Organization : Inland Revenue Authority of Singapore
Facility : Apply or Renew Your Appraiser’s Licence
Country : Singapore
Website : https://www.iras.gov.sg/irasHome/default.aspx
Details Here : https://www.iras.gov.sg/irashome/Property/Property-professionals/Appraisers-Valuers/Apply-or-Renew-your-Appraiser-s-Licence/
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IRAS Apply or Renew Appraiser’s Licence
Anyone who appraises lands and buildings must apply for an appraiser’s licence.
Related : Inland Revenue Authority of Singapore Productivity & Innovation Credit Scheme : www.statusin.org/24498.html
The applicant must :
1. Hold a degree in Real Estate from NUS or equivalent; and have at least 2 years of relevant practical experience
2. Be a Member or Fellow of Singapore Institute of Surveyors and Valuers (SISV). With effect from 1 Jan 2014, an applicant with Probationer membership is not eligible for this application. For details, please refer to Application Details for SISV Membership
3. You may want to get ready an electronic copy of the following supporting documents before you apply :
** NRIC/FIN (Front and back)
** Real Estate degree certificate from NUS or its equivalent
** SISV letter certifying your membership with Valuation and General Practice council
** A testimonial from a licensed appraiser using the attached template
** A letter from your employer
** The fee for Appraiser’s Licence is $125.
Renewal of Appraiser’s Licence
Under Section 7(2) of the Appraisers Act, all licences have to be renewed annually at least ten days before the expiry of the licence on 31 Dec of each calendar year. The last day to renew your licence is 21 Dec.
Existing licence holders with SISV’s Probationer Membership may continue to renew their Appraiser’s Licence.
Renewing Your Appraiser’s Licence :
An alert notification containing an unique code will be sent to your registered mobile number and email address. You may use the unique code to activate your renewal application in LicenceOne. The code will expire on 21 Dec.
Expiry of Appraiser’s Licence
All appraiser’s licences expire on 31 Dec of each calendar year i.e. if the applicant obtains his licence on 1 Jan 2017, the licence will expire on 31 Dec 2017. If your licence has expired and you did not renew, you must re-apply for a new licence.
Fees for Renewal of Appraiser’s Licence :
The licence fee for renewal is $125.
Renewal Processing Time :
The renewal is approved upon successful verification of credentials and payment. You may retrieve the electronic copy of your renewed licence in the portal.
Change of Employer in Appraiser’s Licence
The appraiser’s licence is issued to the appraiser acting on behalf of the employer. If there has been a change in the appraiser’s employer, the following document has to be submitted
** Letter from the present company to state the effective date which the appraiser will be acting on behalf of the company
** An amendment fee of $20 is payable.
Frequently Asked Questions
1) Do I need an appraiser licence to appraise?
Yes. You require a licence under the Appraisers Act to appraise Lands and Buildings in Singapore.
2) What is the criteria for new licence application?
a) Applicant must hold a degree in Real Estate from NUS or its equivalent and have at least 2 years of relevant practical experience under the supervision of a licensed appraiser.
b) Applicant must be a Member or Fellow of Singapore Institute of Surveyors and Valuers (SISV). With effect from 1 Jan 2014, an applicant with Probationer membership is not eligible for the application.
3) Is the licence issued to the individual and/or company?
The Appraiser’s Licence is issued to an individual only.
4) What are the documents required for new licence application?
a) Copy of NRIC / FIN (front and back).
b) Copy of Real Estate degree certificate from NUS or its equivalent.
c) Copy of Singapore Institute of Surveyors and Valuers (SISV)’s letter certifying your membership with the Valuation and General Practice council.
d) A Letter from the company where you will be acting as an appraiser for. For self-employed appraiser, please indicates your current employment status and your company details.
e) A testimonial from a licensed appraiser whom you have worked under his/her supervision and cite 3 key appraisers report prepared by you with supporting details.