THE Australian Property Institute and the Korea Association of Property Appraisers (KAPA) have signed a memorandum of understanding.
API CEO Amelia Hodge said the signing represents another step towards realising the API’s goal to bring the global property profession community closer together with common standards, ethics, assurances and best practices.
It comes after the API and American Society of Appraisers signed a MOU earlier this month.
“We are very pleased to strengthen our relationship with KAPA by signing this MOU. The agreement is designed to facilitate collaboration and cooperation in the areas of property valuation research, standards, education and publication and we are very much looking forward to working with them,” she added.
The provisions of the MOU allow for, amongst other things:
- Formal recognition of the credentials of both organisations
- Joint education and training opportunities to be offered to members of both organisations at similar prices
- A joint seminar on property valuations every two calendar years from 2020
- The organisations to work together to develop joint resources
- Distribution of information to each other’s members
- Benefits and education opportunities to be made available to members of both organisations.
With more than 8,000 members, API is a provider of advanced professional training, education and certification in valuation theory, models and techniques. API operates primarily through its Charter Members who now have a presence in two countries around the world.
The Korea Association of Property Appraisers (KAPA) was established in 1989, in accordance with an Act on Public Notice of Real Estate Price and the Property Appraisal, KAPA has more than 4,000 members. It contributes to Korean economic development through the appraisal of land and other assets.