First introduced in January 2001 and now revised every two (2) years, the Canadian Uniform Standards of Professional Appraisal Practice (“The Standards,” or CUSPAP) respects the expanding role of the valuation professional within the Appraisal Institute of Canada (AIC).
HOW CUSPAP 2024 IS STRUCTURED: CUSPAP 2024 includes eight (8) Standards:
- Ethics Standard
- Reporting Standard
- Real Property Appraisal Standard
- Review Standard
- Consulting Standard
- Reserve Fund Studies Standard
- Appraisal of Machinery and Equipment Standard
- Mass Appraisal Standard
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. Their application is compulsory.
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.
CODE OF CONDUCT
Two hallmarks of a respected and trusted self-regulated organization are the professional conduct and competence of its members.
Members of the Appraisal Institute of Canada (AIC) pledge to provide professional services and conduct themselves in a fair and unbiased manner that is not detrimental to the public, the AIC or its Members, or the real property appraisal profession.
Members’ professional interactions with other Members, the AIC, and the public shall be governed by courtesy, impartiality, and good faith.
When providing professional services, Members will comply with AIC By-laws, AIC Consolidated Regulations, and AIC Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP).
KEY CHANGES EFFECTIVE JANUARY 1, 2024
Want to learn about the key changes to CUSPAP 2024? Watch this summary video, or review the graphic below.