Around the Globe
The Appraisal Institute of Canada (AIC) continues to look for ways to advocate on behalf of its members and provide new opportunities to diversify their services. Several new initiatives were recently announced by AIC as opportunities to provide new services to new markets.
Access to quality machinery and equipment valuation education
In May 2016, AIC added the Machinery and Equipment Appraisal Standard Rules and Comments to the 2016 Canadian Uniform Standards of Appraisal Practice (2016 CUSPAP). This new standard enables competent anAd qualified AIC-designated appraisers to expand their scope of practice to include machinery and equipment appraisal assignments.
To help AIC members obtain a strong foundation to appraise machinery and equipment, AIC announced a new education partnership with the American Society of Appraisers (ASA) that will enable AIC members to acquire the competency to complete machinery and equipment appraisal assignments in Canada.
ASA’s highly recognized education program, the Machinery and Equipment Valuation Program, will be available to AIC members at the same ASA member-discounted price. This comprehensive education program includes four courses, including: ME201-000 – Introduction to Machinery and Equipment Valuation; ME202-000 – Machinery and Equipment Valuation Methodology; ME203-000 – Advanced Topics and Case Studies; and, ME204-OOO – Machinery and Equipment Valuation – Advanced Topics and Report Writing.
Completion of the four courses within the Machinery and Equipment Valuation Program is one way AIC members can achieve the competency necessary to complete Machinery & Technical Specialties (MTS) appraisals.
For more information regarding this agreement, visit www.AICanada.ca/international/asa/.
Reciprocity agreement to obtain the Appraisal Institute’s MAI or SRA designation
The Appraisal Institute of Canada (AIC) and the Appraisal Institute (AI) announced a landmark agreement that mutually recognizes the excellence and quality of the AIC’s Accredited Appraiser Canadian Institute (AACI™) and the Canadian Residential Appraiser (CRA™) designations and the Appraisal Institute’s MAI and SRA designations. The agreement acknowledges the rigorous education and designation processes, professional standards and ethics of each respective organization.
Through this agreement, Designated Members of either the AIC or the AI will be able to pursue the organizations’ respective designations (AACI ß à MAI – CRAß à SRA) with recognition of their professional education, knowledge and experience.
The goal with this agreement is to enable clients to confidently engage valuation professionals on either side of the border, knowing that the designated appraiser they hire is qualified and has satisfied the rigorous requirements of two of the leading valuation organizations in North America.
For AIC members to be eligible to pursue the AI’s MAI or SRA membership designation, the AIC member must hold either an AACI or CRA designation, be a Member in Good Standing with the AIC; and apply and be admitted as a General Candidate (for MAI designation) or Residential Candidate (for SRA designation) of the AI.
Once an AACI or CRA Designated Member is admitted as a General or Residential Candidate of the AI, he or she must satisfy the requirements to become a Designated Member (MAI or SRA) of the AI.
For an AACI to obtain a MAI, the requirements include:
- Attending the AI’s Business Practices and Ethics Course
- Completing the 15-hour National Uniform Standards of Professional Appraisal Practice, if they intend on practicing valuation in the United States, OR certifying that they are practicing solely in Canada and complete the AIC’s Canadian Uniform Standards of Appraisal Practice (CUSPAP) one-day professional practice seminar.
- Holding a degree (or if the AACI Designated Member does not hold such a degree, contact the AI’s Admissions Department regarding this requirement)
- Successfully completing the required designation examination
- Completing the MAI membership application
For a CRA to obtain an SRA, the requirements include:
- Attending the AI’s Business Practices and Ethics Course
- Completing the 15-hour National Uniform Standards of Professional Appraisal Practice, if they intend on practicing valuation in the United States, OR certifying that they are practicing solely in Canada and completing the AIC’s Canadian Uniform Standards of Appraisal Practice (CUSPAP) one-day professional practice seminar.
- Holding a degree (or if the CRA Designated Member does not hold such a degree, contact the AI’s Admissions Department regarding this requirement)
- Completing the SRA membership application
For more information, visit www.AICanada.ca/international/appraisal_institute/
Mutual recognition of AIC and TEGOVA designations
The AIC and The European Group of Valuers’ Associations (TEGoVA) announced the signing of a historic agreement which mutually recognizes the professional valuation standards and qualifications of each organization.
This agreement signifies that European clients can confidently engage AIC-designated appraisers – AACI™ and the CRA™ – to complete valuation assignments of the same quality as those of holders of TEGoVA titles – Recognised European Valuer (REV) and TEGoVA Residential Valuer (TRV). Similarly, Canadian clients can engage a valuation professional with an REV or TRV designation, knowing that a comprehensive approach and analysis will be delivered on an appraisal assignment required in Europe.
TEGoVA’s recognition of AIC’s professional standards, ethics and qualifications is a significant opportunity for our members as it enables AIC-designated appraisers to further advance their reputation as the professional appraisers of choice within Canada and for clients from around the world. TEGoVA’s European Valuation Standards are entrenched in EU legislation and, like AIC’s CUSPAP, are heavily relied upon by regulators and lenders.
Prior to this agreement, both valuation organizations reviewed and compared their respective professional standards – the Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP) and the European Valuation Standards (EVS) – as well as education program and designation requirements. This thorough review resulted in the conclusion that each organization achieves a high level of qualifications, competencies, ethics and professionalism.
For more information, visit www.AICanada.ca/international/tegova/