1- The words and phrases contained in these regulations shall have the meanings specified before each of them in Article (1) of the Accredited Valuers System, issued by Royal Decree No. (M/43) dated 9/7/1433 H, and its amendments, and Article (1) of the Implementing Regulation of the system, issued by the decision of His Excellency the Minister of Finance No. (107) dated 28/1/1445 H, and its amendments.

2- The following words and phrases - wherever they appear in the regulations - shall have the meanings clarified before each of them; unless the context requires otherwise:

• A- The Authority: Saudi Authority for Accredited Valuers.

• B- The Regulations: The regulations governing the provision of real estate appraisal services to financing entities.

• C- Financing Entities: Commercial banks and licensed financing companies authorized to engage in financing activities, subject to the supervision, control, and regulation of the Saudi Central Bank.

• D- Qeem Platform: The unified electronic platform for real estate appraisal services, supervised by the Authority.

• E- The Competent Administration: The executive administration for strategy and business development.

• F- The List: The list of qualified appraisal establishments authorized to provide real estate appraisal services to financing entities in accordance with Article (7) of the regulations.

• G- The Claim: The claim submitted by the financing entity through the Qeem Platform, which includes a request to provide a report for the appraisal of a real estate asset in accordance with professional standards. If the claim includes a request for the appraisal of multiple assets, each asset shall be treated as a separate claim. If the claim includes a request for more than one appraisal report for a single asset, each report shall be treated as a separate claim for the purposes of applying the regulations.

• H- Successful Claims: These are the appraisal claims for which the service has been provided through the Qeem Platform by the appraisal establishment.

• I- Financial Consideration: The financial value due for each successful appraisal claim on the Qeem Platform.

• J- Main Cities: The following cities: (Riyadh - Mecca - Jeddah - Medina - Dammam - Khobar - Al-Ahsa - Abha - Khamis Mushait - Al-Baha - Buraidah - Unayzah - Sakaka - Tabuk - Al-Ula - Najran - Jizan - Hail - Arar) and any other cities added by the Competent Administration.

• K- The Day: A working day, with working days starting from Sunday until the end of Thursday.

• L- The Month: The month according to the Gregorian calendar.

• M- The Year: The year according to the Gregorian calendar.

The rules aim to regulate the provision of real estate appraisal services to financing entities based on the decision to approve the necessary provisions, controls, and requirements for that.

The provisions of the rules apply to all accredited appraisers in the Real Estate appraisal branch, and all licensed Real Estate appraisal establishments by the authority.

The licensed certified appraiser in the Real Estate appraisal branch is fully responsible for applying the provisions contained in the regulations and any controls and instructions issued by the authority. Employees in appraisal establishments are obligated to adhere to these provisions within the scope of their participation in practicing the Real Estate appraisal profession for the benefit of financing entities.

The application of the penalties stipulated in the regulations does not prevent the referral of violations related to the regulations to the competent authority for adjudication in accordance with the law.