under penalty of a fine of 100,000 drams.
