1. The KNOWLEDGE at the level of notion:
1.1. basics of accounting (Latvian accounting standards, International Financial Reporting Standards);
1.2. European Union directives in the field of real estate valuation and management;
1.3. laws and regulations in the field of real estate and real estate transactions, registration and planning regulations thereof;
1.4. laws and regulations in the field of construction;
2. The KNOWLEDGE at the level of understanding:
2.1. real estate economics;
2.2. financial aspects of real estate management;
2.3. pricing in construction;
2.4. investment in real estate;
2.5. business planning and real estate;
2.6. real estate marketing and management;
2.7. real estate tax laws and regulations;
2.8. ecologically oriented management in the real estate market;
2.9. mathematics in connection with real estate valuation;
2.10. statistical analysis methods and their application to property-related information processing and analysis;
2.11. sustainable construction basics, construction materials and construction products;
2.12. basics of construction product integration technologies;
2.13. general principles of energy audits and energy performance;
2.14. alternative energy sources;
2.15. building and structure construction, basics of building engineering networks assessment;
2.16. property topographic survey;
2.17. detailed planning and territorial development strategies;
2.18 operating principles of the financial market;
2.19. general principles of credit institutions’ credit policy, mortgaging;
2.20. valuation basics of movable property;
2.21. valuation basics of business and intangible assets;
2.22. assessment principles of agricultural land productivity and natural fertility;
2.23. extraction of mineral resources in Latvia, valuation principles of utilization and volume;
2.24. basics of forest valuation;
2.25. national spatial planning system and land-use planning, land and building classification, cadastre and basics of a property cadastral and massive valuation;
2.26. basics of communication culture and psychology ;
2.27. psychology in real estate transactions;
2.28. professional terminology in the official language and at least two foreign languages.
3. The KNOWLEDGE at the level of use:
3.1. laws and regulations of the real estate valuation;
3.2. rights related to real estate (immovable property);
3.3. property market in the economy, real estate market analysis and forecasting;
3.4. real estate market risk assessment;
3.5. real estate-related information systems and databases;
3.6. technical condition assessment of buildings, structures and utilities;
3.7. Latvian, European Union and international valuation standards;
3.8. assessment theory and evaluation methods, knowledge of internationally recognized valuation concepts and principles;
3.9. requirements for valuation service orders, valuation procedure, reporting of results;
3.10. valuation of immovable property of cultural and historical value;
3.11. valuation of investment in property under construction;
3.12. valuation for financial reporting purposes;
3.13. valuation of real estate as a loan collateral;
3.14. commercial property valuation;
3.15. agricultural property valuation;
3.16. valuation of property with a limited useful life (mineral deposits);
3.17. lease (rent) valuation, recoverable costs valuation;
3.18. special valuation cases (expropriation of real estate necessary for public purposes, expropriation of real estate in accordance with the decision of a court, expropriation of a public figure);
3.19. knowledge of information technology necessary to carry out valuation;
3.20. general principles of environmental protection and resource use;
3.21. labour protection requirements;
3.22. principles of professional and general ethics and business etiquette;
3.23. official language;
3.24. at least two foreign languages at the communication level;
3.25. legal employment relationship.

1. To appraise real estate in accordance with the Latvian standard “Real Estate Valuation” (LVS 401:2013) and the European and International Valuation Standards.
2. To be aware of and understand general and specific development trends in real estate management.
3. To have a good knowledge and understanding of factors influencing a real estate’s value.
4. To understand the causes of processes taking place in the real estate market and assess potential consequences.
5. To understand the impact of regulatory enactments on the macroeconomic processes and the real estate market.
6. To consider the various social and political processes and predict impact thereof on economic activities in the real estate sector.
7. To know and understand accounting operations and financial transactions, know the general principles of business accounting, understand revenue and expenditure lines in a balance sheet and a company’s statistical information.
8. To understand the operation of the financial sector, banking and investment funds.
9. To have a good knowledge of the state’s fiscal and monetary policy.
10. To assess the impact of various risks on the business activities.
11. To utilize modern information technology, working in the field of real estate valuation.
12. To use logical approaches, analyses and syntheses, induction and deduction, quantitative and qualitative, as well as other methods to solve problems identified with respect to calculations of a real estate’s value.
13. To use engineering regularities of real estate when adopting decisions in the field of real estate valuation.
14. To utilize a variety of real estate valuation techniques and methods.
15. To utilize methods of determining investment project efficiency.
16. To establish an optimal, supporting information for real estate valuation purposes.
17. To have a good understanding of the local real estate market, analyse and predict the development of real estate market and its individual segments in relation to national and global economic development forecasts.
18. To utilize databases and information systems related to real estate when carrying out valuation.
19. To know the classification of buildings and structures.
20. To analyse building and structure technical documentation, be aware of building and structure constructive solutions and the reasons behind the formation of loss of technical value of buildings.
21. To have a good knowledge of construction stages and applied technologies, supply, suitability and cost of building materials.
22. To have a good knowledge of legal and economic principles of real estate management, understand the financial indicators of real estate management and administration.
23. To understand and comply with the state and local laws and regulations governing the field of real estate.
24. To identify and evaluate property rights and associated restrictions.
25. To consider and determine the most efficient use of the property.
26. To have a good knowledge of the investment attraction policy, draw up real estate development projects and participate in investment projects.
27. To constantly raise the level of professional knowledge, keep up with the developments of the sector and apply modern information acquisition, processing, systematization and communication technologies.
28. To comply with document management requirements, apply them when drawing up business documents.
29. To have a good understanding of marketing, as well as effective use of mutual communication practices with customers and partners.
30. To observe and comply with the basic principles of professional and general ethics when conducting transactions in the field of real estate.
31. To comply with the principles of good faith and good practice, avoid conflicts of interest, personal interest and observe confidentiality.
32. To observe the requirements of labour protection, fire safety and environmental protection lawsd and regulations.
33. To know the official language.
34. To know at least two foreign languages at a communication level.
35. To use professional terminology in the official language and at least two foreign languages.
36. To observe the standards of the legal employment relationship.
37. To carry out accurate calculations required for valuation.
38. To be cooperative and work in a team, as well as individually.

1. Ability to responsibly and independently carry out a real estate appraiser’s obligations under Latvian law, European law, appraising standards and other binding documents.
2. Ability to understand general economic theories and principles, know and understand factors influencing the value of a property.
3. Ability to use appraising approaches, methods and techniques in practice, prepare high-quality reviews.
4. Ability to analyse and assess the real estate market situation and forecast development thereof.
5. Ability to analyse the development of national and global development and forecast its impact on the real estate market.
6. Ability to understand and analyse a company’s financial performance in the field of real estate.
7. Ability to understand and, consulting with the relevant experts in the field, analyse building designs and construction documentation, construction expert and technical survey findings, applied building materials and construction products, construction technology.
8. Ability to understand and analyse real estate management principles and financial indicators.
9. Ability to understand, analyse and put into practice relevant laws, regulations and other binding documents governing real estate transactions.
10. Ability to communicate with the client, property owners and other persons related to real estate appraising, represent and protect the interests of clients in various institutions within one’s competence.
11. Ability to estimate the costs of appraising services resources and develop a service contract.
12. Ability to continuously improve one’s professional qualification.
13. Ability to observe the professional code of conduct.
14. Ability to use information systems of real estate data in one’s professional activities and acquire and use information technologies.
15. Ability to meet the standards of the legal employment relationship.
16. Ability to observe the requirements of the labour protection, fire safety and environmental safety laws and regulations.
17. Ability to communicate in the official language and at least two foreign languages.