Understanding Appraisal

The rapidly evolving technological world has resulted in a situation where many clients now have access to a plethora of information through the Internet.  As well, more and more publications, including local newspapers, cover real estate oriented topics and the general public is much better informed as to the rationale behind real estate valuation.  Nevertheless, the requirement for highly trained appraisers will remain for resolution of more complex assignments and situations.

 

The most highly recognized institution for the regulation of appraisers in Canada is the Appraisal Institute of Canada.  This national organization, in conjunction with many affiliate provincial organizations, regulates the training and ethical standards of the members of the Institute.  The Institute regulates the appraisers through the Canadian Uniform Standards of Professional Appraisal Practice and the Professional Code of Conduct.

 

The University of British Columbia is the administering institution for the necessary courses to become an Accredited Appraiser.  The academic requirements to become a CRA (Canadian Residential Appraiser) or an AACI (Accredited Appraiser Canadian Institute) are provided both by on-campus and distance education programs.  The P. App designation is added to the AACI designation to identify the individual as a Professional Appraiser.

 

As part of the accreditation requirements, candidates must have certified hours of actual appraisal preparation which is monitored under the Applied Experience Program.  Expertise, however, is gained from hands-on appraisal practice.  Once an appraiser has become fully qualified, the training does not stop at that point.  A mandatory Continuing Professional Development program is in place with the Appraisal Institute of Canada that requires appraisers to achieve sufficient hours of training to be recertified once every two years in order to maintain their designation.

 

All of the appraisers with Penny & Keenleyside Appraisals are members in good standing with the Appraisal Institute of Canada, and complete their reports in conformity with the Canadian Uniform Standards of Professional Appraisal Practice and the Professional Code of Conduct.  All members are recertified under the Continuing Professional Development requirements of the Institute.

 

If you would like more details or information regarding appraisal theory or the training of appraisers, please contact one of our team members who would be glad to be of assistance.