The Appraisal Institute of Canada and The European Group of Valuers’ Associations Sign Mutual Recognition Agreement for Standards and Qualifications of Valuation Professionals
The Appraisal Institute of Canada (AIC) and The European Group of Valuers’ Associations (TEGoVA) are pleased to announce the signing of a historic agreement which mutually recognizes the professional valuation standards and qualifications of each organization.
The June 9, 2016 agreement signed in Winnipeg, Manitoba, signifies that European clients can confidently engage AIC-designated appraisers – Accredited Appraiser Canadian Institute (AACI™) and the Canadian Residential Appraiser (CRA™) – to complete valuation assignments of the same quality as those of holders of TEGoVA titles – Recognised European Valuer (REV) and TEGoVA Residential Valuer (TRV). Similarly, Canadian clients can engage a valuation professional with an REV or TRV designation, knowing that a comprehensive approach and analysis will be delivered on an appraisal assignment required in Europe.
Read TEGoVA’s report on the new agreement in their July 2016 Newsletter. Click here!
“TEGoVA’s recognition of AIC’s professional standards, ethics and qualifications is a significant opportunity for our members,” states Daniel Doucet, AACI, P.App, president of the Appraisal Institute of Canada. “It enables AIC-designated appraisers to further advance their reputation as the professional appraisers of choice within Canada and for clients from around the world.”
“TEGoVA’s European Valuation Standards are entrenched in EU legislation and, like AIC’s CUSPAP, are heavily relied upon by regulators and lenders,” said Krzysztof Grzesik, REV, Chair of TEGoVA. “REV and TRV designated valuers are recognized as leading professionals throughout Europe. AIC’s recognition of REVs and TRVs will provide the numerous and growing Canadian investors in European real estate with the assurance that European valuers work to the highest Canadian standards.”
Prior to this agreement, both valuation organizations reviewed and compared their respective professional standards – the Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP) and the European Valuation Standards (EVS) – as well as education program and designation requirements. This thorough review resulted in the conclusion that each organization achieves a high level of qualifications, competencies, ethics and professionalism.
Need More Information?
- Email AIC at info@AICanada.ca
- For a copy of our Frequently Asked Questions, please visit this link.
- Visit the TEGoVA website at this link.
The European Group of Valuers’ Associations (TEGoVA) unites 61 national valuers’ associations from 33 countries representing 70,000 qualified valuers either self-employed or employed by specialist consultancies, private sector companies, government departments or financial institutions both local and international. Its European Valuation Standards (EVS) were cited as reliable standards for the valuation of residential immovable property for mortgage lending purposes in the EU Mortgage Credit Directive and were given primacy over all other standards by the European Central Bank in its Asset Quality Review Manual for the updating of banks’ real estate collateral values. It fosters and unites a European valuation elite by awarding the Recognised European Valuer (REV) and TEGoVA Residential Valuer (TRV) titles and ensures high pan-European levels of education and ethics with its Minimum Educational Requirements and European Valuers’ Code of Ethics and Conduct.
|AIC joins TEGoVA – June 2015 The AIC Board of Directors announced that AIC will become an Observer Member of The European Group of Valuators’ Associations (TEGoVA) during its 2015 Annual General meeting.TEGoVA represents the interests of qualified valuers of 61 professional bodies from 33 countries. The membership will be formalized at the next General Assembly of TEGoVA in October, in Thessaloniki (Greece). – Read More.||
“To welcome such a distinguished body as the Appraisal Institute of Canada to the European family of valuers is a great honour and privilege and will boost recognition of the work being done by both organizations in the interests of the valuation profession.” Krzysztof Grzesik, Chairman, TEGoVA
AIC Leadership present AIC to European Valuers (April 2015) During the European Valuation Conference in April 2015, President, Scott Wilson, AACI, P.App presented AIC to more than 120 local and foreign property professionals and banking representatives. President-Elect, Daniel Doucet, AACI, P.App, along with Appraisal Institute President, Lance Coyle, was invited to provide an overview about valuation within mortgage lending in North America. Read More