April 12, 2012
What qualifications do appraisers need?
by CDC Consulting
Real property appraisers need to be able to make prudent judgments and independent decisions. They must be skilled in gathering and evaluating facts, and must understand how to access the variety of data sources that are needed for comparisons and analysis. Technical competence in reading survey drawings and blueprints and identifying construction features and materials is applied in many situations. Mathematical skills are a strong asset for both the technical aspects of inspections and the analysis of markets; strong written and verbal communication skills are also necessary for producing clear, concise reports and for dealing with clients on a daily basis. Critical thinking and analytical skills are essential for individuals involved in formulating opinions who work in consulting and advisory capacities.
A Designated Appraiser abides by the Code of Professional Conduct and Professional Ethics in undertaking any appraisal assignment according to the Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP) or the Uniform Standards of Professional Appraisal Practice (USPAP).
Members of the AIC and CNAREA participate in a mandatory professional appraisal Errors & Omission insurance Program. In addition, members are licensed by Provincial Appraisal Licensing Bodies where applicable. You can check RECA Online to see if an appraiser is licensed in Alberta.
Members of the Appraisal Institute of Canada undergo a university based program of study, and complete an Applied Experience Program to earn their designations. Once granted, Designated Appraisers are licensed to use the following designations:
AACI™ – Accredited Appraiser Canadian Institute: An AACI™ designated member may undertake any real property assignment where they have demonstrated competence with the real property type and the geographic and market influences that impact value.
CRA™ – Canadian Residential Appraiser: A CRA™ designated member may undertake a residential real property assignment where they have demonstrated competence with the residential property type and the geographic and market influences that impact value on residential dwellings containing not more than four self-contained family housing units or an individual undeveloped residential dwelling site.
DAR (Designated Appraiser Residential)
This designation identifies a member who is qualified to perform appraisal and consultation assignments of residential type properties consisting of no more than four housing units. Requirements for this designation include three thousand hours of full time appraisal experience, over a minimum of two years, and the successful completion of the required Canadian National Association of Real Estate Appraisers educational program or its equivalent.
These designations are symbols of recognition for completion of a rigorous pathway to designation that the bearer has demonstrated sound competence in the provision of professional appraisal services. The next most important question to ask of any Designated Appraiser is do they have the requisite experience to assist you with the valuation services you need. If requested a Designated Appraiser could also provide references.
About the Contributor
CDC Consulting Services Inc. was established in 1996 to provide superior real estate appraisal services to our clients. CDC Consulting Services Inc. is an independent firm with several Strategic Alliances, providing a full range of valuation services throughout Western Canada. We offer residential, commercial, assessment appeals, insurance appraisals, agricultural, personal property/machinery and equipment and business valuation services.