RESTON, Va., Jan. 14, 2019 /PRNewswire/ -- The American Society of Appraisers (ASA) and the Korea Association of Property Appraisers (KAPA) established a strategic agreement for joint cooperation in appraisal matters by recently signing a Memorandum of Understanding (MOU). In forming the partnership, both organizations agreed to pursue collaboration in the areas of appraisal education, publications, research and standardization.
Currently the world's 12th largest economy, South Korea has experienced exceptional real GDP growth—an average of 10 percent annually from 1962 and 1994. With a population of 51 million, the Republic of Korea's growth rate was 3.1 percent with a $1.531 trillion GDP in 2017, according to The World Bank. Neighboring countries in the Northeast Asia region: generally noted to include Japan, China, Mongolia and Singapore, as well as the Russian Federation Far East, also are exhibiting varying degrees of sustained economic growth. Real estate investment has been robust in the entire Asia-Pacific region since 2000.
The appraisal sectors in these high growth countries presently lack a centralized consultative organization for valuation matters. ASA and KAPA will seek to resolve this impediment via their first joint initiative, the establishment of the Northeast Asia Appraisal Forum (NAAF), with the goal of promoting future expansion to include Valuation Professional Organizations in other countries in the region. Other appraisal organizations in Japan, China, Mongolia, Singapore and Russia will be invited to participate in NAAF, according to KAPA. The forum will serve as a uniform appraisal platform for appraisal cooperation and play a complementary role with other international organizations, such as the World Association of Valuation Organizations (WAVO) and Asia Value Advisors (AVA).
"The establishment of NAAF and a future adoption of uniform valuation standards in Northeast Asia will serve to promote increased investment in the region," said Robert B. Morrison, ASA, International President of the ASA. "Furthermore, the invigoration of investment will help each country's specific economic development."
By signing the MOU, ASA and KAPA agreed to the following objectives:
1. Building and maintaining a long term cooperative relationship and encouraging the exchange of professional knowledge and development.
2. Working together on valuation industry guidance notes and research.
3. Collaborating in the following areas, subject to future, separate written agreement:
a. Co-hosting of continuing education courses, where appropriate, and to offer members of ASA and KAPA the same or similar rates for such courses;
b. Sponsorship of joint professional events;
c. Exploration of joint credentialing programs, and or related equivalency agreements;
d. Working together on valuation industry standards and research.
4. Promoting an active exchange of knowledge, expertise and experience in the area of valuation.
Additional future joint initiatives with KAPA to explore include the hosting of ASA provided 'Business Valuation' and 'Gems and Jewelry' appraisal courses within the Republic of Korea, as well as future joint educational offerings outside of Korea in collaboration with other KAPA strategic partners.
ASA presently has strategic partnerships with nearly 50 organizations around the world representing a variety of appraisal specialties through MOUs or equivalency/reciprocity agreements; the hosting of joint events and the development and implementation of joint education and credentialing programs and services.
Current strategic partnerships in the Asian region include: China Appraisal Society (CAS), Japanese Society of Independent Appraisers (JaSIA), Korea Association of Machinery Industry (KOAMI), Shanghai BETTER Institute of Gemology, and Valuation and Property Services Department Finance Ministry Malaysia (JPPH).
Photos of the visit are available online.
American Society of Appraisers
The American Society of Appraisers is a world renowned and respected international organization devoted to the appraisal profession. As the oldest and only major appraisal organization representing all appraisal specialists, ASA is devoted to providing the highest possible standards in all areas of ethics, professionalism, education and designation criteria. For more information about the American Society of Appraisers, the ASA designation program for appraisers or the Society's free "Find an Appraiser" Referral System, visit www.appraisers.org or call (800) 272-8258.
Korea Association of Property Appraisers
Korea Association of Property Appraisers (KAPA) is the affiliated organization of Ministry of Land, Transport and Maritime Affairs and has been faithfully fulfilling their responsibilities on investigating valuation of the "officially announced Reference Land and Housing Price," appraisal for eminent domain and auction & litigation appraisal for about 30 years, stabilize the real estate market, and ultimately, contribute to the development of the national economy. In the future, they will extend our capability for our member's rights and improvement of the quality through the continuous study and improvement of appraisal method and systems and also play the leading role for not only the appraisal field but also the development of real estate industry by offering information services of the general real estate practice and new trends in the world market.
Press Contact: Todd Paradis
SOURCE American Society of Appraisers