Through the covenant, the government formally designates NRVT as the supervisory body in the appraisal sector. It has also been agreed that the Central Council, with parties from the sector, will be transformed into an advisory council without decision-making authority. This increases the independence of NRVT and thus the reliability and quality of appraisals.
The covenant further addresses recommendations from research agency SEO to improve the independence and effectiveness of NRVT. Reliable and objective appraisals are important for the proper functioning of the real estate market. An accurate assessment of property value ensures that mortgage lenders can determine whether an applicant can actually bear the mortgage.
