It's All About Earning Respect

In an interview, Sheila Young, newly elected president of the Appraisal Institute of Canada (AIC), talked about her career. After completing two years of university in her hometown of Winnipeg, Young headed west to Calgary and began working for a mortgage company in 1981. What appealed to her about appraising was the idea of working outside the office, dealing with people, and having to analyze, understand and apply data. Every experience along the way enabled her to evolve and grow as an app...

Letter to the Editor

Cpd: More Than Just Credits

Obtaining a professional designation marks an important milestone in the achievement of professionalism. The status of highly qualified professional will be achieved through years of experience, adoption of best practices, and the acquisition of new areas of expertise. In this respect, the Appraisal Institute of Canada (AIC) mandatory continuing professional development (CPD) program is an important element. As such, CPD should not be considered an obligation at best and a nuisance at worst, ...

Aaci (Hon) Members Recognized for Outstanding Contributions to Profession

Over the past decade, the Appraisal Institute of Canada (AIC) has embarked on an ambitious program to advance the profession, taking steps to enhance its professional studies curriculum, promote continuing professional development, expand the practice horizons of its members, and improve its professional practice model. In 2008, 10 individuals were awarded the first ever honorary designations presented by the AIC. At the institute's recently completed 2009 National Conference, two more influe...

Amc Task Force Survey Results

In April 2009, the Association Management Company (AMC) Task Force prepared and released a survey for Appraisal Institute of Canada members. The survey was sent to 4,764 members of which 1,704 responded. The survey indicated that the top concern of members in dealing with AMCs is the effect that these organizations are having on appraisal fees. Concerns about fees are followed relatively closely by concerns over a fair distribution of workloads, lack of contact with banks, receiving full info...

Primer On International Valuation Standards - Part 4

The last of a four-part series on international valuation standards (IVS) is presented. This article briefly summarizes IVS 1 -- Market Value Basis of Valuation and IVS 2 -- Basis Other Than Market Value. In order to adhere to IVS-1 when performing an appraisal for financial accounting purposes, an appraiser must include a certification statement. The objective of IVS-2 is to identify, explain, and distinguish bases of valuation other than market value and establish standards for their applic...

The Value of a Complaint

The aim of the author of this article is to articulate a view on the appropriateness of the Appraisal Institute of Canada members complaining about their peers. At his Chapter, the Counselor, Professional Practice facilitated a discussion of when it is appropriate to complain against a peer. The issue has to be sufficiently serious to warrant a formal professional practice investigation based on sound reasoning that you can and should provide. It is hoped that each time you contemplate "shoul...

Professional Practice Process Primarily Aims to Educate

By way of introduction, Darrell Thorvaldson and the author were appointed Co-Chairs of the investigating Committee in June 2009. With over 30 years in the appraisal profession, he has found that, by and large, his peers take great pride in their work and do their best to conduct themselves as professionals and uphold their standards. It is important to bear in mind that anyone can lodge a complaint against appraisers. When a complaint is received by AIC, the matter is first reviewed by Robert...

Excuses, Excuses

For this article, the author said that they thought it might be useful to discuss some of the reasons/excuses members being investigated have offered to the Adjudicating Committee. It may help you to know that they have heard it before and, better yet, it may help you prevent the errors which led other members to the point where they needed to make these excuses. The reasons for a member appearing in front of the AC are many. The best advice they can give you is to cooperate -- be open, hones...

The Advocate's Role

A number of changes have taken place within the Appraisal Institute of Canada (AIC) professional practice program over the past year, one of which was the introduction of a new volunteer position known as the Professional Practice Advocate. The position of Advocate was created as part ofan ongoing process to improve the interaction between the AIC and its members. The Institute is looking to create a more fair and open complaint process and subsequent follow through for both the complainant a...

Inside the Mind of a Peer Reviewer

The Appraisal Institute of Canada (AIC) Peer Review Pilot Project began in 2008, and was limited to review of residential appraisals. Now extended to December 2011, it is expanding to include commercial appraisals. Peer Review is "a system using reviewers who are professional equals; a process used for checking the work performed by one's equal (peers) to ensure it meets specific criteria." AIC Peer Review is educationally based, intended to provide members with constructive criticism in a sa...

Expanding Your Cra 'Book of Business'

For as long as the author can remember in the residential fee appraisal field, been an urban myth that the there has vast majority of work appraisers do will dry up and fade away. Move forward a few years and people see the arrival of the Appraisal Management Company (AMC) in the Canadian marketplace. For the most part the lenders prefer working with the AMCs because they have one point of contact for all of their appraisal requirements and they have to write only one monthly cheque. Despite ...

Why I Matter

At first blush, it is difficult to distinguish the difference between the individual and the post he or she occupies. The author's goal is not to talk about himself and the skills that he brings to the post, as well as what he has learned since joining the Appraisal Institute of Canada in 2005; rather, he would prefer to have an objective discussion about why the post of Counselor, Professional Practice matters to you. The Counselor works with the consumer and the appraiser to defuse intracta...

Your Clients Are Online - Are You?

Today, people can cover many of their bases by marketing and communicating with a Web site. This certainly is not news, but perhaps it is time to take a look at what your Web site is doing for you. Your Web site is your most important promotional tool to reach your audience. Therefore, the development and design is immensely important in your portrayal. Another benefit offered by Web sites is that tracking the effectiveness of the site is possible with the use of analytics. Analytics can meas...

Keeping Track of Timing

Troubled economic times generally mean troubled real estate times, and troubled real estate times usually mean troubled times for vendors and, perhaps, not so troubled times for purchasers. For appraisers, the timing may be neutral, but one thing appraisers must always keep in mind is the issue of timing. Many appraisers spend too little time developing a rationale to meet the market conditions that exist at the time of their appraisals. As well, few go to the effort of relating economic situ...

World Association of Valuation Organizations Update

For Tania Wardle, Distance Is No Barrier

These days, living abroad no longer precludes obtaining an AACI designation. No one knows this better than Tania Wardle. In 2008, the Candidate appraiser started her courses from a most unlikely place: Barbados. After graduating with an Undergraduate Business degree from the University of Western Ontario's Richard Ivey School of Business in 2006, the Canadian-born Wardle decided to travel. Along the way, she stopped in Barbados to attend a cousin's wedding. Although the distance courses are d...

Valuing an Unregistered Sewer Easement

The real estate issue involved determining the value of an unregistered storm easement under a single-family house and garage located in an above average older residential area within a SW Ontario city of approximately 300,000 people. The only real estate model that can actually hold constant all the variables that interact on price in a given real estate market place is multiple regression analysis (MRA). The phrase 'multiple regression' is somewhat of a backward phrase. In summary, the MRA ...

Demystifying the Digital Signature

New business technologies have dramatically changed the way in which members of the valuation profession work on a day-to-day basis. As the trend continues towards an increasing dependence on technology to transmit information, members of professional organizations must ensure the integrity of their electronically transmitted information as well as provide non-repudiation for the authors of any electronic documents. Partnering with Notarius, AIC provides its members with access to a digital s...

Feed Your Future with Cpd Fridays

The Behavioural Descriptive Interview - the Final Step Toward Designation

Questions on behavioral descriptive interview (BDI) are answered. The purpose of the BDI is to provide a formal, face-to-face meetings between appointed AIC designated members and the candidates. The meeting is to access the candidates qualities and competencies in areas considered critical for success in the appraisal profession. The five competencies being tested include market analysis, integrity, communication, critical thinking, relationship-building and self development. Candidates must...

Recognizing Excellence

The Appraisal Institute of Canada (AIC) Annual Conference held in Mont Tremblant, Quebec, from May 27 to May 30, 2009, provided the occasion for AIC to recognize a number of individuals for contributions to the Institute in particular and to the valuation profession in general. Here are the highlights of the conference: Outgoing president, George Maurice awarded a presidential citation to Beverley Girvan, AACI, Paul Olscamp, AACI, Fellow, and Craig Soderquist, AACI. The Presidential Citation ...

Gordon Macnair Appointed Director with City of Ottawa

In Memoriam