RIVER TUNNEL ROMANIA BULGARIA

Wednesday

Danube river tunnel to link Bulgaria, Romania
Bulgaria-registered Eurobridge, backed by a Portuguese investment fund and German construction company Herrenknecht, will build a tunnel under the Danube river to connect Bulgaria and Romania, reports news agency SeeNews. The contractors have signed a preliminary agreement for the implementation of the project which will have to be okayed by the environment and construction authorities in both countries. Eurobridge chief executive Dobromir Donkov estimated the cost of the venture at around $35 mln. The tunnel is expected to poach traffic from Pan-European transport corridor no.9 and offer an alternative to corridor 4.
source:http://news.dnevnik.bg/

ANEVAR ROMANIA

Saturday

Asociatia Nationala a Evaluatorilor din Romania (the National Association of Romanian Valuers) - ANEVAR – was set up in 1992, as a professional, not for profit, non-governmental and independent organization, which acts in the public interest (fact supported by its acknowledgement as a public utility organization through HG (Government Decision) 1447/09.09.2004), and which promotes the valuation methods and techniques through specific means, in connection with the investors and the real estate transactions subject to the privatization process.At present, the Association counts more than 6,900 official members and 250 associated legal entities. Its activity is carried out in 40 territorial centers in the counties, and 11 centers in Bucharest. The matrix structure of ANEVAR is divided into four sections:
business valuation
real estate valuation
personal property valuation
financial assets valuation
Among the main activities carried out by the association there are:
the organization of training courses in the field of valuation of real estate, business, machinery and equipment, and financial assets.
ANEVAR has initiated and developed valuation courses in universities, showing openness towards the training carried out, for acknowledging their courses in the field of valuations. Thus, the association has eight cooperation agreements with faculties within: ASE (Academy of Economic Studies) Bucharest, Universitatii de Vest Timisoara (Timisoara West University), Universitatii Babes Bolyai (Babes-Bolyai University) in Cluj, Universitatii Tehnice de Constructii (Technical University of Constructions) Bucharest, Universitatii Ovidius (Ovidius University) Constanta etc., through which the graduates of those faculties receive an acknowledgement of their training from ANEVAR, and may subsequently become members of the association. ANEVAR has organized valuation courses at the request of certain banking institutions like Banca Comerciala Romana (the Romanian Commercial Bank), BRD – Societe Generale, Raiffeisen Bank, Banc Post, C.E.C. and so on. The staff training activity is based on the European and North American practice. The training program included 1,848 people, in 2004. The course material has been analyzed, translated and adapted from that prepared by the Appraisal Institute and the ASA (American Society of Appraisers). Apart from the training part played in the field of valuations, the training programs organized by the association also played, in some cases, a career transition part. This is the case of the persons who, following the reorganizations in the Romanian economy, were compelled to retire early, thus the training courses provided a career renewal.
the translation and publishing of specialized books: The Appraisal of Real Estate (published in 2003 by the Appraisal Institute, with its headquarters in Chicago); Valuing Machinery and Equipment (published by the American Society of Appraisers)
the organization, in collaboration with the ASA (American Society of Appraisers), of a course for machinery and equipment appraisal (structured on 6 modules and carried out in two stages, in September 2003 and October 2004)
the organization of conferences and symposiums for debating and solving the major issues of the valuer’s practice in Romania.
the training of a corps of professional lecturers through training courses organized by:
Coopers&Lybrand – France between March 1-25, 1993 with the topic “Business Valuation” in which 11 ANEVAR members took part;
International Real Estate Foundation/USAID - USA in February 1997, with the topic “Course Material Preparation” in which 24 ANEVAR lecturers took part;
International Real Estate Foundation/USAID - USA in April 1997, with the topic “Course Presentation” in which 24 ANEVAR lecturers took part;· CERC in Busteni, February 2000;
SIRTEC/SECOR Inc. Canada and Fondul Roman de Garantare (FRG) – the Romanian Guarantee Fund - in collaboration with Institutul Bancar Roman (IBR) – the Romanian Banking Institute – and ANEVAR, within the project “Mortgage Loan Guarantee System”, financed by the Canadian International Development Agency, between January 20-24, 2003, course with the topic “Appraisal and Documentation Work for Mortgage Loans”, in which 8 ANEVAR lecturers took part.
CODECS in Tusnad, between September 1 – 9, 2002, and in Predeal, between December 2 – 5, 2003;
ANEVAR in collaboration with the ASA - American Society of Appraisers – between November 2 – 16, 2003, course for Personal Property Valuation, in which, apart from the lecturers, other ANEVAR members also took part;
participation in the preparation of normative acts:
ANEVAR contributed to the preparation of some normative acts, among which:
Order 288/1998 of the Ministry of Privatization on the unification and regulation of the activity of preparation of the valuation reports for the business companies subject to the privatization process;
Methodological norms no. 3 of April 17, 2000 for the application of Law no. 190/1999 on mortgage loans for real estate investments, issued by BNR and CNVM;
Regulations no. 5 of 2003 of CNVM regarding the public offer of securities and other financial instruments.
ANEVAR is the sole associate at the valuation research institute – IROVAL, which is interested in the field of valuations, and which owns a publishing house and a large specialized library.ANEVAR members carry out their activity in compliance with the valuation standards since 1995, and starting with 2003 these standards have been replaced by the International Valuation Standards (prepared by the IVSC – International Valuation Standard Committee, a body of the UNO).Starting with January 1, 2004, the International Valuation Standards prepared by IVSC have been adopted as national valuation standards. As a consequence of the system for professional development of its members, as well as due to promoting national, European and international standards and the Professional Ethics Code, the activity of ANEVAR is recognized by several Romanian organizations (governmental and non-governmental associations operating in this field) that require that the valuation reports should be in compliance with the ANEVAR standards and its recommendations. ANEVAR is a member on the Executive Board of the International Valuation Standard Committee (IVSC), member of the European Group of Valuers Associations (TEGoVA) and of the World Association of Valuation Organizations (WAVO). The International Valuation Standard Committee (IVSC) is a non-profit association, made up of professional organizations in the field of valuation, worldwide, which are united by a single Memorandum of Association. IVSC is a non-governmental organization, member of the United Nations, which main targets are the preparation and publishing, in the public interest, of standards for property valuation, the promotion of their adoption at global level, the harmonization of the existing valuation standards in various countries around the world etc. IVSC publishes Standards for Valuation Practice, relative to tackling certain specific issues of the valuation, as well as Application Standards in specific situations, which occur while providing consultancy services in various business fields. IVSC has particularly sought that the International Valuation Standards (IVS) are recognized in the accounting standards, as well as in other reporting standards, so that the valuers should know what is required of them according to the standards of other disciplines. TEGoVA (the European Group of Valuers Association) is a Pan-European and non-profit body, made up of 43 associations from 27 countries, representing almost 100,000 valuers from Europe. Its main objectives consist in preparing standards and ensuring quality and ethics on the market of real estate valuation services. WAVO (World Association of Valuation Organizations) has as targets the development and improvement of the property valuation services and the consultant profession worldwide, as well as the promotion of the best practices in the field of valuation.
ANEVAR has achieved international recognition in the field of valuation, establishing cooperation relations with professional associations in the United States of America, Great Britain, and many other European associations operating in this field. For the past years, a representative of ANEVAR provided consultancy for drafting the laws on valuation in the Republic of Georgia. There have also been other requests regarding professional experience exchanges, from certain specialized associations in Eastern Europe, interested in the Romanian practice in the field of valuation. login to post comments
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ABOUT APPRAISAL

A real estate appraisal is a service performed by a licensed or certified appraiser, who develops an opinion of value based upon the highest and best use of real property. The highest and best use is that use which produces the highest value for the land, as if vacant. This use is based on 4 parts; physically possible, appropriate, legal, and economically feasible. Also of importance is the definition of the type of value being developed and this must be included in the appraisal, i.e. market value, condemnation value, quick sale value, etc. For mortgage valuations of improved residential property, this value is most often reported on a standardized form, the Uniform Residential Appraisal Report.

source:http://en.wikipedia.org/wiki/Real_estate_appraisal