About the Appraisal Institute of Canada

Transcription

1 About the Appraisal Institute of Canada Presentation to: TEGoVA,The European Group of Valuers' Associations by Scott Wilson, MBA, AACI P. App President Appraisal Institute of Canada

2 Appraisal Institute of Canada Our Organization History & Mission Our Designations Our Standards Professional Liability Insurance What We Stand For 2

3 History Founded in 1938 Proud 77 year History. The Appraisal Institute of Canada is the premier real property valuation association in Canada. Head office is located in the capital of Canada Ottawa. 5,000 members across Canada. Board is made up of Directors drawn from every Province in the country 3

4 AIC Mission To promote and support our members in providing high quality property advisory services for the benefit of clients, employers, and the public. 4

5 Two Designations AIC s designation process is widely recognized as a rigorous program combining university level academic studies and a high-quality applied experience program. Accredited Appraiser Canadian Institute - AACI Canadian Residential Appraiser CRA A university degree is required to earn an AIC designation. 5

6 AACI Accredited Appraiser Canadian Institute - AACI Members engaged in the full spectrum of real property. Property types can include but are not limited to: residential, commercial, industrial, institutional, agricultural, land, special use. 6

7 CRA Canadian Residential Appraiser CRA Members specialize in residential properties Property types: Residential dwellings containing not more than four (4) self-contained family housing units; or An individual undeveloped residential dwelling site. 7

8 AIC Education AIC Professional Program of Study a professional, university education. Offered by two of Canada s top universities. The University of British Columbia (English); and University of Laval in Quebec (French). Primarily offered via Distance learning. 8

9 AIC Designation Process Application of Knowledge Applied Experience Program; Written Exam; and Work Review Process. Professionalism and Behaviours Professional Competency Interview 9

10 Continuing Education Every AIC member must comply with a mandatory Continuing Professional Development Program (CPD). Mandatory Updates on Standards; and Education related to the appraisal profession. Two year cycle. 10

11 AIC Professional Practice AIC has a Discipline and Complaint Resolution Process that is focused on maintaining the excellence of the appraisal profession and serving the public. 11

12 AIC Regulation Members are self-regulated through our: Code of Conduct Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP) Our Ethics and Appraisal Standards Bylaws and Regulations 12

13 CUSPAP AIC Members provide appraisal, review, consulting and reserve plan study services as defined by our Canadian Standards. To meet CUSPAP obligations, all work must be completed by a competent designated member Candidate members work under the supervision of a designated member. CUSPAP is compliant with the International Valuation Standards established by the International Valuation Standards Council (IVSC). 13

14 AIC Professional Liability Insurance Program Mandatory. All members must participate. Canadian clients expect appraisers to carry professional liability insurance $2.0 Million coverage for errors or omissions in the completion of valuation work (as defined by CUSPAP) Long History - 25 years. 14

15 What We Stand For Professionalism Education Ethics and Standards Collaboration with Like Minded Organizations 15

16 Our Message Professionalism Independence Protect Consumer Protect the Canadian Financial System Transparency of Information AIC represents the voice of Canadian Value 16

17 Questions?

18 Thank you Merci Dankeschön Catherine Street Ottawa, ON K2P 2K