Presentation Overview About the Appraisal Institute of Canada

Presentation Overview  About the Appraisal Institute of Canada

Presentation Overview About the Appraisal Institute of Canada AIC Designation Processes Question and Answers 2 About the Appraisal Institute of Canada Appraisal Institute of Canada Founded in 1938, the AIC is the premier real property valuation association in Canada. Membership now exceeds 5,000 which accounts for 80 % of the appraisal professionals in Canada

AICs mission is to promote and support our members in providing high quality property advisory services for the benefit of clients, employers, and the public. 4 Members Across the Country Located in Ottawa, Canada, AIC works collaboratively with its 10 provincial affiliated associations to serve more than 5,000 members across the country. 10 794

182 220 1,109 1,942 5 198 NL -89 PE 53 NS 214 NB - 157

AIC Designations AIC grants two distinguished and highly respected designations. Accredited Appraiser Canadian Institute - AACI Property types can include but are not limited to: residential, commercial, industrial, institutional, agricultural, land, special use. Canadian Residential Appraiser CRA Property types include residential dwellings containing not more than four (4) self-contained family housing units or an individual undeveloped residential dwelling site.

6 AIC Designation Requirements AICs designation process is recognized worldwide as a rigorous academic program and high-quality applied experience program. AIC Professional Program of Study is offered in English and French and includes: Educational Requirements delivered through a distance learning program within the University of British Columbia and the University of Laval Applied Experience Program and Written Exam Work Product Review

Professional Competency Interview A university degree is required to obtain your designation AIC members must comply with a mandatory Continuing Professional Development Program (CPD) including mandatory professional practice seminar every two years and discretionary CPD related to the appraisal industry. 7 AIC is a Self-Regulated Professional Association AIC Members are self-regulated through AICs:

Code of Conduct By-laws and Regulations Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP) AIC offers a mandatory professional liability insurance program to its members

AIC has a Complaint Resolution Process that is focused on maintaining the excellence of the appraisal profession and serving the public. 8 Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP) Compliance to CUSPAP is a mandatory requirement; it is AIC members contract to the public.

The Standards are aligned with European Valuation Standards and International Valuation Standards Five standards have been developed for AIC valuation professionals including:

Ethics Standard Appraisal Standard Review Standard Consulting Standard Reserve Fund Planning Standard Machinery & Equipment Standard (introduced in May 2016) CUSPAP is updated every two years to ensure it is consistent with industry requirements. 9

Education Streams Designation in Two Languages All Candidate members must complete: AIC 101 Introduction the Appraisal Profession Professional Practice Seminar with Examination These courses are offered by the AIC directly in both English and in French From there, Candidates pursue a course of study through: University of British Columbia Universite Laval Candidates must first complete a Foundation of Real Estate Appraisal (UBC) or valuations immobilire :

principes et pratiques (Universit Laval) Both universities offer distance learning options to their students. 11 CRA Course of Study - English

BUSI 100 Microeconomics BUSI 101 Macroeconomics BUSI 111 BC Real Property Law and Real Estate Ethics, OR BUSI 112 Canadian Real Property Law and Real Estate Ethics BUSI 330 Foundations of Real Estate Appraisal BUSI 344 Statistical and Computer Applications in Valuation, OR BUSI 121 Foundations of Real Estate Mathematics BUSI 400 Residential Property Analysis BUSI 443 Foundations of Real Property Assessment and Mass Appraisal Guided Case Study (GCS) BUSI 398 - Single Family Guided Case Study OR BUSI 444 - Comprehensive Case Study Examination equivalency .

12 CRA Course of Study - French DRT-1904 Introduction au droit immobilier GUI-2100 Investissement immobilier GUI-3101 Concepts et applications en gestion urbaine et

immobilire GUI-3102 valuation immobilire : principes et pratiques GUI-4001 Dveloppement immobilier GUI-4100 conomie urbaine et marchs immobiliers tude de cas sous tutelle (ECT) BUSI 398 Single Family Case Study; OU BUSI 444 Comprehensive Case Study Examination (currently available in English only through UBC) 13 AACI Course of Study - English BUSI 100 Microeconomics AND - BUSI 101 Macroeconomics (Recommended but not required)

BUSI 111 BC Real Property Law and Real Estate Ethics OR BUSI 112 Canadian Real Property Law and Real Estate Ethics BUSI 121 Foundations of Real Estate Mathematics BUSI 293 Introduction to Financial Accounting BUSI 300 Urban and Real Estate Economics BUSI 330 Foundations of Real Estate Appraisal BUSI 331 Real Estate Investment Analysis and Advanced Income Appraisal BUSI 344 Statistical and Computer Applications in Valuation BUSI 400 Residential Property Analysis BUSI 401 Commercial Property Analysis

14 AACI Courses English (cont.)

BUSI 443 Foundations of Real Property Assessment and Mass Appraisal BUSI 442 Case Studies in Appraisal I BUSI 452 Case Studies in Appraisal II BUSI 460 Critical Analysis and Forecasting in Real Estate BUSI 499 - Income Property GCS OR BUSI 497 - Agricultural GCS. 15 AACI Course of Study - French

CTB-1000 Comptabilit gnrale DRT-1904 Introduction au droit immobilier GSF-1500 Gestion financire de lentreprise GUI-2100 Investissement immobilier GUI-2102 Gestion municipale et finances locales

GUI-2103 Immobilier et dveloppement durable GUI-3101 Concepts et applications en gestion urbaine et immobilire GUI-3102 valuation immobilire : principes et pratiques GUI-4001 Dveloppement immobilier GUI-4100 conomie urbaine et marchs immobiliers BUSI 499 Income Property GCS OR BUSI 497 - Agricultural GCS (currently available in English only through UBC) 16 Applied Experience Program and Work Product Applied Experience Program

Candidates must enroll in the Applied Experience Program and be mentored by a Designated Member For CRA Members Minimum of One Year For AACI Members Minimum of Two Years Applied Experience Program focuses on AIC Core Competency and on practical application of knowledge gained through education At the completion of the period, the Designated Member attests to the Candidates readiness to move forward 18 Work Product Review Work Product Review has recently been introduced and

provides further evidence of Candidates mastery of the knowledge and skills necessary to work in the profession. Actual work product samples are reviewed by trained and designated members to assess compliance with CUSPAP standards New candidates submit three sample work products during their Applied Experience Program 19 Applied Experience Examination and Professional Competency Interview Applied Experience Examination

After a Candidate has completed their Applied Experience Program and has submitted their Work Product Review samples they can register for the Applied Experience Examination The Examination also tests knowledge, skills and mastery of the competencies necessary to become a designated member Trained designated members evaluate the examinations 21 Professional Competency Interview The final stage in the process is a Professional Competency Interview Each Candidate meets with a panel of trained designated

members in an interview format The interview assesses the day to day capabilities and knowledge of the Candidate against the competency profile developed by the AIC 22 In Summary AICs Education and Designation process is the most rigorous process in the Canadian marketplace It is a challenging and difficult process but produces outstanding results The rigour of our education process is one of the reasons we feel confident in positioning AIC members as Professionals of Choice in the Canadian marketplace.

23 Thank you - Merci 24

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