Canadian Uniform Standards of Professional Appraisal Practice | Appraisal Institute of CanadaAppraisal Institute of Canada

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The Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP), first introduced in January 2001, respects the expanding role of the valuation professional within the Appraisal Institute of Canada. The Standards meet the sponsor criteria of the Appraisal Foundation in their international membership category, and endorse International Valuation Standards as an authority promoting world-wide acceptance of standards for property valuation.

Key Changes to CUSPAP 2016
The most significant enhancements to CUSPAP 2016 include: 

  • the addition of a new standard for the Appraisal of Machinery and Equipment complete with mandatory Definitions, Rules and Comments, and non-compulsory Practice Notes; 
  • changes to the client and intended user definitions, for all Standards;
  • enhanced requirements in the Appraisal Standard, namely as they relate to land use controls, highest and best use, and sales/listing history of the subject property;
  • enhanced Review Standard with step-by-step guidance on conducting a compliant and professional technical review;
  • expanded Practice Notes to provide as much guidance and best practices to Members in their day-to-day practice;
  • enhancements to the Certification (in all Standards) and reliance letter; a formatted narrative report outline; and, the addition of a sample letter of engagement, to name a few.

How CUSPAP 2016 is structured
CUSPAP 2016 includes six Standards:

  • Ethics Standard
  • Real Property Appraisal Standard
  • Review Standard
  • Consulting Standard
  • Reserve Fund Studies
  • Appraisal of Machinery and Equipment (New)

Compulsory and Non-Compulsory Requirements 

  • Definitions form an integral part of the Standards; for the purpose of these Standards, their application is compulsory.

  • Rules set out the overarching requirement and provide minimum performance Standards for ethics, appraisal, review, consulting, reserve fund study and valuation of machinery and equipment assignments.
  • Comments clarify, interpret, explain and elaborate on the Rules, and form an integral part of the Standards; for the purpose of these Standards, their application is compulsory.
  • Practice Notes offer advice, examples and resolution; their application is not compulsory.
  • Any assignment completed on or before April 30, 2016 with a current, retrospective or updated opinion of value, or a prospective value with an effective date of May 1, 2016 or after, must comply to CUSPAP 2014.
  • Any assignment completed on or after May 1, 2016, including a retrospective assignment must comply to CUSPAP 2016.

     

 

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