Canadian Property<\/p>\n
VALUATION \u00c9VALUATION
\n Immobili\u00e8re au Canada<\/p>\n
VOLUME 53 | BOOK 2 | 2009THE OFFICIAL PUBLICATION OF THE APPRAISAL INSTITUTE OF CANADA<\/p>\n
PM
\n #<\/p>\n
40
\n00<\/p>\n
82
\n49<\/p>\n
R
\net<\/p>\n
ur
\nn <\/p>\n
un
\nde<\/p>\n
liv
\ner<\/p>\n
ab
\nle<\/p>\n
C
\nan<\/p>\n
ad
\nia<\/p>\n
n
\nAd<\/p>\n
dr
\nes<\/p>\n
se
\ns <\/p>\n
to
\n: <\/p>\n
Ap
\npr<\/p>\n
ai
\nsa<\/p>\n
l I
\nns<\/p>\n
tit
\nut<\/p>\n
e
\nof<\/p>\n
C
\nan<\/p>\n
ad
\na,<\/p>\n
4
\n03<\/p>\n
-2
\n00<\/p>\n
C
\nat<\/p>\n
he
\nrin<\/p>\n
e
\nSt<\/p>\n
.,
\nO<\/p>\n
tt
\naw<\/p>\n
a,
\n O<\/p>\n
N
\n K<\/p>\n
2P
\n 2<\/p>\n
K9
\n. E<\/p>\n
m
\nai<\/p>\n
l:
\nin<\/p>\n
fo
\n@<\/p>\n
ai
\nca<\/p>\n
na
\nda<\/p>\n
.c
\na<\/p>\n
REAL VALUE EXPERTS | EXPERTS EN \u00c9VALUATION<\/p>\n
Guided by a Strategic Plan
\nEducation leads to excellence<\/p>\n
Building
\nInternatIonal<\/p>\n
ValuatIon
\nStandardS<\/p>\n
InternatIonal
\nValuatIon <\/p>\n
StandardS<\/p>\n
CPV_Summer09_Book2.indd 1 28\/04\/09 1:58 PM<\/p>\n
AppraisersChoice.com Call Now 800-234-8727 <\/p>\n
Get the Latest Forms,
\nFeatures, & Functions CRAL2009\u2122
\nDon\u2019t Miss the Newest Release from The Appraiser\u2019s Choice\u2122<\/p>\n
ACI and its products are trademarks or registered trademarks of ACI. | Copyright \u00a9 2009 ACI | Other brand and product names are trademarks or registered trademarks of their respective owners.<\/p>\n
CRAL2009\u2122 offers best-of-breed tracking, forms, digital photo imaging, comps database
\nmanagement, integrated sketching, and mobile software. <\/p>\n
A product simple enough for a new user but powerful enough to suit the largest appraisal
\ncompanies and financial institutions, CRAL is used by thousands of companies in
\nCanada who continue to help drive its unrivaled feature set.<\/p>\n
CRAL2009\u2122 Highlights
\nNew Features<\/p>\n
Power Toolbar \u203a
\nHelp Contents \u203a
\nComp Side-by-Side View \u203a
\nVertical Split View \u203a
\nFull Addendum Editing \u203a
\nACISketch\u2122 \u203a
\nMapPoint Updates \u203a
\nPDF Printing \u203a
\nSystem Utility Updates \u203a
\nUpdated Website \u203a<\/p>\n
New Forms
\nERC 2003 Form \u203a
\nUSPAP 2006 \u203a
\nCompliance Addendum
\nUpdated AIC Full \u203a
\nAppraisal
\nUpdated CERC 2002 Form \u203a<\/p>\n
Learn More about CRAL2009\u2122
\nVisit AppraisersChoice.com and learn more
\nabout the new features in CRAL2009\u2122<\/p>\n
Online Training Sessions \u203a<\/p>\n
inMOTION Videos \u203a<\/p>\n
Tech Doc Library \u203a<\/p>\n
ACI Forum \u203a<\/p>\n
Compliance Corner Blog \u203a
\nfeaturing Rich Heyn, SRA,
\nDirector of Compliance<\/p>\n
The Premier Appraisal Software
\nfrom the 30-Year Industry Leader<\/p>\n
DESK-to-DOOR\u2122 Service
\nIncluded with ALL Purchases
\nAn ACI Desk-to-Door\u2122 Implementation Specialist is
\nat your service and available to walk you through
\nthe set-up process to ensure your system is ready
\nwhen you are.<\/p>\n
A process so smooth and effortless will leave you
\nwondering why you didn\u2019t switch to ACI sooner.<\/p>\n
COACH<\/p>\n
CONFIGURE
\nCONSULT Directly from Our Desk to Yours \u203a<\/p>\n
System Configuration \u203a
\nWe Train Your Staff \u203a<\/p>\n
Package Includes <\/p>\n
One CRAL Install including: \u203a
\nAppraisal Forms Library, Order Tracking,
\nPhoto Management, and Comps Database<\/p>\n
New! \u203a ACI Sketch\u2122<\/p>\n
Digital Signature (One) \u203a<\/p>\n
MapPoint (One Year) \u203a<\/p>\n
Free PDF Creator \u203a<\/p>\n
Premier Plus Service (One Year) \u203a
\nIncludes Support & Updates<\/p>\n
Desk-to-Door\u2122 Service \u203a<\/p>\n
Visit AppraisersChoice.com or call
\n800-234-8727 to request your free demo.<\/p>\n
* Payable in US Dollars<\/p>\n
Limited Time Offer<\/p>\n
CRAL2009\u2122 $495*<\/p>\n
Form300 10\/08<\/p>\n
C
\nR<\/p>\n
A
\nL<\/p>\n
C
\nollection for W<\/p>\n
indow
\ns<\/p>\n
80
\n0<\/p>\n
-234-8727<\/p>\n
24 Old Kings Road North
\nPalm Coast, Florida 32137t 800-234-8727 f 386-246-3811AppraisersChoice.com<\/p>\n
THE APPRAISER\u2019S CHOICE\u2122<\/p>\n
THE APPRAISER\u2019S CHOICE\u2122<\/p>\n
CRAL2009\u2122 Collection for Windows<\/p>\n
A
\np<\/p>\n
p
\nraisersC<\/p>\n
ho
\nice.co<\/p>\n
m<\/p>\n
ACI Sketch\u2122
\nPowerful Floorplan Technology
\nSimple to use with a minimal
\nlearning curve and
\nintuitive features like:<\/p>\n
Online Help \u203a
\nTape Measure Tool \u203a
\nFeet & Inches \u203a
\nLabels \u203a
\nSymbols \u203a
\nArcs \u203a
\nCopy & Paste \u203a<\/p>\n
\u201cACI Sketch\u2122 is one of the best new
\nproducts to increase efficiency for <\/p>\n
appraisers. We use it in the office and on
\nour tablet PCs in the field, both with great <\/p>\n
success. We are particularly impressed
\nwith the free-form approach that ACI
\nSketch\u2122 brings to creating floorplans.\u201d
\nJay Delich, President of Arizona Appraisal, LLC<\/p>\n
$99*
\nIncludes CRAL Integration<\/p>\n
CPV_Summer09_Book2.indd 2 28\/04\/09 10:42 AM<\/p>\n
AppraisersChoice.com Call Now 800-234-8727 <\/p>\n
Get the Latest Forms,
\nFeatures, & Functions CRAL2009\u2122
\nDon\u2019t Miss the Newest Release from The Appraiser\u2019s Choice\u2122<\/p>\n
ACI and its products are trademarks or registered trademarks of ACI. | Copyright \u00a9 2009 ACI | Other brand and product names are trademarks or registered trademarks of their respective owners.<\/p>\n
CRAL2009\u2122 offers best-of-breed tracking, forms, digital photo imaging, comps database
\nmanagement, integrated sketching, and mobile software. <\/p>\n
A product simple enough for a new user but powerful enough to suit the largest appraisal
\ncompanies and financial institutions, CRAL is used by thousands of companies in
\nCanada who continue to help drive its unrivaled feature set.<\/p>\n
CRAL2009\u2122 Highlights
\nNew Features<\/p>\n
Power Toolbar \u203a
\nHelp Contents \u203a
\nComp Side-by-Side View \u203a
\nVertical Split View \u203a
\nFull Addendum Editing \u203a
\nACISketch\u2122 \u203a
\nMapPoint Updates \u203a
\nPDF Printing \u203a
\nSystem Utility Updates \u203a
\nUpdated Website \u203a<\/p>\n
New Forms
\nERC 2003 Form \u203a
\nUSPAP 2006 \u203a
\nCompliance Addendum
\nUpdated AIC Full \u203a
\nAppraisal
\nUpdated CERC 2002 Form \u203a<\/p>\n
Learn More about CRAL2009\u2122
\nVisit AppraisersChoice.com and learn more
\nabout the new features in CRAL2009\u2122<\/p>\n
Online Training Sessions \u203a<\/p>\n
inMOTION Videos \u203a<\/p>\n
Tech Doc Library \u203a<\/p>\n
ACI Forum \u203a<\/p>\n
Compliance Corner Blog \u203a
\nfeaturing Rich Heyn, SRA,
\nDirector of Compliance<\/p>\n
The Premier Appraisal Software
\nfrom the 30-Year Industry Leader<\/p>\n
DESK-to-DOOR\u2122 Service
\nIncluded with ALL Purchases
\nAn ACI Desk-to-Door\u2122 Implementation Specialist is
\nat your service and available to walk you through
\nthe set-up process to ensure your system is ready
\nwhen you are.<\/p>\n
A process so smooth and effortless will leave you
\nwondering why you didn\u2019t switch to ACI sooner.<\/p>\n
COACH<\/p>\n
CONFIGURE
\nCONSULT Directly from Our Desk to Yours \u203a<\/p>\n
System Configuration \u203a
\nWe Train Your Staff \u203a<\/p>\n
Package Includes <\/p>\n
One CRAL Install including: \u203a
\nAppraisal Forms Library, Order Tracking,
\nPhoto Management, and Comps Database<\/p>\n
New! \u203a ACI Sketch\u2122<\/p>\n
Digital Signature (One) \u203a<\/p>\n
MapPoint (One Year) \u203a<\/p>\n
Free PDF Creator \u203a<\/p>\n
Premier Plus Service (One Year) \u203a
\nIncludes Support & Updates<\/p>\n
Desk-to-Door\u2122 Service \u203a<\/p>\n
Visit AppraisersChoice.com or call
\n800-234-8727 to request your free demo.<\/p>\n
* Payable in US Dollars<\/p>\n
Limited Time Offer<\/p>\n
CRAL2009\u2122 $495*<\/p>\n
Form300 10\/08<\/p>\n
C
\nR<\/p>\n
A
\nL<\/p>\n
C
\nollection for W<\/p>\n
indow
\ns<\/p>\n
80
\n0<\/p>\n
-234-8727<\/p>\n
24 Old Kings Road North
\nPalm Coast, Florida 32137t 800-234-8727 f 386-246-3811AppraisersChoice.com<\/p>\n
THE APPRAISER\u2019S CHOICE\u2122<\/p>\n
THE APPRAISER\u2019S CHOICE\u2122<\/p>\n
CRAL2009\u2122 Collection for Windows<\/p>\n
A
\np<\/p>\n
p
\nraisersC<\/p>\n
ho
\nice.co<\/p>\n
m<\/p>\n
ACI Sketch\u2122
\nPowerful Floorplan Technology
\nSimple to use with a minimal
\nlearning curve and
\nintuitive features like:<\/p>\n
Online Help \u203a
\nTape Measure Tool \u203a
\nFeet & Inches \u203a
\nLabels \u203a
\nSymbols \u203a
\nArcs \u203a
\nCopy & Paste \u203a<\/p>\n
\u201cACI Sketch\u2122 is one of the best new
\nproducts to increase efficiency for <\/p>\n
appraisers. We use it in the office and on
\nour tablet PCs in the field, both with great <\/p>\n
success. We are particularly impressed
\nwith the free-form approach that ACI
\nSketch\u2122 brings to creating floorplans.\u201d
\nJay Delich, President of Arizona Appraisal, LLC<\/p>\n
$99*
\nIncludes CRAL Integration<\/p>\n
CPV_Summer09_Book2.indd 3 28\/04\/09 10:42 AM<\/p>\n
Canadian Property Valuation Volume 53 | book 2 | 2009 \u00c9valuation Immobili\u00e8re au Canada4<\/p>\n
6 Moving forward
\nguided by
\nStrategic Plan<\/p>\n
8 La voie de
\nl\u2019avenir selon le
\nplan strat\u00e9gique<\/p>\n
10 Education \u2013 leading the way to
\nexcellence<\/p>\n
12 L\u2019\u00e9ducation \u2013 La voie de
\nl\u2019excellence<\/p>\n
14 Evolution of change<\/p>\n
16 A vision for
\nvaluation:
\nbuilding
\nvaluation
\nstandards<\/p>\n
20 Appraisers as trusted advisors<\/p>\n
22 Primer on International
\nValuation Standards \u2013 Part 3<\/p>\n
24 AIC \u2013 an organization on the
\nmove<\/p>\n
26 Operating a residential
\nappraisal office<\/p>\n
28 Understanding your
\nprofessional liability insurance
\ncoverage<\/p>\n
29 Values matter in valuation<\/p>\n
4<\/p>\n
403-200 Catherine Street,
\nOttawa, ON K2P 2K9 <\/p>\n
Phone: (613) 234-6533 Fax: (613) 234-7197
\nWeb site: www.aicanada.ca<\/p>\n
Contact us at: info@aicanada.ca <\/p>\n
Board of Directors
\nConseil d\u2019administration<\/p>\n
President \u2013 Pr\u00e9sident
\nGeorge Maurice, AACI, P. App., Ontario<\/p>\n
President Elect \u2013 Pr\u00e9sident d\u00e9sign\u00e9
\nSheila Young, AACI, P. App., Alberta<\/p>\n
Immediate Past-president \u2013
\nPr\u00e9sident sortant<\/p>\n
Gordon Tomiuk, AACI, P. App., Fellow, Manitoba<\/p>\n
Vice-Presidents \u2013 Vice-pr\u00e9sidents
\nCraig Soderquist, AACI, P. App., Alberta<\/p>\n
Grant Uba, AACI, P. App., Ontario<\/p>\n
Directors \u2013 Directeurs
\nGerald McCoombs, AACI, P. App., New Brunswick <\/p>\n
Paul Olscamp, AACI, P. App., Fellow, Prince Edward Island
\nBeverley Girvan, AACI, P. App., Nova Scotia<\/p>\n
Michel Colgan, AACI, P. App., Qu\u00e9bec
\nJohn Yannacopoulos, AACI, P. App., British Columbia<\/p>\n
George Ward, AACI, P. App., British Columbia
\nKimberly Maber, AACI, P. App., Saskatchewan<\/p>\n
Michael Mendela, AACI, P. App., Ontario
\nGregory Bennett, AACI, P. App., Newfoundland & Labrador <\/p>\n
Chief Executive Officer
\nGeorges Lozano, MPA, Ottawa<\/p>\n
Director of Marketing & Communications
\nJoanne Charlebois, Ottawa<\/p>\n
Managing Editor \u2013
\nR\u00e9dacteur administratif<\/p>\n
Craig Kelman, Winnipeg<\/p>\n
Assistant Editor \u2013
\nR\u00e9dacteur en chef adjoint<\/p>\n
Cheryl Parisien, Winnipeg<\/p>\n
Editorial Board
\nAIC would like to thank the following <\/p>\n
individuals for their assistance and support:
\nGrant Uba, AACI, P. App. \u2013 Chair<\/p>\n
John Peebles, AACI, P. App
\nAndr\u00e9 Beaudoin, CRA<\/p>\n
David Lopatka, AACI, P. App
\nJoanne Hayes, AACI, P. App<\/p>\n
Jane Londerville, B.Sc., M.B.A.,
\nAssociate Professor, University of Guelph<\/p>\n
Publication management, design and production by:<\/p>\n
The articles printed in this issue represent authors\u2019 opinions only and are not neces-
\nsarily endorsed by the APPRAISAL InSTITUTe OF CAnADA. Copyright 2009 by the
\nAPPRAISAL InSTITUTe OF CAnADA. All rights reserved. Reproduction in whole or
\nin part without written permission is strictly prohibited. Subscription, $40.00 per
\nyear. Printed in Canada. Les articles imprim\u00e9s dans ce num\u00e9ro ne rep\u00e9sentent que
\nl\u2019opinion de leur auteur respectif, mais ne sont pas n\u00e9ces\u2013sairement endoss\u00e9s par
\nL\u2019InSTITUT CAnADIen DeS \u00c9vALUATeURS. Tous droits reserv\u00e9s 2008 par L\u2019InSTITUT
\nCAnADIen DeS \u00c9vALUATeURS. La reproduction totale ou partielle sous quelque form
\nque se soit sans authorisation \u00e9crite est absolument interdite. Abonnement $40.00
\npar ann\u00e9e. Imprim\u00e9 au Canada.<\/p>\n
Indexed in the Canadian Business Index and available on-line in the Canadian
\nBusiness & Current Affairs database.<\/p>\n
ISSN 0827-2697<\/p>\n
3rd Floor \u2013 2020 Portage Avenue
\nWinnipeg, MB R3J 0K4<\/p>\n
Phone: 866-985-9780 \u2022 Fax: 866-985-9799
\nE-mail: info@kelman.ca \u2022 Web: www.kelman.ca<\/p>\n
Design\/Layout: Tracy Toutant
\nAdvertising Manager: Kris Fillion<\/p>\n
Advertising Co-ordinator: Lauren Campbell<\/p>\n
Publication Mails Agreement #40008249.
\nReturn undeliverable Canadian addresses to: Appraisal Institute of Canada,
\n403-200 Catherine St., Ottawa, On K2P 2K9. email: info@aicanada.ca <\/p>\n
Published by the
\nVolume 53, book 2, 2009<\/p>\n
Contents<\/p>\n
Do your part for the environment \u2013 reuse and recycle.<\/p>\n
30 Common issues with AACI-
\nprepared reports<\/p>\n
31 Gatekeepers
\nat the appeal
\nlevel<\/p>\n
32 Wearing
\n two <\/p>\n
hats<\/p>\n
34 Now appearing:
\nthe
\nexpert
\nappraiser<\/p>\n
37 Spotlight on Continuing
\nProfessional Development<\/p>\n
39 Designations\/Candidates\/
\nStudents<\/p>\n
40 South African Council for the
\nProperty Valuers Profession<\/p>\n
42 Federal
\ngovernment
\noffers endless
\nopportunities<\/p>\n
44 News<\/p>\n
50 Calendar
\nof Events<\/p>\n
50 Advertiser Information Centre<\/p>\n
CPV_Summer09_Book2.indd 4 28\/04\/09 10:42 AM<\/p>\n
403-200 Catherine Street,
\nOttawa, ON K2P 2K9 <\/p>\n
Phone: (613) 234-6533 Fax: (613) 234-7197
\nWeb site: www.aicanada.ca<\/p>\n
Contact us at: info@aicanada.ca <\/p>\n
Board of Directors
\nConseil d\u2019administration<\/p>\n
President \u2013 Pr\u00e9sident
\nGeorge Maurice, AACI, P. App., Ontario<\/p>\n
President Elect \u2013 Pr\u00e9sident d\u00e9sign\u00e9
\nSheila Young, AACI, P. App., Alberta<\/p>\n
Immediate Past-president \u2013
\nPr\u00e9sident sortant<\/p>\n
Gordon Tomiuk, AACI, P. App., Fellow, Manitoba<\/p>\n
Vice-Presidents \u2013 Vice-pr\u00e9sidents
\nCraig Soderquist, AACI, P. App., Alberta<\/p>\n
Grant Uba, AACI, P. App., Ontario<\/p>\n
Directors \u2013 Directeurs
\nGerald McCoombs, AACI, P. App., New Brunswick <\/p>\n
Paul Olscamp, AACI, P. App., Fellow, Prince Edward Island
\nBeverley Girvan, AACI, P. App., Nova Scotia<\/p>\n
Michel Colgan, AACI, P. App., Qu\u00e9bec
\nJohn Yannacopoulos, AACI, P. App., British Columbia<\/p>\n
George Ward, AACI, P. App., British Columbia
\nKimberly Maber, AACI, P. App., Saskatchewan<\/p>\n
Michael Mendela, AACI, P. App., Ontario
\nGregory Bennett, AACI, P. App., Newfoundland & Labrador <\/p>\n
Chief Executive Officer
\nGeorges Lozano, MPA, Ottawa<\/p>\n
Director of Marketing & Communications
\nJoanne Charlebois, Ottawa<\/p>\n
Managing Editor \u2013
\nR\u00e9dacteur administratif<\/p>\n
Craig Kelman, Winnipeg<\/p>\n
Assistant Editor \u2013
\nR\u00e9dacteur en chef adjoint<\/p>\n
Cheryl Parisien, Winnipeg<\/p>\n
Editorial Board
\nAIC would like to thank the following <\/p>\n
individuals for their assistance and support:
\nGrant Uba, AACI, P. App. \u2013 Chair<\/p>\n
John Peebles, AACI, P. App
\nAndr\u00e9 Beaudoin, CRA<\/p>\n
David Lopatka, AACI, P. App
\nJoanne Hayes, AACI, P. App<\/p>\n
Jane Londerville, B.Sc., M.B.A.,
\nAssociate Professor, University of Guelph<\/p>\n
Do your part for the environment \u2013 reuse and recycle.<\/p>\n
A BOUND CORPORATION
\nCommercial and Residential Appraisals, Real Estate Sales,
\nLand Surveying, Geographic Information Systems
\n1-888-6 A BOUND (1-888-622-6863)
\nwww.abound.ca<\/p>\n
NEW<\/p>\n
VAL
\nUAT<\/p>\n
ION<\/p>\n
TOO
\nL!<\/p>\n
Airdrie, AB
\nCalgary, AB
\nEdmonton, AB
\nLethbridge, AB
\nMedicine Hat, AB
\nOkotoks, AB
\nRed Deer, ABRed Deer, AB
\nSherwood Park, AB
\nSt. Albert, AB
\nAbbottsford, AB
\nBurnaby, BC
\nChilliwack, BC
\nCoquitlam, BC
\nDelta, BCDelta, BC
\nLangley, BC
\nMaple Ridge, BC
\nMission, BC
\nNew Westminster, BC
\nPitt Meadows, BC
\nRichmond, BC
\nVancouver, BCVancouver, BC
\nVictoria, BC
\nWhite Rock, BC
\nFredericton, NB
\nMoncton, NB
\nSaint John, NB
\nSt. John\u2019s, NL
\nHalifax, NSHalifax, NS
\nAjax, ON
\nMarkham, ON
\nMississauga, ON
\nOshawa, ON
\nOttawa, ON
\nCharlottetown, PEI
\nLaval, PQLaval, PQ
\nLongueuil, PQ
\nMontreal, PQ
\nQuebec City, PQ
\nEstevan, SK
\nMoosejaw, SK
\nRegina, SK
\nSaskatoon, SKSaskatoon, SK
\nSwift Current, SK
\nWeyburn, SK
\nYorkton, SK<\/p>\n
View the world from an
\n entirely new perspective<\/p>\n
AerialGIS.com<\/p>\n
CPV_Summer09_Book2.indd 5 28\/04\/09 10:42 AM<\/p>\n
Canadian Property Valuation Volume 53 | book 2 | 2009 \u00c9valuation Immobili\u00e8re au Canada6<\/p>\n
n my last message, I commented on the vari-
\nous programs and activities that the Appraisal
\nInstitute of Canada (AIC) has been involved in <\/p>\n
over the past year. As my term as president comes
\nto an end, I would like to turn my attention to the
\nInstitute\u2019s strategic objectives and the progress
\nthat has been made over the past year to achieve
\nthem. As I mentioned at the outset of my term,
\nensuring the implementation of the Strategic Plan
\nand working towards achieving its stated objec-
\ntives was one of my personal goals as president of
\nthe Institute. <\/p>\n
The Strategic Plan, which was developed in
\n2000 and revised subsequently, has been the
\nroadmap that the Institute has followed for the
\nlast seven years. I and presidents before me have
\nworked consistently to ensure that the plan was
\nfollowed, all the while recognizing that it is a
\ndynamic document and, as the years have gone
\nby, a number of revisions have been made to
\naddress the realities of the day.<\/p>\n
nonetheless, the Strategic Plan\u2019s Key Result
\nAreas (KRAs) have not changed and they are:
\nstandards and professional development, repre-
\nsentation and governance, communications and
\nmarketing. Within these KRAs, specific strategic
\ninitiatives have been developed and implemented
\nto achieve the stated vision. Without going into
\ndetails, I can summarize our goals as follows.
\n\u2022\t We\twant\tto\tbe\tmore\tprofessional\tand\tto\t<\/p>\n
maintain high standards of quality at all times.
\n\u2022\t We\twant\tto\tbe\tmore\tdiversified\tand\toffer\ta\t<\/p>\n
wider range of services in everything that has
\nto do with real property valuation and related
\nconsulting services. <\/p>\n
\u2022\t We\twant\tto\tbecome\tmore\trecognized,\tnot\tonly\t<\/p>\n
to our established client base, but also through-
\nout the public and private sectors in Canada, and
\nabroad. <\/p>\n
\u2022\t We\twant\tto\tbe\tmore\tconnected\twith\tyou,\tthe
\nmembers, first of all, but also with our provincial
\nassociations and other related professional
\norganizations.<\/p>\n
Over the past year, we have continued to address
\nthe goal of becoming more highly qualified and
\nprofessional through a series of initiatives. Our
\nstandards are in the process of being revised,
\nharmonized with those of our counterpart associa-
\ntion \u2013 the Ordre des \u00e9valuateurs du Qu\u00e9bec, and
\ninternationalized in line with the initiative by the
\naccountancy profession to move to international
\nstandards in Canada starting in 2011. The new
\nstandards will be rooted in the international
\nvaluation standards, but they will go beyond that <\/p>\n
George Maurice
\nAACI, P. App., AIC President<\/p>\n
I<\/p>\n
Moving forward
\nguided by Strategic Plan<\/p>\n
6<\/p>\n
President\u2019s meSSage<\/p>\n
in order to address Canadian needs. We want to be
\nready by 2010 and, as such, a lot of work is being
\ndone right now to achieve this. <\/p>\n
A key aspect of international accounting
\nstandards is the financial reporting standards and
\ntheir reliance on fair value. As a result, real property
\nholdings will need to be appraised for financial
\nreporting purposes on a regular basis. This will
\npresent a significant new business opportunity
\nfor properly prepared members. The Institute is
\ntaking the lead on this and has announced that it
\nwill be developing valuation for financial reporting
\nguidelines. The guidelines will assist appraisers and
\ntheir clients in preparing for and doing appraisal
\nwork for financial reporting purposes under the
\nnew auditing standards.<\/p>\n
But, high standards are not defined only within
\nthe publication that we have come to know as <\/p>\n
CPV_Summer09_Book2.indd 6 28\/04\/09 10:42 AM<\/p>\n
Canadian Property Valuation Volume 53 | book 2 | 2009 \u00c9valuation Immobili\u00e8re au Canada 7<\/p>\n
CUSPAP. Maintaining high standards requires much
\nmore than this and, in this respect, the Institute
\nhas worked hard to ensure that its educational
\nrequirements are consistent with those of other
\nprofessions, including university degrees, profes-
\nsional exams, and ongoing education in the form
\nof continuing professional development for all
\nmembers. The CPD program was revised at the end
\nof the last cycle and, under the new CPD require-
\nments, designated members must complete a
\nminimum of six credits per year, with a total of 60
\nover five years.<\/p>\n
Candidate members working towards their des-
\nignation had to demonstrate proof of having taken
\none university credit course by the end of September
\n2008, with an additional course required every year
\nafter that. Further, Candidates must now complete
\ntheir programs and be designated within 10 years
\nof entering the Applied experience program. Over
\nthe past year, the Professional Practice program was
\nenhanced with a strong focus on education. In this
\nrespect, a peer review program has been pilot tested
\nwith great success. The testing will continue this year
\nand the program\u2019s long-term viability and benefit to
\nmembers will be assessed after that. <\/p>\n
The quality of educational programs is derived,
\nin great part, from the quality of the instructors.
\nAs such, the Institute has been working to help
\nensure that the volunteers who provide training
\nare themselves well prepared. Over the past year,
\ntraining sessions have been held for peer reviewers,
\nprofessional practice volunteers, standards lecturers,
\nand interviewers on the Professional Competency
\nInterview panels. This training is paying off with
\nhigher-quality programs and greater consistency
\nthroughout.<\/p>\n
The notion of a multi-disciplinary professional
\nwas addressed several years ago and the Institute
\nhas been working since then to help ensure that <\/p>\n
members can develop new skills and knowledge,
\nso that they can offer a wider range of professional
\nservices. The range of CPD offerings has increased
\ngreatly since the Institute first began working
\nclosely with UBC in the late 1990s. Today, there
\nare over 30 specialty courses offered by UBC as
\ndistance learning. A recent offering is a primer
\non international financial reporting standards
\nwhich will be very useful to those interested in
\nworking in this area of practice. Another offering
\nis an introduction to machinery and equipment
\nvaluation for which there appears to be a growing
\ndemand. There are many others from which to
\nchoose. These many courses have resulted from
\nthe close collaboration between the university and
\nthe Institute\u2019s Learning Advisory Committee.<\/p>\n
A major objective has been to achieve greater
\nrecognition for AIC members and their designa-
\ntions. The Marketing and Communications
\nprogram was launched in 2008 and since then has
\nbeen raising the profile of the profession and AIC
\nmembers through a variety of media initiatives. It\u2019s
\nstill early to tell, but all the signs suggest that there
\nis a greater awareness of the profession developing
\nand a very positive image of AIC designated profes-
\nsionals is being promoted to all sectors. Recently, a
\nspecial toll-free telephone number was launched
\nthrough which the public can contact the Institute
\nand learn more about the services AIC members
\noffer, as well as how to become a designated
\nmember of AIC.<\/p>\n
We have also stated in our Strategic Plan that
\nwe want to achieve better recognition from and
\ncloser communication with related professional
\norganizations, both nationally and internation-
\nally. To achieve this, we have identified strategic
\npartners and played a proactive role in establishing
\nand maintaining closer cooperation. In Canada,
\nwe have strengthened our relationship with our <\/p>\n
counterpart association in Qu\u00e9bec \u2013 the Ordre des
\n\u00e9valuateurs du Qu\u00e9bec and other related associa-
\ntions, such as the Canadian Institution of Chartered
\nBusiness valuators. We have also worked with
\nour US counterparts to align our priorities and
\nensure that the profession is being consistently
\nrepresented in north America. Internationally,
\nwe have unequivocally supported international
\nvaluation standards and the IvS Council that
\nembodies them. We are well represented on the
\nIvSC by Past President Brad Wagar, who chairs the
\nIvSC Professional Board, and Past President Paul
\nOlscamp, who represents the Institute at the IvSC\u2019s
\ngeneral meetings.<\/p>\n
We have also worked especially hard over the
\npast year to improve internal communications
\nand relations with our provincial associations in
\nparticular. In this respect, work is underway on
\nan affiliation agreement which aims to spell out
\nmore clearly the respective roles of the Institute
\nand provincial associations. We have also listened
\nto you in a variety of ways including member
\nsurveys, the AIC forum, the new Member Service
\nCenter to answer your questions, and through
\ndiscussion groups such as the Candidate and CRA
\nfocus groups, respectively. Last, but not least, we
\nundertook a thorough review of our bylaws and
\nletters patent and have revised them to ensure
\nthey better meet the needs of the Institute and its
\nmembers. These revisions are subject to approval
\nby the members and will be on the agenda of the
\nannual general meeting.<\/p>\n
A lot of work has been done, but there is a lot
\nmore yet to do to achieve all of our objectives. The
\nInstitute will move forward over the coming years
\nto ensure that AIC members continue to be well
\nserved, well qualified, and well represented as the
\nleading professionals in real property appraisal and
\nrelated expertise. <\/p>\n
CPV_Summer09_Book2.indd 7 28\/04\/09 10:42 AM<\/p>\n
Canadian Property Valuation Volume 53 | book 2 | 2009 \u00c9valuation Immobili\u00e8re au Canada8<\/p>\n
George Maurice
\nAACI, P. App., Pr\u00e9sident de l\u2019ICe<\/p>\n
meSSage du Pr\u00e9sident<\/p>\n
ans mon dernier message, j\u2019ai parl\u00e9
\ndes divers programmes et des
\nactivit\u00e9s offert(e)s par l\u2019Institut au <\/p>\n
cours de la derni\u00e8re ann\u00e9e. Avant que mon
\nmandat ne prenne fin, j\u2019aimerais parler des
\nobjectifs strat\u00e9giques de l\u2019Institut et des progr\u00e8s
\naccomplis dans leur poursuite l\u2019an dernier.
\nTel que mentionn\u00e9 lorsque je suis entr\u00e9 en
\nfonctions, l\u2019assurance de la mise en \u0153uvre du
\nplan strat\u00e9gique et l\u2019atteinte des objectifs qui y
\nsont \u00e9nonc\u00e9s constituaient mon but personnel
\ncomme pr\u00e9sident de l\u2019Institut. <\/p>\n
Le plan strat\u00e9gique, \u00e9labor\u00e9 en l\u2019an 2000
\net modifi\u00e9 ult\u00e9rieurement constitue la carte
\nrouti\u00e8re suivie par l\u2019Institut depuis les sept
\nderni\u00e8res ann\u00e9es. Tous les pr\u00e9sidents qui m\u2019ont
\npr\u00e9c\u00e9d\u00e9 et moi-m\u00eame avons d\u00e9ploy\u00e9 tous les
\nefforts pour que ce plan soit respect\u00e9 tout en
\nreconnaissant qu\u2019il s\u2019agissait d\u2019un document
\n\u00e9volutif. Par cons\u00e9quent, il a donc \u00e9t\u00e9 modifi\u00e9
\nau fil des ans pour mieux refl\u00e9ter les r\u00e9alit\u00e9s du
\njour. <\/p>\n
n\u00e9anmoins, les r\u00e9sultats cl\u00e9s \u00e9num\u00e9r\u00e9s
\ndans le plan n\u2019ont pas chang\u00e9 et demeurent : les
\nnormes et le perfectionnement professionnel,
\nla repr\u00e9sentation et la gouvernance, la
\ncommunication et le marketing. Dans le cadre
\nde chacun de ces r\u00e9sultats cl\u00e9s, des initiatives
\nont vu le jour et furent mises en \u0153uvre pour
\nr\u00e9aliser la vision correspondante. Sans entrer
\ndans les d\u00e9tails, je peux encore une fois r\u00e9sumer
\nnos objectifs comme suit. <\/p>\n
nous voulons faire preuve de
\nprofessionnalisme et maintenir des normes
\n\u00e9lev\u00e9es de qualit\u00e9 en tout temps. nous voulons
\n\u00eatre plus diversifi\u00e9s et offrir une vari\u00e9t\u00e9 de <\/p>\n
services \u00e0 tous les paliers de l\u2019\u00e9valuation
\ndes biens r\u00e9els et les services connexes de
\nconsultation. nous voulons \u00e9galement \u00eatre
\nreconnus non seulement par nos clients, mais
\n\u00e9galement par les secteurs public et priv\u00e9 au
\nCanada et \u00e0 l\u2019\u00e9tranger. enfin, nous voulons
\nnous rapprocher de nos membres d\u2019abord et
\naussi de nos associations provinciales et autres
\norganisations professionnelles connexes. <\/p>\n
Au cours de la derni\u00e8re ann\u00e9e, nous avons
\npoursuivi nos efforts visant \u00e0 devenir des
\nprofessionnels hautement qualifi\u00e9s par le biais
\nd\u2019une vari\u00e9t\u00e9 d\u2019initiatives. nos normes font
\nl\u2019objet d\u2019un examen et seront harmonis\u00e9es
\npar rapport \u00e0 celles de l\u2019Ordre du Qu\u00e9bec et,
\n\u00e0 compter de 2011, par rapport aux normes
\ninternationales qui r\u00e9giront la profession de
\ncomptable au Canada. Les nouvelles normes
\nprendront racine dans les normes internationales
\nd\u2019\u00e9valuation mais iront au del\u00e0 de celles-ci de
\nsorte \u00e0 r\u00e9pondre parfaitement aux besoins
\ncanadiens. nous voulons \u00eatre pr\u00eats \u00e0 compter de
\n2010 et, \u00e0 cette fin, beaucoup de travail a d\u00e9j\u00e0 \u00e9t\u00e9
\naccompli. L\u2019un des principaux aspects des normes
\ninternationales de comptabilit\u00e9 repose au niveau
\ndes normes r\u00e9gissant les rapports financiers <\/p>\n
et leur fondement sur la juste valeur. Comme
\nr\u00e9sultat, les titres en mati\u00e8re de biens r\u00e9els
\ndevront \u00eatre r\u00e9guli\u00e8rement \u00e9valu\u00e9s aux fins des
\nrapports financiers. Cela repr\u00e9sente une nouvelle
\noccasion d\u2019affaires importante pour les membres
\nqui seront ad\u00e9quatement pr\u00e9par\u00e9s. L\u2019Institut joue
\nun r\u00f4le pr\u00e9pond\u00e9rant \u00e0 ce niveau et a annonc\u00e9
\nqu\u2019il \u00e9laborera des lignes directrices r\u00e9gissant
\nl\u2019\u00e9valuation aux fins des rapports financiers. Ces
\nlignes directrices aideront les \u00e9valuateurs et leurs
\nclients \u00e0 se pr\u00e9parer aux travaux d\u2019\u00e9valuation
\ndans le cadre des rapports financiers qui,
\ndor\u00e9navant, seront sujets aux nouvelles normes
\nde v\u00e9rification. <\/p>\n
Toutefois, les normes \u00e9lev\u00e9es ne sont pas
\nlimit\u00e9es \u00e0 la publication mieux connue sous le
\nnom de RUPPeC. Le maintien de normes \u00e9lev\u00e9es
\nfait appel \u00e0 beaucoup plus encore et \u00e0 ce chapitre,
\nl\u2019Institut a d\u00e9ploy\u00e9 de nombreux efforts pour
\nassurer que les exigences p\u00e9dagogiques soient
\nconformes \u00e0 celles d\u2019autres professions, y compris
\ndes dipl\u00f4mes universitaires, des examens
\nprofessionnels et l\u2019\u00e9ducation permanente via
\nle perfectionnement professionnel continu
\nde tous les membres. Le programme de PPC
\na \u00e9t\u00e9 remani\u00e9 \u00e0 la fin du dernier cycle et, <\/p>\n
D<\/p>\n
la voie de l\u2019avenir selon
\nle plan strat\u00e9gique<\/p>\n
CPV_Summer09_Book2.indd 8 28\/04\/09 10:42 AM<\/p>\n
Canadian Property Valuation Volume 53 | book 2 | 2009 \u00c9valuation Immobili\u00e8re au Canada 9<\/p>\n
conform\u00e9ment aux nouvelles exigences, les
\nmembres agr\u00e9\u00e9s doivent obtenir un minimum
\nde six cr\u00e9dits par ann\u00e9e pour un total de soixante
\nsur cinq ans. <\/p>\n
Jadis, les membres stagiaires qui visaient
\nun titre professionnel devaient pr\u00e9senter une
\npreuve qu\u2019ils avaient suivi un cours universitaire
\ndonnant droit \u00e0 des cr\u00e9dits \u00e0 la fin de septembre
\n2008 et un cours chaque ann\u00e9e par la suite.
\nMaintenant les stagiaires doivent compl\u00e9ter leurs
\n\u00e9tudes et obtenir leur titre professionnel dans les
\ndix ans suivant leur inscription au programme
\nd\u2019exp\u00e9rience appliqu\u00e9e. Au cours de la derni\u00e8re
\nann\u00e9e, le programme de pratique professionnelle
\na \u00e9t\u00e9 am\u00e9lior\u00e9 et porte davantage sur l\u2019\u00e9ducation.
\n\u00c0 cette fin, un programme pilote d\u2019examen par
\nles pairs a \u00e9t\u00e9 mis en \u0153uvre avec grand succ\u00e8s.
\nLes tests se poursuivront cette ann\u00e9e apr\u00e8s quoi
\nla viabilit\u00e9 \u00e0 long terme et les avantages pour les
\nmembres seront \u00e9valu\u00e9s. <\/p>\n
La qualit\u00e9 de nos programmes p\u00e9dagogiques
\nest en grande partie attribuable \u00e0 celle de nos
\ninstructeurs. Ainsi, l\u2019Institut a d\u00e9ploy\u00e9 tous
\nles efforts pour assurer que les b\u00e9n\u00e9voles qui
\noffrent la formation soient eux-m\u00eames biens
\npr\u00e9par\u00e9s. Au cours de la derni\u00e8re ann\u00e9e, des
\ns\u00e9ances de formation ont eu lieu \u00e0 l\u2019intention
\ndes examinateurs choisis \u00e0 m\u00eame les pairs, les
\nb\u00e9n\u00e9voles de la pratique professionnelle, les
\nconf\u00e9renciers sur les normes et les intervieweurs
\nqui sont membres des groupes d\u2019interviews sur
\nla pratique professionnelle. Cette formation a
\nport\u00e9 fruits, les programmes \u00e9tant de qualit\u00e9
\nsup\u00e9rieure et plus coh\u00e9rents.<\/p>\n
La notion de professionnels
\nmultidisciplinaires a \u00e9t\u00e9 abord\u00e9e il y a plusieurs
\nann\u00e9es et, depuis, l\u2019Institut s\u2019efforce d\u2019assurer
\nque les membres sont en mesure d\u2019acqu\u00e9rir
\nde nouvelles comp\u00e9tences et connaissances
\npour offrir une plus grande vari\u00e9t\u00e9 de services
\nprofessionnels. La port\u00e9e des cours de PPC
\ns\u2019est accrue consid\u00e9rablement depuis que <\/p>\n
nous avons commenc\u00e9 \u00e0 travailler en \u00e9troite
\ncollaboration avec l\u2019Universit\u00e9 de la C.-B. vers
\nla fin des ann\u00e9es \u201990. De nos jours, l\u2019Universit\u00e9
\nde la C.-B. offre plus de trente cours \u00e0 distance.
\nL\u2019un des plus r\u00e9cents porte sur les normes
\ninternationales r\u00e9gissant les rapports financiers
\net sera d\u2019une grande utilit\u00e9 pour ceux qui
\noeuvrent dans ce secteur. Un autre cours
\nconsiste en une introduction \u00e0 l\u2019\u00e9valuation de
\nla machinerie et de l\u2019\u00e9quipement, un domaine
\no\u00f9 la demande semble croissante. Il existe de
\nnombreux autres cours \u00e0 m\u00eame lesquels choisir,
\ncours qui ont r\u00e9sult\u00e9 d\u2019une \u00e9troite collaboration
\nentre l\u2019Universit\u00e9 et le Comit\u00e9 consultatif sur
\nl\u2019apprentissage de l\u2019Institut. <\/p>\n
L\u2019un des principaux objectifs a \u00e9t\u00e9 de
\nrehausser la reconnaissance des membres de l\u2019ICe
\net de leurs titres. Le programme de marketing
\net de communication a \u00e9t\u00e9 lanc\u00e9 en 2008 et,
\ndepuis, contribue \u00e0 rehausser le profil de la
\nprofession et des membres de l\u2019ICe par le biais
\nd\u2019une multitude d\u2019initiatives m\u00e9diatiques. Il est
\nencore trop t\u00f4t pour nous prononcer, mais tout
\nporte \u00e0 croire que l\u2019on est davantage sensibilis\u00e9
\n\u00e0 la profession et qu\u2019une image plus positive des
\nprofessionnels agr\u00e9\u00e9s de l\u2019ICe est projet\u00e9e \u00e0 tous
\nles paliers. R\u00e9cemment, un r\u00e9seau t\u00e9l\u00e9phonique
\nsans frais a \u00e9t\u00e9 \u00e9tabli gr\u00e2ce auquel le public peut
\ncommuniquer avec l\u2019Institut et en apprendre
\ndavantage au sujet des services des membres de
\nl\u2019ICe et comment adh\u00e9rer \u00e0 l\u2019Institut. <\/p>\n
Dans notre plan strat\u00e9gique, nous avons
\n\u00e9galement mentionn\u00e9 que nous voulons \u00eatre
\nreconnus et communiquer plus \u00e9troitement avec
\nles organisations professionnelles connexes aux
\npaliers national et international. \u00c0 cette fin, nous
\navons identifi\u00e9 des partenaires strat\u00e9giques et
\njou\u00e9 un r\u00f4le proactif dans l\u2019\u00e9tablissement et le
\nmaintien d\u2019une collaboration plus \u00e9troite. Au
\nCanada, nous avons raffermi notre relation avec
\nnos homologues du Qu\u00e9bec, soit l\u2019Ordre des
\n\u00e9valuateurs agr\u00e9\u00e9s du Qu\u00e9bec et avec d\u2019autres <\/p>\n
associations aux vues similaires comme l\u2019Institut
\ncanadien des experts en \u00e9valuation d\u2019entreprises.
\nnous avons \u00e9galement travaill\u00e9 avec nos
\ncoll\u00e8gues am\u00e9ricains pour aligner nos priorit\u00e9s
\net assurer que la profession soit repr\u00e9sent\u00e9e
\nde fa\u00e7on coh\u00e9rente en Am\u00e9rique du nord. Au
\npalier international, nous avons appuy\u00e9 de fa\u00e7on
\nsans \u00e9quivoque les normes internationales
\nd\u2019\u00e9valuation et le Conseil sur les nIe qui les r\u00e9git.
\nnous sommes bien repr\u00e9sent\u00e9s aupr\u00e8s de l\u2019IvSC
\npar le pr\u00e9sident sortant Brad Wagar qui pr\u00e9side
\nson Comit\u00e9 professionnel et Paul Olscamp,
\n\u00e9galement pr\u00e9sident sortant, qui repr\u00e9sente
\nl\u2019Institut lors des r\u00e9unions g\u00e9n\u00e9rales de l\u2019IvSC. <\/p>\n
Au cours de la derni\u00e8re ann\u00e9e, nous avons
\nd\u00e9ploy\u00e9 des efforts particuliers pour am\u00e9liorer
\nla communication interne et nos relations avec
\nles associations provinciales. \u00c0 ce niveau, nous
\ntravaillons sur une entente d\u2019affiliation qui vise
\n\u00e0 pr\u00e9ciser plus clairement les r\u00f4les de l\u2019Institut
\net des associations provinciales. nous avons
\ntenu compte de vos opinions d\u2019une vari\u00e9t\u00e9 de
\nfa\u00e7ons, y compris par le biais de sondages aupr\u00e8s
\ndes membres, le forum de l\u2019ICe, le nouveau
\nCentre de services aux membres qui r\u00e9pond \u00e0
\nvos questions et par l\u2019entremise de groupes de
\ndiscussion comme ceux des membres stagiaires
\net CRA, respectivement. enfin, nous avons
\nremani\u00e9 de fa\u00e7on exhaustive nos r\u00e8glements et
\nlettres patentes pour assurer qu\u2019ils r\u00e9pondent
\naux besoins de l\u2019Institut et de ses membres. Ces
\nmodifications sont sujettes \u00e0 l\u2019approbation des
\nmembres et seront port\u00e9es \u00e0 l\u2019ordre du jour de
\nl\u2019Assembl\u00e9e g\u00e9n\u00e9rale annuelle. <\/p>\n
Beaucoup a \u00e9t\u00e9 accompli et beaucoup reste
\nencore \u00e0 faire dans l\u2019atteinte de tous nos objectifs.
\nL\u2019Institut verra, au cours des ann\u00e9es \u00e0 venir,
\nque tous ses membres continuent d\u2019\u00eatre bien
\nservis, bien qualifi\u00e9s et bien repr\u00e9sent\u00e9s comme
\nprofessionnels de premier choix dans le domaine
\nde l\u2019\u00e9valuation immobili\u00e8re et des services
\nconnexes. <\/p>\n
CPV_Summer09_Book2.indd 9 28\/04\/09 10:42 AM<\/p>\n
Canadian Property Valuation Volume 53 | book 2 | 2009 \u00c9valuation Immobili\u00e8re au Canada10<\/p>\n
Georges Lozano, MPA
\nAIC Chief executive Officer<\/p>\n
10<\/p>\n
Education \u2013
\nleading the way to excellence<\/p>\n
CEO RePoRT<\/p>\n
It has now been over 10 years since the Appraisal Institute of Canada (AIC) decided to take a groundbreaking step and transform
\nits education program. This process commenced
\nwith the 1998 signing of the first partner-
\nship agreement with the University of British
\nColumbia (UBC). That was also the year that the
\nInstitute established a university degree require-
\nment for the AACI designation. <\/p>\n
The AIC education program was completely
\nredeveloped and the courses were rewritten
\nto university credit course standards. In the
\nfollowing years, AIC worked closely with UBC to
\nimprove and enhance the program of study. Two
\nprogram streams were established leading to
\nthe AACI and CRA designations, respectively. In
\n2004, a new certificate program was launched
\nto enable individuals with degrees in commerce
\nor administration to fulfill all the educational
\nrequirements for the AACI designation. For those
\nwho qualify, the certificate can be obtained
\nby completing six courses plus a guided case
\nstudy. That year, the Institute also established a
\nuniversity degree requirement (120 credit hours)
\nfor those seeking the CRA designation.<\/p>\n
These bold steps marked a significant depar-
\nture from the previous requirements for designa-
\ntion. They were taken to support the Institute\u2019s
\nstrategic objectives of positioning its members
\nas first-tier professionals. The more stringent
\neducational requirements have aligned the
\nInstitute with the standards established by other
\ntop valuation organizations worldwide. Indeed,
\nAIC\u2019s professional designation requirements have
\nnow positioned the Institute at the top of north
\nAmerican appraisal associations<\/p>\n
Initially, there was concern that raising the
\nbar so high might have a negative impact on
\nmembership growth and retention. After all,
\nthe Institute\u2019s membership had been decreasing
\nsince the early 1990s and reached a low point by
\n2002, when membership stood at about 3,900.
\nHowever, these concerns have not been borne
\nout, and the data provide a different picture
\nthan originally anticipated. Membership has
\nincreased modestly since 2002 and today stands
\nat about 4,400 active members. Throughout the
\nperiod, CRA membership was fairly stable on
\naverage with growth experienced up until the
\nmid-1990s. This was followed by a decrease in
\nCRA membership until the last couple of years, <\/p>\n
when CRA numbers climbed slightly higher than
\nover the previous seven years. Recent experience
\nsuggests that there\u00a0is significant interest from
\nindividuals with university degrees in pursuing
\nthe CRA designation. Furthermore, many AACIs
\npractice in the area of residential appraisal.\u00a0In
\nfact, the changes made a few years ago to the
\nfinal examination and interview process supports
\nCandidates working in residential and receiving
\ntheir AACI.<\/p>\n
Candidate membership had been trend-
\ning downward over the past dozen years, until
\n2004 when Candidate membership numbers
\nmushroomed. In the last two years, overall AIC
\nmembership has decreased again. This time, <\/p>\n
CPV_Summer09_Book2.indd 10 28\/04\/09 10:42 AM<\/p>\n
Canadian Property Valuation Volume 53 | book 2 | 2009 \u00c9valuation Immobili\u00e8re au Canada 11<\/p>\n
it has been largely due to a drop in Candidate
\nmembership. The reasons for this will become
\nclearer in the paragraphs that follow.<\/p>\n
AACI membership had also been decreasing
\nsteadily since the 1990s, until 2004 when the
\ntrend was reversed and AACI numbers started
\ngrowing again. nonetheless, the aging AACI
\nmembership points to a downward trend, should
\nthe number of new AACIs not offset it. <\/p>\n
There are several signs, however, that suggest
\nnew AACIs will, in fact, offset the departure of
\nthese older members. The available UBC course
\nenrollment data from 2002 to the present show
\nan upward trend. For example, BUSI 330 – Foun-
\ndations of Real Estate Appraisal the introductory
\ncourse that anyone pursuing an AIC designation
\nmust take, saw an enrollment of 432 students
\nin 2002. By 2008, enrollment was up by almost
\n50% to 647 students. While it must be noted
\nthat non-AIC members also take this course, the
\nmajority of the students are members at the time
\nof enrollment or shortly thereafter. From 2002 to
\n2008, over 4,600 students have taken this course. <\/p>\n
Similarly, BUSI 331 – Real Estate Invest-
\nment Analysis and Advanced Income Appraisal,
\na required course for those seeking the AACI
\ndesignation, saw 87 enrollments in 2002 and 162
\nby 2008 \u2013 an increase of about 86%. These are
\njust two examples of a general trend of increas-
\ning enrollment numbers for the AIC-UBC real
\nproperty valuation courses.<\/p>\n
Turning to Candidates once again, enrollment
\ndata track Candidate membership growth over the
\nperiod 2002 to 2005 fairly consistently. In 2005, the
\nCandidate admission policy was revised. Starting
\nin 2006, members were required to have either
\na university degree or to have taken a sufficient
\nnumber of courses to put them 10 courses away
\nfrom having fulfilled the requirements for the AACI
\ndesignation. In addition, Candidates must take a
\nminimum of one university credit course per year
\nto maintain their Candidate status. <\/p>\n
Prior to that, individuals were admitted as
\nCandidate members of the Institute provided
\nthat they had taken the introductory course BUSI
\n330 and the appraisal standards seminar. If a
\nperson had completed half of an undergraduate
\ndegree program, he or she could be admitted
\nas a Candidate provided that BUSI 330 and the
\nstandards seminar was taken within a year. The
\nless stringent requirements during this period
\nno doubt account for the significant Candidate
\nmember increases. The impact of the new admis-
\nsion policy in 2006 was felt in 2007 and 2008,
\nwhen Candidate membership dropped by about
\n200 members each year. Candidate member exit
\npolls at the time indicated that the increased
\nstringency was the main reason for Candidates
\nnot maintaining their membership.<\/p>\n
In short, when admission requirements were
\nless stringent, an increase in Candidate member-
\nship was experienced over the period 2005 to
\n2006. The move to more stringent requirements
\ncaused an outflow of Candidate members during
\n2007 and 2008.<\/p>\n
While this is a cause for concern, other
\nenrollment data give us reason to be more
\noptimistic about future membership growth.
\nThe post-graduate certificate in valuation
\n(PGCv) was launched in the fall of 2004 and
\noffered to students who are interested in
\ncompleting the courses needed to attain an
\nAACI designation. To enter the program, they
\nmust have an undergraduate business degree
\noffered by a Canadian university including the
\nBachelor of Commerce, or Bachelor of Business
\nAdministration. In 2004, just three individuals
\ncompleted the program. Today, there are
\nmore than 500 students at various stages of
\ncompletion, with 45 expected to graduate this
\nyear, bringing the total number of graduates
\nto 179 so far. Over the next two years, it is
\nexpected that most of the 450 students in the
\nprogram will graduate and move on to fulfilling <\/p>\n
the remaining requirements to obtain their
\nAACI designation. There is every reason to
\nbelieve that enrollments in the PGCv program
\nwill continue to grow, thus providing a steady
\nsupply of potential new AACI members. These
\nnumbers alone will go a long way to offset the
\nrecent decrease in Candidate members.<\/p>\n
While the PGCv program is aimed at those
\nwho want to pursue the AACI designation,
\nUBC continues to offer a program of courses
\nleading to the CRA designation consisting of
\nseven courses plus a residential case study. As
\nmentioned previously, CRA member growth
\nhas been fairly steady over the past seven years,
\nwith a slight increase in CRA membership in
\nthe last two. Similarly, enrollment numbers for
\nAIC 399, which replaced the residential demo
\nreport, show an upward trend from 55 students
\nin 2005 to 151 in 2008. <\/p>\n
There are a number of conclusions that can
\nbe drawn from these data. Perhaps the most
\nimportant is that the more stringent educational
\nrequirements that have been put in place have
\nnot caused unsustainable losses of member-
\nship. The higher educational standards adopted
\nby AIC are in standing with its objectives of
\nachieving a highly professional and highly quali-
\nfied membership on par with other first-tier
\nprofessions.<\/p>\n
In fact, more stringent designation stan-
\ndards serve to attract those who are better
\nprepared to complete the rigorous program of
\nstudy and professional requirements, while it
\nfilters out those looking for an easy way into a
\nprofession. In the end, both members and the
\npublic are well served by higher standards. AIC-
\ndesignated members distinguish themselves as
\nhighly qualified practitioners in their field and
\nleaders in the valuation profession in Canada.
\nThe public benefits from the knowledge that
\nAIC-designated appraisers are real property
\nexperts whose opinions they can trust. <\/p>\n
CPV_Summer09_Book2.indd 11 28\/04\/09 10:42 AM<\/p>\n
Canadian Property Valuation Volume 53 | book 2 | 2009 \u00c9valuation Immobili\u00e8re au Canada12<\/p>\n
Georges Lozano, MPA
\nChef de la direction<\/p>\n
L\u2019\u00e9ducation \u2013
\nla voie de l\u2019excellence<\/p>\n
RePoRT du Chef de la direction<\/p>\n
Cela fait maintenant plus de dix ans que l\u2019Institut canadien des \u00e9valuateurs a d\u00e9cid\u00e9 de prendre des mesures
\ninnovatrices et d\u2019am\u00e9liorer son programme
\nd\u2019\u00e9ducation. Ce processus a d\u00e9but\u00e9 en 1998, lors
\nde la signature du premier accord de partenariat
\navec l\u2019Universit\u00e9 de la Colombie-Britannique.
\nC\u2019est \u00e9galement au cours de la m\u00eame ann\u00e9e que
\nl\u2019Institut a exig\u00e9 un dipl\u00f4me universitaire en vue
\nde l\u2019obtention du titre professionnel AACI. <\/p>\n
Le programme d\u2019\u00e9ducation de l\u2019ICe a \u00e9t\u00e9
\nenti\u00e8rement recon\u00e7u et les cours ont \u00e9t\u00e9 r\u00e9\u00e9crits
\nselon les normes relatives aux cours de l\u2019univer-
\nsit\u00e9 donnant droit \u00e0 des cr\u00e9dits. Au cours des
\nann\u00e9es suivantes, l\u2019ICe a collabor\u00e9 \u00e9troitement
\navec l\u2019U.C.-B. afin de perfectionner le programme
\nd\u2019\u00e9tudes. Pour ce qui est du programme, deux
\nvolets menant aux titres de AACI et de CRA ont
\n\u00e9t\u00e9 mis en place respectivement. en 2004, un
\nnouveau programme de certificat a \u00e9t\u00e9 lanc\u00e9
\nafin de permettre aux personnes titulaires d\u2019un
\ndipl\u00f4me en commerce ou en administration de
\nsatisfaire \u00e0 toutes les exigences en mati\u00e8re d\u2019\u00e9du-
\ncation en vue de l\u2019obtention du titre d\u2019AACI. Les
\npersonnes poss\u00e9dant les qualifications requises
\npouvaient obtenir leur certificat en compl\u00e9tant six
\ncours et une \u00e9tude de cas sous tutelle. Au cours
\nde la m\u00eame ann\u00e9e, l\u2019Institut a \u00e9galement exig\u00e9
\nun dipl\u00f4me universitaire (120 cr\u00e9dits) pour les
\npersonnes souhaitant obtenir le titre de CRA. <\/p>\n
Ces mesures novatrices ont repr\u00e9sent\u00e9 un
\nnouveau d\u00e9part pour l\u2019obtention d\u2019un titre
\nprofessionnel. elles ont \u00e9t\u00e9 prises en vue de
\nsoutenir les objectifs strat\u00e9giques de l\u2019Institut
\nvoulant que ses membres soient des profession-
\nnels de premier rang. L\u2019adoption d\u2019exigences plus <\/p>\n
rigoureuses en mati\u00e8re d\u2019\u00e9ducation a fait en sorte
\nque l\u2019Institut s\u2019est align\u00e9 aux normes \u00e9tablies par
\nles principaux organismes d\u2019\u00e9valuation \u00e0 l\u2019\u00e9chelle
\nnationale. Gr\u00e2ce \u00e0 ses exigences en mati\u00e8re de
\nd\u00e9signation de titres professionnels, l\u2019Institut se
\nplace en t\u00eate de liste des associations nord-am\u00e9-
\nricaines dans le secteur de l\u2019\u00e9valuation. <\/p>\n
Au d\u00e9part, on craignait que le fait de
\nplacer la barre aussi haute ait une incidence
\nn\u00e9gative sur l\u2019augmentation et le maintien du
\nnombre de membres. Apr\u00e8s tout, le nombre
\nde membres de l\u2019Institut avait diminu\u00e9 depuis
\nle d\u00e9but des ann\u00e9es 90 et avait atteint un bas
\nniveau en 2002, soit environ 3 900 membres.
\nToutefois, ces pr\u00e9occupations n\u2019ont pas \u00e9t\u00e9
\ncorrobor\u00e9es et, selon les donn\u00e9es, l\u2019image
\n\u00e9tait diff\u00e9rente que celle qui avait \u00e9t\u00e9 pr\u00e9vue \u00e0
\nl\u2019origine. Depuis 2002, le nombre de membres
\na quelque peu augment\u00e9 et aujourd\u2019hui, nous
\ncomptons pr\u00e8s de 4 400 membres actifs. Au
\ncours de la p\u00e9riode, le nombre de membres
\nCRA a \u00e9t\u00e9 relativement stable compte tenu de
\nla moyenne \u00e9tablie par rapport \u00e0 la croissance
\nque nous avons connue jusque dans le milieu
\ndes ann\u00e9es 90. Par la suite, le nombre de <\/p>\n
membres CRA a diminu\u00e9 avant de remonter
\nl\u00e9g\u00e8rement au cours des deux derni\u00e8res
\nann\u00e9es par rapport au sept pr\u00e9c\u00e9dentes.
\nSelon notre r\u00e9cente exp\u00e9rience, les personnes
\nposs\u00e9dant des dipl\u00f4mes universitaires sont
\ndavantage int\u00e9ress\u00e9es \u00e0 obtenir le titre de
\nCRA. De plus, plusieurs AACI pratiquent dans
\nle domaine de l\u2019\u00e9valuation r\u00e9sidentielle. en
\nfait, les changements apport\u00e9s il y a quelques
\nann\u00e9es dans le processus d\u2019examen final et
\ndes entrevues aident les membres stagiaires
\nqui travaillent dans le domaine de l\u2019\u00e9valuation
\nr\u00e9sidentielle et qui souhaitent obtenir leur AACI. <\/p>\n
Le nombre de membres stagiaires a eu
\ntendance \u00e0 diminuer au cours des douze ann\u00e9es
\nqui ont pr\u00e9c\u00e9d\u00e9 2004 auquel moment leur
\nnombre s\u2019est mis \u00e0 remonter. Au cours des deux
\nderni\u00e8res ann\u00e9es, le nombre de membres de l\u2019ICe
\na encore diminu\u00e9. Cette fois, la diminution est en
\ngrande partie attribuable \u00e0 une baisse du nombre
\nde membres stagiaires. Cette situation deviendra
\nplus claire dans le paragraphe suivant. <\/p>\n
Le nombre de membres AACI a \u00e9galement
\ndiminu\u00e9 depuis les ann\u00e9es 90 jusqu\u2019en 2004
\nlorsque la tendance s\u2019est invers\u00e9e et que le <\/p>\n
CPV_Summer09_Book2.indd 12 28\/04\/09 10:42 AM<\/p>\n
Canadian Property Valuation Volume 53 | book 2 | 2009 \u00c9valuation Immobili\u00e8re au Canada 13<\/p>\n
nombre d\u2019AACI a commenc\u00e9 \u00e0 cro\u00eetre de nou-
\nveau. Toutefois, \u00e9tant donn\u00e9 le vieillissement
\ndes membres AACI, leur nombre aura tendance
\n\u00e0 diminuer si le nombre de nouveaux membres
\nAACI n\u2019est pas suffisant pour compenser la baisse. <\/p>\n
Toutefois, plusieurs signes d\u00e9montrent que
\nle nombre de nouveaux membres AACI com-
\npensera pour le d\u00e9part des membres plus \u00e2g\u00e9s.
\nLes donn\u00e9es, de 2002 \u00e0 ce jour, concernant les
\ninscriptions aux cours de l\u2019U.C.-B. indiquent une
\ntendance \u00e0 la hausse. \u00c0 titre d\u2019exemple, en 2002,
\n432 \u00e9tudiants se sont inscrits au cours BUSI 330 \u2013
\nBase de l\u2019\u00e9valuation immobili\u00e8re, un cours d\u2019in-
\ntroduction obligatoire pour toutes les personnes
\nsouhaitant obtenir un titre de l\u2019ICe. Jusqu\u2019en
\n2008, le nombre d\u2019inscriptions a augment\u00e9
\nd\u2019environ 50% et a pass\u00e9 \u00e0 647. Il convient de
\nnoter qu\u2019il n\u2019y a pas seulement les membres de
\nl\u2019ICe qui suivent ce cours bien que la majorit\u00e9 des
\n\u00e9tudiants soient membres au moment de leur
\ninscription ou le deviendront. De 2002 \u00e0 2008,
\nplus de 4 600 \u00e9tudiants ont suivi ce cours. <\/p>\n
De fa\u00e7on similaire, en 2002, 87 \u00e9tudiants et
\nen 2008, 162 \u00e9tudiants se sont inscrits au cours
\nBUSI 331 – Analyse des investissements immobi-
\nliers et \u00e9valuation avanc\u00e9e des revenus – un cours
\nobligatoire pour toutes les personnes qui souhai-
\ntent obtenir le titre d\u2019AACI, soit une augmentation
\nd\u2019environ 86 %. Ce ne sont l\u00e0 que deux exemples
\nd\u2019une tendance g\u00e9n\u00e9rale \u00e0 la hausse du nombre
\nd\u2019inscriptions aux cours d\u2019\u00e9valuation immobili\u00e8re
\nde l\u2019ICe-U.C.-B. <\/p>\n
Pour ce qui est une fois de plus des membres
\nstagiaires, le nombre d\u2019inscriptions d\u00e9montrent
\nune augmentation relativement constante au
\ncours de la p\u00e9riode allant de 2002 \u00e0 2005. en
\n2005, la politique d\u2019admission a \u00e9t\u00e9 r\u00e9vis\u00e9e. \u00c0
\npartir de 2006, les membres devaient \u00eatre soit
\ntitulaires d\u2019un dipl\u00f4me universitaire ou avoir suivi
\nsuffisamment de cours de fa\u00e7on \u00e0 ce qu\u2019ils ne leur
\nen manque que dix pour satisfaire aux exigences
\nen vue de l\u2019obtention du titre d\u2019AACI. De plus,
\npour maintenir leur statut, les stagiaires doivent
\nsuivre annuellement un cours universitaire
\ndonnant droit \u00e0 des cr\u00e9dits. <\/p>\n
Avant, les personnes \u00e9taient admises \u00e0 titre de <\/p>\n
membres stagiaires de l\u2019Institut \u00e0 condition d\u2019avoir
\nsuivi le cours d\u2019introduction BUSI 330 et qu\u2019elles
\naient particip\u00e9 au colloque sur les normes d\u2019\u00e9va-
\nluation. Si une personne avait compl\u00e9t\u00e9 la moiti\u00e9
\nd\u2019un programme de premier cycle, elle pouvait \u00eatre
\nadmise en tant que stagiaire \u00e0 condition de suivre
\nle cours BUSI 330 et le colloque sur les normes
\ndans un d\u00e9lai d\u2019un an. Il ne fait aucun doute qu\u2019au
\ncours de cette p\u00e9riode, les exigences moins s\u00e9v\u00e8res
\nont contribu\u00e9 \u00e0 l\u2019augmentation du nombre de
\nmembres stagiaires. L\u2019incidence de la nouvelle poli-
\ntique d\u2019admission en 2006 s\u2019est faite sentir en 2007
\net 2008 alors que le nombre de membres stagiaires
\na diminu\u00e9 d\u2019environ 200 par ann\u00e9e. Selon les
\nmembres stagiaires qui se sont retir\u00e9s \u00e0 l\u2019\u00e9poque,
\nla principale raison \u00e9voqu\u00e9e pour ne pas maintenir
\nleur adh\u00e9sion est l\u2019augmentation de la rigueur. <\/p>\n
en r\u00e9sum\u00e9, le nombre de stagiaires a
\naugment\u00e9 au cours de la p\u00e9riode de 2005 \u00e0 2006
\nlorsque les exigences d\u2019admission \u00e9taient moins
\nrigoureuses. Le passage \u00e0 des exigences plus
\nstrictes a contribu\u00e9 \u00e0 la diminution du nombre de
\nmembres stagiaires en 2007 et 2008.<\/p>\n
Bien que ce soit une cause de pr\u00e9occupation,
\nd\u2019autres donn\u00e9es relatives aux inscriptions nous
\npermettent d\u2019\u00eatre plus optimistes quant \u00e0 une
\naugmentation future du nombre de membres.
\nLe certificat d\u2019\u00e9tudes sup\u00e9rieures en \u00e9valuation
\n(CeSe) a \u00e9t\u00e9 mis en place \u00e0 l\u2019automne 2004 et
\npermettait aux \u00e9tudiants int\u00e9ress\u00e9s de suivre les
\ncours n\u00e9cessaires pour l\u2019obtention du titre pro-
\nfessionnel AACI. Pour \u00eatre admis au programme
\nles \u00e9tudiants devaient \u00eatre titulaires d\u2019un dipl\u00f4me
\nde premier cycle d\u00e9livr\u00e9 par une universit\u00e9
\ncanadienne dont un baccalaur\u00e9at en commerce
\nou en administration des affaires. Seulement
\ntrois personnes ont compl\u00e9t\u00e9 le programme en
\n2004. Aujourd\u2019hui, nous comptons plus de 500
\n\u00e9tudiants \u00e0 divers stades d\u2019avancement dont 45
\nqui pr\u00e9voient obtenir leur dipl\u00f4me cette ann\u00e9e ce
\nqui, \u00e0 ce jour, porte le nombre total de dipl\u00f4m\u00e9s \u00e0
\n179. Au cours des deux prochaines ann\u00e9es, nous
\npr\u00e9voyons que la plupart des 450 participants au
\nprogramme recevront leur dipl\u00f4me et poursui-
\nvront leurs \u00e9tudes jusqu\u2019\u00e0 ce qu\u2019ils r\u00e9pondent
\naux autres exigences menant \u00e0 l\u2019obtention du <\/p>\n
titre AACI. Il y a tout lieu de croire que le nombre
\nd\u2019inscriptions au programme CeSe continuera de
\ncro\u00eetre, assurant un nombre constant d\u2019\u00e9ventuels
\nnouveaux membres AACI. Gr\u00e2ce \u00e0 ces donn\u00e9es,
\nnous pourrons en grande partie compenser pour
\nla r\u00e9cente diminution des membres stagiaires. <\/p>\n
Bien que le programme CeSe soit destin\u00e9 \u00e0
\nceux qui souhaitent obtenir le titre professionnel
\nAACI, l\u2019U.C.-B. continue d\u2019offrir un programme,
\n\u00e0 savoir\u00a0: sept cours et une \u00e9tude de cas portant
\nsur une \u00e9valuation r\u00e9sidentielle menant au titre
\nCRA. Tel qu\u2019indiqu\u00e9 ant\u00e9rieurement, la croissance
\ndu nombre de membres CRA a \u00e9t\u00e9 relativement
\nstable au cours des sept ann\u00e9es pr\u00e9c\u00e9dentes,
\nbien que ce nombre ait connu une l\u00e9g\u00e8re hausse
\nau cours des deux derni\u00e8res. De fa\u00e7on similaire,
\nle nombre d\u2019inscriptions \u00e0 l\u2019ICe 399, qui remplace
\nle mod\u00e8le de rapport d\u2019\u00e9valuation r\u00e9sidentielle,
\nd\u00e9montre une tendance \u00e0 la hausse \u2013 de 55
\n\u00e9tudiants en 2005 \u00e0 151 en 2008. <\/p>\n
Plusieurs conclusions peuvent \u00eatre tir\u00e9es de
\nces donn\u00e9es, dont la plus importante consiste
\nen le fait que m\u00eame si les exigences en mati\u00e8re
\nde formation sont plus rigoureuses, le nombre
\nde membres demeure passablement le m\u00eame.
\nLes normes \u00e9ducatives plus \u00e9lev\u00e9es qui ont \u00e9t\u00e9
\nadopt\u00e9es par l\u2019ICe correspondent \u00e0 son objectif
\n\u00e0 l\u2019effet que ses membres atteignent un niveau
\n\u00e9lev\u00e9e de professionnalisme et de qualifications
\nqui soit comparable \u00e0 celui des membres des
\nautres professions de premier rang. <\/p>\n
Les normes plus s\u00e9v\u00e8res servent en r\u00e9alit\u00e9
\n\u00e0 susciter l\u2019int\u00e9r\u00eat des personnes qui sont le
\nmieux pr\u00e9par\u00e9es pour participer au programme
\nd\u2019\u00e9tudes et r\u00e9pondre aux exigences profession-
\nnelles, tout en filtrant celles qui envisagent une
\nprofession sans d\u00e9ployer trop d\u2019efforts. en bout
\nde ligne, les normes \u00e9lev\u00e9es servent bien \u00e0 la fois
\nles membres et le public. Les membres agr\u00e9\u00e9s de
\nl\u2019ICe se distinguent comme praticiens hautement
\nqualifi\u00e9s dans leur domaine et comme chefs de
\nfile dans la profession de l\u2019\u00e9valuation au Canada.
\nLe public est conscient que les \u00e9valuateurs
\nde l\u2019ICe sont des experts dans le domaine de
\nl\u2019immobilier et qu\u2019il peut avoir confiance dans les
\nconseils qu\u2019ils prodiguent. <\/p>\n
CPV_Summer09_Book2.indd 13 28\/04\/09 10:42 AM<\/p>\n
Canadian Property Valuation Volume 53 | book 2 | 2009 \u00c9valuation Immobili\u00e8re au Canada14<\/p>\n
hat is it? What does it mean to
\nthe Appraisal Institute of Canada
\n(AIC)? What does it mean at the <\/p>\n
provincial, chapter and member levels?
\nevolution of change is what AIC has under-<\/p>\n
taken. Our ultimate goal is to promote a consis-
\ntent brand image in all of our marketing efforts. <\/p>\n
Branding 101
\n\u2022\t Our\tbrand is our promise. It must be rein-<\/p>\n
forced every time we come in contact with
\nthe public. <\/p>\n
\u2022\t Our\tbrand\tmust\taccurately\treflect\tthe\tcore
\nbeliefs of our organization, our leadership, and
\nall of us who deliver our brand experience. <\/p>\n
\u2022\t Consistency builds brands, so every
\nencounter with our brand, through staff,
\nvolunteers, web, marketing, courses, media
\nreleases, or any form of sharing our brand
\nexperience must consistently contribute to our
\ndesired brand identity. <\/p>\n
In the past year, our marketing effort and the
\nimage that we present to the public has been at <\/p>\n
Evolution of change<\/p>\n
the forefront of what AIC is doing for its members.
\nOur print advertising evolved to present our <\/p>\n
image through the use of graphics, the consistent
\nuse of our logo and images that accurately reflect
\nour brand focus. In 2009, we evolved to promote
\nnot only the profession, but also the AACI and
\nCRA designations.<\/p>\n
Our new AIC website launched last fall contin-
\nued to evolve early this year. In order to support the
\nonline advertising on Monster.ca and Workopolis.ca,
\nvideos featuring six AIC members were included on
\nthe Career web pages. These videos provide first
\nhand information on the benefits of becoming an
\nAACI or CRA and the opportunities these desig-
\nnations provide. They have attracted attention
\nworldwide. Our first follow-up call by a viewer was
\nfrom someone in the UK who wished to obtain his
\nAACI and move to Canada. <\/p>\n
Advertising templates have been made
\navailable to provincial associations that wish to
\nadvertise regionally to extend the AIC media buy
\nin national trade publications. <\/p>\n
We all must play a part in promoting a <\/p>\n
consistent brand image for AIC. The AIC Marketing
\n& Communications Committee will continue to
\nevolve our brand and will focus on promoting AIC\u2019s
\ncore values and strength. At the provincial and
\nchapter level, you can reinforce this effort. Use the
\navailable templates and numerous other resources
\navailable on the members-only website. <\/p>\n
Future evolution will include provincial web
\npages that provide a consistent brand image and
\nrelevant provincial information for members.
\nInterested members will also be available to take
\nadvantage of a web-presence with a customized
\nweb page template. Our CMS (Content Manage-
\nment System) is serving as the enabler for AIC
\nto bring this new technology to you. Other new
\ntechnology that AIC intends to introduce in
\nthe months ahead include podcasts; webinars;
\nwebcasts; and an RSS feed. <\/p>\n
If there is anything you need, communicate
\nthis to me at joannec@aicanada.ca. Members are
\nalways surprised that I answer my phone, but, as
\na communicator, I always enjoy hearing from an
\nAIC member. <\/p>\n
W
\nJoanne Charlebois<\/p>\n
Director Marketing & Communications<\/p>\n
CPV_Summer09_Book2.indd 14 28\/04\/09 10:42 AM<\/p>\n
CPV_Summer09_Book2.indd 15 28\/04\/09 10:42 AM<\/p>\n
Canadian Property Valuation Volume 53 | book 2 | 2009 \u00c9valuation Immobili\u00e8re au Canada16<\/p>\n
a vision for valuation: <\/p>\n
Despite the difficult global economic
\nlandscape, there is reason for optimism
\ndue to the work of the International Valu-
\nation Standards Committee (IVSC).
\nFor many reasons, last year saw many challenges
\nand extremes all around the globe, and it appears
\nthat 2009 will be much the same. Overwhelm-
\ningly, front and centre on everyone\u2019s mind is the
\nglobal financial crisis and how it has changed the
\neconomic landscape worldwide. But, it is not all
\ndoom and gloom. There are accomplishments
\nthat promise a brighter future for all. For more
\nthan a quarter of a century, the International
\nvaluation Standards Committee (IvSC) has
\noperated as a global standard setter, providing a
\nsingle voice for international valuation standards.<\/p>\n
By Joseph Vella<\/p>\n
a vision for valuation: <\/p>\n
This article originally appeared in the winter 2009 edition of Property World,
\nan information resource for RICS (Royal Institution of Chartered Surveyors) members around the globe.<\/p>\n
Challenges
\nDuring the past 30 years, the challenges facing the valuation profession have been many:
\nglobalization and increased levels of cross-border economic activity; competition from other
\nprofessions; the status of the profession; technology; fair value reporting, the financial crisis\u2026the list
\nseems endless. At times, the response of the international valuation profession has been fractured, as
\nprofessional organizations compete for members and promote their own agendas, while struggling
\nto find their own new role in this changing world and marketplace.<\/p>\n
A success story
\nAmidst these challenges, the profession has a major success story to celebrate \u2013 the IvSC. The IvSC
\nsuccess in setting international standards has led to greater recognition of the valuation profession and
\nwider understanding of valuation\u2019s importance, resulting in a positive impact on every valuer worldwide.<\/p>\n
The world has been searching for a true lingua franca for accounting and valuation, in order to
\nensure the commercial integration among the world\u2019s many cultures and nations. Just as the Rosetta
\nStone became idiomatic as a critical key to a process of decryption or translation of a difficult problem,
\nthe world\u2019s capital markets have long searched for a single set of high quality accounting standards, <\/p>\n
BuIldIng ValuatIon StandardS<\/p>\n
CPV_Summer09_Book2.indd 16 28\/04\/09 10:42 AM<\/p>\n
Canadian Property Valuation Volume 53 | book 2 | 2009 \u00c9valuation Immobili\u00e8re au Canada 17<\/p>\n
a vision for valuation: a vision for valuation: <\/p>\n
buttressed with robust high quality valuation
\nstandards that could be used anywhere in
\nthe world. This should come as no surprise,
\nbecause the promise of global standards is
\ntruly astounding. Investors could more easily
\ncompare issuers\u2019 disclosures, regardless of
\nwhat country or jurisdiction they came from.
\nThey could more easily weigh investment
\nopportunities in their own countries against
\ncompeting opportunities in other markets,
\nwhen there is a common valuation benchmark
\nsupporting accounting standards. A single set
\nof high-quality valuation standards would be
\na great bonus to emerging markets, because
\ninvestors could have greater confidence in
\nthe transparency of valuations and financial
\nreporting.<\/p>\n
Today, all of europe and nearly 100 countries
\naround the world require or permit the use
\nof International Financial Reporting Standards
\n(IFRS). The majority of companies that are
\ncurrently reporting financial results based on
\nIFRS have only been doing so for a few years.
\nRobust, independent international valuation
\nstandards are critical. <\/p>\n
From its inception, IvSC recognized the
\ngrowing importance of the development of
\ninternational accounting standards and later
\nIFRS. As the world at large took these bold new
\nsteps to harmonize accounting and financial
\nreporting standards, IvSC made an important
\nstrategic decision to ensure that, whenever an
\nasset was to be measured to fair value under
\nIFRS, the measurement standard to be applied
\nshould be the International Valuation Standards
\n(IVS). How right that decision was. <\/p>\n
Over 100 countries, including, of course,
\nthe european Union, have chosen to adopt
\nIFRS. Brazil, Canada, India and Korea will adopt
\nIFRS by 2011; Japanese GAAP and IFRS will
\nhave converged by 2011. At the beginning of
\n2007, China introduced a completely new set
\nof accounting standards that are intended to
\nproduce the same results as IFRS.<\/p>\n
But, no system would be truly international
\nwithout the participation of the United States.
\nCooperation between the International
\nAccounting Standards Board (IASB), the
\nFinancial Accounting Standards Board (FASB), <\/p>\n
and the Securities and exchange Commission
\n(SeC) in the United States has now become
\nan integral part of their work programs. The
\nconvergence of US GAAP and IFRS has great
\nmomentum and remains a leading priority with
\nan objective of these organizations to make IFRS
\na passport to all of the world\u2019s capital market.
\nAlready the SeC has removed the requirement
\nfor foreign private issuers reporting under IFRS
\nto reconcile their financial statements to US
\nGAAP.<\/p>\n
IVSC responds to change
\nPrior to 2000, the IvSC had focused on
\nharmonizing the fundamental valuation
\nprinciples and codified Generally Accepted
\nValuation Principles (GAVP). In 2000, IvSC
\nlaunched its Standards Project to enhance
\nand further develop a comprehensive set of
\nrobust international valuation standards that
\ncomplemented standards being developed
\nby other international standard setting
\norganizations, most notably the IASB. <\/p>\n
The IVS have had a profound impact on the
\nvaluation standards of many countries. In some
\ncountries, IVS have been incorporated into law,
\nwhile, in others, they have been adopted by
\nnational institutes\/societies. At the same time,
\ninternational users and providers of valuation
\nservices are also demanding adherence to IVS,
\nand many companies reporting under IFRS now
\nrefer to use of IVS in the financial statements. <\/p>\n
Success breeds success
\nIn September 2005, the IvSC was invited to
\npresent an educational session to the IASB;
\nfollowing that, the IvSC was invited to meet
\nwith the US FASB in March 2006. A number of
\nmessages came from those meetings:
\n1. The greater use of fair value had significantly <\/p>\n
raised the profile of valuations used for
\nfinancial reporting purposes. <\/p>\n
2. It was also obvious that IASB and FASB were
\nuneasy with the structure of the IvSC as it
\nexisted being a membership organization
\nrather than an independent standard setter
\nlike themselves.<\/p>\n
3. There was increasing pressure on the
\nvaluation profession to take responsibility, <\/p>\n
not just for valuation standards, but for the
\nstandards of valuation. Scott Taub (Deputy
\nChief Accountant, SeC), speaking in november
\n2005, expressed concern that \u201cin contrast to
\nthe accounting profession, there is inadequate
\ninfrastructure to support valuations for financial
\nreporting purposes. Whereas the accounting
\nprofession has a single accreditation and set of
\nstandards applied to all practitioners, valuation
\nhas multiple accreditations and standards, and
\nsome practitioners have no standards to follow if
\nnot accredited.\u201d<\/p>\n
Taking the next step \u2013
\nrestructuring the IVSC
\nDuring 2006, the IvSC began to debate major
\nproposals for the restructuring of the IvSC. In the
\nnext two-year period, IvSC had working groups
\nand discussions regarding potential structures,
\nand established a Governance Restructure Group
\nto refine the general concept.<\/p>\n
At an extraordinary general meeting held
\nin San Francisco in April 2007, the restructuring
\nplan was unanimously agreed upon and a target
\ndate for implementation of the restructured IvSC
\nwas set for January 2008. The IvSC set itself
\na challenging task and aggressive timetable
\nfor transition, so that the IvSC did not become
\npreoccupied with a protracted governance
\ntransition, diverting resources and focus from the
\nprimary goal of standard setting. Revised bylaws
\nwere approved in november 2007 and a period
\nof transition began prior to the restructured IvSC
\nbecoming operational.<\/p>\n
At the October 2008 IvSC AGM, held in Kuala
\nLumpur, Malaysia, the restructured International
\nvaluation Standards Council (IvSC), was renamed
\n(while retaining the same acronym) and was
\nfully in place and operational. At the AGM, by an
\noverwhelming majority, the proposed candidates
\nwere elected as the first members of the IvSC
\nBoard of Trustees. The membership of the new
\nInternational valuation Professional Board and
\nInternational valuation Standards Boards was
\nalso formalized at the AGM.<\/p>\n
The new Board of Trustees includes leaders
\nfrom the valuation profession and well respected
\nsenior figures from the international business,
\nfinancial and regulatory world. <\/p>\n
CPV_Summer09_Book2.indd 17 28\/04\/09 10:42 AM<\/p>\n
Canadian Property Valuation Volume 53 | book 2 | 2009 \u00c9valuation Immobili\u00e8re au Canada18<\/p>\n
on how to begin overhauling the financial
\nsystem as quickly as practically possible. <\/p>\n
In the midst of the worst financial crisis in
\neight decades, all are trying to understand how
\nthis situation came about, while looking for
\na \u2018whipping boy\u2019 for this debacle. As Britain\u2019s
\nQueen elizabeth rightly asked during a visit to
\nthe London School of economics, \u201cWhy did
\nno one see it coming?\u201d This is not the time for
\nrecriminations, as there are many players that
\ncontributed to this situation, albeit at different
\nlevels, from the retail mortgage borrower to
\nthe mortgage broker, to banks, rating agencies,
\ninvestment bankers, hedge funds, regulators,
\nand the list goes on.<\/p>\n
The one undisputable fact is the global
\nimpact this predicament is having, verifying
\nthe world is no longer made up of isolated
\neconomies, instead, it is fully integrated <\/p>\n
or \u2018globalized.\u2019 We have had 15 years of
\nexperience with globalization, with over three
\nbillion new entrants to the workforce.<\/p>\n
Prior to this crisis, some were projecting
\nthe uncoupling of some economies,
\nspecifically in Asia. The current conditions
\nindicate the world economies are more
\ncoupled than any other time in our history.<\/p>\n
There is no doubt that a full analysis of the
\ncauses will be conducted in order to repair
\nand put in place circuit breakers to hopefully
\nprevent a future reoccurrence. Yet, amongst
\nthis havoc, regulators, standards-setters,
\ninvestors, accountants and valuers have had
\nto defend fair value reporting. The discontent
\nabout fair value is mainly driven by the
\nbanking industry, which is facing large write-
\ndowns and on-balance sheet reporting of all
\nassets. Unfortunately, the banking industry
\nand its lobbyists exerting political pressure
\nhave the potential to erode the independence
\nof international and US standards-setters.<\/p>\n
Investors rely on fair value to give them
\ntransparent, up-to-date information about
\nthe worth of their assets. Opponents insist
\nthat fair value requirements contribute to
\nvolatility and are subject to uncertainties and
\npractical limitations when valuing assets in
\nthinly traded or non-conventional markets.
\nIt is fascinating and richly ironic how non-
\nvaluers, whether for their own self interest
\nor other reasons, seek guidance for assets
\ntrading or not trading in illiquid markets and
\ndown-cycle markets, but make no reciprocal
\nrequest for guidance for assets trading in
\nhyperactive or up-cycle markets \u2013 markets
\nAlan Greenspan referred to as \u201c \u201cfrothy\u201d or
\n\u201cirrationally exuberant.\u201d While mistakes are
\nalways obvious in retrospect, perhaps future
\ncollapses can be more readily avoided when
\nthe guidance of impartial and discriminating
\nprofessionals is sought at all points of the
\neconomic cycle.<\/p>\n
All parties have to deal with the markets
\nthey have, not the ones they would like.
\nIntrinsic concepts such as supply and demand
\ndrive markets and we are currently in a
\nmarket where there is an imbalance, which,
\nin turn, will affect prices and values. Market <\/p>\n
The financial crisis \u2013 Quo Vadis
\nDuring the past year, we have witnessed
\ntremendous upheaval in financial markets
\naround the world \u2013 a financial crisis not
\nseen since the Great Depression of 1929,
\nwith a number of surprising twists and turns
\nunanticipated by even the best and brightest.
\nAll have been infected, from the US and europe
\nto the dynamic emerging market countries in
\nAsia, such as China and India. The sting of the
\nglobal financial crisis continues, as countries cut
\nand coordinate their short-term lending rates,
\ninject capital to shore up a frozen financial
\nsystem, and brace for a striking slowdown or
\nrecession. <\/p>\n
Central banks everywhere have been
\noffering extra liquidity on an almost daily basis
\nfor two months. World leaders have meet in
\nWashington to discuss this crisis and brainstorm <\/p>\n
CPV_Summer09_Book2.indd 18 28\/04\/09 10:42 AM<\/p>\n
Canadian Property Valuation Volume 53 | book 2 | 2009 \u00c9valuation Immobili\u00e8re au Canada 19<\/p>\n
comes before value, and valuers have the
\ntraining and expertise to study and understand
\nmarkets as they cyclically move up or down
\nand to derive competent, up-to-date, relevant,
\nand capable market support to produce
\ncredible valuation results.<\/p>\n
It is not often that markets are in
\nequilibrium, as they are always moving either
\nup or down, albeit the velocity changes. It
\nis in this environment that valuers earn their
\nkeep, by using their specialized training to
\ntake all factors into consideration to reflect
\na reasonable and supportable value, based
\non available data and sound judgement, not
\nmuch different than the processes an informed
\nbuyer or seller would employ under the same
\nconditions or circumstances, but without a
\nvested interest. To report anything other than
\nfair value is obscuring the truth, rather than
\nproviding transparency. valuers provide the
\nvalue conclusion and accountants incorporate
\nthem and report the balance sheets \u2013 both
\nare just messengers relaying the state or
\nfinancial health of the entity. Whether it is a
\nsingle-family house or a complex, financially-
\nengineered instrument, reporting at anything
\nother than what they could be sold for is \u201cmark
\nto fantasy,\u201d as Warren Buffet aptly described it. <\/p>\n
This is not to impute that fair value is
\nperfect and without faults. Thomas Jones,
\nvice Chairman of the International Accounting
\nStandards Board, asserted that \u201cIt is a lousy
\nsystem, but it is less lousy than any other
\nsystem … and I do not find that the people
\nwho criticize fair value have very good ideas
\nfor an alternative.\u201d<\/p>\n
Some are critical of deregulation in
\nfinancial markets, seeing it as the cause of
\nthis crisis. There is validity to this argument.
\nOthers attribute this crisis to the cyclical
\nnature of economies. Throughout history,
\nfinancial markets have experienced bubbles,
\ncrashes and panics. Markets always manage
\nto find a way to repackage or introduce new
\nproducts, which they should, but, without
\ncommensurate regulatory adjustments
\nin response to new financial innovations,
\nyesterday\u2019s regulations and oversight are
\nobsolete and ineffective. <\/p>\n
The SeC says it is planning to move forward
\nwith its plans and the IASB remains supportive
\nof the convergence plan moving ahead. An
\nIASB spokesman said, \u201cThe current crisis has
\nhighlighted the need to avoid any accounting
\narbitrage and have a level playing field.\u201d
\nIronically, the financial crisis could lead to faster
\nconvergence, as regulators work to resolve
\nproblems by working more closely together,
\nconsolidating projects and taking advantage
\nof the existing impetus for a single global
\nbenchmark.<\/p>\n
Conclusion
\nWith all the challenges facing the valuation
\nprofession, valuers can no longer present
\nthemselves as a fractured profession, with little
\nor no synergy between the different valuation
\npractices. The market place requires a unified,
\nhighly-qualified, and multidisciplinary valuation
\nprofession. The realization has set in that the
\nprofession has not been as proactive as it could
\nhave been in giving the types of training or
\norientation to acclimate valuers to the world of
\nfinancial reporting changes or to understanding
\nregulations relating to financial reporting. The
\nprofession is becoming aware that financial
\nreporting is not limited to valuations only.
\nInstead, it includes corporate counselling,
\ninvolvement with financial and accounting
\nteams that apply principles to accounting for
\ncurrent values, assisting corporations and
\nothers with market decisions where fair value
\naccounting is involved, and much more. <\/p>\n
The Roman philosopher Seneca said, \u201cLuck
\nis what happens when preparation meets
\nopportunity.\u201d By a combination of luck and
\ngood judgement, the IvSC has restructured
\ninto an organization led by senior figures in the
\ninternational financial and business arena at
\njust the time when there is a sharp recognition
\nthat the need for valuation standards and
\nguidance are crucial to financial markets, in
\norder to enhance their workings and curb their
\nabuses.<\/p>\n
The restructured IvSC is best positioned to
\nmeet these challenges by having in place:
\n\u2022\t an\tindependent,\tmulti-disciplinary,\tglobal\t<\/p>\n
valuation standards board responsible for <\/p>\n
standards creation and its own technical
\nagenda;<\/p>\n
\u2022\t an\tInterpretations\tCommittee\tfrom\twithin
\nthe Standards Board to provide IvSC-
\napproved interpretations of the International
\nValuation Standards;<\/p>\n
\u2022\t a\trespectful\tand\tmutually-beneficial
\nrelationship with accounting standards-
\nsetters and regulators, including the IASB,
\nFSB, FASB and SeC;<\/p>\n
\u2022\t an\tInternational\tValuation\tProfessional
\nBoard which surveys professional valuation
\norganizations worldwide regarding their
\neducational requirements, their body of
\nknowledge and their best practices, to
\nbecome a repository of these data and to
\ndevelop a model international education
\ncurriculum for professional valuers \u2013
\nensuring the standards and best practices
\nare available to developing nations; and<\/p>\n
\u2022\t establishment\tand\tdissemination\tof
\neducation materials about IvS <\/p>\n
Whether you fully share these views or not,
\nthere cannot be any dispute that the valuation
\nprofession has had a wake-up call in the midst
\nof the financial turmoil and at a juncture
\nfor decisions that will impact the valuation
\nprofession of the future. What seemed
\nunrealistic, even impossible a few years ago, is
\nnow necessary, possible, and in place.<\/p>\n
As I reflect back on the many significant
\nsuccesses and achievements of IvSC during
\nthe past 30 years, in the end, achieving these
\nmilestones not only makes the valuation
\nprofession more respected and recognized
\nglobally, but fulfills the main objectives \u2013
\nmeeting public needs and maintaining the
\npublic trust. <\/p>\n
Joseph J. vella, MAI, CRe, FRICS
\nTrustee, Interim Board of Trustees, IvSC
\nPast Chairman, IvSC
\nManaging Director, Americas
\nCushman & Wakefield
\nJoseph.vella@cushwake.com<\/p>\n
CPV_Summer09_Book2.indd 19 28\/04\/09 10:42 AM<\/p>\n
Canadian Property Valuation Volume 53 | book 2 | 2009 \u00c9valuation Immobili\u00e8re au Canada20<\/p>\n
aIC clients view
\nappraisers as trusted advisors <\/p>\n
O<\/p>\n
\u201cA good appraiser will
\ntell you what you need
\nto know, which is not
\nnecessarily what you <\/p>\n
want to hear.\u201d<\/p>\n
ver the last few years, appraisers
\nhave become an essential part of
\nadvisory teams for commercial
\nbanking services at many major <\/p>\n
banks across the country. Ken Birmingham
\nsaw this firsthand during the last four years
\nof his 21-year career in commercial banking.
\nDuring that time, he managed the province-wide
\ndelivery of general financial services for a major
\nbank\u2019s medium to large business clients across
\nnewfoundland and Labrador.<\/p>\n
\u201cI developed a pretty good rapport with
\nseveral appraisers,\u201d says Birmingham. <\/p>\n
It was a relationship that began to evolve
\nonce he realized the value appraisers could bring
\nto assisting his clients with the many real estate
\ntransactions in which they were involved. These
\nincluded everything from land for residential,
\nindustrial and commercial development to retail
\nsites and office buildings. <\/p>\n
At first, Birmingham noticed that only after
\nhaving negotiated a deal would clients call upon
\nappraisers to verify the value of the property. He
\nfound that appraisers who came in after the fact
\nwere often pressured to legitimize the numbers
\nor \u201cmake them work.\u201d <\/p>\n
\u201cWhen you call on the advice of an appraiser
\nafter the fact, you have already consciously
\ndecided what you want to pursue in the market,
\nindependent of an appraiser\u2019s opinion,\u201d notes
\nBirmingham.<\/p>\n
He quickly realized that involving an appraiser
\nearly in the process provided much more value to
\nhis clients, regardless of whether they were buying
\nor selling property. Being part of the process from
\nthe beginning meant that an appraiser could pro-
\nvide an independent view of what was going on in
\nthe market. Clients could then make an informed
\ndecision to pursue an investment or not.<\/p>\n
\u201cA good appraiser will tell you what you need
\nto know, which is not necessarily what you want
\nto hear,\u201d stresses Birmingham. Clients receive
\nindependent market knowledge that is in no way
\ntied to whether or not the transaction will be
\nconcluded. This is the kind of impartial expertise
\nBirmingham wanted to offer his clients when he
\ndecided to bring an independent appraiser onto
\nthe commercial banking advisory team. <\/p>\n
He knew that this approach was historically
\ndifferent than what had been happening in the
\nindustry. At first, despite the appraiser\u2019s advice, <\/p>\n
some clients still made conscious decisions to
\nproceed with a transaction that was outside
\nthe perceived market value. But, thanks to the
\nwork of the appraiser, these decisions were now
\nmade with full knowledge that investors were
\n\u201cstepping outside the box.\u201d <\/p>\n
Birmingham also wanted an appraiser
\nwho had a good knowledge of the market, a
\nrealistic view of value and a reputation for being
\nimpartial. He wanted someone who could see
\nthings from a conservative standpoint and
\nadvise the bank\u2019s commercial clients accordingly.<\/p>\n
\u201cThe person who can fulfill that role becomes
\na part of your trusted advisory group,\u201d he explains.
\n\u201cThey become a crucial part of your real estate
\nbusiness, just like an accountant or a lawyer.\u201d<\/p>\n
In fact, appraisers can play an important role
\nthroughout the entire real estate transaction
\nprocess. Birmingham stresses that, in today\u2019s
\nfinancial climate, the ongoing independent
\nadvice of an appraiser is more valuable than
\never. \u201cIn a downward spiraling market, you
\nneed to have a good understanding of what a
\nvalue is,\u201d he explains. \u201cA good appraiser will
\nalways bring information on recent sales and
\nan assumption of what is real in the market,
\nwithout having to make the number work.\u201d<\/p>\n
It is often found that, when organizations in
\nrapidly developing industries move into an area,
\nthey require substantial office space. A market
\nthat has little availability can change the rate of
\nreturn in a hurry. Of course, the converse is also
\ntrue.<\/p>\n
Birmingham points to situations where
\nindividuals were involved in exclusive purchase
\nopportunities. Then, just as the purchase and
\nsale agreement was drawing to a close, the
\nmarket started to change. \u201cHaving an appraiser
\non your team when those things are happening <\/p>\n
Ken Birmingham, CFo, bennett group<\/p>\n
CPV_Summer09_Book2.indd 20 28\/04\/09 10:42 AM<\/p>\n
Canadian Property Valuation Volume 53 | book 2 | 2009 \u00c9valuation Immobili\u00e8re au Canada 21<\/p>\n
aIC clients view
\nappraisers as trusted advisors <\/p>\n
is essential to obtaining advice on how to
\nproceed,\u201d explains Birmingham.<\/p>\n
At the same time, appraisers on a bank\u2019s
\nadvisory group also provide value-added
\nservices to its commercial clients. For instance,
\nclients came to depend on appraisers to scout
\nthe market for realistic values, when it came
\nto property tax assessments. \u201cIt helps to have
\nsomebody telling you when the value identified
\nby the tax agency is too high and you are being
\novertaxed,\u201d notes Birmingham. \u201cThat is an
\nimportant service to some clients and a good
\nsource of business to appraisers who have
\nprovided other advice. It gives the client some
\nlegitimate market knowledge with which to
\ncontest their property values.\u201d<\/p>\n
Many commercial clients also began to
\nemploy appraisers on a full fee basis to scan the
\nmarkets for opportunities and potential projects.
\n\u201cThe general population, even in the mid- to
\nlarge-size business markets, does not have
\nthe finger on the pulse of recent transactions,\u201d
\nBirmingham points out. \u201cAlthough a lot of <\/p>\n
Letter to the Editor
\nAlthough I have been retired for a few years, I have a continuing interest in the Appraisal Institute of Canada, partly, I suppose, because I am a
\npast national president. As a result, I found the recent issue of Canadian Property Valuation very interesting, having read it from cover to cover
\n(more or less). I am both pleased and impressed to observe what is occurring in many aspects of the Institute; the progress that has been
\nmade in several areas; and the activities of many of the committees in this ever-changing world.<\/p>\n
\u00a0The new magazine provides good reading and updates of what is transpiring in our profession, and our Institute, as well as informing our
\nmembers of the changes\/requirements to their work.<\/p>\n
\u00a0
\nD.W. Lambert, AACI, P. App., (Fellow) Retired
\nLondon, Ontario<\/p>\n
people have general knowledge, specific
\nknowledge tends to rest with people, such as
\nappraisers, who are close to the day-to-day
\nactivity.\u201d<\/p>\n
This reality provides an opportunity for
\nappraisers to be a good clearinghouse and
\npresentation source for groups of business
\npeople, not only individuals. By being willing
\nto share some of their market information,
\nappraisers can position themselves to play an <\/p>\n
even greater consulting role in the business
\nsector.<\/p>\n
While in commercial banking, Birmingham
\nsaw many clients benefit from the advice and
\nvalue-added services provided by appraisers.
\n\u201cThat is a situation that is not unique to one
\nbank,\u201d he notes. \u201cI think most banks now see
\nappraisers as trusted advisors on which their
\nclients can rely.\u201d<\/p>\n
In October 2008, Birmingham began a new
\nchapter, taking the position of Chief Financial
\nOfficer with The Bennett Group of Companies.
\nAlthough it is still early in his new career, he has
\nalready started utilizing the advice of appraisers
\nin order to assist in shaping future business
\ndecisions. <\/p>\n
Meanwhile, in commercial banking divisions
\nacross the country, appraisers are rapidly
\nbecoming an essential part of advisory teams.
\nThose appraisers ready to fill this important
\nrole will find many opportunities to grow their
\nbusiness, not only as specialists in valuation, but
\nas consultants in real estate as well. <\/p>\n
\u201cAlthough a lot of people
\nhave general knowledge,
\nspecific knowledge tends
\nto rest with people, such
\nas appraisers, who are
\nclose to the day-to-day <\/p>\n
activity.\u201d<\/p>\n
CPV_Summer09_Book2.indd 21 28\/04\/09 10:42 AM<\/p>\n
Canadian Property Valuation Volume 53 | book 2 | 2009 \u00c9valuation Immobili\u00e8re au Canada22<\/p>\n
n the first of the series of articles dealing
\nwith International Valuation Standards (IVS),
\na brief summary of the content and makeup <\/p>\n
of the 2007 edition was presented. The next
\narticle provided a brief comparison between
\nCanadian Uniform Standards of Professional
\nAppraisal Practice (CUSPAP) and IVS, as each
\ndeals with market value basis for appraising.
\nThis latter article illustrated that the basic
\nunderlying principles, methodologies and
\ntechniques of market value appraising are very
\nsimilar whether operating under CUSPAP or IVS. <\/p>\n
IVS also deals with bases other than market
\nvalue, and presents certain concepts that may
\nbe new to our members. But, before these
\nnew concepts are introduced, it is necessary
\nto revisit the basic concepts fundamental to
\ngenerally accepted valuation principles in that
\nthe terminology of some of these concepts
\nin IVS varies from what AIC members may be
\nfamiliar with. At the very least, the following
\nsummary of IVS information can serve as a
\nrefresher course.<\/p>\n
IVS, as one would expect from the title,
\nare indeed designed to be international.
\nIn authoring IVS, it was recognized by the
\nInternational valuation Standards Council
\n(IvSC) that there is indeed common worldwide
\nagreement regarding the fundamentals that
\nunderpin the valuation discipline.<\/p>\n
IVS devotes an entire chapter to these
\nconcepts, noting that there may be local laws
\nand economic conditions that may require
\nspecial application, but, for the most part, the
\nconcepts are indeed international.<\/p>\n
The chapter begins noting that value is
\ncreated by real estate\u2019s utility, or capacity to
\nsatisfy the needs and wants of human societies.
\nA brief discussion ensues on the legal concept <\/p>\n
of property that deals with the various rights,
\ninterests and benefits related to ownership.<\/p>\n
The concept of property, however, extends
\nbeyond the real estate. To distinguish between
\nreal estate, which is a physical entity, and
\nits ownership, which is a legal concept, the
\nownership of real estate is called real property.
\nThe word property, however, may refer to
\nreal property, personal property, or other
\ntypes of property such as businesses and
\nfinancial interests, or a combination thereof.
\nBy dealing with these concepts, IVS can serve
\nas a platform that can eventually broaden the
\nscope of work available to our members.<\/p>\n
Property types
\nIVS recognizes that real property has to be
\ndistinguished from other categories of property,
\nnamely personal property, businesses, and
\nfinancial interests. <\/p>\n
Real property
\nReal property includes all the interests,
\nbenefits, and rights inherent in the ownership
\nof physical real estate.1 The combination of all
\nthe rights associated with the ownership of
\nreal property is sometimes referred to as the
\nbundle of rights and includes the right to use,
\noccupy, enter, sell, lease, bequeath, or give
\naway, or to choose to exercise any or none of
\nthe above. <\/p>\n
As new financial accounting rules take
\neffect, our members will need to know
\nthat real property, in the terminology of
\naccounting, usually falls into the category of
\nfixed, or long-term, assets. Sometimes, real
\nproperty may be considered a current asset,
\ne.g., where land or improved real estate is held
\nin inventory for sale.<\/p>\n
1. Personal property
\nPersonal; property refers to ownership of an inter-
\nest in items other than real estate. These items
\ncan be tangible, such as a chattel, or intangible,
\nsuch as a debt or patent. Tangible personal
\nproperty represents interests in items that are not
\npermanently attached or affixed to real estate and
\nare generally characterized by their moveability.2<\/p>\n
2. Businesses
\nA business is any commercial, industrial, service or
\ninvestment entity pursuing an economic activity.
\nBusiness entities are constituted as legal entities,
\neither unincorporated or incorporated.3 In dealing
\nwith business valuations, our members will need
\nto be familiar with concepts such as joint ventures,
\npartnerships, proprietorships, trust arrangements,
\nmultiple entities, etc. IVS briefly describes these
\nconcepts, but ultimately, one must become com-
\npetent in undertaking such assignments. Business
\nvaluations are not currently covered under either
\nCUSPAP or our current errors and omission insur-
\nance program. <\/p>\n
3. Financial interests
\nFinancial interests in property result from the
\nlegal division of ownership interests in business
\nand real property (e.g., partnerships, syndications,
\ncorporations, co-tenancies, joint ventures), from the
\ncontractual grant of an optional right to buy or sell
\nproperty (e.g., realty, stock, or other financial instru-
\nments) at a stated price within a specific period,
\nor from the creation of investment instruments
\nsecured by pooled real estate assets.4 <\/p>\n
Much of the discussion of financial interests
\nin IVS will be new to many of our members, and
\nagain, caution should be exercised if you are cur-
\nrently dealing with these matters in terms of both
\nCUSPAP compliance and insurance coverage.<\/p>\n
Primer on
\nInternational Valuation Standards \u2013 Part 3<\/p>\n
I<\/p>\n
By Ray Bower, AACI, P. App., Chair, Standards Committee
\nStandards<\/p>\n
CPV_Summer09_Book2.indd 22 28\/04\/09 10:42 AM<\/p>\n
Canadian Property Valuation Volume 53 | book 2 | 2009 \u00c9valuation Immobili\u00e8re au Canada 23<\/p>\n
Concepts fundamental to Generally
\nAccepted Valuation Principles (GAVP)
\nBoth CUSPAP and IVS define real estate, real
\nproperty and personal property in similar terms.
\nHowever, IVS opens the door to accounting
\nterminology and International Financial Report-
\ning Standards (IFRS) by offering definitions and
\nconcepts revolving around assets, both current and
\nnon-current. Some of these concepts may not be
\nfamiliar to our members, but will soon be part of
\ntheir vocabulary once IFRS take effect in Canada.<\/p>\n
Briefly summarized, current assets are assets
\nnot intended for use on a continuing basis in the
\nactivities of an entity. Examples include stocks,
\nobligations owed to the entity, short-term
\ninvestments and cash. Non-current assets can
\nbe tangible or intangible assets that fall into two
\nbroad categories. The first category includes
\nproperty, plant and equipment which are assets
\nintended for use on a continuing basis in the
\nactivities of an entity. This is the category of
\nassets that appraisers and valuers deal with most
\noften. The second category includes receivables,
\ngoodwill, patents, trademarks, etc. and intan-
\ngibles such as marketing skill, credit ratings,
\npatents, trademarks, etc. <\/p>\n
Accounting terminology differs somewhat
\nfrom terms more common to appraisers. For
\nexample, our members are principally involved
\nwith fixed assets. Technically it is the ownership
\nof the asset, or the right of ownership, that is
\nvalued, rather than the tangible or intangible
\nasset itself. This concept distinguishes the
\neconomic concept of valuing an asset objectively
\nbased upon its ability to be purchased and sold
\nin a marketplace from some subjective concept
\nsuch as assuming an intrinsic or other than
\nmarket value basis.<\/p>\n
Another term, depreciation, differs between
\nwhat we as appraisers know and the accountants
\nunderstand. Appraisers know depreciation refers
\nto the adjustments made to the cost of repro-
\nducing or replacing the asset to reflect physi-
\ncal deterioration and functional and external <\/p>\n
obsolescence. Accountants know depreciation as
\nthe charge made against income to reflect the
\nsystematic allocation of the depreciable amount
\nof an asset over its useful life to the entity. It is
\nspecific to the particular entity and its utilization
\nof the asset, and is not necessarily affected by
\nthe market.5<\/p>\n
Price, cost, market, and value
\nAs IVS notes, imprecision of language, particu-
\nlarly in an international community, can and
\ndoes lead to misinterpretations and misunder-
\nstandings. This is particularly problematic where
\nwords commonly used in a language also have
\nspecific meanings within a given discipline.<\/p>\n
As a refresher to our members, and briefly
\nstated, price is a term used for the amount asked,
\noffered, or paid for a good or service. Price is a
\nfact. Cost is the price paid for goods or services.
\nValue is an economic concept referring to the
\nprices most likely to be concluded by the buyers
\nand sellers of a good or service. Value is hypo-
\nthetical. The market is the environment in which
\ngoods and services trade. <\/p>\n
Other fundamental concepts covered by
\nIVS deal with market value, highest and best
\nuse, and utility. The differences between these
\nconcepts and what we as appraisers know is
\nrelatively minor. Indeed, the IVS definition of
\nmarket value appears in the Practice Notes in
\nthe 2008 edition of CUSPAP.6 The definitions of
\nhighest and best use are similar to both IVS and
\nCUSPAP and the concept of utility is very familiar
\nto appraisers. <\/p>\n
Market value versus fair value
\nThe expression market value and the term fair
\nvalue as it commonly appears in accounting
\nstandards are generally compatible, if not in
\nevery instance exactly equivalent concepts.
\nFair value, an accounting concept, is defined in
\nInternational Financial Reporting Standards and
\nother accounting standards as the amount for
\nwhich an asset could be exchanged, or a liability <\/p>\n
settled, between knowledgeable, willing parties in
\nan arm\u2019s length transaction. Fair value is generally
\nused for reporting both market value and non-
\nmarket values in financial statements. Where the
\nmarket value of an asset can be established, this
\nvalue will equate to fair value. <\/p>\n
Summary
\nThe estimation and reporting of property and
\nasset values, and related guidance, are the scope
\nof the IVS standards, applications and guid-
\nance notes. How the results of valuations are to
\nbe compiled, conveyed and incorporated with
\nthe findings of other professionals is of crucial
\nimportance to appraisers. Proper understanding
\nof terminology is essential for both those who
\nprepare the reports and those who read them. <\/p>\n
International Valuation Standards (IVS) are
\nintended to serve the common objectives of those
\nwho prepare property and asset valuations and
\nthose who must rely on their results.7 <\/p>\n
End notes
\n1 The Appraisal of Real Estate \u2013 Second Canadian <\/p>\n
Edition
\n2 International Valuation Standards (IVS) \u2013 8th <\/p>\n
Edition \u2013 Property Types
\n3 IBID
\n4 IBID
\n5 International Valuation Standards (IVS) \u2013 8th <\/p>\n
Edition \u2013 Fundamental Concepts
\n6 CUSPAP \u2013 Effective 2008 \u2013 12.16.3
\n7 International Valuation Standards (IVS) \u2013 8th <\/p>\n
Edition \u2013 Fundamental Concepts<\/p>\n
Primer on
\nInternational Valuation Standards \u2013 Part 3<\/p>\n
Standards Committee
\nRay Bower, AACI, P. App. \u2013 Chair
\nIain Hyslop, AACI, P. App.
\nBrian Varner, AACI, P. App.
\nChris Perret, AACI, P. App.
\nGeorge Ward, AACI, P. App.
\nTo contact this committee email:
\nstandards@aicanada.ca<\/p>\n
CPV_Summer09_Book2.indd 23 28\/04\/09 1:40 PM<\/p>\n
Canadian Property Valuation Volume 53 | book 2 | 2009 \u00c9valuation Immobili\u00e8re au Canada24<\/p>\n
he Appraisal Institute of Canada (AIC)
\nhas not only reached a lofty goal set
\nby its membership in 2004, it has
\nsurpassed it. Today, members who <\/p>\n
hold the professional designations AACI and
\nCRA are instantly recognized by anyone who
\nknows anything about the real estate valuation
\nmarketplace. The foundation of wealth in this
\ncountry, and all others around the world, is land
\nand associated real property. Recognizing this, all
\nstakeholders in the marketplace \u2013 homeowners,
\ndevelopers, municipal planners, accountants,
\nlawyers, engineers, and all levels of government
\n\u2013 rely on the professional advice provided by
\nthe highly-qualified members of the AIC for any
\nand all aspects of real estate. no longer is the
\nrole of AIC members seen as anything less than
\nessential. <\/p>\n
elements of a major restructuring and
\nrepositioning plan, an increased educational and
\nexperience requirement, together with a strategic
\nmarketing and recruitment campaign, are
\npaying off in spades for this professional body.
\nA previous downward trend in membership has
\nbeen reversed as evidenced by the emergence of
\nnew, highly-educated and motivated students
\ncurrently enrolled in their (AIC) programs leading
\nto professional designation. The latest figures
\nshow a healthy increase in overall membership
\nin the 25-30% range. This is in keeping with an
\nincreasing demand for the professional services
\nprovided by AIC members. equally impressive is
\nthe reported 25% increase in the average earned
\nincome of Institute members.<\/p>\n
By Paul Olscamp, AACI, P. App., Chair, Marketing & Communications Committee<\/p>\n
AIC \u2013 an organization on the move<\/p>\n
T<\/p>\n
Marketing and Communications<\/p>\n
Has this \u2018headline\u2019 caught your attention?
\nI hope so. That article, of course, is yet to be
\nprinted or picked up by the major news media,
\nhowever, let\u2019s work toward that goal.<\/p>\n
Michelangelo once said; \u201cThe greater danger
\nfor most of us is not that our aim is too high and
\nwe miss it, but that it is too low and we hit it.\u201d<\/p>\n
now that I have your interest, I would like to
\ndiscuss our marketing campaign. This article is
\nnot about the current state of the campaign, nor
\nits evolution or achievements. There have been
\nnumerous articles written in previous editions
\nof this publication on that topic, and I might add
\nthey can be viewed on our website under the
\n\u2018media centre\u2019 tab (Canadian Property Valuation)<\/p>\n
In this article, I would like to focus on one
\nvery important plank of the campaign, one that
\nrelies on and involves each of us, the entire mem-
\nbership. For this campaign to be truly successful,
\nwe need you! We need you to devote a bit of
\nyour valuable time to be an advocate for, and the
\nvoice of, our profession.<\/p>\n
How do I do that you may ask? I would suggest
\nto you that nothing is truly achievable without a
\nclear goal in mind. Research shows that having goals
\nand actually writing them down enhances goal
\nachievement. Your Marketing and Communications
\nCommittee has goals, and they are written down. You
\ncan view them in the members section of the website
\nunder \u2018media plan.\u2019 You can also scroll down within
\nthe same section to the \u2018Strategic Plan\u2019 to view the
\ngoals and vision of the AIC.<\/p>\n
Relative to your career and to the profession, what
\nare your goals? Have you written them down?<\/p>\n
As I mentioned earlier, to be truly successful in
\nmarketing the organization, you, the member, and the
\nprofession \u2013 we need your involvement. I challenge
\nyou to be a part of this success, I challenge you to set
\nyour goals, to write them down, and eventually cross
\nthem off as you reach them.<\/p>\n
What can you do?
\n\u2022\t Start\tby\tspeaking\tto\tone\tperson\ta\tweek\tand\ttelling\t<\/p>\n
them about the AIC and what you do.
\n\u2022\t Use\tour\tcurrent\tlogo,\ttag\tlines,\tetc,\ton\tyour\tlet-<\/p>\n
terhead, business cards, etc.
\n\u2022\t Speak\/present\tto\tyour\tlocal\tgroups\tsuch\tas\tCham-<\/p>\n
bers of Commerce, Rotary, Real estate Boards, and
\nothers. <\/p>\n
\u2022\t Speak\/present\tto\tother\tlocal\tprofessional\tgroups
\nat their meetings (most are open to guest speak-
\ners) such as law societies, accountants (CAs, CMAs
\nCGAs), engineers, planners, surveyors and others, to
\nname a few.<\/p>\n
\u2022\t Speak\twith\tyour\tlocal\tlending\tinstitutions,\tbranch
\nmanagers, portfolio managers, municipal planners.<\/p>\n
\u201cThe greater danger
\nfor most of us is not
\nthat our aim is too <\/p>\n
high and we miss it,
\nbut that it is too low <\/p>\n
and we hit it.\u201d<\/p>\n
\u201cHas this \u2018headline\u2019 caught your attention? I hope so. That article, of course, is yet to be
\nprinted or picked up by the major news media, however, let\u2019s work toward that goal.\u201d<\/p>\n
\u2013 Michelangelo<\/p>\n
CPV_Summer09_Book2.indd 24 28\/04\/09 10:42 AM<\/p>\n
Canadian Property Valuation Volume 53 | book 2 | 2009 \u00c9valuation Immobili\u00e8re au Canada 25<\/p>\n
Marketing and
\nCommunications Committee
\nPaul Olscamp, AACI, P. App., Fellow \u2013 Chair
\nGlen Power, AACI, P. App
\nTom Fox, AACI, P. App
\nLaura Kemp, Candidate
\nBeverley Girvan, AACI, P. App
\nTo contact this committee email:
\ncommunications@aicanada.ca<\/p>\n
How do I do that you may ask? I would suggest
\nto you that nothing is truly achievable without a
\nclear goal in mind. Research shows that having goals
\nand actually writing them down enhances goal
\nachievement. Your Marketing and Communications
\nCommittee has goals, and they are written down. You
\ncan view them in the members section of the website
\nunder \u2018media plan.\u2019 You can also scroll down within
\nthe same section to the \u2018Strategic Plan\u2019 to view the
\ngoals and vision of the AIC.<\/p>\n
Relative to your career and to the profession, what
\nare your goals? Have you written them down?<\/p>\n
As I mentioned earlier, to be truly successful in
\nmarketing the organization, you, the member, and the
\nprofession \u2013 we need your involvement. I challenge
\nyou to be a part of this success, I challenge you to set
\nyour goals, to write them down, and eventually cross
\nthem off as you reach them.<\/p>\n
What can you do?
\n\u2022\t Start\tby\tspeaking\tto\tone\tperson\ta\tweek\tand\ttelling\t<\/p>\n
them about the AIC and what you do.
\n\u2022\t Use\tour\tcurrent\tlogo,\ttag\tlines,\tetc,\ton\tyour\tlet-<\/p>\n
terhead, business cards, etc.
\n\u2022\t Speak\/present\tto\tyour\tlocal\tgroups\tsuch\tas\tCham-<\/p>\n
bers of Commerce, Rotary, Real estate Boards, and
\nothers. <\/p>\n
\u2022\t Speak\/present\tto\tother\tlocal\tprofessional\tgroups
\nat their meetings (most are open to guest speak-
\ners) such as law societies, accountants (CAs, CMAs
\nCGAs), engineers, planners, surveyors and others, to
\nname a few.<\/p>\n
\u2022\t Speak\twith\tyour\tlocal\tlending\tinstitutions,\tbranch
\nmanagers, portfolio managers, municipal planners.<\/p>\n
\u2022\t Speak\tto\tother\tbranches\/departments\twithin
\nyour office.<\/p>\n
\u2022\t Speak\tabout\tthe\treal\testate\tmarket\tand\tthe\trole\tof
\nthe AIC and yourself to friends, family, the person
\nnext to you on the airplane, etc.<\/p>\n
\u2022\t You\tget\tthe\tidea,\tadd\tto\tthe\tlist!<\/p>\n
What can we do to assist?
\nWe can provide you with:
\n\u2022\t pertinent\tinformation,
\n\u2022\t a\tmember\ttool\tkit,
\n\u2022\t PowerPoint\tpresentations,
\n\u2022\t speaking\tnotes,
\n\u2022\t printed\tmaterial,\te.g.,\t\tWe Value Canada, and
\n\u2022\t support.<\/p>\n
The challenge is to begin! Imagine 4,400 members
\ntalking about the Appraisal Institute of Canada to
\nothers. One person at a time; town by town; city
\nby city; province by province, and we have a very
\neffective national campaign.<\/p>\n
Are we succeeding? With your involvement,
\ncoupled with the resources invested through our
\nnational media placements, how can we not succeed?<\/p>\n
We have a saying within the Marketing and
\nCommunication Committee; \u201cWe know we are <\/p>\n
\u201cWith your
\ninvolvement, coupled <\/p>\n
with the resources
\ninvested through <\/p>\n
our national media
\nplacements, how can <\/p>\n
we not succeed?\u201d<\/p>\n
successful when…….\u201d
\n……..the national and local media seeks us out <\/p>\n
for opinion and comment.
\n……..attendees at a business mixer know <\/p>\n
exactly what AACI and CRA represent and what the
\nprofession does \u2013 We Value Canada.<\/p>\n
……..a similar \u201cHeadline\u201d as the lead off to this
\narticle, is published.<\/p>\n
Let\u2019s get involved, be advocates, be champions,
\nthe rewards will benefit all of us.<\/p>\n
J.C. Penney said: \u201cGive me a stock clerk with a
\ngoal and I\u2019ll give you a man who will make history.
\nGive me a man with no goals and I\u2019ll give you a
\nstock clerk\u201d. <\/p>\n
CPV_Summer09_Book2.indd 25 28\/04\/09 10:42 AM<\/p>\n
Canadian Property Valuation Volume 53 | book 2 | 2009 \u00c9valuation Immobili\u00e8re au Canada26<\/p>\n
any CRAs who operate their own
\nbusinesses appear to do so on an
\n\u2018ad hoc\u2019 basis, meaning that they <\/p>\n
appear to have never given any thought to the
\nday to day considerations of operating an actual
\nbusiness. <\/p>\n
Specifically, should they operate as a sole
\nproprietor, partnership or a formal corporate entity?
\nWhat are the pros and cons of each? Should they
\ncare? Should they operate out of an office in their
\nbasement or lease formal office space? Where will
\nthe majority of their proposed revenue come from
\n\u2013 appraisal management firms, local lenders, law
\nfirms, mortgage brokers or private consumers? If
\nthey have sufficient work volumes, do they strain
\nto complete all assignments on their own or take
\nthe increased risk path of working with Candidate
\nmembers for whom they co-sign?<\/p>\n
This last statement is made in the context of
\nwhat actual specific work relationship is envisioned
\nwith any Candidate members for whom members
\nco-sign. Will they be their actual employees,
\nwherein they are responsible for the timely remit-
\ntances of eI and CPP premiums or will they be
\nself-employed contractors? The Canada Revenue
\nAgency has specific guidelines (http:\/\/www.cra-arc.
\ngc.ca\/E\/pub\/tg\/rc4110\/README.html) that one must <\/p>\n
follow in order to ascertain the difference between
\nthe two aforementioned work relationships.
\nFailure to follow them accordingly could prove to
\nbe quite expensive for both the Candidate and the
\nco-signor. <\/p>\n
In all my years associated with the Appraisal
\nInstitute of Canada, I have observed that many
\nCRAs appear to view themselves simply as
\ntechnicians or \u2018job\u2019 holders and not as professional
\nbusiness owners with inherent capabilities which
\nsupersede point-in-time valuation assignments.
\nMany of us in the profession had varied business
\ncareers prior to becoming residential fee apprais-
\ners. You never lose your experience, as your past
\nis a part of you forever, and you should attempt to
\nleverage this experience to your greatest benefit. <\/p>\n
The daily responsibilities of operating a suc-
\ncessful residential appraisal office include, but are
\nnot limited to, pricing and marketing your services,
\ncompleting assignments in a timely and efficient
\nmanner, collecting outstanding invoices, fostering
\nyour professional image in the community, earning
\ncontinuing professional development credits, and,
\nfinally, paying all of your operating costs on time. <\/p>\n
You should obtain basic accounting knowledge <\/p>\n
By Tony Miraglia, CRA, Member, CRA Focus<\/p>\n
Operating a
\nresidential appraisal office<\/p>\n
M<\/p>\n
CRA Focus<\/p>\n
CRA Focus
\ned Saxe, CRA \u2013 Chair
\nBrad Fast, CRA
\nDianna LeBreton, CRA
\nHerbert Jaques, CRA
\nPeter Atkinson, CRA
\nSandro Mavica, CRA
\nTony Miraglia, CRA
\nGreg Bennett, AACI, P.App
\nTo contact this committee email:
\ncrafocus@aicanada.ca<\/p>\n
in order to understand what information you must
\ntrack for your year-end tax reporting, whether you
\nare a proprietorship, partnership or corporate entity. <\/p>\n
When the time comes for you to consider your
\nexit plan, do you just stop working or do you plan to
\nsell your business? <\/p>\n
If you operated as a formal corporation, you may
\nhave been fortunate enough to have maintained a
\nretained surplus over the years. This would afford
\nyou the luxury of either selling the corporation or
\ncontinuing to passively operate it as your personal
\npension plan.<\/p>\n
If you do plan to sell your incorporated business,
\nhow would you determine a \u2018list price\u2019 for all your
\nyears of work? The advice of both an experienced
\naccountant and lawyer would help you decide your
\nexit plan, as there are many ways to sell a business. <\/p>\n
In closing, I would suggest that the purpose
\nof this missive is to generate considered thought
\namong newly designated and long-time CRAs about
\nhow to approach their daily business routines in a
\nmore professional manner. This is not just a \u2018job,\u2019 it
\nis a profession, and we should respect and capitalize
\non it accordingly. <\/p>\n
\u201cMany CRAs appear
\nto view themselves <\/p>\n
simply as technicians
\nor \u2018job\u2019 holders and
\nnot as professional
\nbusiness owners.\u201d<\/p>\n
we don\u2019t take a cut. <\/p>\n
Make an incredibly smart decision
\nwww.solidifi.com<\/p>\n
As a member of the Solidifi Appraiser Network you gain exposure to additional lenders. You also become part of <\/p>\n
what we believe can be an incredibly valuable partnership, as together we look for new business opportunities. <\/p>\n
Did we mention you also get to keep 100% of your fee? That\u2019s right. The fee that you post, is the fee that you get <\/p>\n
because unlike a lot of other appraisal referral services, we don\u2019t take a cut. Not a dime. Zip. Zero. Zilch. <\/p>\n
It\u2019s all yours. In other words, the money you earn is for your family, not ours. Capisci?<\/p>\n
Unlike him\u2026<\/p>\n
CPVad-Solidifi.indd 1 1\/30\/09 3:36:09 PM
\nCPV_Summer09_Book2.indd 26 28\/04\/09 10:42 AM<\/p>\n
Operating a
\nresidential appraisal office<\/p>\n
we don\u2019t take a cut. <\/p>\n
Make an incredibly smart decision
\nwww.solidifi.com<\/p>\n
As a member of the Solidifi Appraiser Network you gain exposure to additional lenders. You also become part of <\/p>\n
what we believe can be an incredibly valuable partnership, as together we look for new business opportunities. <\/p>\n
Did we mention you also get to keep 100% of your fee? That\u2019s right. The fee that you post, is the fee that you get <\/p>\n
because unlike a lot of other appraisal referral services, we don\u2019t take a cut. Not a dime. Zip. Zero. Zilch. <\/p>\n
It\u2019s all yours. In other words, the money you earn is for your family, not ours. Capisci?<\/p>\n
Unlike him\u2026<\/p>\n
CPVad-Solidifi.indd 1 1\/30\/09 3:36:09 PM
\nCPV_Summer09_Book2.indd 27 28\/04\/09 10:42 AM<\/p>\n
Canadian Property Valuation Volume 53 | book 2 | 2009 \u00c9valuation Immobili\u00e8re au Canada28<\/p>\n
Liability Insurance
\nBy Justin MacGregor<\/p>\n
Understanding your professional
\nliability insurance coverage<\/p>\n
It has become an essential element for anyone in the professional services field today to have professional liability insurance, also known
\nas errors and omissions insurance. In the last
\ntough insurance market, the Appraisal Institute
\nof Canada (AIC) launched a dedicated member
\ninsurance program to provide custom tailored
\ninsurance for all of its members and to establish
\npredictable and stable pricing. Today, all of the
\nday to day administration of the Professional
\nLiability Insurance Program for AIC members
\nis handled by Martin Merry and Reid Limited
\n(MMR) in Toronto.<\/p>\n
The reality of AIC\u2019s decision to take this path
\nis that pricing has been stabilized and is highly
\npredictable, the insurance cover is as compre-
\nhensive as possible, and the level of insurance
\nhas increased to C$ 2,000,000 per loss, per
\nmember and in the aggregate with a $20.5M
\nannual aggregate. Just as importantly, clients of
\nAIC members\u2019 appraisal services know that they
\nare dealing with qualified professionals and, in
\nthe unlikely event that something goes wrong
\nwith an appraisal, there is appropriate insurance
\nbacking up this work.<\/p>\n
The manner by which professional liability
\npolicies respond to claims is quite different to a
\nhomeowners or automobile policy. This is for one
\nvery simple reason \u2013 most complaints, concerns
\nor legal action over an appraisal are generally
\ninitiated at least 12 months after the work is
\ndone and, in many cases, years later. Since the
\ninsurance policy that was in place when the work
\nwas done has long expired, professional liability
\npolicies respond to claims on a \u2018claims made\u2019
\nbasis rather than an \u2018occurrence basis.\u2019 In simple
\nterms, this means that the insurance policy that is
\ncurrent when the claim is \u2018made\u2019 is the policy that <\/p>\n
will respond to the claim, not the policy that was
\nin place when the work was done. <\/p>\n
This creates some very particular responsibili-
\nties for professionals in all walks of life to make
\nsure that their insurance policies work to protect
\nthem to the best extent possible. The key respon-
\nsibility to remember is to ensure that all circum-
\nstances that may give rise to a claim are reported
\nproperly at the time they are first known about.
\nThis is critical for a number of reasons: first, to
\nensure early review of the circumstances by
\nclaims professionals whose role is to minimize
\nthe financial impact of the alleged error; second,
\nto make sure that the right insurance policy
\nresponds to the situation; and third, to ensure
\nthat insurance cover cannot be denied because
\nthe circumstance was not reported when it first
\ncame to light. <\/p>\n
At this point, it is appropriate to comment
\nthat, while a significant number of claims files
\nare opened each year in response to allegations
\nagainst AIC members, the vast majority are
\nsettled without an indemnity being paid to a
\nthird party. While this is very good news, this
\ndoes come at a significant cost as the insurance
\nprogram employs the very best professionals
\navailable to defend these claims against mem-
\nbers. Over the period of time the program has
\nbeen in place, 60% of the program\u2019s expenses
\nrelate to the cost of defending members. This is
\na very important service, protecting the personal
\nassets of AIC members which would be exposed
\nwithout the existence of the insurance program. <\/p>\n
In the event that any member becomes
\naware of a fact or circumstance that could give
\nrise to a claim, he or she should immediately
\ncontact the designated claims team at SCM
\nClaimsPro (not MMR or AIC) as identified below. <\/p>\n
It is the absolute responsibility of the member
\nto cooperate with and support this team to the
\nfullest extent possible. This will enable them to
\nproperly defend the member.<\/p>\n
Justin MacGregor is Executive Vice President
\nof Martin Merry and Reid limited in Toronto. He is
\na Past-President of the Toronto Insurance Confer-
\nence and President-Elect of the Insurance Brokers
\nAssociation of Canada. <\/p>\n
Professional Liability
\nInsurance, coverage
\nand other matters
\nMartin Merry and Reid Limited
\n3 Church Street, Suite 404
\nToronto, Ontario, M5E 1M2
\nBusiness: (416) 366-3333 Fax: (416) 366-0730
\nwww.mmr.ca aic@mmr.ca
\nContacts:
\nBonnie Lesser
\nJoanne Golberg
\nJustin MacGregor, Executive Vice President<\/p>\n
Insurance claims or potential claims
\nSCM ClaimsPro Inc
\n531 Marion St, Winnipeg, Manitoba, R2J 0J9
\nFax: (204) 985-1786
\nwww.scm-claimspro.ca
\nContacts:
\nGreg Jowett, LL.B.
\ngreg.jowett@scm.ca
\n(204) 985-1777
\nLaureen Lu, B.A. LL.B.
\nlaureen.lu@scm.ca
\n 1-800-988-5090<\/p>\n
CPV_Summer09_Book2.indd 28 28\/04\/09 10:42 AM<\/p>\n
Canadian Property Valuation Volume 53 | book 2 | 2009 \u00c9valuation Immobili\u00e8re au Canada 29<\/p>\n
Understanding your professional
\nliability insurance coverage<\/p>\n
Values matter in valuation<\/p>\n
here is always time to consider the
\nimportant role values play in protecting
\nthe position of the Appraisal Institute <\/p>\n
of Canada (AIC) as the premier real valuation
\nassociation in Canada. As a self-regulating
\nprofessional organization, AIC grants the distin-
\nguished Accredited Appraiser Canadian Institute
\n(AACI) and the Canadian Residential Appraiser
\n(CRA) designations to qualified individuals across
\nCanada and around the world, and values the
\nposition those designations hold in the minds of
\nconsumers.<\/p>\n
AIC takes pride in being the standards-
\nsetting body for valuation standards in Canada,
\nand the organization that establishes education
\nand training standards for real value experts
\nin Canada and abroad. Maintaining these roles
\nis a matter of meeting the expectations of the
\ngeneral public and adapting to changes in the
\nprofession. While change can be progressive,
\nsuch as when AIC advances the designation
\nthrough the degree requirement, some change
\ncan have unforeseen consequences for individual
\nappraisers, such as the advent of automated
\nvaluation methodologies (AvM) and technology.<\/p>\n
In all that AIC accomplishes to promote and
\nprotect the profession, now more than ever, it is
\nimportant to reflect upon our values and the role
\nthey play for both the Institute and in our indi-
\nvidual lives as professionals. values are principles
\nor beliefs considered worthwhile or desirable.
\nThey help to guide behaviour, define goals and
\nestablish standards for acceptable conduct. More
\nthan ever, staying true to one\u2019s values, while
\nmeeting the challenges of competition, low fees,
\nAvMs, and unethical business practices, is critical
\nto success in these turbulent and uncertain busi-
\nness environments. <\/p>\n
The values that guide AIC\u2019s development of
\nstrategic direction, business plans, policies and
\nprocedures include being:<\/p>\n
By Sheila Young, AACI, P. App., Chair, Professional Affairs Coordinating Committee<\/p>\n
Consumer-wise. Achieved through publica-
\ntion of Canadian Valuation Standards (CUSPAP),
\neducation and professional development stan-
\ndards, and a liability insurance program.<\/p>\n
Member-centred. Recognize and respond to
\nmember concerns, provide relevant advice and
\nopportunities to enhance the individual mem-
\nber\u2019s success as a respected professional.<\/p>\n
Accountable. Accept responsibility for actions
\nand decisions to the consumer, to the user of
\nvaluation services and to the membership. This
\nalso entails seeking input into the decisions and a
\nwillingness to contribute to the advancement of
\nthe Institute and the profession.<\/p>\n
Respectful of others. Listen and be inquisi-
\ntive of divergent points of view, diversity, practice
\nareas and specialties. <\/p>\n
Inclusive. Welcome new members to the
\nprofession, and as our partners in the valuation
\nfield. The profession is growing and expanding in
\nCanada and, by being an inclusive organization,
\nthe Institute affirms its status in the marketplace.<\/p>\n
Committed to continuous learning.
\neducation does not end upon earning a
\ndesignation. experience, new developments
\nand opportunities, and client requirements all
\ndrive a philosophy of continuous professional
\ndevelopment. Through education, the Institute <\/p>\n
Professional Affairs
\nCoordinating Committee
\nSheila Young, AACI, P. App., \u2013 Chair,
\nPresident elect
\nPeter Lawrek, AACI, P. App. \u2013
\nChair Adjudicating Committee
\nJohn Hutchinson, AACI, P. App. \u2013
\nChair Investigating Committee
\nLeonard Lee, AACI, P. App. \u2013
\nChair Appeal Committee
\nRay Bower, AACI, P. App. \u2013
\nChair Standards Committee
\nTo contact this committee email:
\nprofessionalaffairs@aicanada.ca<\/p>\n
T<\/p>\n
Professional Affairs<\/p>\n
provides the skills and tools that create the
\nconditions necessary for members to be
\nsuccessful. This is also achieved through peer
\nreview and mentorship.<\/p>\n
In conclusion, as Chair of PACC, I have strived
\nto keep these values in mind to demonstrate that
\npolicy and practice do not occur in a vacuum. In
\nconverting these values into regulations, practice
\ndirections, decisions, and outcomes, they become
\npositive experiences in an education-focused
\nprogram of professional practice. These have the
\ncomplementary benefit of minimizing conflict
\nand harm that result from poorly handled
\ncomplaints. Members of the professional practice
\ncommittees are encouraged to reflect upon these
\nvalues. I ask AIC members to consider ways that
\nthese values can be your guide in your interac-
\ntions with the Institute and in your valuation
\npractice. At the end of the day, a member\u2019s
\ncontribution to the health and well-being of
\nthe Institute creates a collective commitment to
\ncommon goals and will be without measure as
\nwe grow and prosper together. <\/p>\n
\u201cA member\u2019s
\ncontribution to the <\/p>\n
health and well-being
\nof the Institute creates a
\ncollective commitment <\/p>\n
to common goals.\u201d<\/p>\n
CPV_Summer09_Book2.indd 29 28\/04\/09 10:42 AM<\/p>\n
Canadian Property Valuation Volume 53 | book 2 | 2009 \u00c9valuation Immobili\u00e8re au Canada30<\/p>\n
Common issues
\nwithin AACI-prepared reports <\/p>\n
n John Ingram\u2019s previous article (Canadian
\nProperty Valuation, volume 52\/Book 4\/2008),
\nhe highlighted a number of common issues <\/p>\n
within CRA-prepared appraisals that arrive
\nbefore the Adjudicating Committee (AC). In the
\nspirit of fairness, and after a review of many of
\nthe recent decisions rendered by the AC, we
\nhave completed a similar article focusing on
\nissues within AACI-prepared appraisals. Despite
\nthis AACI focus, all members of AIC are likely to
\nbenefit from a review of this article<\/p>\n
The reasons for a report arriving in front of
\nthe AC are many. Of course, issues arise when a
\nclient does not agree with the value conclusion,
\nand, while AIC does not arbitrate value, this fact
\nis not a deterrent to a consumer of appraisal
\nservices who chooses to pick up a phone and
\ncontact the Counsellor, Professional Practice.
\nOther complaints have ranged from concerns
\nover timely delivery of a report (or lack thereof)
\nto issues such as conflict of interest or even fraud.
\neach of these is evaluated on its own merits by
\nthe Counsellor and a complaint may or may not
\nproceed. <\/p>\n
Despite the route to the AC and the reasons
\nfor getting there, a significant number of the
\ncharges that we have addressed with members
\nare relatively straightforward standards items
\nthat could have easily been avoided. By no
\nmeans is this intended to be an all encompassing
\nlist. However, we have highlighted below a
\nnumber of recurring areas of concern where
\nsimple changes could go a long way to avoiding
\nlarger issues developing. <\/p>\n
One of the most frequent omissions is a
\nstatement of whether the appraisal is current,
\nretrospective, prospective or an update. The
\nAppraisal Standard \u2013 Comments go on to say
\nthat an appraiser should also use clear language <\/p>\n
I<\/p>\n
By F. Michael Wootton, AACI, P. App., Member, Adjudicating Committee
\nAdjudicating<\/p>\n
and consistent terminology in the document. For
\nexample, in a retrospective report, the use of past
\ntense would be expected.<\/p>\n
We have also seen many reports that fail to
\neffectively state, or instead, completely ignore
\nassumptions and limiting conditions as well as
\nany hypothetical conditions upon which the
\nvalue is based. Any factor that is assumed or
\nhypothetical must be clearly stated. <\/p>\n
Highest and best use also appears to be an
\narea that needs clarification. While the highest
\nand best use of many properties is the existing
\nuse, and this is usually stated correctly in the
\nreports we have seen, the Appraisal Standard \u2013
\nComments further state that an appraiser is also
\nexpected to determine the highest and best use
\nof the land as if vacant.<\/p>\n
The Appraisal Standards also provide a clear
\ndirection that any agreement for sale, option,
\nor listing of the property (within the past year),
\nor prior sales (within the past three years for
\nall property types) must be considered in the
\nappraisal, when available to the appraiser. These
\nsimple requirements have been overlooked in a <\/p>\n
Adjudicating Committee
\nPeter Lawrek, AACI, P. App. \u2013 Chair
\nPat Cooper, AACI, P. App
\nJohn Ingram, AACI, P. App
\nRolf Halvorsen, AACI, P. App
\nMichael Wootton, AACI, P. App
\nvesa Jarvela, AACI, P. App
\nTo contact this committee, email
\nadjudicating@aicanada.ca<\/p>\n
number of the appraisals we have reviewed, to
\nthe detriment of the authors.<\/p>\n
A further common omission is the analysis of
\nthe reasonable exposure time linked to the market
\nvalue estimate. In the current uncertain economy,
\nthis aspect of the appraisal takes on an even greater
\nimportance, as it provides the reader with a sense
\nof how long the property would have required
\nexposure to the market to achieve a sale. <\/p>\n
While not egregious errors or omissions
\nindividually, a combination of several or all the
\nabove may be sufficient to create the perception
\nof a misleading appraisal and\/or call into
\nquestion the competency of an appraiser.<\/p>\n
A final word of advice to all members is
\nto remember to proof read appraisals before
\nsending them to clients, or better yet, have them
\nreviewed by a member of your staff or a mentor
\nto avoid \u2018forest for the trees\u2019 issues. We have all
\nbeen in a position where we have been under
\npressure to deliver documents quickly. However,
\nsignificant spelling errors, inconsistencies such
\nas differing value conclusions throughout the
\nreport or commenting on a property\u2019s attractive
\nlandscaping when the subject photos show the
\nsite to be buried with snow, could again lead to
\nthe perception that a report is misleading. <\/p>\n
\u201cA significant number
\nof the charges that
\nwe have addressed <\/p>\n
with members
\nare relatively <\/p>\n
straightforward
\nstandards items that <\/p>\n
could have easily
\nbeen avoided.\u201d<\/p>\n
CPV_Summer09_Book2.indd 30 28\/04\/09 10:42 AM<\/p>\n
Canadian Property Valuation Volume 53 | book 2 | 2009 \u00c9valuation Immobili\u00e8re au Canada 31<\/p>\n
Gatekeepers at the appeal level<\/p>\n
he Appeal Committee is an
\nindependent tribunal appointed by
\nthe Appraisal Institute of Canada <\/p>\n
(AIC) to be responsible for hearing matters
\nbrought on appeal. In order to be effective
\ngatekeepers, the Appeal Committee must be
\ncognizant of the timeline, the Consolidated
\nRegulations and Canadian Uniform Standards
\nof Professional Appraiser Practice (CUSPAP).<\/p>\n
Two types of sanctions exist in the
\nprofessional practice process: (1) practice
\nsanctions and (2) conduct sanctions. The
\nAppeal Committee hears only appeals relating
\nto conduct sanctions. Conduct sanctions
\nare imposed for conduct relating to gross
\nincompetence, multiple complaints, serious
\nviolations, ethical violations, non-cooperation
\nof members and improper submission of a
\ncomplaint.<\/p>\n
In the past few years, the Appeal
\nCommittee has heard only appeals of the
\nAdjudicating Committee decisions. However,
\nappeals of decisions made by a Provincial
\nAdmissions Committee, the Continuing
\nProfessional Development Program, and
\nthe Professional Qualifications Competency
\nCommittee regarding the Candidate Registry
\ncan also be filed to the Appeal Committee.
\nThe Appeal Committee has two sitting
\nsessions per year (April and november) and,
\nif necessary, hearings are also conducted by
\nteleconference and written submissions.<\/p>\n
Before an appeal hearing, the Appeal
\nCommittee will send a \u2018hearing format\u2019 to the
\nmember appealing a decision. This hearing
\nformat provides guidance on what to expect
\nat the hearing and how to prepare for it.<\/p>\n
The member who is appealing may apply
\nto use the Professional Practice Regulations, <\/p>\n
T<\/p>\n
By Leonard Lee, AACI, P. APP, Chair, Appeal Committee
\nAppeal<\/p>\n
in effect as of May, 2008 (pre-June, 2008
\namendments). Otherwise, the appeal will be
\nbased on the Regulations in place (post-June,
\n2008 amendments). The Appeal Committee
\nuses the CUSPAP in effect at the time of the
\nalleged offence.<\/p>\n
The standard of review at an appeal
\nhearing is correctness for all questions,
\nexcept those respecting discretion, findings
\nof facts and the application of common
\nlaw rules of natural justice and procedural
\nfairness.<\/p>\n
Typically, the Appeal Panel focuses on
\nthe charges specified in the Adjudicating
\nCommittee decision and makes a ruling
\non whether or not the charges are proven.
\nFresh evidence shall not be considered at the
\nhearing unless it can be demonstrated that
\nsuch evidence was not reasonably available
\nat the time of the adjudicating hearing. <\/p>\n
A finding of the Adjudicating Committee
\nwill be set aside only if there is no evidence <\/p>\n
Appeal Committee
\nLeonard Lee, AACI, P. App. \u2013 Chair
\nAllan Beatty, AACI, P. App., Fellow
\nDavid Babineau, AACI, P. App., Fellow
\nJohn Shevchuk, Associate
\nTo contact this committee, email:
\nappeal@aicanada.ca<\/p>\n
to support it or the finding is unreasonable
\nin light of all the evidence. A discretionary
\ndecision will not be set aside unless it is
\npatently unreasonable. An appeal hearing is
\nnot a hearing \u2018de novo.\u2019 <\/p>\n
The Institute\u2019s past record for the member
\nwho is appealing will also be considered by
\nthe Appeal Panel before a final decision is
\nmade. The final decision, wherever possible,
\nmust be issued within 60 days from the date
\nof the hearing.<\/p>\n
Since the fall of 2008, the Appeal
\nCommittee has been mandated by the
\nInstitute\u2019s Board of Directors to coordinate a
\n\u2018file review.\u2019 All decisions made by a single
\napproving authority such as the Counsellor,
\nProfessional Practice; the Professional Practice
\nAdvocate; the Chair of the Investigating
\nCommittee; and special investigator must be
\nreviewed by the members of the Adjudicating
\nCommittee and Appeal Committee for a
\none-year term. The file review process is
\nplanned to continue after the first year on a
\nrandom basis. File review serves to ensure
\nadherence to CUSPAP and the Professional
\nPractice Regulations, as well as efficiency and
\nconsistency in the decision process. <\/p>\n
\u201cThe Appeal
\nCommittee must
\nbe cognizant of
\nthe timeline, the
\nConsolidated
\nRegulations <\/p>\n
and Canadian
\nUniform Standards <\/p>\n
of Professional
\nAppraiser Practice.\u201d<\/p>\n
CPV_Summer09_Book2.indd 31 28\/04\/09 10:42 AM<\/p>\n
Canadian Property Valuation Volume 53 | book 2 | 2009 \u00c9valuation Immobili\u00e8re au Canada32<\/p>\n
oday, we examine a phenomenon that
\ncontinues to develop within the appraisal
\nprofession \u2013 that of the dual professional. <\/p>\n
As the appraisal profession welcomes new
\nmembers from many different walks of life and
\ncallings as appraisers, the potential exists for such
\nprofessionals to expand their business potential
\ninto other or related fields.<\/p>\n
Many appraisers already successfully provide
\nservices in tandem with real estate, lending,
\nbusiness valuation, and even law! But the dual
\nprofession has more than a single risk associated
\nwith it.<\/p>\n
Appraisers are particularly vulnerable to
\nerrors and omissions committed in the course of
\ndual activities. This article will discuss some of
\nthe pitfalls and ways and means in which these
\nmay be avoided.<\/p>\n
Where do you start in the dual career? Before
\nyou can do, you must market.<\/p>\n
Dual professions are an excellent way of
\ncross-selling your services. Two professions can
\noffer you exposure to twice as many clients. But,
\nexposure is not at all useful if you cannot keep
\nstraight the various roles you are providing. <\/p>\n
Start by deciding how you are marketing
\nyourself. As what do you promote yourself? A
\npromotion geared to one profession that ignores
\nthe other suggests that your skill in the other
\nprofession is negligible. Why? Think of it this way: <\/p>\n
John Smith (not his real name) is a CRA carry-
\ning on business as an appraiser in vancouver. But,
\nJohn (still not his real name) is also a licensed
\nrealtor. He appraises property for banks for power
\nof sale purposes, then seeks to purchase the
\nbetter deals, renovate and clean them up, and
\nthen flip them through his real estate brokerage. <\/p>\n
What exposures has John created for himself?
\nFirst, he has a duty to the bank to provide a <\/p>\n
fair market value for power of sale purposes. If his
\nintent is to acquire what he appraises, he is open <\/p>\n
to the suggestion from both the bank and the
\nseller that he has geared his appraisal to create an
\nappraisal value, so that his real estate development
\ndesires can be achieved at the least cost possible.
\nBecause he purchases, renovates and sells, he
\ncreates exposure to his appraisal, contracting and
\nreal estate sales practices, should it be discovered
\nthat the attic leaked, the foundation was rather
\ndodgy, or that he failed to disclose he was acting
\nfor himself in the sale of his own property without
\ndisclosing this to the purchaser from whom he was
\ntaking commission.<\/p>\n
Whose insurance would respond for what
\nerror? Or, would none respond?<\/p>\n
The confusion that can result can happen in <\/p>\n
many other professions where the appraisal line
\nis crossed and, in such situations, you, as a result,
\nopen yourself to claims of negligence.<\/p>\n
Breaking it down:
\n1. you provide a service;
\n2. your promotional material does not suggest <\/p>\n
you provide that service;
\n3. you make an error;
\n4. you get sued;
\n5. counsel suing you suggests that you are so <\/p>\n
competent at that profession you did not even
\n– spend 50% of your time at,
\n– bother advertising yourself at, and
\n– made only a small fraction of your living at; <\/p>\n
6. further, you cannot demonstrate having taken
\nany time or effort to continue your professional
\neducation and standards; and<\/p>\n
7. finally, and more importantly, your Appraisal
\nInstitute of Canada insurance does not <\/p>\n
cover you for non-appraisal services and,
\nsimilarly, your other professional insurance, if <\/p>\n
there is any, may object to the way you repre-
\nsent yourself as a member of that profession.<\/p>\n
Putting it all together, wearing two hats can
\nleave you without a shirt.<\/p>\n
What must you do?
\nSTART \u2013 by deciding if you are, in fact, <\/p>\n
capable of carrying out one or both of your pro-
\nfessions. Decide if, in fact, your dual professions
\nreally do co-exist. Do you really make a profitable
\nliving out of operating two concerns? Is there
\nappropriate return to you from stretching yourself
\nfrom a very good potential career in real estate
\nappraising to warrant doing anything else?<\/p>\n
START \u2013 by being organized. The most
\nimportant aspect of carrying on two professions
\nis organization. Organization enables you to
\nkeep your clients and their assignments in check.
\nDoing two jobs demands you precisely keep track
\nof what your clients are expecting of you. Keep
\na diary, record your assignments in a \u2018to do\u2019 list <\/p>\n
Legal newS & VIewS<\/p>\n
T
\nWearing two hats <\/p>\n
By Mark R. Frederick, LL.B., Miller Thomson LLP<\/p>\n
\u201cAppraisers are
\nparticularly vulnerable
\nto errors and omissions <\/p>\n
committed in the course
\nof dual activities.\u201d<\/p>\n
CPV_Summer09_Book2.indd 32 28\/04\/09 10:42 AM<\/p>\n
Canadian Property Valuation Volume 53 | book 2 | 2009 \u00c9valuation Immobili\u00e8re au Canada 33<\/p>\n
and ensure that you are scheduling yourself to be
\nable to meet your commitments.<\/p>\n
START \u2013 by being professional. Being a
\nprofessional suggests that you are devoted
\nto knowledge of that profession and have a
\nwillingness to continue learning and experienc-
\ning that profession. A dual profession, if you are
\nto maintain that calling, requires you to keep
\ncurrent and professional. <\/p>\n
START \u2013 by marketing yourself appropriately.
\nThe only way to counteract the impression that
\nyou are jack of all trades and master of none
\nis to ensure that you can be a master and hold
\nyourself out accordingly. You must gear your
\nmarketing and promotion to show your talents
\nare promoted equally. If you are not prepared <\/p>\n
\u201cTaking the time to do
\ntwo professions means
\nhaving a need to work <\/p>\n
hard and meet the
\nobligations that you <\/p>\n
take on.\u201d<\/p>\n
to devote a reasonable amount of promotion to
\nboth professions, so as to do them both well, you
\nare better off to stick to single endeavours. <\/p>\n
START \u2013 by analyzing your efforts to gauge
\nyour success so you can ask yourself whether <\/p>\n
you are being truly successful in maintaining both
\nprofessions, or if you would be better off concen-
\ntrating in one of them.<\/p>\n
START \u2013 by planning risk management over
\nyour personal and business affairs. ensure your dual
\nprofessions are complimentary to the needs your
\nindividual profession and clientele demands. <\/p>\n
Above all ensure that:
\n1. your dual professions allow practice;
\n2. your professions are separate; and
\n3. that you have appropriate insurance to carry <\/p>\n
on in both professions.
\nTaking the time to do two professions means <\/p>\n
having a need to work hard and meet the obliga-
\ntions that you take on. A dual profession can be
\nworkable, but it requires organization and skill. <\/p>\n
Certain conditions apply.
\nAuto insurance is not available in Manitoba, Saskatchewan or British Columbia due to government-run plans.<\/p>\n
With your group
\nyou have privileges
\nFOR YOUR HOME AND AUTO,
\nENJOY THE BENEFITS OF PREFERRED RATES AND EXCEPTIONAL SERVICE<\/p>\n
Thanks to The Personal and the Appraisal Institute of Canada,
\nyou have access to home and auto group insurance. <\/p>\n
Why not take advantage of it?<\/p>\n
1-888-476-8737 thepersonal.com\/aicanada
\nGet a quote:<\/p>\n
T H E<\/p>\n
Choose your
\nprivileGe
\nC O N T E S T<\/p>\n
To enter, request a quote.
\nFor contest details visit:
\nthepersonal.com\/privilegecontest<\/p>\n
$50,000$50,000
\nimagine exhilaratinG
\nadventures valued at<\/p>\n
created exclusively for you!<\/p>\n
sport
\npaCkaGe<\/p>\n
entertainment<\/p>\n
paCkaGe<\/p>\n
177-1AC1-E_7x4.625-CMYK_09.indd 1 20\/01\/09 13:44:16<\/p>\n
CPV_Summer09_Book2.indd 33 28\/04\/09 10:43 AM<\/p>\n
Canadian Property Valuation Volume 53 | book 2 | 2009 \u00c9valuation Immobili\u00e8re au Canada3434<\/p>\n
oming into effect January 1, 2010 in
\nOntario courts will be amendments to
\nthe rules of civil procedures governing <\/p>\n
expert evidence for use in the courts. These
\nnew rules will streamline the use of experts and
\nreaffirm the independence of experts in litigation.
\nFor those appraisers who provide expert testimony
\nor for those contemplating expanding their book of
\nbusiness into this specialized area of practice, there
\nis no need to wait for these amended rules. now is
\nthe time to adopt them into your business practice.
\nThis is not about the professional appraiser as
\nexpert in real property valuation, which you are;
\nit is about understanding how to use your status
\nas expert to expand your business and your status
\nwithin litigation.<\/p>\n
It is important to understand the role you
\nmay play as an expert in real property valuation.
\nThere are ostensibly two roles as an expert:
\nindependent and neutral. note that, in neither
\ninstance, are you acting as an advocate.<\/p>\n
Independent real value expert is an
\nappraiser who is retained by one party engaged
\nin litigation to provide appraisal services. You
\nmay not be retained nor provide any appraisal
\nservices to the other party in the litigation. <\/p>\n
Neutral real value expert is an appraiser who
\nis jointly retained by both or all parties engaged
\nin litigation to provide expert appraisal services.
\nThis role may be fulfilled in the litigation as a real
\nvalue expert mediator, real value expert arbitra-
\ntor, or in the courts or tribunal.<\/p>\n
In either instance, the duty of a real value
\nexpert is to assist the court or tribunal on matters
\nwithin your expertise. This duty overrides any
\nobligation you may have to your client who <\/p>\n
Now appearing:
\nthe expert appraiser<\/p>\n
C<\/p>\n
provided you with instructions or payment. An
\nadvocate is someone retained to argue in the
\nvery best adversarial demeanor a particular point
\nof view on behalf of a client. An advocate has an
\ninherent bias, is very much impartial and is often
\ntimes viewed as a hired gun retained to tailor the
\nargument and evidence to suit the client\u2019s needs.
\nTherefore, as a professional real value expert, it is
\nof utmost importance to understand your role to
\nprovide appraisal services that are free of bias and
\nnot subject to undue influence from the client or
\nlegal counsel, as that will undermine your own
\ncredibility and, ultimately, your expert evidence.<\/p>\n
To further explore your role as an expert, <\/p>\n
Robert Patchett
\nLL.B, CD, AIC Counsellor, <\/p>\n
Professional Practice<\/p>\n
From the Counsellor\u2019s Desk<\/p>\n
what it takes to be viewed as an expert by others is
\nworthy of consideration. This is about someone else\u2019s
\nperception of you as an expert in order for you to be
\nperceived as credible. There are five main elements:<\/p>\n
Education: a university degree, combined with
\nthe AIC education program delivered in universities
\nacross Canada, underpins the pathway to expertise in
\nvaluation.<\/p>\n
Competence: those five skills demonstrated in the
\ndesignation interview: market analysis; integrity; criti-
\ncal thinking; communications and self-development.
\nhttp:\/\/www.aicanada.ca\/cmsPage.aspx?id=173<\/p>\n
CPV_Summer09_Book2.indd 34 28\/04\/09 10:43 AM<\/p>\n
Canadian Property Valuation Volume 53 | book 2 | 2009 \u00c9valuation Immobili\u00e8re au Canada 3535<\/p>\n
what it takes to be viewed as an expert by others is
\nworthy of consideration. This is about someone else\u2019s
\nperception of you as an expert in order for you to be
\nperceived as credible. There are five main elements:<\/p>\n
Education: a university degree, combined with
\nthe AIC education program delivered in universities
\nacross Canada, underpins the pathway to expertise in
\nvaluation.<\/p>\n
Competence: those five skills demonstrated in the
\ndesignation interview: market analysis; integrity; criti-
\ncal thinking; communications and self-development.
\nhttp:\/\/www.aicanada.ca\/cmsPage.aspx?id=173<\/p>\n
Professional development: staying abreast
\nof developments in the industry such as green
\nvaluation (e.g., UBC CPD courses: Green value
\n\u2013 valuing Sustainable Commercial Buildings at
\nhttps:\/\/secure.sauder.ubc.ca\/re_creditprogram\/
\nprograms\/cpe\/outlines\/cpd125.cfm and Getting to
\nGreen \u2013 energy efficient and Sustainable Housing
\nat https:\/\/secure.sauder.ubc.ca\/re_creditprogram\/
\nprograms\/cpe\/outlines\/cpd126.cfm), or valuation
\nfor Financial Reporting at http:\/\/www.aicanada.
\nca\/cmsPage.aspx?id=111; as well as research and
\npublication in magazines such as this one and
\npeer reviewed journals.<\/p>\n
Communications: in this instance, it is clear,
\nplain language \u2013 both the written and oral
\ninteraction in layman\u2019s terms \u2013 that the courts,
\ntribunals and your clients understand.<\/p>\n
Experience: it takes years of practice as a
\ndesignated member focusing in a specialized area
\nof practice or the marketplace to acquire credible
\nexperience. <\/p>\n
It takes a long time to be recognized and
\naccepted in the courts as a \u2018certified expert\u2019 and
\nin your profession as a real property valuator with
\nspecialized knowledge. With this in mind, it is
\nimportant to understand what the revised rules
\nare and how they might affect your business. A
\nnew rule will be created to establish that it is the
\nduty of an expert to assist the court on matters
\nwithin his or her expertise and that this duty <\/p>\n
overrides any obligation to the person from
\nwhom he or she has received instructions or
\npayment. The new rule will also require the
\nexpert, in an expert report, to certify that he or
\nshe is aware of and understands this duty. There
\nwill also be an amendment to require expert
\nreports to contain specific information as set
\nout in the sidebar to this article. <\/p>\n
There are other amendments which might
\naffect your business that should be reviewed.
\nThese amendment proposals, which have all <\/p>\n
\u201cThere are ostensibly
\ntwo roles as an expert: <\/p>\n
independent and
\nneutral. Note that, in <\/p>\n
neither instance, are you
\nacting as an advocate.\u201d<\/p>\n
Required information
\nexpert reports will require the following information:
\n\u2022\t expert\u2019s\tname,\taddress\tand\tcurrent\tcurriculum\tvitae;
\n\u2022\t a\tdetailed\tdescription\tof\tthe\texpert\u2019s\tqualifications\tand\tarea\tof\texpertise;
\n\u2022\t a\tdescription\tof\tthe\tinstructions\tprovided\tto\tthe\texpert;
\n\u2022\t the\tnature\tof\tthe\topinion\tbeing\tsought\tand\tthe\tspecific\tissues\tto\twhich\tthe\topinion\trelates;
\n\u2022\t a\tdescription\tof\tresearch\tconducted\tby\tthe\texpert\tto\tbe\table\tto\treach\tyour\topinion;
\n\u2022\t a\tdescription\tof\tthe\tfactual\tassumptions\ton\twhich\tthe\topinion\tis\tbased;
\n\u2022\t the\tlist\tof\tany\tdocuments\trelied\tupon\tin\tformulating\tthe\topinion;\tand
\n\u2022\t the\topinion\tand\tbasis\tfor\tthe\topinion.\t\tWhere\tthere\tis\ta\trange\tof\topinion\ton\tthe\tmatters\tdealt\t<\/p>\n
with in the report, summarize the range of opinion and give reasons for his\/her own opinion.<\/p>\n
been adopted, can be found on the AIC member
\nwebsite at http:\/\/www.aicanada.ca\/cmsPage.
\naspx?id=240 <\/p>\n
In support of the information provided
\nhere, when you are considering an engagement
\ninvolving litigation or expert evidence in a
\ncourt or tribunal, a Practice note with sample
\ncontract clauses and a sample contract has
\nbeen created. This can be found on the member
\nwebsite at http:\/\/www.aicanada.ca\/cmsPage.
\naspx?id=240 <\/p>\n
CPV_Summer09_Book2.indd 35 28\/04\/09 10:43 AM<\/p>\n
CPV_Summer09_Book2.indd 36 28\/04\/09 10:43 AM<\/p>\n
Canadian Property Valuation Volume 53 | book 2 | 2009 \u00c9valuation Immobili\u00e8re au Canada 37<\/p>\n
Learning Advisory
\nBy John Bridal, Manager, Program Development, Real estate Division (ReD)<\/p>\n
Sauder School of Business, University of British Columbia<\/p>\n
Spotlight on Continuing
\nProfessional Development<\/p>\n
In this article, we highlight two of UBC Real estate Division\u2019s recently developed continu-ing professional development (CPD) courses.
\nUBC\u2019s CPD courses are intended to: (1) refresh AIC
\nmembers\u2019 skills and knowledge; and\/or (2) teach
\nmembers new techniques and applications for
\nthe evolving marketplace. <\/p>\n
The CPD courses are short, self-paced, and
\ncompleted online. Selected courses are offered
\nwith live instruction in an online classroom
\n\u2018webinar.\u2019 On the first Friday of each month,
\nthe UBC Real estate Division will offer one or
\nmore CPD webinars \u2013 upcoming offerings are
\ndescribed later in this article. <\/p>\n
CPD 113: Requests for Proposals
\n(RFPs) \u2013 Winning Strategies
\nIncreasingly, real estate consulting and valuation
\nservices are being requested by levels of govern-
\nment and private sector organizations via requests
\nfor proposals, and each year proposal writing is
\ngetting more complex. Real estate appraisers and
\nconsultants need to invest time and effort into
\nwriting quality proposal submissions if they want
\nto maximize their chance of success. <\/p>\n
This two-lesson course explains the fun-
\ndamentals of request for proposal documents
\nand the RFP process. The target audience for
\nthis course is the practicing, professional real
\nestate consultant and appraiser who has perhaps
\nbeen discouraged by the effort and complexity
\nrequired in seeking business opportunities and
\ncontracts that are only available through an RFP
\nprocess.<\/p>\n
This course was created through a combined
\neffort of research and writing by highly qualified
\nexperts in RFPs. Several organizations noted for
\nissuing quality RFP documents provided samples
\nand offered \u2018words of advice\u2019 to proponents. Also, <\/p>\n
several interviews were held with individuals
\ninvolved in writing and submitting successful
\nproposals. We combined the best advice from
\nall these sources into what we hope will be
\na positive learning experience. Our goal is to
\ntake the mystery out of RFPs, and increase your
\nchance of success in seeking out RFP business
\nopportunities.<\/p>\n
Before you can respond to a bid, you have to
\nrealize that every bid document is unique. Clients
\nhave different needs and requirements. The
\ncourse first outlines the RFP context: the procure-
\nment process (tender, request for proposal), the
\ndifferent documents involved, and the different
\napproaches to the evaluation of the bids or
\nproposals submitted. A key emphasis is how to
\nreview the RFP document and submit a quality
\nproposal that maximizes your opportunity for
\nsuccessful approval and acceptance by the con-
\ntracting authority. We have reviewed elements
\nthat make a strong proposal, and also pitfalls in
\nproposal planning and writing.<\/p>\n
Many of the examples presented in this
\ncourse focus on federal government procurement
\nof real estate appraisal and consulting services.
\nThese federal examples are well-defined, rigor-
\nous, and typical of the RFPs applied by provincial
\nand municipal organizations, as well as by larger,
\nprivate sector organizations. Once you are able
\nto provide a quality response to the rigour of
\na federal RFP, then you are well-equipped to
\nrespond to other RFP opportunities, regardless of
\nthe source. <\/p>\n
The one consistent message we heard in
\npreparing this course was the need to invest the
\nnecessary time and effort to prepare a quality
\nproposal. Your proposal reflects on you as an
\nindividual offering real estate consulting and
\nvaluation services, and\/or on your company. <\/p>\n
Therefore, it is essential that you prepare a quality
\nsubmission that reflects your standards of work
\nand professionalism. With this mindset, and with
\nthe information in this course, we anticipate read-
\ners will be in a much stronger position to develop
\ntheir own winning proposals in response to RFPs.<\/p>\n
CPD 123: Adjustment Support
\nin the Direct Comparison Approach
\nThis course has been developed in response to
\na dilemma faced by many real property valua-
\ntion professionals. Clients and other stakeholders
\ndemand high quality, defensible estimates of
\nvalue, but, at the same time, have unrealistic or
\nimpossible expectations for timing and product.
\nFurthermore, in many situations, the appraiser
\nfaces market data limitations that severely limit the
\ndepth of analysis possible. How can the appraiser
\nmeet the expectations of clients and the demands
\nof professional standards of practice, while also
\nrespecting the time and data constraints for
\nassignments? <\/p>\n
There are many texts available that outline
\nhow to apply and support adjustments in the
\ndirect comparison approach. However, most apply
\n\u2018perfect world assumptions,\u2019 outlining what one
\nmight do with perfect data and no limitations
\non the time available to complete the project.
\nUnfortunately, that is not the reality of practice
\nfor most valuation professionals. This CPD course
\nattempts to bridge the gap between theory and
\npractice, exploring practical methods for support-
\ning and substantiating adjustments \u2013 advancing
\nbeyond the \u2018guesstimates\u2019 that are all too common
\nin the field. We emphasize a \u2018hybrid adjustment
\ntechnique\u2019 that combines aspects of both quantita-
\ntive and qualitative adjustment methods within
\nthe direct comparison approach, but does not
\nnecessarily rely solely on either method. Our goal <\/p>\n
CPV_Summer09_Book2.indd 37 28\/04\/09 10:43 AM<\/p>\n
Canadian Property Valuation Volume 53 | book 2 | 2009 \u00c9valuation Immobili\u00e8re au Canada38<\/p>\n
is to present techniques that meet \u2018best practices\u2019
\nand the \u2018reasonable appraisal\u2019 test required by
\nthe Canadian Uniform Standards of Professional
\nAppraisal Practice (CUSPAP), and, at the same time,
\nrespect the constraints faced in real-life practice. <\/p>\n
This course is intended for real estate appraisal
\npractitioners who have experience in applying
\nquantitative and qualitative valuation methods
\nin everyday work. The course does not teach in-
\ndepth quantitative and qualitative techniques \u2013 a
\nrefresher of these can be found in the Appraisal of
\nReal Estate Second Canadian Edition, Chapters 17-19.
\nInstead, the course focuses on the practical appli-
\ncation of these methods in the field. The course is
\nnot intended to be an all-encompassing guide to
\nvaluation of all types of properties, but provides
\nsuggested solutions and guidance for most of the
\ncommon valuation problems that require use of the
\ndirect comparison approach. The goal is appraisal
\nconclusions that are both defensible and realisti-
\ncally attainable.<\/p>\n
Feed your future \u2013 \u2018CPD Fridays\u2019
\nJoin us for live, online professional development
\nwebinars on the first Friday of every month.
\nFeatures of our CPD Friday webinars:
\n\u2022\t 8\tam\t\u2013\t10\tam\tPacific\ttime\t(11\tam\t\u2013\t1\tpm\t<\/p>\n
eastern time), first Friday of each month.
\n\u2022\t By\tsetting\taside\tthe\tsame\ttime\teach\tmonth,\t<\/p>\n
AIC members can plan their CPD training well
\nin advance.<\/p>\n
\u2022\t Adds\ta\tpersonal\tdimension\tto\tthe\tUBC\tself-
\nstudy CPD courses \u2013 an opportunity to hear
\nthe thoughts of an expert and to ask ques-
\ntions. <\/p>\n
\u2022\t Short\t\u2018bite-sized\u2019\tclasses\t\u2013\tyou\tread
\nthe materials on your own and then the
\ninstructor emphasizes the main points and
\nprovides additional detail and perspective. <\/p>\n
\u2022\t Network\twith\tother\tAIC\tmembers\tinterested
\nin similar subject areas. <\/p>\n
\u2022\t No\tneed\tto\ttravel,\tdelivered\tdirect\tto\tyour
\noffice or home, anywhere that you have an <\/p>\n
Internet connection (and it works with dial-
\nup connections too!).<\/p>\n
\u2022\t The\tonline\tclassroom\tsoftware\tis\tnot\thigh-
\ntech or intimidating, designed to be very
\neasy to use \u2013 for most modern computers,
\nthe set-up takes less than two minutes, and
\nthere is nothing to install. <\/p>\n
Upcoming CPD Friday webinars:
\n\u2022\t Friday,\tMay\t1,\t2009:<\/p>\n
\u00b7 CPD 105: Highest and Best Use Analysis
\n\u00b7 CPD 126: Getting to Green \u2013 energy <\/p>\n
efficient and Sustainable Housing
\n\u2022\t Friday,\tJune\t5,\t2009:<\/p>\n
\u00b7 CPD 114: valuation for Financial Reporting –
\nReal Property Appraisal and IFRS<\/p>\n
\u00b7 CPD 115: Appraisal Review <\/p>\n
For more information on these and other UBC
\nCPD offerings, please visit our website:
\nwww.realestate.ubc.ca\/cpd <\/p>\n
Applied Experience Program
\nMembers of the Appraisal Institute of Canada (AIC) applying for desig-
\nnated status must complete the requirements of the Applied experi-
\nence Program (AeP).\u00a0These requirements include mentored experi-
\nence, successful completion of a written examination http:\/\/www.
\naicanada.ca\/cmsPage.aspx?id=164 and a professional competency
\ninterview http:\/\/www.aicanada.ca\/cmsPage.aspx?id=170. To apply for
\nthe AeP, please contact your provincial association. AeP replaced the
\nformer Articling Program in its entirety.<\/p>\n
As of 2010, only mentored experience gained after the submission
\nof the Applied experience Application and enrollment Report will be
\nconsidered valid for the purpose of obtaining the AACI or CRA designa-
\ntions.\u00a0For more details on the Applied experience Program, please refer
\nto the AEP Guidelines at: http:\/\/www.aicanada.ca\/cmsPage.aspx?id=54 <\/p>\n
CRAs proceeding to the AACI designation
\n\u2022\t CRAs\twho\twish\tto\tproceed\tto\tthe\tAACI\tdesignation\tand\twho\thave\t<\/p>\n
gone through the Applied experience Program introduced on July
\n1, 2001 will be required to complete only one (1) additional year of
\nmentored experience, which must immediately precede the date of
\napplication for sitting the AACI examinations. <\/p>\n
\u2022\t CRAs\twho\tearned\ttheir\tdesignation\tprior\tto\tthe\tstart\tof\tthe\tAE
\nProgram (July 1, 2001) are required to complete the full two (2)
\nyears of mentored experience, which must immediately precede the
\ndate of application for sitting the AACI examinations. <\/p>\n
Programme d\u2019exp\u00e9rience appliqu\u00e9e
\nLes membres de l\u2019Institut canadien des \u00e9valuateurs (ICe) qui visent un titre
\nprofessionnel doivent r\u00e9pondre aux crit\u00e8res du programme d\u2019exp\u00e9rience appli-
\nqu\u00e9e (PeA). Ces crit\u00e8res incluent l\u2019acquisition d\u2019exp\u00e9rience sous la direction
\nd\u2019un mentor, l\u2019ach\u00e8vement r\u00e9ussi d\u2019un examen \u00e9crit http:\/\/www.aicanada.
\nca\/cmsPage.aspx?id=164 et une entrevue portant sur la comp\u00e9tence profes-
\nsionnelle http:\/\/www.aicanada.ca\/cmsPage.aspx?id=170. Pour vous inscrire au
\nPeA, veuillez communiquer avec votre association provinciale. Le programme
\nd\u2019exp\u00e9rience appliqu\u00e9e remplace maintenant l\u2019ancien programme cl\u00e9rical.<\/p>\n
\u00c0 compter de 2010, seule l\u2019exp\u00e9rience acquise sous mentorat apr\u00e8s la pr\u00e9-
\nsentation du rapport d\u2019inscription et la demande de participation au programme
\nd\u2019exp\u00e9rience appliqu\u00e9e sera consid\u00e9r\u00e9e valide aux fins des titres professionnels
\nAACI ou CRA. Pour plus d\u2019information sur le programme d\u2019exp\u00e9rience appliqu\u00e9e,
\nveuillez consulter les lignes directrices du programme \u00e0 l\u2019adresse http:\/\/www.
\naicanada.ca\/cmsPage.aspx?id=54. <\/p>\n
Pour les CRA qui visent le titre AACI
\n\u2022\t Les\tCRA\tqui\tvisent\tle\ttitre\tAACI\tet\tqui\tont\tcompl\u00e9t\u00e9\tle\tprogramme\td\u2019exp\u00e9rience\t<\/p>\n
appliqu\u00e9e introduit le 1er juillet 2001 seront tenus de compl\u00e9ter une (1) ann\u00e9e
\nsuppl\u00e9mentaire d\u2019exp\u00e9rience appliqu\u00e9e sous supervision d\u2019un mentor imm\u00e9di-
\natement avant la date de demande de participation \u00e0 l\u2019examen d\u2019AACI. <\/p>\n
\u2022\t Les\tCRA\tqui\tont\tobtenu\tleur\ttitre\tavant\tle\td\u00e9but\tdu\tprogramme\td\u2019exp\u00e9rience
\nappliqu\u00e9e (le 1er juillet 2001) seront tenus de compl\u00e9ter les deux (2) ann\u00e9es
\nd\u2019exp\u00e9rience appliqu\u00e9e sous supervision d\u2019un mentor imm\u00e9diatement avant la
\ndemande de participation \u00e0 l\u2019examen d\u2019AACI. <\/p>\n
CPV_Summer09_Book2.indd 38 28\/04\/09 10:43 AM<\/p>\n
Canadian Property Valuation Volume 53 | book 2 | 2009 \u00c9valuation Immobili\u00e8re au Canada 39<\/p>\n
Designations\/Candidates\/Students<\/p>\n
The Appraisal Institute of Canada (AIC), together with the provincial associations and the provincial bodies affiliated with the AIC, commend the following
\nmembers who completed the rigorous requirements for accreditation as a designated member of the AIC during the period January 17\/2009 to April 3, 2009:<\/p>\n
L\u2019Institut canadien des \u00e9valuateurs (ICE), en collaboration avec les associations provinciales et les organismes provinciaux affili\u00e9s \u00e0 l\u2019ICE, f\u00e9licitent les membres
\nsuivants qui ont compl\u00e9t\u00e9 le programme rigoureux d\u2019accr\u00e9ditation \u00e0 titre de membre d\u00e9sign\u00e9 de l\u2019ICE durant la p\u00e9riode du 17 janvier au 3 avril 2009:<\/p>\n
AIC designations granted \/ D\u00e9signations obtenues de l\u2019ICE<\/p>\n
Candidates \/ Stagiaires
\nAIC welcomed the following new Candidate members during the period January 17\/2009 to April 3, 2009:<\/p>\n
L\u2019ICE souhaite la bienvenue aux personnes suivantes qui ont joint les rangs des membres stagiaires durant la p\u00e9riode du du 17 janvier au 3 avril 2009:<\/p>\n
ALBERTA
\nGreg M. Schindel
\nW. Jeffrey Bruce Scott
\nBryan D. Tronsgard
\nRonald Marty vetsch
\nClifford Yee<\/p>\n
BRITISh CoLuMBIA
\nJoseph Barry Baich
\nLinda L. Havers<\/p>\n
Rodney J. Irwin
\nStefan v. Lozinsky
\nCameron Park
\nJason Paul Wight<\/p>\n
MANIToBA
\nAaron L. DeGroot
\nnicholas Michael Ruta<\/p>\n
NoVA SCoTIA
\nSteve Milley<\/p>\n
oNTARIo
\nJohn A. Belanger
\nAnupinder Singh Brar
\nJeffrey A. Grad
\nRebecca Lee Herzberg<\/p>\n
Christopher A. Kordos
\nRajiv Kumar
\nSean P. McCoy
\nMegan C. A. McLandress
\nAziz Abdiladif Mohamed
\nRyan P. Murphy
\nSean Robertson-Tait
\nTammy A. Woelfl<\/p>\n
Students \/ \u00c9tudiants
\nThis new category of membership was implemented January 1, 2007 and now serves as the first step on the path to designation for those completing their requirements for
\nCandidate membership. Students considering the appraisal profession as a career option are also welcomed to this new category of membership.
\nCette nouvelle cat\u00e9gorie de membre entrait en vigueur le 1er janvier 2007 et constitue la premi\u00e8re \u00e9tape sur la voie de la d\u00e9signation pour ceux qui s\u2019affairent \u00e0 compl\u00e9ter les exigences
\nde la cat\u00e9gorie de membre stagiaire. Les \u00e9tudiants qui contemplent une carri\u00e8re comme \u00e9valuateur professionnel sont bienvenus \u00e0 joindre cette nouvelle cat\u00e9gorie de membre.<\/p>\n
QuEBEC
\nerica M. Giesbrecht
\nPhilip Williamson<\/p>\n
SASKATChEWAN
\nDavid A. Fortier
\nJordan Russell Kaufmann
\nKacey Lynn Swann <\/p>\n
Accredited Appraiser Canadian Institute
\nWe welcome and congratulate these individuals as fully accredited members
\nof the Institute through the granting of their AACI, P. App. designation.
\nAccueillons et f\u00e9licitons comme membres pleinement accr\u00e9dit\u00e9s de l\u2019Institut et
\nleur accordons avec fiert\u00e9 la d\u00e9signation AACI, P. App.<\/p>\n
ALBERTA
\nDavid G. Horn
\nRichard G. Miskiewicz<\/p>\n
BRITISh CoLuMBIA
\nJacob Froese
\nedward S. Furlan
\nneil Hahn
\nGuy Robertson<\/p>\n
AACI, P. App<\/p>\n
oNTARIo
\nPeter Chan
\nMaurice J. Habraken
\nvandna K. Joshi
\nKen James MacIntyre
\nTania J. McDonald
\nAlberta A. McKibbin<\/p>\n
John H.n. Richards
\nPhilip R. Tyas
\nnick Yanovski<\/p>\n
SASKATChEWAN
\nBlaise Clements <\/p>\n
CRA<\/p>\n
ALBERTA
\nnathan George Kurjata
\nBrian M. Sikora<\/p>\n
MANIToBA
\nRebecca L. Dowswell
\nTanya e. enns<\/p>\n
Canadian Residential Appraiser
\nThese members are congratulated on the successful completion of the CRA
\ndesignation requirements.
\nNous f\u00e9licitons ces membres pour avoir compl\u00e9t\u00e9 avec succ\u00e8s le programme
\nmenant \u00e0 la d\u00e9signation CRA.<\/p>\n
NoVA SCoTIA
\nJane M. Antovic<\/p>\n
oNTARIo
\nSukhwant S. Dhanoa
\nJoe K. Haslip
\nKaren L. Koebel-Medlicott
\nJoanna P. Pengelly
\nDavid H. Rober
\nGuofeng Zhang<\/p>\n
SASKATChEWAN
\nDustin Cross<\/p>\n
BRITISh CoLuMBIA
\nPablo e. Brodsky
\nChristopher S. Dorin<\/p>\n
Kate M. Ficek
\nDoris A. Mueller
\nGordon C. Pladson
\nJason S. Tse<\/p>\n
oNTARIo
\nJeffrey Charles McDowell
\nCynthia L. Morey<\/p>\n
CPV_Summer09_Book2.indd 39 28\/04\/09 10:43 AM<\/p>\n
Canadian Property Valuation Volume 53 | book 2 | 2009 \u00c9valuation Immobili\u00e8re au Canada40 Canadian Property Valuation Volume 53 | book 2 | 2009 \u00c9valuation Immobili\u00e8re au Canada40<\/p>\n
with the South African Council for the Property
\nvaluers Profession (SACPvP). not in an official capacity on behalf of the Appraisal Institute of
\nCanada (AIC), but as an invited guest. In March, I was chairing an international symposium on mass
\nappraisal and property tax at the University of Pretoria and the members of Council requested a
\nmeeting together with Philip Western, new South Wales valuer General; Paul Sanderson, Director of
\nvaluation Office Agency (UK); and Riel Franzsen, Director of the African Tax Institute. <\/p>\n
South African Council for the
\nProperty Valuers Profession
\nBy Charles Johnstone, AACI, P. App., Member, PQCC<\/p>\n
(L-R) Charles Johnstone; Ri\u00ebl Franzsen, Professor and Director of the African Tax Institute, Department of Economics, University of Pretoria;
\nPhilip Western, New South Wales Valuer General; Paul Sanderson, Director of the Valuation Office Agency (VOA) in the United Kingdom. <\/p>\n
I recently had occasion to meet<\/p>\n
CPV_Summer09_Book2.indd 40 28\/04\/09 10:43 AM<\/p>\n
Canadian Property Valuation Volume 53 | book 2 | 2009 \u00c9valuation Immobili\u00e8re au Canada 41Canadian Property Valuation Volume 53 | book 2 | 2009 \u00c9valuation Immobili\u00e8re au Canada 41<\/p>\n
The SACPvP was established under terms
\nof federal legislation known as the Property
\nValuers Profession Act, 2000. Previously, the
\nCouncil was known as the South African
\nCouncil for valuers, which was established
\nin January 1983. The federal registration of
\nvaluers in South Africa dates back 100 years.
\nThe Council is responsible for the registration
\nof professional valuers and is a separate entity
\nfrom the professional valuation organizations
\nsuch as the South African Institute of valuers
\nthat represent valuers in South Africa. <\/p>\n
The Council\u2019s statutory functions are
\nnumerous, but the main functions are as
\nfollows:
\n\u2022\t registration\tof\tprofessional\tvaluers,\t<\/p>\n
professional associated valuers and
\ncandidate valuers.; <\/p>\n
\u2022\t maintenance\tof\ttheir\tintegrity;
\n\u2022\t enhancement\tof\ttheir\tstatus;
\n\u2022\t improvement\tof\ttheir\tacademic\tand\tother\t<\/p>\n
qualifications as well as the standard of
\nservices rendered by them; <\/p>\n
\u2022\t protection\tof\tmembers\tof\tthe\tpublic\tin\ttheir
\ndealings with registered persons; and <\/p>\n
\u2022\t maintaining\ta\tcurrent\tregister\tof\tall
\nregistered persons. <\/p>\n
The Council members are currently in the
\nprocess of setting new strategic directions,
\nwith specific emphasis on the enhancement
\nof the status of valuers, improvement of
\ntheir academic standards and increasing
\nthe services they provide. Does that sound
\nfamiliar? <\/p>\n
Other real estate related professions,
\nreferred to as \u2018built environment\u2019 in South
\nAfrica, such as architects, quantity surveyors, <\/p>\n
and land surveyors all require an honours
\n(four-year) degree as a pre-requisite to
\nregistration. Currently, the education
\nthreshold for professional valuers in South
\nAfrica is at the diploma level. The Council was
\ninterested in hearing about our educational
\nthresholds and the challenges that we may
\nhave had in moving from a diploma to a
\ndegree. In the case of RICS, they have always
\nhad a degree requirement, so the Council
\nwas particularly interested in understanding
\nthe path that the valuation profession in
\nAustralia, Canada, and new Zealand had
\nrecently traveled. The case studies presented
\nby Philip Western and myself were very
\nsimilar, which should be no surprise given the
\npartnership work that has been done with
\nthe Australian and new Zealand Property
\nInstitutes, resulting in the WAvO agreement.
\nIn fact, it was this agreement that allowed
\nPhilip to easily relocate from new Zealand
\nto take up his post in new South Wales,
\nAustralia. The Council expressed an interest
\nin researching the WAvO agreement further,
\nbefore setting their new directions. <\/p>\n
Council members also expressed concerns
\nabout the stagnate membership in the
\nvaluers profession. Once again, we were
\nall able to provide examples from our own
\norganizations on how we were reaching
\nout beyond traditional valuations for bank
\nfinancing and property assessment to
\nattract a broader base of membership and
\nbusiness. When I explained our new Horizons
\ncampaign, the vice-president asked me to
\nforward the articles that had appeared in The
\nCanadian Appraiser.<\/p>\n
The final area of interest that was
\nexpressed by the Council was the need for
\na high-quality, university-level course in
\nmass appraisal. The SA Council recognizes
\nthat the demand and scope for our valuation
\nservices has changed and the need to employ
\nproper mass appraisal skills in the valuation
\nof properties and portfolios reaches well
\nbeyond the requirements for accurate values
\nfor property taxation. Although the others
\nconcurred, I was proud to be the only guest
\nthat was able to point to not one, but two
\nexisting mass appraisal courses that form a
\npart of our education stream. <\/p>\n
All in all, it was a valuable morning.
\nI enjoyed sharing the experiences from
\nour \u2018new horizons,\u2019 but, perhaps more
\nimportantly, I enjoyed reflecting on the
\nprogress that we have made in Canada in
\nenhancing the status of our valuers (that
\nwould be appraisers in Canadian). <\/p>\n
Charles Johnstone is a member of the
\nPQCC and a member of the Applied
\nExperience Sub-Committee. He is
\na Director of AEC International, an
\ninternational property tax consulting
\nfirm and a senior consultant for the
\nInternational Property Tax Institute.
\nIn his spare time, he likes to promote
\nthe principles of fairness and equity
\nin property taxation systems and the
\nimportant role professional valuers have
\nin achieving the same. <\/p>\n
CPV_Summer09_Book2.indd 41 28\/04\/09 10:43 AM<\/p>\n
Canadian Property Valuation Volume 53 | book 2 | 2009 \u00c9valuation Immobili\u00e8re au Canada42<\/p>\n
here is no doubt that Andr\u00e9 Morin,
\nAACI, P.App is enthusiastic about
\nhis work. As he relates the different
\nprojects he has tackled in the last eight <\/p>\n
years, the excitement is palpable. Since joining
\nPublic Works and Government Services Canada
\n(PWGSC), he has been involved in everything
\nfrom the acquisition of a regional airport to
\nestablishing economic rent for land on ellesmere
\nIsland. <\/p>\n
\u201cWithin the valuation program for PWGSC,
\nthere is the opportunity to touch on many differ-
\nent things,\u201d says Morin. \u201cIt is just amazing. There
\nis a huge platform in which to work. You become
\ninvolved in things that you would likely never
\nhave the opportunity to do when working in the
\nprivate sector.\u201d<\/p>\n
In fact, during his 13 years with private
\nvaluation firms, Morin felt fortunate to have
\nhad the chance to work on one special purpose
\nproperty, a specific claim on the Quebec side of
\nthe national capital region. In contrast, during
\nhis first few years with the federal govern-
\nment, he worked on projects involving all types
\nof special purpose properties, from assessing
\nwharfs, determining the rental value for locating
\ntelecommunications antennae on the rooftops in
\nmajor cities, and establishing economic rent on
\nthe different parcels of land environment Canada
\nuses for its weather stations across the country.<\/p>\n
In 1985, Morin started his career in Montreal
\nas an appraiser working in the private sector. But,
\nnever having liked navigating through the traffic
\nof large cities, he soon realized this was not the
\nkind of life he wanted. He then moved to the
\nOttawa\/Outaouais region, where he worked with
\ndifferent private firms, performing valuations for
\na mixture of residential, commercial and indus-
\ntrial properties.<\/p>\n
Then, in 1999, as the new millennium
\napproached, he decided it was time for a change.
\n\u201cThe pace of being a private practice appraiser is
\nlife in the fast lane,\u201d Morin explains. <\/p>\n
With PWGSC looking for experts in valuation,
\nhe made his move. For the first year, he worked
\nas a consultant, handling special projects for
\nAsset and Facilities Management, as well as the
\nvaluation program. His work also included capital
\nlife-cycle planning, something for which he was
\nideally suited thanks to his experience perform-
\ning reserve fund studies while he was in the
\nprivate sector.<\/p>\n
Then, in 2001, Morin took the plunge,
\nofficially joining the federal government family as
\nan appraiser\/advisor with PWGSC. He has never
\nlooked back. As a senior real estate appraiser
\nadvisor from 2001 to 2005, he worked on a
\nvariety of projects including national accrual
\naccounting and specific costing for replacement
\nand planning purposes. In 2005, Morin became
\nacting chief appraiser for the government of
\nCanada, a role which became permanent in
\nDecember 2007. Leading up to this appointment,
\nhe was in charge of the national Real Property
\nAdvisory Services at the Real Property Branch.<\/p>\n
Today, his work with PWGSC involves
\nestablishing appraisals of market value and
\nmarket rent for a variety of different services,
\nboth within and beyond the ministry. Almost all
\nministries within the federal government have
\na real estate division. Rules established by the
\nTreasury Board mandate that all ministries obtain
\nan appraisal for real estate transactions above
\nthe threshold of $350,000. <\/p>\n
Under the guidance of the chief appraiser
\nof Canada, PWGSC is charged with protecting
\nthe interests of the people and government
\nof Canada by ensuring that valuation opinions
\nand documentation used in government real
\nproperty transactions are properly made and
\nbased on defensible valuation methodologies.
\nPWGSC\u2019s valuation program provides
\nprofessional valuation expertise both to and on
\nbehalf of the government and its clients.<\/p>\n
The program plays a critical role in the
\noverall property transaction process overseen by
\nthe Treasury Board of Canada. Responsibilities
\nencompass producing and delivering appraisal
\nand consulting (highest and best use) reports,
\nas well as market analysis and market survey
\nreports. Other products and deliverables include
\naccrual accounting (Book value Calculator and
\nBetterment Life Tool), parking rates, assessment
\nlease reviews, and valuation advice. <\/p>\n
\u201cWe assist PWGSC with the valuation part of
\nits mandate,\u201d explains Morin, adding that 90%
\nof the actual valuation work is outsourced to
\nprivate fee appraisers. \u201cOur role is one of service
\nmanagement and quality assurance.\u201d<\/p>\n
The government is placing increasingly
\ngreater emphasis on accountability related to
\nthe acquisition and disposal of real estate. This
\nrequires a strong due diligence process based
\non a quality assurance quality control (QAQC) <\/p>\n
Federal government
\noffers endless opportunities <\/p>\n
T<\/p>\n
CPV_Summer09_Book2.indd 42 28\/04\/09 10:43 AM<\/p>\n
Canadian Property Valuation Volume 53 | book 2 | 2009 \u00c9valuation Immobili\u00e8re au Canada 43<\/p>\n
approach. When higher management decides
\na ministry needs to acquire or dispose of a large
\npiece of property, Morin and his staff look at all
\nthe options; review the work of fee appraisers;
\nassess risk; and request further valuation work, if
\nnecessary.<\/p>\n
\u201cWithout superseding the professional
\nindustry standards, we have our own PWGSC
\nvaluation-specific guidelines,\u201d adds Morin. \u201cWhen
\nwe want an appraisal report, it not only has to
\nrespect the industry appraisal standards, but it
\nalso has to meet certain minimum requirements
\nset by us.\u201d<\/p>\n
Consequently, part of his ministry\u2019s role is
\nto act as a link between fee appraisers and their
\nclients within the federal government. Morin and
\nhis staff then use the information in the valuation
\nto provide guidance to PWGSC \u2013 which is the
\ngovernment\u2019s main real estate holder \u2013 as well
\nas to other ministries within the federal public
\nservice.<\/p>\n
In fact, most of the departments have a real
\nestate division. However, all the valuation services
\nfor disposals and acquisitions are handled by
\nPWGSC.<\/p>\n
Some federal government departments use
\nthe appraisal reports to provide consulting and
\nadvisory services to their ministry. These advisors
\nusually have an appraisal background and an AACI
\ndesignation. Within PWGSC itself, there are some
\nAACIs who are not working with the valuation
\ngroup. Instead they may work specifically in
\nsuch areas as payment in lieu of taxes, real
\nestate consulting services, accommodation
\nmanagement, leasing, or portfolio management.
\nFurthermore, the PGWSC valuation program has
\noffices in six regions across the country, each with
\na regional manager who is either an AACI or, in
\nthe province of Qu\u00e9bec, an eA. <\/p>\n
The PGWSC also has a close association
\nwith the Appraisal Institute of Canada (AIC).
\nMorin\u2019s staff often refers to the AIC database
\nfor appraisers who have the required expertise
\nto work on a particular project. <\/p>\n
Last year, PWGSC renewed its
\nmemorandum of understanding (MOU) with
\nthe AIC. The objectives of this understanding
\nare to encourage a positive department\/
\nInstitute environment within which the
\nInstitute\u2019s members can continue to provide
\nquality appraisal and real property valuation
\nconsulting service to assist federal government
\nreal property decision makers; and to provide a
\nbasis for joint-action priority areas of common
\ninterest, as well as a senior-level mechanism
\nfor continuing dialogue between the Institute
\nand the federal government.<\/p>\n
In fact, over the years, PWGSC Real estate
\nServices has shared some of its expertise in
\nreal property procurement with the Institute
\nas well as with the University of British
\nColumbia (UBC). Morin notes that the sharing
\nis a mutual commitment that results in more
\nopportunities for all appraisers.<\/p>\n
He points out that the real estate
\neconomics, ethics and law courses are a
\nstandard part of the UBC program. Appraisers
\nall share a background that includes such <\/p>\n
knowledge as present values, urban space
\nplanning, cost of accommodations, and
\ndiscount cash flows. They are introduced
\nto real estate financial accounting and
\ninvestment analysis, while taking advanced
\ncourses on the income approach to valuation.
\nAt the same time, they have a good
\nbackground for commercial and residential
\nproperty analysis. \u201cBecause of the curriculum
\nthey all have to go through, appraisers have
\nthe best background to provide real estate
\nconsulting services,\u201d he says, adding that this
\ntraining prepares them well to meet the needs
\nof employers such as the PWGSC.<\/p>\n
\u201cI see an appraiser as more of a real
\nproperty valuation consultant,\u201d Morin
\ncontinues. \u201cOur education is a great starting
\npoint for either specializing in one particular
\narea or having a multi-disciplinary approach.\u201d
\nHe adds that, over the years, certain appraisers
\nbuild on this knowledge so as that they can
\nprovide real estate investment analysis rather
\nthan valuation services only. <\/p>\n
\u201cAs a real value expert, you can see your role
\nas very narrow, such as strictly doing appraisals
\nfor financial institutions or for expropriations,\u201d
\nMorin concludes. \u201cOr, you can explore all the
\npossibilities and see your valuation profession
\nfrom an entirely new perspective.\u201d <\/p>\n
Federal government
\noffers endless opportunities <\/p>\n
\u201cAs a real value expert, you can see your role as very
\nnarrow, such as strictly doing appraisals for financial
\ninstitutions or for expropriations. Or, you can explore
\nall the possibilities and see your valuation profession <\/p>\n
from an entirely new perspective.\u201d<\/p>\n
CPV_Summer09_Book2.indd 43 28\/04\/09 10:43 AM<\/p>\n
Canadian Property Valuation Volume 53 | book 2 | 2009 \u00c9valuation Immobili\u00e8re au Canada44<\/p>\n
News<\/p>\n
The Appraisal Institute of Canada (AIC) Member Services Centre has two
\nseparate 1-800 telephone numbers \u2013 one specifically for AIC members to
\nobtain information about national programs, services and policies, and the
\nother for prospective members to obtain information about AIC designation
\nand admission requirements. <\/p>\n
The Centre was established to enhance delivery of information to mem-
\nbers and potential members by providing a single source for all enquiries
\nconcerning national programs and policies. <\/p>\n
AIC Member
\nServices Centre
\nintroduced<\/p>\n
AIC members Prospective members<\/p>\n
1-888-551-5521 1-866-726-6916
\nStudents For: prospective individuals considering becoming <\/p>\n
a Real value expert. This number will be promoted
\nin all recruitment related initiatives, i.e., online
\nadvertising on Workopolis.com and Monster.com,
\non th Career Web pages, and in collateral material
\ndetailing how to achieve your AIC designation.<\/p>\n
Candidates
\nCRAs
\nAACIs
\nAssociates
\nAACI (Hon.) <\/p>\n
National subject area Provincial subject area
\nAdmission requirements for
\nmembership in the Institute <\/p>\n
Designation interview (dates, location,
\nparticulars)<\/p>\n
Membership dues-related issues Reinstatement , Retirement, Resignation
\nApplied experience Program Professional development seminars <\/p>\n
within a region
\nMentor Program Local volunteering activities (commit-<\/p>\n
tees, working groups)
\nCandidate Registry Provincial newsletter or other local <\/p>\n
publications and notices including
\ne-publications<\/p>\n
Designation requirements Local marketing, promotion and
\nadvocacy<\/p>\n
Continuing Professional
\nDevelopment program<\/p>\n
Provincial association and chapter
\nmeetings<\/p>\n
For education issues that relate specifically to the post-secondary institutions that deliver the program of professional studies, AIC members are
\nrequired to call the institution directly for administrative questions. This includes questions related to eligibility for admission, transcript reviews for
\nassessment of equivalencies and exemptions, challenge examinations, registration for courses and examinations. <\/p>\n
For professional liability insurance coverage issues, AIC members are required to call the Institute\u2019s designated insurance broker MMR directly;
\nfor claims issues they should call the designated claims management services company, ClaimsPro. <\/p>\n
Education Professional liability insurance,
\ncoverage and other matters <\/p>\n
Insurance claims or potential claims<\/p>\n
Real estate Division of the Sauder School of
\nBusiness, University of British Columbia
\nhttp:\/\/www.sauder.ubc.ca\/AM\/Template.
\ncfm?Section=Real_Estate_Division<\/p>\n
Martin Merry and Reid Limited, Toronto, Ontario
\nMartin Merry and Reid Limited, Toronto, Ontario
\nhttp:\/\/www.mmr.ca\/html\/services\/<\/p>\n
ClaimsPro (an SCM Company), Winnipeg
\nhttp:\/\/www.scm-claimspro.ca\/contactlist.
\nasp?prov=MB<\/p>\n
Contact: Contact: Contact:
\nYvonne Chuen Bonnie Lesser Joanne Golberg Greg Jowett Laureen Lu
\n1-888-775-7733 x28457 (BC only) 604-822-8457 416-366-3333 1-800-988-5090 204-985-1777
\neligibility for admission To expedite service, please ensure you indicate your <\/p>\n
AIC member ID #
\nFile an Incident Report <\/p>\n
Transcript reviews for assessment of equivalencies
\nand exemptions<\/p>\n
The Insurance program continues to be provided by
\nTravelers Guarantee Company of Canada. MMR is the
\ninsurance broker\/administrator of the program. <\/p>\n
Inquire about a Claims Report<\/p>\n
Registration for courses and examinations
\nexam location\/time
\nChallenge examinations<\/p>\n
Hours of operation:
\n\u2022\t Monday\tto\tThursday\tfrom\t8\tam\tto\t6\tpm\tEST
\n\u2022\t Friday\tfrom\t8\tam\tto\t5\tpm\tEST
\n\u2022\t Information\tservices\twill\tbe\tprovided\tin\tEnglish\tand\tFrench.
\n\u2022\t In\tprovinces\twith\tlicensing\trequirements,\trelated\tinquiries\tconcerning\t<\/p>\n
licensing issues will be handled by the provincial association responsible.<\/p>\n
The following summary table is provided to assist all members in knowing
\nwhere to direct their inquiries.<\/p>\n
CPV_Summer09_Book2.indd 44 28\/04\/09 10:43 AM<\/p>\n
Canadian Property Valuation Volume 53 | book 2 | 2009 \u00c9valuation Immobili\u00e8re au Canada 45<\/p>\n
\u00c9ducation Couverture d\u2019assurance-responsabilit\u00e9
\nprofessionnelle et autres questions<\/p>\n
R\u00e9clamations r\u00e9elles ou potentielles
\nd\u2019assurance<\/p>\n
Division de l\u2019immobilier de l\u2019\u00c9cole d\u2019\u00e9tudes
\ncommerciales Sauder de l\u2019Universit\u00e9 de la
\nColombie-Britannique http:\/\/www.sauder.ubc.ca\/
\nAM\/Template.cfm?Section=Real_Estate_Division<\/p>\n
Martin Merry and Reid limit\u00e9e, Toronto, Ontario
\nhttp:\/\/www.mmr.ca\/html\/services\/<\/p>\n
ClaimsPro (une compagnie du cabinet SCM,
\nWinnipeg) http:\/\/www.scm-claimspro.ca\/
\ncontactlist.asp?prov=MB<\/p>\n
Personne-ressource : Personne-ressource : Personne-ressource :
\nYvonne Chuen Bonnie Lesser Joanne Golberg Greg Jowett Laureen Lu
\n1-888-775-7733 poste28457(C.-B. seulement) 604-822-8457 416-366-3333 1-800-988-5090 204-985-1777
\nAdmissibilit\u00e9 \u00e0 des fins d\u2019admission Pour acc\u00e9l\u00e9rer le service, assurez-vous d\u2019indiquer votre <\/p>\n
num\u00e9ro de membre de l\u2019ICe
\nPr\u00e9sentation d\u2019un rapport d\u2019incident<\/p>\n
examen des relev\u00e9s pour d\u00e9terminer les
\n\u00e9quivalences et les exemptions<\/p>\n
Le programme d\u2019assurance est toujours offert par la
\nTravelers Guarantee Company du Canada. Le cabinet
\nMMR est le courtier\/administrateur du programme. <\/p>\n
Demandes au sujet d\u2019un rapport d\u00e9coulant
\nd\u2019une r\u00e9clamation <\/p>\n
nscription aux cours et examens
\nLieu et heure des examens
\nContestation d\u2019examens<\/p>\n
Le Centre est dot\u00e9 de deux lignes t\u00e9l\u00e9phoniques sans frais (800) s\u00e9par\u00e9es,
\nsoit une pour les membres de l\u2019ICe qui veulent de l\u2019information au sujet
\ndes programmes nationaux, des services et des politiques alors que l\u2019autre
\nest r\u00e9serv\u00e9e aux membres potentiels qui cherchent de l\u2019information sur les
\ntitres de l\u2019ICe et les exigences d\u2019admission. <\/p>\n
Le Centre a \u00e9t\u00e9 \u00e9tabli pour am\u00e9liorer la diss\u00e9mination d\u2019information aux
\nmembres et membres potentiels en servant de guichet unique pour toutes
\nles demandes concernant les programmes nationaux et les politiques. <\/p>\n
Introduction du
\nCentre des services
\naux membres<\/p>\n
Membres de l\u2019ICE Membres potentiels<\/p>\n
1-888-551-5521 1-866-726-6916
\n\u00c9tudiants Pour les personnes qui consid\u00e8rent devenir un expert <\/p>\n
de l\u2019\u00e9valuation. Ce num\u00e9ro sera utilis\u00e9 dans toutes
\nles activit\u00e9s de recrutement comme, par exemple,
\nles publicit\u00e9s en ligne sur les sites Workopolis.com et
\nMonster.com, dans les pages Web de carri\u00e8res et dans
\nles mat\u00e9riaux connexes expliquant comment atteindre
\nl\u2019un des titres de l\u2019ICe.<\/p>\n
Stagiaires
\nCRA
\nAACI
\nAssoci\u00e9s
\nAACI (Hon.) <\/p>\n
en ce qui touche les questions d\u2019\u00e9ducation directement li\u00e9es aux \u00e9tablissements postsecondaires qui offrent le programme d\u2019\u00e9tudes professionnelles, les membres
\nde l\u2019ICe sont tenus de communiquer directement avec l\u2019\u00e9tablissement pour toute question d\u2019ordre administratif. entre autres choses, les questions d\u2019admissibilit\u00e9 \u00e0
\nl\u2019admission, l\u2019examen des relev\u00e9s pour d\u00e9terminer les \u00e9quivalences et les exemptions, la contestation d\u2019examens, l\u2019inscription aux cours et les examens. <\/p>\n
Dans le cas des questions visant la couverture d\u2019assurance-responsabilit\u00e9 professionnelle, les membres de l\u2019ICe doivent communiquer directement avec le
\ncourtier d\u2019assurance de l\u2019Institut, soit le cabinet MMR. Pour toute r\u00e9clamation, ils doivent communiquer avec le gestionnaire des r\u00e9clamations, la ClaimsPro. <\/p>\n
Education Professional liability insurance,
\ncoverage and other matters <\/p>\n
Insurance claims or potential claims<\/p>\n
Real estate Division of the Sauder School of
\nBusiness, University of British Columbia
\nhttp:\/\/www.sauder.ubc.ca\/AM\/Template.
\ncfm?Section=Real_Estate_Division<\/p>\n
Martin Merry and Reid Limited, Toronto, Ontario
\nMartin Merry and Reid Limited, Toronto, Ontario
\nhttp:\/\/www.mmr.ca\/html\/services\/<\/p>\n
ClaimsPro (an SCM Company), Winnipeg
\nhttp:\/\/www.scm-claimspro.ca\/contactlist.
\nasp?prov=MB<\/p>\n
Contact: Contact: Contact:
\nYvonne Chuen Bonnie Lesser Joanne Golberg Greg Jowett Laureen Lu
\n1-888-775-7733 x28457 (BC only) 604-822-8457 416-366-3333 1-800-988-5090 204-985-1777
\neligibility for admission To expedite service, please ensure you indicate your <\/p>\n
AIC member ID #
\nFile an Incident Report <\/p>\n
Transcript reviews for assessment of equivalencies
\nand exemptions<\/p>\n
The Insurance program continues to be provided by
\nTravelers Guarantee Company of Canada. MMR is the
\ninsurance broker\/administrator of the program. <\/p>\n
Inquire about a Claims Report<\/p>\n
Registration for courses and examinations
\nexam location\/time
\nChallenge examinations<\/p>\n
Heures d\u2019ouverture :
\n\u2022\t Du\tlundi\tau\tjeudi\tde\t08\th\t00\t\u00e0\t18\th\t00\t(HAE)
\n\u2022\t Vendredi\tde\t08\th\t00\t\u00e0\t17\th\t00\t(HAE)
\n\u2022\t Les\tservices\td\u2019information\tseront\tofferts\ten\tfran\u00e7ais\tet\ten\tanglais.
\n\u2022\t Dans\tles\tprovinces\tqui\tont\tdes\texigences\trelatives\taux\tpermis,\tles\t<\/p>\n
demandes \u00e0 cet effet seront dirig\u00e9es \u00e0 l\u2019association provinciale concern\u00e9e. <\/p>\n
Le tableau suivant est pr\u00e9sent\u00e9 pour aider tous les membres \u00e0 diriger cor-
\nrectement leurs demandes. <\/p>\n
Sujet d\u2019int\u00e9r\u00eat national Sujet d\u2019int\u00e9r\u00eat provincial
\nexigences d\u2019admission comme
\nmembre de l\u2019Institut <\/p>\n
entrevue menant aux titres (dates, lieu,
\ndetails)<\/p>\n
uestions li\u00e9es aux cotisations R\u00e9int\u00e9gration, retraite, d\u00e9mission
\nProgramme d\u2019exp\u00e9rience
\nappliqu\u00e9e<\/p>\n
S\u00e9minaires r\u00e9gionaux de
\nperfectionnement professionnel <\/p>\n
Programme de mentorat Activit\u00e9s locales de b\u00e9n\u00e9volat (comit\u00e9s,
\ngroupes de travail) <\/p>\n
Registre des stagiaires Bulletins provinciaux ou autres
\npublications locales et avis, y compris les
\npublications \u00e9lectroniques<\/p>\n
exigences associ\u00e9es aux titres Activit\u00e9s locales de marketing, de
\npromotion et de repr\u00e9sentation<\/p>\n
Programme de perfectionnement
\nprofessionnel continu<\/p>\n
R\u00e9unions des associations provinciales,
\nde chapitres<\/p>\n
CPV_Summer09_Book2.indd 45 28\/04\/09 10:43 AM<\/p>\n
Canadian Property Valuation Volume 53 | book 2 | 2009 \u00c9valuation Immobili\u00e8re au Canada46<\/p>\n
News<\/p>\n
notarius has developed and is managing the Public Key Infrastructure
\n(PKI) of the Chambre des notaires du Qu\u00e9bec, now known as the Qu\u00e9bec
\nCertification Centre. This infrastructure delivers secure digital signatures.
\nA digital signature is a personal mark placed in an electronic document by
\nmeans of a technological process known as asymmetric key cryptography.
\nIt guarantees the identification of the signer and protects the data integrity
\nof the electronic document against alterations or modifications. In order to
\nensure compliance with information security measures, notarius has taken
\nsteps so that the PKI of the notary profession is certified compliant with
\nISO 27001, the international information security management standard.
\nBy doing so, notarius has made sure that the best security practices are
\nboth in place and being applied. On July 4, 2007, nSF International Strategic
\nRegistrations announced the registration of the notarius-managed PKI for
\nISO 27001 certification. notarius has reason to be proud, as it was the first
\nQu\u00e9bec entity to obtain this recognition and the fourth in Canada.<\/p>\n
The role of the Qu\u00e9bec Certification Centre is to issue a digital certificate
\ncontaining information that has been verified beforehand, confirming the
\nidentity and the professional status of the key and certificate holder. This PKI <\/p>\n
AIC\u2019s PUBLIC KEy INFRASTRUCTURE
\nIS CERTIFIED ISO 27001 COMPLIANT By Charles Tremblay<\/p>\n
has been retained by the Appraisal Institute of Canada, the Association of
\nProfessional engineers and Geoscientits of British Columbia, the Architecture
\nInstitute of British Culumbia, the Ordre des ing\u00e9nieurs du Qu\u00e9bec, the Ordre
\ndes arpenteurs-g\u00e9om\u00e8tres du Qu\u00e9bec, the Ordre des \u00e9valuateurs agr\u00e9\u00e9s
\ndu Qu\u00e9bec, and the Ordre des technologues professionnels du Qu\u00e9bec to
\nprovide the digital signature service to their respective members. To date,
\nthe notarius PKI is the only private PKI recognized by the Government of
\nQu\u00e9bec to ensure the security and non-repudiation of electronic exchanges
\nwith the computerized system of the land registry and electronic exchanges
\nbetween the Cadastre Qu\u00e9bec and the land surveyors in Qu\u00e9bec. <\/p>\n
A digital signature enables users to exploit the full potential of new
\ninformation technologies, achieve productivity and profitability gains,
\nwhile addressing integrity, confidentiality and accountability problems
\nassociated with the electronic archiving and\/or transmission of documents.
\nThe notarius signature creates an irrefutable link between the holder and
\nhis\/her electronic documents, protects them from being altered in any
\nway and ensures their confidentiality. It confers the same legal value to an
\nelectronic document as the handwritten signature does to paper documents.
\nOther means of securing electronic documents might easily be contested or
\ncracked. <\/p>\n
The digital signature issued by the notarius PKI represents the yardstick
\nfor the establishment of practice standards adapted to the information age.
\nThe rigorous certification process established by the Ordre and notarius
\nensures a high degree of confidence. The usefulness of a digital signature
\ncertified by a trusted third party is gaining increasing recognition the world
\nover. However, very few organizations currently have a functional and
\nproven certification infrastructure, which also meets international security
\nstandards.<\/p>\n
For more information, contact notarius, AIC\u2019s digital key service provider,
\nat (514) 281-1442 or toll free at 1-800-567-6703, or visit the web site at
\nhttp:\/\/www.notarius.com\/en\/clientele_ICDE_en.html<\/p>\n
For more information contact Notarius at
\n514-281-1442 or toll free 1-800-567-6703<\/p>\n
http:\/\/www.notarius.com<\/p>\n
N o t a r i u s \u2019 d i g i t a l s i g N a t u r e<\/p>\n
t h e o f f i c i a l s i g N a t u r e a N d t h e e l e c t r o N i c
\ns e c u r i t y s e a l f o r P r o f e s s i o N a l s M e M b e r s o f :<\/p>\n
Ordre
\ndes ing\u00e9nieurs<\/p>\n
du Qu\u00e9bec<\/p>\n
S e r v i n g p r o f e s s i o n a l s<\/p>\n
CPV_Summer09_Book2.indd 46 28\/04\/09 10:43 AM<\/p>\n
Canadian Property Valuation Volume 53 | book 2 | 2009 \u00c9valuation Immobili\u00e8re au Canada 47<\/p>\n
notarius a cr\u00e9\u00e9 l\u2019Infrastructure \u00e0 cl\u00e9s publiques (ICP) de la Chambre des
\nnotaires du Qu\u00e9bec, d\u00e9sormais appel\u00e9e Centre de certification du Qu\u00e9bec,
\net la g\u00e8re. Cette infrastructure propose des signatures num\u00e9riques s\u00e9curi-
\ns\u00e9es. La signature num\u00e9rique est une marque personnelle appos\u00e9e sur
\nun document \u00e9lectronique au moyen d\u2019un proc\u00e9d\u00e9 technologique appel\u00e9
\ncryptographie \u00e0 cl\u00e9 asym\u00e9trique. elle garantit l\u2019identit\u00e9 du signataire et
\nprot\u00e8ge l\u2019int\u00e9grit\u00e9 des donn\u00e9es du document \u00e9lectronique contre les
\nmodifications. Dans la perspective de veiller au respect des mesures de
\ns\u00e9curit\u00e9 de l\u2019information, notarius a entrepris des d\u00e9marches afin que
\nl\u2019infrastructure \u00e0 cl\u00e9s publiques de la profession notariale soit certifi\u00e9e
\nconforme \u00e0 la norme ISO 27001, la norme internationale en mati\u00e8re de
\ngestion de la s\u00e9curit\u00e9 de l\u2019information. Ainsi, notarius s\u2019assure de la mise
\nen place et de l\u2019application des meilleures pratiques en mati\u00e8re de s\u00e9curit\u00e9.
\nLe 4\u00a0juillet\u00a02007, la firme nSF enregistrements strat\u00e9giques internationaux
\na annonc\u00e9 l\u2019enregistrement de l\u2019infrastructure \u00e0 cl\u00e9s publiques, g\u00e9r\u00e9e par
\nnotarius, \u00e0 la norme ISO 27001. notarius a de quoi \u00eatre fi\u00e8re puisqu\u2019elle est
\nla premi\u00e8re entit\u00e9 qu\u00e9b\u00e9coise \u00e0 obtenir cette marque de reconnaissance et
\nla quatri\u00e8me au Canada. <\/p>\n
Le r\u00f4le du Centre de certification du Qu\u00e9bec consiste \u00e0 \u00e9mettre un
\ncertificat num\u00e9rique contenant des renseignements pr\u00e9alablement v\u00e9rifi\u00e9s
\nconfirmant l\u2019identit\u00e9 et le statut professionnel du d\u00e9tenteur de cl\u00e9s et de
\ncertificats. Cette ICP a \u00e9t\u00e9 adopt\u00e9e par l\u2019Institut canadien des \u00e9valuateurs,
\nl\u2019Association professionnelle des ing\u00e9nieurs et des g\u00e9oscientifiques de la
\nColombie-Britannique (Association of Professional Engineers and Geoscien-
\ntists of British\u00a0Columbia), l\u2019Institut d\u2019architecture de la Colombie-Britannique
\n(Architecture Institute of British\u00a0Columbia), l\u2019Ordre des ing\u00e9nieurs du Qu\u00e9bec,
\nl\u2019Ordre des arpenteurs-g\u00e9om\u00e8tres du Qu\u00e9bec, l\u2019Ordre des \u00e9valuateurs
\nagr\u00e9\u00e9s du Qu\u00e9bec et l\u2019Ordre des technologues du Qu\u00e9bec afin d\u2019offrir le ser-<\/p>\n
L\u2019INFRASTRUCTURE \u00e0 CL\u00c9S PUBLIqUES DE L\u2019ICE
\nEST CERTIFI\u00c9E CONFORME \u00e0 LA NORME ISO Par Charles Tremblay<\/p>\n
vice de signature num\u00e9rique \u00e0 leurs membres respectifs. \u00c0 ce jour, l\u2019ICP de
\nnotarius est la seule ICP priv\u00e9e reconnue par le gouvernement du Qu\u00e9bec qui
\nvise \u00e0 assurer la s\u00e9curit\u00e9 et la non-r\u00e9pudiation des \u00e9changes \u00e9lectroniques
\navec le syst\u00e8me informatis\u00e9 du Registre foncier et des \u00e9changes \u00e9lectro-
\nniques entre le cadastre du Qu\u00e9bec et les arpenteurs-g\u00e9om\u00e8tres du Qu\u00e9bec. <\/p>\n
La signature num\u00e9rique permet \u00e0 l\u2019utilisateur d\u2019exploiter le plein
\npotentiel des nouvelles technologies de l\u2019information, de r\u00e9aliser des gains
\nde productivit\u00e9 et de rentabilit\u00e9 tout en r\u00e9solvant les probl\u00e8mes d\u2019int\u00e9grit\u00e9,
\nde confidentialit\u00e9 et de responsabilit\u00e9 associ\u00e9s \u00e0 l\u2019archivage num\u00e9rique ou \u00e0
\nla transmission de documents par voie \u00e9lectronique. La signature num\u00e9rique
\nde notarius lie de mani\u00e8re irr\u00e9futable le d\u00e9tenteur \u00e0 ses documents \u00e9lectro-
\nniques, prot\u00e8ge ceux-ci contre toute modification et en assure la confiden-
\ntialit\u00e9. elle conf\u00e8re la m\u00eame valeur juridique au document \u00e9lectronique que
\ncelle attribu\u00e9e par la signature manuscrite aux documents papier. Les autres
\nmoyens permettant de s\u00e9curiser les documents \u00e9lectroniques peuvent
\nfacilement \u00eatre contest\u00e9s ou perc\u00e9s.<\/p>\n
La signature num\u00e9rique \u00e9mise par l\u2019ICP de notarius constitue le mod\u00e8le
\nde r\u00e9f\u00e9rence pour l\u2019\u00e9tablissement de normes de pratiques adapt\u00e9es \u00e0 l\u2019\u00e8re
\nde l\u2019information. Le processus rigoureux de certification \u00e9tabli par l\u2019Ordre et
\nnotarius assure un haut niveau de confiance. L\u2019utilit\u00e9 de la signature num\u00e9ri-
\nque certifi\u00e9e par un tiers de confiance est de plus en plus reconnue partout
\ndans le monde. Cependant, tr\u00e8s peu d\u2019organisations poss\u00e8dent actuellement
\nune infrastructure de certification fonctionnelle et \u00e9prouv\u00e9e, qui satisfait
\n\u00e9galement aux normes internationales en mati\u00e8re de s\u00e9curit\u00e9.<\/p>\n
Pour obtenir de plus amples renseignements, communiquez avec
\nnotarius, le fournisseur de services de cl\u00e9 num\u00e9rique de l\u2019ICe, au (514)\u00a0281-
\n1442 ou au 1-800-567-6703 (sans frais) ou visitez le site Web
\nhttp:\/\/ingenieur.notarius.com\/<\/p>\n
of Canadian Property Valuation available online
\nPlease check out the interactive Canadian Property Valuation at www.aicanada.ca<\/p>\n
Interactive edition<\/p>\n
ith print and electronic communication
\noperating hand-in-hand more than <\/p>\n
ever before, we are more than happy to
\nadvise you that Canadian Property Valuation
\nmagazine is available online in a highly
\ninteractive format. <\/p>\n
A user-friendly, interactive Media Rich PDF
\nformat that includes:<\/p>\n
Active hyper-links to all websites and
\ne-mails contained in the publication<\/p>\n
Active links to the specific stories from
\nthe front cover and contents page<\/p>\n
Active links to advertiser websites from
\ntheir ads<\/p>\n
Interactive edition<\/p>\n
CPV_Summer09_Book2.indd 47 28\/04\/09 10:43 AM<\/p>\n
Canadian Property Valuation Volume 53 | book 2 | 2009 \u00c9valuation Immobili\u00e8re au Canada48<\/p>\n
News<\/p>\n
Early in 2009,
\nDominique Racine-
\nDickie joined the
\nAppraisal Institute
\nof Canada (AIC) as
\nthe new Manager,
\nProfessional Affairs.
\nDominique\u2019s <\/p>\n
background in national, member-based
\nprofessional associations makes her an ideal choice
\nto provide leadership in AIC\u2019s continuing efforts to
\nserve members across the country.<\/p>\n
how would you define your role
\nas AIC\u2019s Manager, Professional Affairs?<\/p>\n
I have been with the Institute for three months
\nnow and I am still coming to understand how
\nthis role will take shape and how I can best
\nensure that the needs of the members remain
\nat the centre of everything I do here. every day,
\nI am in contact with individual members about
\ntheir concerns \u2013 usually regarding education \u2013
\nand I am continuing to work with committee
\nmembers on the Learning Advisory Committee,
\nthe Applied experience Sub-Committee, and
\nthe Professional Qualifications and Competency
\nCommittee to develop and deal with policies that <\/p>\n
DOMINIqUE RACINE-DICKIE, CAE
\nAIC\u2019S NEW MANAGER, PROFESSIONAL AFFAIRS<\/p>\n
flow from each of these areas. I feel I am still in
\nthe exploratory stage in terms of understanding
\nthe varied and complex issues that impact
\nour members. essentially, at this point, my
\nrole consists of providing prompt advice and
\nsolutions to members who have urgent concerns,
\nwhile continuing to gather information about
\nthe intricacies of all issues involved in member
\nservices and education, so that I can make
\nsome meaningful, long-term contributions to
\nadvance the interests of the membership and the
\nprofession.<\/p>\n
Can you explain what brought
\nyou to this position at AIC and how your
\nexperiences with former employers fits
\nwith your responsibilities at the Institute?<\/p>\n
I have enjoyed working in the not-for-profit
\nsector and I saw this position at AIC as an
\nopportunity to further challenge myself in
\nmany areas, such as member relations, policy
\nand procedures development, performance
\nmeasurement, membership retention and
\nrecruitment, service and program delivery,
\noutreach, and time and project management.
\nIn my past positions, I particularly enjoyed
\ninteracting with members from across the <\/p>\n
country at the local, provincial and national
\nlevel, and working with the Board of Directors.
\nI am pleased that I will have that opportunity
\nhere as well, and I look forward to meeting as
\nmany members as possible at the upcoming
\nannual conference in Mont Tremblant at the
\nend of May. <\/p>\n
Part of working at AIC is
\ninteraction with the many volunteers.
\nIn what capacity have you volunteered
\nduring your career?<\/p>\n
My most recent volunteer experience has
\nbeen with the Canadian Society of Association
\nexecutives (CSAe). I have been a member of
\nthis organization since 2004 and for over three
\nyears now I have been a member of the Ottawa
\nGatineau Chapter Membership Committee.
\nThis association certifies not-for-profit leaders
\nin the practice of association management
\nwith the Certified Association executive
\n(CAe) designation. I completed the education
\nprogram recently and was awarded my CAe
\ndesignation this past February. As such, I can
\nrelate to our members at AIC who are working
\nfull time while also taking courses to earn their
\ndesignation.<\/p>\n
Friday, July 10, 2009 \u2013 Deadline
\nfor article submission for next issue of
\nCanadian Property Valuation magazine.<\/p>\n
CRITICAL DATES
\nThe following dates are provided as a reminder to Appraisal Institute of Canada (AIC) members of critical dates throughout the year:<\/p>\n
September 30, 2009 \u2013 Candidates
\nmust notify AIC of completion of university
\nlevel course completed between October
\n1, 2008 and September 30, 2009.<\/p>\n
September 30, 2009 \u2013 Due date for
\npayment of AIC membership dues.<\/p>\n
January 1, 2010 \u2013 As of January 1,
\n2010 \u2013 neW \u2013 only experience gained
\nfurther to enrolment in the Applied
\nexperience Program (AeP) will be
\nconsidered valid. <\/p>\n
CPV_Summer09_Book2.indd 48 28\/04\/09 10:43 AM<\/p>\n
Canadian Property Valuation Volume 53 | book 2 | 2009 \u00c9valuation Immobili\u00e8re au Canada 49<\/p>\n
AssoCIAte
\nmembershIP<\/p>\n
Associate membership in the Appraisal
\nInstitute of Canada (AIC) is offered to
\nindividuals whose professional interests
\nare served by access to information
\nconcerning real property valuation and
\nwho are not eligible for other active or
\nretired membership categories. Typically,
\nAssociate Members are engaged in activi-
\nties related to the valuation profession as
\nemployees of lending institutions, lawyers,
\ninsurers, real estate brokers or agents, or
\naccountants, as well as others whose work
\ninterrelates with the valuation profession.<\/p>\n
Associate Members are not seeking
\na professional designation, and they do
\nnot perform any real property valuation
\nor related work including consulting or
\nadvisory services based on valuation
\nprinciples.<\/p>\n
Former AIC members in good stand-
\ning who are no longer practicing valu-
\nation may join as Associates. Associate
\nmemberships are personal, and cannot be
\ntransferred or applied to business organi-
\nzations. <\/p>\n
Associate Members are not eligible for
\nthe errors and omissions liability insurance
\nprogram and cannot hold themselves out
\nas designated valuation professionals. If
\nthey are former AIC designated members,
\nthey may not use their designation in any
\nway, or hold themselves out as AACIs or
\nCRAs. They can identify themselves only
\nas Associates of the Institute. <\/p>\n
Those individuals who wish to join
\nthe Institute as Associate Members can
\nsimply complete the Associate Membership
\nApplication Form (pdf) and submit it as
\noutlined on the form.<\/p>\n
To read about becoming an Associate
\nMember of AIC visit: http:\/\/www.aicanada.
\nca\/cmsPage.aspx?id=44 <\/p>\n
Health Canada was
\nrecently advised
\nthat RetroFoam has
\nbeen installed in a
\nlimited number of
\nhomes in Ontario.
\nThe sale of this product has been
\nprohibited in Canada since December
\n1980, under the Hazardous Products Act.
\nUrea formaldehyde insulation
\nis prohibited in Canada because it
\nmay release formaldehyde gas into
\nindoor air.<\/p>\n
Health Canada has now taken
\nprompt compliance and enforcement
\naction and issued a \u201ccease and
\ndesist\u201d letter to RetroFoam of Canada
\nIncorporated, the Canadian importer of
\nthe insulation, to stop all importation
\nand sale of RetroFoam in Canada.
\nHealth Canada also instructed Enerliv,
\nthe Canadian distributor of RetroFoam,
\nto stop all sale, advertisement and
\nfurther installations of the product
\nand to call back any unused product.
\nAs a result of Health Canada\u2019s actions,
\nRetroFoam is no longer available for sale <\/p>\n
heALth CANADA ADVIsorY
\non RetroFoam Insulation<\/p>\n
or installation in
\nCanada. <\/p>\n
This may
\ncreate stigma in
\nhouses having this
\ntype of insulation <\/p>\n
installed, resulting in lower property
\nvalues or an inability to sell the house. <\/p>\n
Appraisers have the professional
\nobligation to comply with CUSPAP
\nin accepting and providing valuation
\nadvice that follows the minimum
\nreporting requirements set out in CUSPAP
\nin report writing.<\/p>\n
Section 12 is particularly helpful.
\nAppraisal Standard Rule 6.2.9 and
\nAppraisal Standard Comment 7.10.1.vi
\nrequire the appraiser to consider known
\ndetrimental conditions. Section 12.23.1
\nnotes, \u201cFailure to address known
\ndetrimental conditions in an appraisal
\ncould result in a misleading report.\u201d<\/p>\n
Additional information is
\navailable on Health Canada\u2019s
\nwebsite www.healthcanada.gc.ca and
\nis available via a toll-free number:
\n1-800-443-0395.<\/p>\n
IN memorIAm
\nLes membres suivant de l\u2019Institut canadien
\ndes \u00e9valuateurs sont d\u00e9c\u00e9d\u00e9s. Au nom de
\ntous ceux qui oeuvrent de pr\u00e8s ou de loin
\nau sein de l\u2019Institut et de la profession, nous
\nexprimons nos plus sinc\u00e8res condol\u00e9ances \u00e0
\nles familles, amis et associ\u00e9s.<\/p>\n
The following members of the Appraisal
\nInstitute of Canada have passed away. On
\nbehalf of everyone connected with the
\nInstitute and the profession, we extend our
\nsincerest sympathies to the families, friends
\nand associates.<\/p>\n
Syl Donohue, AACI, P. App., Ottawa, ON
\nLes Holmes, AACI, P. App., Westbank, BC
\nWes Myrah, AACI, P. App., Regina, SK<\/p>\n
CPV_Summer09_Book2.indd 49 28\/04\/09 1:39 PM<\/p>\n
Canadian Property Valuation Volume 53 | book 2 | 2009 \u00c9valuation Immobili\u00e8re au Canada50<\/p>\n
Calendar of Events<\/p>\n
*If you are viewing an electronic version of this issue on the AIC web site, please click on these listings for active links to the advertisers\u2019 web sites.<\/p>\n
Advertiser Information Centre<\/p>\n
A Bound Corporation 5 www.abound.ca 888-622-6863
\nACI 2, 3, 52 www.appraiserchoice.com 800-234-8727
\nAltus Group Ltd. 51 www.thealtusgroup.com 416-204-1100
\nAtlantic Realty Advisors 35 www.ara.ca
\nBusiness Information Group 33 www.ecologeris.com 887-512-5204
\nCanadian Resource valuation Group 25 www.crvg.com 780-424-8856
\nMarshall & Swift 15 www.marshallswift.com 800-544-2678
\nnotarius 46 www.notarius.com 800-567-6703
\nSauder School of Business 36 www.realestate.ubc.ca 877-775-7733
\nSolidifi 27 www.solidifi.com 866-583-3983<\/p>\n
AIC Pillars of Professionalism:
\nEducation, Experience, high Standards
\n2009 Appraisal Institute of Canada Annual Conference
\nMay 27 – 30, 2009 \u2013 Mont Tremblant, Qu\u00e9bec<\/p>\n
BC 2009 BC Land Summit
\n\u2013 A Better Future: Adapting to Change
\nMay 20 \u2013 22, 2009 \u2013 Whistler BC
\nvisit the Land Summit website for more information and
\nregistration: www.bclandsummit.com\/<\/p>\n
2009 Professional Practice Seminars
\nFormerly the Standards Seminars
\nSeptember 18 and 19 \u2013 Okanagan
\nAllan Beatty, AACI, P. App
\nNovember 6 and 7 \u2013 Surrey\/Langley
\nLarry Dybvig, AACI, P. App
\nFor information contact: Kathy Porter at kathy@appraisal.bc.ca
\nor (604) 266-8287 or check www.appraisal.bc.ca\/<\/p>\n
AB Professional Practice Seminar (Standards)
\nSpring 2009
\nDate and location TBA
\nFor information please contact AB AIC at info@appraisal.ab.ca,
\n(403) 207-7892 or check www.appraisal.ab.ca<\/p>\n
SK For information contact Marilyn Steranka skaic@sasktel.net,
\n(306) 352-4195 or check www.skaic.org\/<\/p>\n
MB For information contact Lynne Smith Dark mbaic@mts.net,
\n(204) 943-1177 or check www.aimanitoba.ca<\/p>\n
oN 2009 \u00a0AIC Professional Practice Standards Seminar
\nJune 5 and 6 \u2013 Burlington
\nJune 26 and 27 \u2013 Windsor
\nSeptember 25 and 26 \u2013 Toronto
\nSeptember 25 and 26 \u2013 Windsor
\nOctober 16 and 17 \u2013 Kitchener
\nIntensive BuSI courses
\nJuly 6-10, 2009 \u2013 Toronto
\nBUSI 112: Canadian Real Property Law and Real estate ethics
\nBUSI 344: Statistical and Computer Applications in valuation
\nBUSI 400: Real Property Analysis
\nBUSI 443: Real Property Assessment Administration<\/p>\n
oN Academy \u2013 September 18 and 19, 2009 \u2013 north Bay <\/p>\n
Reading Financial Accounting Statements\/Mastering
\nReal Estate Math
\nMay 15 \u2013 Toronto<\/p>\n
update on the Law for Real Estate Appraisers
\nJune 12 \u2013 Toronto<\/p>\n
Bill 14 and the Appraiser as Advocate Witness\/
\nPreparation and Participation in Examinations for
\nDiscovery
\nJune 19 \u2013 niagara Falls<\/p>\n
Appraisers and the ontario human Rights Code\/
\nunderstanding Immigration and Culture
\nOctober 30 \u2013 Windsor<\/p>\n
Legal Impact of Grow house operations\/Legal Issus to
\nConsider in the Appraisal
\nDecember 4 \u2013 Burlington<\/p>\n
To register for any of the above events, please go to www.oaaic.on.ca
\nFor information contact: Lorraine Rigas at lrigas@oaaic.on.ca or
\n(416) 695-9333 or check www.oaaic.on.ca<\/p>\n
QC For further information contact Ginette St-Jean aqice@qc.aira.com
\nor (450) 454-0377 or check www.aqice.ca<\/p>\n
NB For information contact Jennifer nemeth nbarea@nb.aibn.com or
\n(506) 450-2016 or check www.nbarea.org\/main.asp<\/p>\n
NS For information contact Davida Mackay nsreaa@nsappraisal.ns.ca
\nor (902) 422-4077 or check www.nsappraisal.ns.ca\/<\/p>\n
PEI Offering two-hour CPD workshops on residential construction
\nthroughout the summer
\nFor information contact Suzanne Pater peiaic@xplornet.com,
\n(902) 368-3355<\/p>\n
NL For information contact Sherry House naaic@nf.aibn.com or
\n(709) 753-7644<\/p>\n
altusgroup.com groupealtus.com<\/p>\n
As Canada\u2019s most diverse consultant with
\nnational scope in the industry, Altus has
\nunparalleled expertise in:<\/p>\n
Altus \u00e9tant, au Canada, la soci\u00e9t\u00e9 de conseil
\nd\u2019envergure nationale la plus diversifi\u00e9e de l\u2019industrie,
\nelle poss\u00e8de une expertise in\u00e9gal\u00e9e dans :<\/p>\n
> Real estate market forecasting
\n and analysis<\/p>\n
> Market information and
\n perspective<\/p>\n
> Annual property and portfolio
\n valuation<\/p>\n
> The demands of the adoption of the
\nIFRS Standards, required in 2011<\/p>\n
> Financial due diligence<\/p>\n
> Legal support
\n (including expert witness)<\/p>\n
> Analyse et pr\u00e9visions relatives au
\n march\u00e9 immobilier<\/p>\n
> Renseignements et perspectives sur le march\u00e9<\/p>\n
> \u00c9valuation annuelle de propri\u00e9t\u00e9s et
\n de portefeuilles<\/p>\n
> Pour r\u00e9pondre aux exiges de l\u2019adoption
\ndes Normes internationals d\u2019information
\nfinanciere (IFRS) pr\u00e9vue en 2011<\/p>\n
> V\u00e9rification fonci\u00e8re pr\u00e9alable<\/p>\n
> Aide juridique
\n (notamment t\u00e9moin expert)<\/p>\n
Research, Valuation & Advisory
\nCost Consulting
\nRealty Tax Consulting
\nGeomatics<\/p>\n
\u00c9valuation et fiscalit\u00e9 municipale
\nAnalyse immobili\u00e8re
\nSolutions technologiques
\nG\u00e9omatique<\/p>\n
Market intelligence.
\n Connaissance de march\u00e9.
\nIndustry leadership.
\n Leadership de l\u2019industrie.
\nInternational expansion.
\n Expansion internationale.<\/p>\n
CPV_Summer09_Book2.indd 50 28\/04\/09 10:43 AM<\/p>\n
altusgroup.com groupealtus.com<\/p>\n
As Canada\u2019s most diverse consultant with
\nnational scope in the industry, Altus has
\nunparalleled expertise in:<\/p>\n
Altus \u00e9tant, au Canada, la soci\u00e9t\u00e9 de conseil
\nd\u2019envergure nationale la plus diversifi\u00e9e de l\u2019industrie,
\nelle poss\u00e8de une expertise in\u00e9gal\u00e9e dans :<\/p>\n
> Real estate market forecasting
\n and analysis<\/p>\n
> Market information and
\n perspective<\/p>\n
> Annual property and portfolio
\n valuation<\/p>\n
> The demands of the adoption of the
\nIFRS Standards, required in 2011<\/p>\n
> Financial due diligence<\/p>\n
> Legal support
\n (including expert witness)<\/p>\n
> Analyse et pr\u00e9visions relatives au
\n march\u00e9 immobilier<\/p>\n
> Renseignements et perspectives sur le march\u00e9<\/p>\n
> \u00c9valuation annuelle de propri\u00e9t\u00e9s et
\n de portefeuilles<\/p>\n
> Pour r\u00e9pondre aux exiges de l\u2019adoption
\ndes Normes internationals d\u2019information
\nfinanciere (IFRS) pr\u00e9vue en 2011<\/p>\n
> V\u00e9rification fonci\u00e8re pr\u00e9alable<\/p>\n
> Aide juridique
\n (notamment t\u00e9moin expert)<\/p>\n
Research, Valuation & Advisory
\nCost Consulting
\nRealty Tax Consulting
\nGeomatics<\/p>\n
\u00c9valuation et fiscalit\u00e9 municipale
\nAnalyse immobili\u00e8re
\nSolutions technologiques
\nG\u00e9omatique<\/p>\n
Market intelligence.
\n Connaissance de march\u00e9.
\nIndustry leadership.
\n Leadership de l\u2019industrie.
\nInternational expansion.
\n Expansion internationale.<\/p>\n
CPV_Summer09_Book2.indd 51 28\/04\/09 10:43 AM<\/p>\n
ACI and its products are trademarks or registered trademarks of ACI. | Copyright \u00a9 2009 ACI | Other brand and product names are trademarks or registered trademarks of their respective owners.<\/p>\n
ACI365.com The Appraiser\u2019s Choice\u2122 800-234-8727<\/p>\n
New! Marketing Postcards
\nMarket your business with E-Mail postcards. \u203a<\/p>\n
Send reminders for special occasions. \u203a<\/p>\n
Keep in touch with clients on a regular basis. \u203a<\/p>\n
New! Outlook Calendar Feature
\nAutomatically see inspection notifications populate \u203a
\nin your Outlook calendar.<\/p>\n
New! Google Map Links in ACI365\u2122 Calendar
\nGoogle Map links now appear in your ACI365\u2122 \u203a
\ncalendar to keep for quick reference.<\/p>\n
New! Additional Website Templates
\nChoose from dozens of templates with different themes \u203a
\nand color combinations available with easy setup to
\ntailor to your company\u2019s specific offerings.Web Designer<\/p>\n
Showcase your company\u2019s services including Product \u203a
\nPricing, Coverage Area, Your Appraisers, and more!<\/p>\n
Make your site look unique. \u203a<\/p>\n
Enjoy a simple set-up with our Implementation \u203a
\nSpecialists who virtually walk you through the process
\nand stay with you until your website is up and running.<\/p>\n
Order Management from the Field
\nAccess, edit, & manage all your orders from the field. \u203a<\/p>\n
Faster Payments
\nAutomatically send customizable \u203a
\npast due E-Mail notices to clients.<\/p>\n
Management Reports at the
\nTouch of a Button<\/p>\n
Run reports on past and present appraisals, \u203a
\nappraisers or clients.<\/p>\n
Better Client Communication
\nMarket to your clients quickly and easily. \u203a<\/p>\n
Create and manage your mailing list. \u203a<\/p>\n
Customize your E-Mails, select a delivery schedule, \u203a
\nand ACI365\u2122 will do the rest.<\/p>\n
New!
\nPayPal\u2122 Integration<\/p>\n
Call Today \u2014Limited Time Offer!
\nAt a fraction of the price of the competition,
\nthe ACI365\u2122 Complete Office Solution offers
\nthe most affordable option in the industry.<\/p>\n
Complete Solution
\nWebsite & Worksite Website Only<\/p>\n
$199*$299*
\n$249$365<\/p>\n
Includes CRAL2009\u2122 Integration<\/p>\n
* Payable in US Dollars<\/p>\n
ACI365\u2122 Your Appraisal Office \u2014Online
\nOrganize your office, gain control of your business, and have time to achieve more than you ever thought possible!<\/p>\n
ACI365\u2122 offers a complete appraisal office management system
\naccessible from any computer connected to the Internet.
\nProviding the ability to concisely manage every aspect of your
\nappraisal process from anywhere, anytime, ACI365\u2122 has the
\ntools you need to succeed in an ever-changing market.<\/p>\n
Let ACI365\u2122 help you manage your appraisal office!<\/p>\n
CPV_Summer09_Book2.indd 52 28\/04\/09 10:43 AM<\/p>\n","protected":false},"featured_media":14347,"menu_order":6,"template":"","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","_lmt_disableupdate":"no","_lmt_disable":""},"class_list":["post-30001","issue","type-issue","status-publish","has-post-thumbnail","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.aicanada.ca\/fr\/wp-json\/wp\/v2\/issue\/30001","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.aicanada.ca\/fr\/wp-json\/wp\/v2\/issue"}],"about":[{"href":"https:\/\/www.aicanada.ca\/fr\/wp-json\/wp\/v2\/types\/issue"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.aicanada.ca\/fr\/wp-json\/wp\/v2\/media\/14347"}],"wp:attachment":[{"href":"https:\/\/www.aicanada.ca\/fr\/wp-json\/wp\/v2\/media?parent=30001"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}