{"id":30007,"date":"2014-03-25T03:23:26","date_gmt":"2014-03-25T07:23:26","guid":{"rendered":"https:\/\/www.aicanada.ca\/fr\/cpv-issue\/2011-volume-55-book-4\/"},"modified":"2014-03-25T03:24:26","modified_gmt":"2014-03-24T23:24:26","slug":"2011-volume-55-tome-4","status":"publish","type":"issue","link":"https:\/\/www.aicanada.ca\/fr\/cpv-issue\/2011-volume-55-tome-4\/","title":{"rendered":"2011 &#8211; Volume 55 &#8211; Tome 4"},"content":{"rendered":"<p>Canadian Property<\/p>\n<p>VALUATION \u00c9VALUATION<br \/>\n Immobili\u00e8re au Canada<\/p>\n<p>VOLUME  55  |  BOOK 4  |  2011THE OFFICIAL PUBLICATION OF THE APPRAISAL INSTITUTE OF CANADA<\/p>\n<p>REAL VALUE EXPERTS  |  EXPERTS EN \u00c9VALUATION<\/p>\n<p>PM<br \/>\n #<\/p>\n<p>40<br \/>\n00<\/p>\n<p>82<br \/>\n49<\/p>\n<p>  R<br \/>\net<\/p>\n<p>ur<br \/>\nn <\/p>\n<p>un<br \/>\nde<\/p>\n<p>liv<br \/>\ner<\/p>\n<p>ab<br \/>\nle<\/p>\n<p> C<br \/>\nan<\/p>\n<p>ad<br \/>\nia<\/p>\n<p>n<br \/>\nAd<\/p>\n<p>dr<br \/>\nes<\/p>\n<p>se<br \/>\ns <\/p>\n<p>to<br \/>\n:  <\/p>\n<p>Ap<br \/>\npr<\/p>\n<p>ai<br \/>\nsa<\/p>\n<p>l I<br \/>\nns<\/p>\n<p>tit<br \/>\nut<\/p>\n<p>e<br \/>\nof<\/p>\n<p> C<br \/>\nan<\/p>\n<p>ad<br \/>\na,<\/p>\n<p> 4<br \/>\n03<\/p>\n<p>-2<br \/>\n00<\/p>\n<p> C<br \/>\nat<\/p>\n<p>he<br \/>\nrin<\/p>\n<p>e<br \/>\nSt<\/p>\n<p>.,<br \/>\nO<\/p>\n<p>tta<br \/>\nw<\/p>\n<p>a,<br \/>\n O<\/p>\n<p>N<br \/>\n K<\/p>\n<p>2P<br \/>\n 2<\/p>\n<p>K9<br \/>\n. E<\/p>\n<p>m<br \/>\nai<\/p>\n<p>l:<br \/>\nin<\/p>\n<p>fo<br \/>\n@<\/p>\n<p>ai<br \/>\nca<\/p>\n<p>na<br \/>\nda<\/p>\n<p>.c<br \/>\na<\/p>\n<p>Mortgage lender<br \/>\ninsurance risks<br \/>\nChallenges to<br \/>\nour profession<\/p>\n<p>Mortgage lender<br \/>\ninsurance risks<\/p>\n<p>Lease analysis<br \/>\nTRIPS and<\/p>\n<p>TRAPS<\/p>\n<p>Challenges to<br \/>\nour profession<\/p>\n<p>mailto:info@aicanada.ca<br \/>\nmailto:info@aicanada.ca<br \/>\nmailto:info@aicanada.ca<\/p>\n<p>Innovative Technology &#8211; 30 Years and Counting &#8211; ACI has<br \/>\nbeen a pioneer, providing innovative tools that save appraisers time<br \/>\nand money. Look to ACI to provide the foremost solution in the industry.<br \/>\nVisit AppraisersChoice.com for the latest news and information. <\/p>\n<p>Benefi cial Partnerships &#8211; ACI features solid integration<br \/>\nwith sketch tools, location maps, fl ood data, and tools<br \/>\nthat streamline the appraisal report writing process.  It is<br \/>\nthrough these partnerships that ACI appraisers have many<br \/>\noptions and why ACI is \u201dThe Appraiser\u2019s Choice.\u201d <\/p>\n<p>Premier Service &#8211; Toll-free technical support,<br \/>\nLIVE chat operators, and over 140 online videos on<br \/>\nAppraisersChoice.com provides ACI appraisers with<br \/>\nmultiple support channels. <\/p>\n<p>Best Value &#8211; Hands-down, ACI offers the most<br \/>\ncomprehensive real estate appraisal software<br \/>\npackage available in the industry.  We invite you<br \/>\nto experience ACI\u2019s industry-leading appraisal<br \/>\ntechnology and service.<\/p>\n<p>YOU KNOW VALUE&#8230;<br \/>\n              CRAL ADDS VALUE <\/p>\n<p>ACI is a division of Verisk Analytics (NASDAQ: VRSK), a leading provider of risk assessment solutions to professionals in insurance, healthcare, mortgage<br \/>\nlending, government, risk management, and human resources. Verisk Analytics includes the holdings of Insurance Services Offi ce, Inc. (ISO) and its<br \/>\nsubsidiaries, which provide essential solutions to the insurance, mortgage lending, and healthcare markets. For more information, visit www.verisk.com.<\/p>\n<p>Good work is dignifi ed.<br \/>\nThroughout our history, ACI<br \/>\nhas forged partnerships with<br \/>\nvaluation professionals across<br \/>\nthe nation. <\/p>\n<p>Working with appraisers drives<br \/>\nthe passion behind the people<br \/>\nand makes it easy to produce<br \/>\ntechnology that is smarter, faster<br \/>\nand better.  <\/p>\n<p>We look forward to the road<br \/>\nahead in 2011 and in fostering<br \/>\nthe relationships that have made<br \/>\nus who we are.<\/p>\n<p>YOU ARE AN APPRAISER<\/p>\n<p>Save time and effort <\/p>\n<p>with CRAL\u2019s  Market <\/p>\n<p>Conditions eService. <\/p>\n<p>Works with most MLS <\/p>\n<p>providers.<\/p>\n<p>Comps Import Transfer<br \/>\nMLS Data Directly<\/p>\n<p>Worldwide ERC\u00ae Summary<br \/>\nAppraisal Report<\/p>\n<p>The Worldwide <\/p>\n<p>ERC\u00ae Summary <\/p>\n<p>Appraisal Report <\/p>\n<p>is now available in <\/p>\n<p>CRAL2010\u2122.<\/p>\n<p>Easily defi ne <\/p>\n<p>shaded portions <\/p>\n<p>that represent your <\/p>\n<p>subjects\u2019 Market <\/p>\n<p>Area or Boundary.<\/p>\n<p>Neighborhood Boundaries<br \/>\nin MapPoint<\/p>\n<p>CRAL2010\u2122 Highlights<br \/>\n \u25aa New Feature! MapPoint Neighborhood <\/p>\n<p>Boundaries Visually defi ne your subject<br \/>\nproperty\u2019s market area and save for future use.<\/p>\n<p> \u25aa New Forms! Worldwide ERC\u00ae<br \/>\nSummary Appraisal Report  Now<br \/>\navailable for relocation experts.<\/p>\n<p> \u25aa New Functions! Import MLS data directly into<br \/>\nyour reports with CRAL\u2019s Market Conditions eService<\/p>\n<p> ACI\u2014The Appraiser\u2019s Choice\u2122.  <\/p>\n<p>Innovative Technology &#8211; 30 Years and Counting &#8211; ACI has<br \/>\nbeen a pioneer, providing innovative tools that save appraisers time<br \/>\nand money. Look to ACI to provide the foremost solution in the industry.<br \/>\nVisit AppraisersChoice.com for the latest news and information. <\/p>\n<p>ACI features solid integration<br \/>\nwith sketch tools, location maps, fl ood data, and tools<br \/>\nthat streamline the appraisal report writing process.  It is<br \/>\nthrough these partnerships that ACI appraisers have many<br \/>\noptions and why ACI is \u201dThe Appraiser\u2019s Choice.\u201d <\/p>\n<p>Toll-free technical support,<br \/>\nLIVE chat operators, and over 140 online videos on<br \/>\nAppraisersChoice.com provides ACI appraisers with <\/p>\n<p>most <\/p>\n<p>package available in the industry.  We invite you<br \/>\nto experience ACI\u2019s industry-leading appraisal <\/p>\n<p>VALUE&#8230;<br \/>\n              CRAL ADDS VALUE <\/p>\n<p> \u25aa Appraisal Forms Library<br \/>\n \u25aa Order Tracking<br \/>\n \u25aa Photo Management<br \/>\n \u25aa Comps Database<br \/>\n \u25aa ACI Sketch\u2122  <\/p>\n<p> \u25aa Digital Signature (One)<br \/>\n \u25aa ChoiceCredits\u2122 (250)<br \/>\n \u25aa Free PDF Creator<br \/>\n \u25aa Premier Plus Service (One Year)<br \/>\n \u25aa Concierge Service<\/p>\n<p>CALL ACI SALES TODAY!<\/p>\n<p>The Appraiser\u2019s Choice\u2122 <\/p>\n<p>CRAL2010\u2122 NOWONLY<\/p>\n<p>*Limited Time Offer. Payable in US Dollars.<\/p>\n<p>Form300  01\/10<\/p>\n<p>t 800-234-8727 f 386-246-3811AppraisersChoice.com<\/p>\n<p>THE APPRAISER\u2019S CHOICE\u2122<\/p>\n<p>THE APPRAISER\u2019S CHOICE\u2122<\/p>\n<p>THE APPRAISER\u2019S CHOICE\u2122<\/p>\n<p>THE APPRAISER\u2019S CHOICE\u2122<\/p>\n<p>THE APPRAISER\u2019S CHOICE\u2122<\/p>\n<p>THE APPRAISER\u2019S CHOICE\u2122<\/p>\n<p>THE APPRAISER\u2019S CHOICE\u2122<\/p>\n<p>THE APPRAISER\u2019S CHOICE\u2122<\/p>\n<p>THE APPRAISER\u2019S CHOICE\u2122<\/p>\n<p>CRAL2010\u2122<\/p>\n<p>C<br \/>\nR<br \/>\nA<br \/>\nL<br \/>\n2010<\/p>\n<p>\u2122<\/p>\n<p>80<br \/>\n0<br \/>\n-234-8727<\/p>\n<p>A<br \/>\np<br \/>\npraisersC<\/p>\n<p>ho<br \/>\nice.co<\/p>\n<p>m<\/p>\n<p>Printed on Recycled Paper<\/p>\n<p>http:\/\/www.verisk.com<br \/>\nhttp:\/\/www.appraiserschoice.com<\/p>\n<p>Innovative Technology &#8211; 30 Years and Counting &#8211; ACI has<br \/>\nbeen a pioneer, providing innovative tools that save appraisers time<br \/>\nand money. Look to ACI to provide the foremost solution in the industry.<br \/>\nVisit AppraisersChoice.com for the latest news and information. <\/p>\n<p>Benefi cial Partnerships &#8211; ACI features solid integration<br \/>\nwith sketch tools, location maps, fl ood data, and tools<br \/>\nthat streamline the appraisal report writing process.  It is<br \/>\nthrough these partnerships that ACI appraisers have many<br \/>\noptions and why ACI is \u201dThe Appraiser\u2019s Choice.\u201d <\/p>\n<p>Premier Service &#8211; Toll-free technical support,<br \/>\nLIVE chat operators, and over 140 online videos on<br \/>\nAppraisersChoice.com provides ACI appraisers with<br \/>\nmultiple support channels. <\/p>\n<p>Best Value &#8211; Hands-down, ACI offers the most<br \/>\ncomprehensive real estate appraisal software<br \/>\npackage available in the industry.  We invite you<br \/>\nto experience ACI\u2019s industry-leading appraisal<br \/>\ntechnology and service.<\/p>\n<p>YOU KNOW VALUE&#8230;<br \/>\n              CRAL ADDS VALUE <\/p>\n<p>ACI is a division of Verisk Analytics (NASDAQ: VRSK), a leading provider of risk assessment solutions to professionals in insurance, healthcare, mortgage<br \/>\nlending, government, risk management, and human resources. Verisk Analytics includes the holdings of Insurance Services Offi ce, Inc. (ISO) and its<br \/>\nsubsidiaries, which provide essential solutions to the insurance, mortgage lending, and healthcare markets. For more information, visit www.verisk.com.<\/p>\n<p>Good work is dignifi ed.<br \/>\nThroughout our history, ACI<br \/>\nhas forged partnerships with<br \/>\nvaluation professionals across<br \/>\nthe nation. <\/p>\n<p>Working with appraisers drives<br \/>\nthe passion behind the people<br \/>\nand makes it easy to produce<br \/>\ntechnology that is smarter, faster<br \/>\nand better.  <\/p>\n<p>We look forward to the road<br \/>\nahead in 2011 and in fostering<br \/>\nthe relationships that have made<br \/>\nus who we are.<\/p>\n<p>YOU ARE AN APPRAISER<\/p>\n<p>Save time and effort <\/p>\n<p>with CRAL\u2019s  Market <\/p>\n<p>Conditions eService. <\/p>\n<p>Works with most MLS <\/p>\n<p>providers.<\/p>\n<p>Comps Import Transfer<br \/>\nMLS Data Directly<\/p>\n<p>Worldwide ERC\u00ae Summary<br \/>\nAppraisal Report<\/p>\n<p>The Worldwide <\/p>\n<p>ERC\u00ae Summary <\/p>\n<p>Appraisal Report <\/p>\n<p>is now available in <\/p>\n<p>CRAL2010\u2122.<\/p>\n<p>Easily defi ne <\/p>\n<p>shaded portions <\/p>\n<p>that represent your <\/p>\n<p>subjects\u2019 Market <\/p>\n<p>Area or Boundary.<\/p>\n<p>Neighborhood Boundaries<br \/>\nin MapPoint<\/p>\n<p>CRAL2010\u2122 Highlights<br \/>\n \u25aa New Feature! MapPoint Neighborhood <\/p>\n<p>Boundaries Visually defi ne your subject<br \/>\nproperty\u2019s market area and save for future use.<\/p>\n<p> \u25aa New Forms! Worldwide ERC\u00ae<br \/>\nSummary Appraisal Report  Now<br \/>\navailable for relocation experts.<\/p>\n<p> \u25aa New Functions! Import MLS data directly into<br \/>\nyour reports with CRAL\u2019s Market Conditions eService<\/p>\n<p> ACI\u2014The Appraiser\u2019s Choice\u2122.  <\/p>\n<p>Innovative Technology &#8211; 30 Years and Counting &#8211; ACI has<br \/>\nbeen a pioneer, providing innovative tools that save appraisers time<br \/>\nand money. Look to ACI to provide the foremost solution in the industry.<br \/>\nVisit AppraisersChoice.com for the latest news and information. <\/p>\n<p>ACI features solid integration<br \/>\nwith sketch tools, location maps, fl ood data, and tools<br \/>\nthat streamline the appraisal report writing process.  It is<br \/>\nthrough these partnerships that ACI appraisers have many<br \/>\noptions and why ACI is \u201dThe Appraiser\u2019s Choice.\u201d <\/p>\n<p>Toll-free technical support,<br \/>\nLIVE chat operators, and over 140 online videos on<br \/>\nAppraisersChoice.com provides ACI appraisers with <\/p>\n<p>most <\/p>\n<p>package available in the industry.  We invite you<br \/>\nto experience ACI\u2019s industry-leading appraisal <\/p>\n<p>VALUE&#8230;<br \/>\n              CRAL ADDS VALUE <\/p>\n<p> \u25aa Appraisal Forms Library<br \/>\n \u25aa Order Tracking<br \/>\n \u25aa Photo Management<br \/>\n \u25aa Comps Database<br \/>\n \u25aa ACI Sketch\u2122  <\/p>\n<p> \u25aa Digital Signature (One)<br \/>\n \u25aa ChoiceCredits\u2122 (250)<br \/>\n \u25aa Free PDF Creator<br \/>\n \u25aa Premier Plus Service (One Year)<br \/>\n \u25aa Concierge Service<\/p>\n<p>CALL ACI SALES TODAY!<\/p>\n<p>The Appraiser\u2019s Choice\u2122 <\/p>\n<p>CRAL2010\u2122 NOWONLY<\/p>\n<p>*Limited Time Offer. Payable in US Dollars.<\/p>\n<p>Form300  01\/10<\/p>\n<p>t 800-234-8727 f 386-246-3811AppraisersChoice.com<\/p>\n<p>THE APPRAISER\u2019S CHOICE\u2122<\/p>\n<p>THE APPRAISER\u2019S CHOICE\u2122<\/p>\n<p>THE APPRAISER\u2019S CHOICE\u2122<\/p>\n<p>THE APPRAISER\u2019S CHOICE\u2122<\/p>\n<p>THE APPRAISER\u2019S CHOICE\u2122<\/p>\n<p>THE APPRAISER\u2019S CHOICE\u2122<\/p>\n<p>THE APPRAISER\u2019S CHOICE\u2122<\/p>\n<p>THE APPRAISER\u2019S CHOICE\u2122<\/p>\n<p>THE APPRAISER\u2019S CHOICE\u2122<\/p>\n<p>CRAL2010\u2122<\/p>\n<p>C<br \/>\nR<br \/>\nA<br \/>\nL<br \/>\n2010<\/p>\n<p>\u2122<\/p>\n<p>80<br \/>\n0<br \/>\n-234-8727<\/p>\n<p>A<br \/>\np<br \/>\npraisersC<\/p>\n<p>ho<br \/>\nice.co<\/p>\n<p>m<\/p>\n<p>Printed on Recycled Paper<\/p>\n<p>http:\/\/www.appraiserschoice.com<\/p>\n<p>America\u2019s Most Hassle-Free Appraisal Software<br \/>\nIs Now Canada\u2019s Most Hassle-Free Appraisal Software<\/p>\n<p>www.BradfordSoftware.com<br \/>\nVisit our website for Introductory Pricing Specials<\/p>\n<p>800-622-8727<\/p>\n<p>Selected by Centract Settlement Services as<br \/>\nthe only approved appraisal software for report<br \/>\ndelivery, ClickFORMS is now being made<br \/>\navailable to all appraisers in Canada.<\/p>\n<p>ClickFORMS is the software most recognized for being<br \/>\nhassle-free. With intuitive \u201cDrag and Drop\u201d simplicity<br \/>\nyou don\u2019t need special training. In fact you\u2019ll probably<br \/>\ncreate your first report without even reading the<br \/>\nmanual. And it does all the little things you would<br \/>\nexpect from quality software. Like providing all your<br \/>\nforms in English and French with a spell checker that<br \/>\nalso works in English and French. The sketcher is<br \/>\nbuilt-in, but it\u2019ll also work with the one you currently<br \/>\nuse. ClickFORMS is software that works the way you<br \/>\nwould expect software to work &#8211; hassle free!<\/p>\n<p>If you\u2019re looking for a better way, an easier way to<br \/>\nproduce appraisal reports and want to save some<br \/>\nmoney, switch to ClickFORMS today. Centract<br \/>\nSettlement Services did.<\/p>\n<p>Simplicity at its Best<br \/>\nProductivity at its Highest<\/p>\n<p>only $349<br \/>\nClickFROMS is a trademark of Bradford Technologies, Inc.; Other brand and product names are trademrks of their respective owners.<\/p>\n<p>or<br \/>\n$30\/mo<\/p>\n<p>Canadian_Winter_2011:Canadian Property Valuation Magazine  1\/27\/2011  1:38 PM  Page 1<\/p>\n<p>http:\/\/www.BradfordSoftware.com<\/p>\n<p>28 Challenges to our profession<\/p>\n<p>30 Communication and<br \/>\nprofessionalism<\/p>\n<p>31 Spotlight on Continuing<br \/>\nProfessional Development<\/p>\n<p>32 Mortgage lender insurance \u2013<br \/>\na risk for the appraiser<\/p>\n<p>34 Canadian real estate<br \/>\ncases of interest<\/p>\n<p>35 CUSPAP 2012<\/p>\n<p>36 Education and experience<br \/>\nacquired by Candidates<\/p>\n<p>38 Voluntary peer review<\/p>\n<p>39 The evolving role of<br \/>\nCounsellor, Professional Practice<\/p>\n<p>40 Geo-tagging photos<br \/>\nallows certainty and<br \/>\ncan streamline a report<\/p>\n<p>42 Designations\/Candidates\/<br \/>\nStudents<\/p>\n<p>43 NEWS \u2013 Habitat for Humanity\/<br \/>\nDesignation course option\/<br \/>\nCritical Dates\/In Memoriam\/<br \/>\nPatchett steps away\/<br \/>\nMcEwen and Ward recognized<\/p>\n<p>46 Calendar of Events<\/p>\n<p>403-200 Catherine Street,<br \/>\nOttawa, ON  K2P 2K9 <\/p>\n<p>Phone: (613) 234-6533 Fax: (613) 234-7197<br \/>\nWeb site: www.aicanada.ca<\/p>\n<p>Contact us at: info@aicanada.ca <\/p>\n<p>Board of Directors<br \/>\nConseil d\u2019administration<\/p>\n<p>President \u2013 Pr\u00e9sidente<br \/>\nMichael Mendela, AACI (ON)<\/p>\n<p>President Elect \u2013 Pr\u00e9sident d\u00e9sign\u00e9<br \/>\nDavid Shum, AACI (AB)<\/p>\n<p>Immediate Past-president \u2013<br \/>\nPr\u00e9sident sortant immediate<\/p>\n<p>Grant Uba, AACI (ON) <\/p>\n<p>Vice-Presidents \u2013 Vice-pr\u00e9sidents<br \/>\nDan Wilson, AACI (BC)<br \/>\nScott Wilson, AACI (PE)<\/p>\n<p>Directors \u2013 Directeurs<br \/>\nJohn Peebles, AACI (BC)<br \/>\nDan Brewer, AACI (ON) <\/p>\n<p>Anne Helliker, AACI (ON)<br \/>\nDaniel Doucet, AACI (NB)<br \/>\nLouis Poirier, AACI (QC)<\/p>\n<p>Greg Bennett, AACI (NL)<br \/>\n Surinder Pal, AACI (MB)<\/p>\n<p>Richard Colbourne, AACI (NS)<br \/>\nThomas Fox, AACI (SK)<br \/>\nJohn Farner, AACI (AB)<\/p>\n<p>Chief Executive Officer<br \/>\nKeith Lancastle, MBA, CAE, Ottawa<\/p>\n<p>Communications Officer<br \/>\nMary-Jane Erickson, Ottawa<\/p>\n<p>Managing Editor \u2013<br \/>\nR\u00e9dacteur administratif<\/p>\n<p>Craig Kelman, Winnipeg<\/p>\n<p>Assistant Editor \u2013<br \/>\nR\u00e9dacteur en chef adjoint<\/p>\n<p>Cheryl Parisien, Winnipeg<\/p>\n<p>Editorial Board<br \/>\nAIC would like to thank the following  <\/p>\n<p>individuals for their assistance and support:<br \/>\nJohn Peebles, AACI \u2013 Chair<\/p>\n<p>Anne Helliker, AACI<br \/>\nRyan Tung, AACI<br \/>\nRob Grycko, CRA<\/p>\n<p>Jane Londerville, B.Sc., M.B.A.,AACI (Hon)<br \/>\nAssociate Professor, University of Guelph<\/p>\n<p>Published by the<br \/>\nVolume 55, Book 4, 2011<\/p>\n<p>Contents<\/p>\n<p>Publication Mails Agreement #40008249.<br \/>\nReturn undeliverable Canadian addresses to: Appraisal Institute of Canada,<br \/>\n403-200 Catherine St., Ottawa, ON  K2P 2K9. Email: info@aicanada.ca<\/p>\n<p>The articles printed in this issue represent authors\u2019 opinions only and are not neces-<br \/>\nsarily endorsed by the APPRAISAL INSTITUTE OF CANADA. Copyright 2011 by the<br \/>\nAPPRAISAL INSTITUTE OF CANADA. All rights reserved. Reproduction in whole or<br \/>\nin part without written permission is strictly prohibited. Subscription, $40.00 per<br \/>\nyear. Printed in Canada. Les articles imprim\u00e9s dans ce num\u00e9ro ne rep\u00e9sentent que<br \/>\nl\u2019opinion de leur auteur respectif, mais ne sont pas n\u00e9ces\u2013sairement endoss\u00e9s par<br \/>\nL\u2019INSTITUT CANADIEN DES \u00c9vALUATEURS. Tous droits reserv\u00e9s 2011 par L\u2019INSTITUT<br \/>\nCANADIEN DES \u00c9vALUATEURS. La reproduction totale ou partielle sous quelque<br \/>\nform que se soit sans authorisation \u00e9crite est absolument interdite. Abonnement<br \/>\n$40.00 par ann\u00e9e. Imprim\u00e9 au Canada.<br \/>\n* The Appraisal Institute of Canada reserves the right to reject advertising<br \/>\nthat it deems to be inappropriate.<br \/>\n** The publisher and the Appraisal Institute of Canada cannot be held liable for<br \/>\nany material used or claims made in advertising included in this publication.<br \/>\nIndexed in the Canadian Business Index and available on-line in the Canadian<br \/>\nBusiness &#038; Current Af fairs database.<\/p>\n<p>ISSN 0827-2697<\/p>\n<p>Publication management, design and production by:<\/p>\n<p>3rd Floor \u2013 2020 Portage Avenue<br \/>\nWinnipeg, MB R3J 0K4<\/p>\n<p>Phone: 866-985-9780 \u2022 Fax: 866-985-9799<br \/>\nE-mail: info@kelman.ca \u2022 Web: www.kelman.ca<\/p>\n<p>Design\/Layout: Tracy Toutant<br \/>\nMarketing Manager: Kris Fillion<\/p>\n<p>Advertising Co-ordinator: Lauren Campbell<\/p>\n<p>6 AIC Annual Conference \u2013<br \/>\nSHAPE OF THINGS TO COME<\/p>\n<p>7 NOTICE OF<br \/>\nANNUAL GENERAL MEETING<\/p>\n<p>      \u2022 AVIS D\u2019ASSEMBL\u00c9E<br \/>\nG\u00c9N\u00c9RALE ANNUELLE<\/p>\n<p>8  Collaborative leadership<\/p>\n<p>9 Planning our works and<br \/>\nworking our plan\/Examining the<br \/>\nCandidate experience<\/p>\n<p>10 Leadership en collaboration<\/p>\n<p>11 Planifier notre travail,<br \/>\net travailler notre plan\/<br \/>\nExamen de l\u2019exp\u00e9rience des<br \/>\nstagiaires<\/p>\n<p>14  New CEO<br \/>\nlooks to reach<br \/>\ngoals through<br \/>\ncollaboration<\/p>\n<p>16 Le nouveau<br \/>\nChef de la direction mise sur la<br \/>\ncollaboration pour atteindre les<br \/>\nobjectifs<\/p>\n<p>18 Letter to the Editor \u2013 Taking issue<br \/>\nwith an article on \u2018partial taking\u2019<\/p>\n<p>20 Member Profile \u2013<br \/>\nStacey Wilks, AACI<\/p>\n<p>23 Commercial lease analysis<br \/>\ntrips and traps<\/p>\n<p>America\u2019s Most Hassle-Free Appraisal Software<br \/>\nIs Now Canada\u2019s Most Hassle-Free Appraisal Software<\/p>\n<p>www.BradfordSoftware.com<br \/>\nVisit our website for Introductory Pricing Specials<\/p>\n<p>800-622-8727<\/p>\n<p>Selected by Centract Settlement Services as<br \/>\nthe only approved appraisal software for report<br \/>\ndelivery, ClickFORMS is now being made<br \/>\navailable to all appraisers in Canada.<\/p>\n<p>ClickFORMS is the software most recognized for being<br \/>\nhassle-free. With intuitive \u201cDrag and Drop\u201d simplicity<br \/>\nyou don\u2019t need special training. In fact you\u2019ll probably<br \/>\ncreate your first report without even reading the<br \/>\nmanual. And it does all the little things you would<br \/>\nexpect from quality software. Like providing all your<br \/>\nforms in English and French with a spell checker that<br \/>\nalso works in English and French. The sketcher is<br \/>\nbuilt-in, but it\u2019ll also work with the one you currently<br \/>\nuse. ClickFORMS is software that works the way you<br \/>\nwould expect software to work &#8211; hassle free!<\/p>\n<p>If you\u2019re looking for a better way, an easier way to<br \/>\nproduce appraisal reports and want to save some<br \/>\nmoney, switch to ClickFORMS today. Centract<br \/>\nSettlement Services did.<\/p>\n<p>Simplicity at its Best<br \/>\nProductivity at its Highest<\/p>\n<p>only $349<br \/>\nClickFROMS is a trademark of Bradford Technologies, Inc.; Other brand and product names are trademrks of their respective owners.<\/p>\n<p>or<br \/>\n$30\/mo<\/p>\n<p>Canadian_Winter_2011:Canadian Property Valuation Magazine  1\/27\/2011  1:38 PM  Page 1<\/p>\n<p>Canadian Property Valuation Volume 55 | Book 4 | 2011 \u00c9valuation Immobili\u00e8re au Canada 5<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"iCZeGYvwHw\"><p><a href=\"https:\/\/www.aicanada.ca\/\">Home<\/a><\/p><\/blockquote>\n<p><iframe loading=\"lazy\" class=\"oembed-iframe\"  class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;Home&#8221; &#8212; Appraisal Institute of Canada\" src=\"https:\/\/www.aicanada.ca\/embed\/#?secret=S4EZCFL5M1#?secret=iCZeGYvwHw\" data-secret=\"iCZeGYvwHw\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><br \/>\nmailto:info@aicanada.ca<br \/>\nmailto:info@aicanada.ca<br \/>\nmailto:info@kelman.ca<br \/>\nhttp:\/\/www.kelman.ca<\/p>\n<p>The 2012 Organizing Committee<br \/>\nis pleased to announce that<br \/>\nMark Tewksbury will be the<br \/>\nKeynote speaker.<br \/>\nMark Tewksbury is the star athlete who burst<br \/>\nout of the water at the Barcelona Olympics;<br \/>\nan Olympic champion with gold, silver and<br \/>\nbronze medals, numerous awards, inductions<br \/>\ninto three major Halls of Fame, and a cover<br \/>\nappearance on TIME Magazine.<\/p>\n<p>He grew into the leader who traveled the world with the International<br \/>\nOlympic Committee at age 28, was on the executive of Toronto\u2019s Olympic bid<br \/>\nfor 2008, and took a difficult and public stand for athletes\u2019 rights and ethics<br \/>\nin sport against the IOC. He later co-founded OATH, an organization that<br \/>\nchallenged the IOC to live up to its own ideals.<\/p>\n<p>Tewksbury has become a champion for a number of important causes.<br \/>\nHe has proudly supported sick children and currently sits on the national<br \/>\nBoards of the Special Olympics and the Canadian Psychiatric Research<br \/>\nFoundation. For his ethical leadership and active humanitarianism, he has<br \/>\nreceived Honorary Doctorate of Laws degrees from the University of Western<br \/>\nOntario and the University of Calgary. <\/p>\n<p>ANNUAL CONFERENCE OF THE APPRAISAL INSTITUTE OF CANADA<br \/>\nOTTAWA, ONTARIO, FAIRMONT CHATEAU LAURIER, JUNE 6-9, 2012<\/p>\n<p>Mark has hosted television shows including How It\u2019s Made on Discovery<br \/>\nChannel, authored three books, and performed seminars and workshops<br \/>\naround the world. He is a popular media commentator, has been the Master<br \/>\nof Ceremonies for the Dalai Lama\u2019s Canadian appearances in 2007 and 2009,<br \/>\nand, in 2008, was invited by the Government of France to address human<br \/>\nrights at the United Nations in New York City.  <\/p>\n<p>Mark is currently living in Calgary, and is the Chef de Mission for the<br \/>\nCanadian Olympic Team competing in London in 2012.<\/p>\n<p>2012\u2019s conference theme is the<br \/>\nSHAPE OF THINGS TO COME \u2013 STRATEGIES FOR SUCCESS<br \/>\nCome and explore our vision for the future of the profession, share<br \/>\ninformation on the challenges and opportunities that we face, and leave<br \/>\nwith knowledge and tools that will help you succeed and thrive in our<br \/>\nchanging marketplace.  <\/p>\n<p>Your fellow members working on the 2012 Organizing Committee are<br \/>\nenthusiastic and committed to making your 2012 conference experience a<br \/>\ntruly memorable one. Mark it on your calendar \u2013 June 6-9. See you there!<\/p>\n<p>For more information please visit http:\/\/aic2012.aicanada.ca<\/p>\n<p>click heRe to return to table of contentsCanadian Property Valuation Volume 55 | Book 4 | 2011 \u00c9valuation Immobili\u00e8re au Canada6<\/p>\n<p>http:\/\/aic2012.aicanada.ca<\/p>\n<p>AVIS D\u2019ASSEMBL\u00c9E<br \/>\nG\u00c9N\u00c9RALE<br \/>\nANNUELLE<br \/>\nInstitut canadien des \u00e9valuateurs, AGA 2012<br \/>\nFairmont Ch\u00e2teau Laurier<br \/>\nOttawa, Ontario<br \/>\nVendredi le 8 juin 2012 \u2013 15 h 15<\/p>\n<p>Ordre du jour<br \/>\n1. Approbation du proc\u00e8s-verbal de l\u2019AGA du 10 juin 2011.<br \/>\n2. Pr\u00e9sentation des rapports<\/p>\n<p>a) du Pr\u00e9sident<br \/>\nb) de la direction<br \/>\nc) des comit\u00e9s de l\u2019ICE<\/p>\n<p>3. Pr\u00e9sentation des \u00e9tats financiers v\u00e9rifi\u00e9s du dernier exercice et<br \/>\nnominationdes v\u00e9rificateurs pour le prochain exercice.<\/p>\n<p>4. \u00c9lection des membres du Conseil d\u2019administration de l\u2019Institut<br \/>\ncanadiendes \u00e9valuateurs.<\/p>\n<p>5. Examen des r\u00e9solutions pr\u00e9sent\u00e9es conform\u00e9ment aux<br \/>\nr\u00e8glements.<\/p>\n<p>6. \u00c9tude de tous les autres points d\u00fbment pr\u00e9sent\u00e9s \u00e0 l\u2019Assembl\u00e9e.<\/p>\n<p>NOTICE OF<br \/>\nANNUAL<br \/>\nGENERAL MEETING<br \/>\nAppraisal Institute of Canada AGM 2012<br \/>\nFairmont Ch\u00e2teau Laurier<br \/>\nOttawa, Ontario<br \/>\nFriday, June 8, 2012 \u2013 15:15<\/p>\n<p>Agenda<br \/>\n1. To confirm the Minutes of the June 10, 2011 AGM.<br \/>\n2. To receive Reports<\/p>\n<p>a) President<br \/>\nb) Management<br \/>\nc) AIC Committees<\/p>\n<p>3. To receive audited financial statements for the past year and<br \/>\nappoint auditors for the forthcoming year.<\/p>\n<p>4. To elect the Board of Directors of the Appraisal Institute of<br \/>\nCanada.<\/p>\n<p>5. To consider resolutions submitted in accordance with the<br \/>\nBy-laws.<\/p>\n<p>6. To consider all other business as may properly come before<br \/>\nthe meeting.<\/p>\n<p>click heRe to return to table of contents Canadian Property Valuation Volume 55 | Book 4 | 2011 \u00c9valuation Immobili\u00e8re au Canada 7<\/p>\n<p>for the membership. I am happy to report<br \/>\nthat our Ottawa office staff has collectively<br \/>\npitched in and worked collaboratively to<br \/>\nensure that not only our Board of Directors,<br \/>\nbut also the members were fully supported<br \/>\nduring this period of reduced staff levels.<\/p>\n<p>As you are now all aware, and as has<br \/>\nbeen previously highlighted in Communiqu\u00e9<br \/>\nNumber 14, the AIC\u2019s new CEO, Keith<br \/>\nLancastle, started his tenure in the second<br \/>\nlast week of September. <\/p>\n<p>Hiring a new CEO is no small feat, as I<br \/>\nexperienced while participating on the CEO<br \/>\nSelection Committee. In late spring, the CEO<br \/>\nSelection Committee was formed under then<br \/>\nPresident and Chair, Grant Uba. Committee<br \/>\nmembers included myself, vice President<br \/>\nDavid Shum, Director Greg Bennett, Director<br \/>\nLouie Poirier, Beverley Girvan and Larry<br \/>\nLaverty. After several teleconferences, many<br \/>\nemails and an exhausting two-day interview<br \/>\nprocess in Ottawa, the committee made<br \/>\nits selection and completed its mandate. I<br \/>\nwould like to thank all the participants in this<br \/>\nendeavour and hope that they realize how<br \/>\nimportant their contribution was to the future<br \/>\nof this Institute. Over the last 30 or so years,<br \/>\nthe Appraisal Institute of Canada has had only<br \/>\ntwo CEOs.  <\/p>\n<p>Often, change is not easy. It is sometimes<br \/>\naccompanied by anxiety, doubt and<br \/>\nnegativity. Some people are strongly averse<br \/>\nto change, however, and, at this particular<br \/>\npoint in time in our Institute\u2019s history, I view<br \/>\nchange as being both a necessity and an<br \/>\nopportunity going forward.<\/p>\n<p>I heartily welcome Keith to our Institute<br \/>\nand look forward to his anticipated<br \/>\ncontributions for years to come.<\/p>\n<p>Executive Corner<\/p>\n<p>Michael Mendela, AACI<\/p>\n<p>\u201cThese differences will<br \/>\nemerge as the building <\/p>\n<p>blocks upon which<br \/>\nfuture collaborative <\/p>\n<p>decisions are made. \u201d<\/p>\n<p>From THe PreSIDenT<\/p>\n<p>Collaborative leadership<br \/>\nAt my request, the space that has<br \/>\ntraditionally been allocated to the President\u2019s<br \/>\nMessage in Canadian Property Valuation, will<br \/>\nnow be shared with all members of the Executive<br \/>\nCommittee.<\/p>\n<p>The operation, management and, ultimately,<br \/>\nthe future of the Appraisal Institute of Canada (AIC)<br \/>\ndoes not rest exclusively on the shoulders or whims<br \/>\nof the Institute\u2019s president. The AIC is managed by<br \/>\na Board of Directors, with the day to day business<br \/>\ndecisions being made by the Chief Executive Officer<br \/>\n(CEO), in conjunction with and under the guidance<br \/>\nof the Executive Committee.  <\/p>\n<p>The members of the Executive Committee,<br \/>\nby virtue of their senior Board appointments, are<br \/>\npositioned such that their individual viewpoints,<br \/>\njudgements, attitudes and opinions will collectively<br \/>\nhave an influence on the future direction this<br \/>\nInstitute. As well, some, if not all, of these individu-<br \/>\nals will someday be president of our Institute.<\/p>\n<p>Therefore, this new \u2018Executive Corner\u2019 in CPV<br \/>\nis intended to showcase these senior members of<br \/>\nthe Board, including their areas of responsibility,<br \/>\noverall Board involvement, and individual opinions,<br \/>\nwhich could, at times, differ. While this last item<br \/>\nmight raise eyebrows on those individuals who<br \/>\nhave served on other Boards, where \u2018solidarity\u2019 was<br \/>\nexpected and often strongly demanded, I welcome<br \/>\ndiffering opinions and do not at all mind spirited<br \/>\ndiscussions that could ultimately result in an agree-<br \/>\nment to disagree.  <\/p>\n<p>I am comfortable working with a Board that<br \/>\ndoes not exhibit solidarity. Times have changed. It<br \/>\nis unrealistic to expect the Institute membership<br \/>\nto believe that all 15 AIC Board members are in<br \/>\ncomplete agreement on every issue that requires a<br \/>\nBoard decision \u2013 and to subsequently be expected<br \/>\nto vote in unison, if required to do so, in a public<br \/>\nforum such as an AGM. <\/p>\n<p>Diversity of opinion, subsequent debates and<br \/>\ndisagreement frequently bring out viewpoints<br \/>\nthat add additional substance to the issue,<br \/>\na so called third dimension, that often will<br \/>\nresult in a better, albeit sometimes reluctant,<br \/>\nunderstanding of the opposing viewpoint.  <\/p>\n<p>I believe that our Institute has<br \/>\nsufficient maturity, strength and member<br \/>\nunderstanding to appreciate that diversity of<br \/>\nopinion, heated discussions and controversy<br \/>\nwill not lead to long-term divisiveness, as<br \/>\nis often thought, but, rather, that these<br \/>\ndifferences will emerge as the building blocks<br \/>\nupon which future collaborative decisions are<br \/>\nmade.  <\/p>\n<p>By the time this message is printed in<br \/>\nour CPV magazine, our national office will<br \/>\nhave experienced the loss of three senior<br \/>\nstaff members, namely the CEO, the Director<br \/>\nof Marketing and Communications, and the<br \/>\nCounsellor of Professional Practice. Two of<br \/>\nthese individuals have been with our Institute<br \/>\nsince our move from Winnipeg some 10 or<br \/>\nso years ago \u2013 the third was in his fifth year.<br \/>\nTheir collective departure is no small issue.<br \/>\nThe individual loss of a CEO with a 10-year<br \/>\ntenure is significant in itself. The additional<br \/>\ndepartures simply add to the challenges in<br \/>\ntrying to maintain an acceptable service level <\/p>\n<p>click heRe to return to table of contentsCanadian Property Valuation Volume 55 | Book 4 | 2011 \u00c9valuation Immobili\u00e8re au Canada8<\/p>\n<p>Scott Wilson, AACI<\/p>\n<p>From THe VICe-PreSIDenTS<\/p>\n<p>Planning our work<br \/>\nand working our plan<br \/>\nWhat is strategy? A key focal<br \/>\npoint of corporate and organizational boardrooms<br \/>\nis the concept of strategy. Michael Porter, con-<br \/>\nsidered by many to be the authority on the topic,<br \/>\nsuggests: \u201cA company can outperform rivals only<br \/>\nif it can establish a difference that it can preserve.\u201d<br \/>\n(Porter, 1996, p.62.) Porter suggests that strategy<br \/>\nrequires trade-offs, because it forces an organiza-<br \/>\ntion to make informed decisions based upon its<br \/>\nlimited resources (Porter, 1996). This forced choice<br \/>\nis similar to the concept of opportunity cost, an<br \/>\neconomic theory introduced to us in our introduc-<br \/>\ntion to appraisal theory.<\/p>\n<p>With these concepts in mind, the Appraisal<br \/>\nInstitute of Canada (AIC) Board of Directors<br \/>\nconducted a strategic planning day following<br \/>\nthe regular Board meeting in November 2010.<br \/>\nDuring this guided session, the Board undertook<br \/>\nan environmental scan of the appraisal industry in<br \/>\nCanada; reviewed the last Strategic Plan document; <\/p>\n<p>and, based upon mutual agreement, established<br \/>\nseven high priority areas. The AIC Ad Hoc Strategic<br \/>\nPlanning Committee was established in November<br \/>\n2010 and tasked with developing a three-year stra-<br \/>\ntegic plan (2011-2014), based upon the outcomes<br \/>\nof this planning session.<\/p>\n<p>A follow-up strategic planning meeting<br \/>\nwas held at the February 2011 Board meeting,<br \/>\nwhere the Board reviewed governance styles<br \/>\nand the document prepared to date, and gave<br \/>\nsuggestions for further committee work. A final<br \/>\ndraft was then brought to the Board for their<br \/>\nconsideration at the Board strategy meetings<br \/>\nheld in Moncton, NB. Both the existing and new<br \/>\nBoards were involved in this process, as the new<br \/>\nBoard would ultimately be charged with the final<br \/>\napproval of the plan. This draft was approved in<br \/>\nprinciple to be distributed to the provinces, chap-<br \/>\nters and membership for comment until mid-<br \/>\nSeptember. We greatly thank those AIC members <\/p>\n<p>and staff who took time to offer feedback.<br \/>\nThree versions of the plan, as well as a summary<br \/>\nof the feedback, were presented at the October<br \/>\n18 Board meeting and a final Strategic Plan was<br \/>\nadopted.\u00a0Once this version has been issued in its<br \/>\nfinal format, a copy of the 2011-2014 AIC Strategic<br \/>\nPlan will be posted on the AIC website. Watch for<br \/>\nfurther discussions in upcoming editions of\u00a0Cana-<br \/>\ndian Property Valuation.<\/p>\n<p>Ultimately, any strategy must be readily adapt-<br \/>\nable in order to be considered effective. The current<br \/>\nfinancial markets have reinforced that we have<br \/>\nentered a period of rapid change and increased<br \/>\ncompetition from both internal and external<br \/>\nsources. But, as history continues to show us, with<br \/>\ngreat change comes even greater opportunity.  <\/p>\n<p>Reference<br \/>\nPorter, M. E. (1996). What Is Strategy? Harvard<br \/>\nBusiness Review, 74(6), 61-78. <\/p>\n<p>Dan Wilson, AACI<\/p>\n<p>Examining<br \/>\nthe Candidate experience<br \/>\nFirst of all, I wish to thank President<br \/>\nMendela for the opportunity to put forward my<br \/>\nthoughts in this issue of the Canadian Property<br \/>\nValuation magazine. <\/p>\n<p>As an AIC volunteer for the past 10 years, I<br \/>\nhave found there are several issues about which<br \/>\nI am most passionate. They are the need for an<br \/>\nexpanded advocacy and government relations <\/p>\n<p>role for the AIC, the review of the entire process<br \/>\nof becoming a designated member, and<br \/>\nthe continued guidance to our members on<br \/>\nmatters dealing with appraisal management<br \/>\ncompanies.  <\/p>\n<p>In this issue, I have been asked to provide<br \/>\nan update on the work of the Ad Hoc Candidacy<br \/>\nCommittee. In November 2010, this committee <\/p>\n<p>was formed by the Board to review the<br \/>\nentire process or lifecycle of an AIC Candidate<br \/>\nmember, from recruitment, through the<br \/>\neducational and designation process, to the<br \/>\nawarding of the designation.  <\/p>\n<p>The purpose of this review is to provide<br \/>\nan overview of the various AIC policies that<br \/>\nhave an impact on the process and how they <\/p>\n<p>(continued on page 12)<\/p>\n<p>click heRe to return to table of contents Canadian Property Valuation Volume 55 | Book 4 | 2011 \u00c9valuation Immobili\u00e8re au Canada 9<\/p>\n<p>le CoIn De l\u2019Ex\u00e9cutif<\/p>\n<p>les services de soutien n\u00e9cessaires en cette p\u00e9riode<br \/>\nde dotation r\u00e9duite. <\/p>\n<p>Comme vous le savez maintenant tous et tel<br \/>\nqu\u2019annonc\u00e9 dans le Communiqu\u00e9 14, le nouveau chef<br \/>\nde la direction de l\u2019IC\u00c9, Keith Lancastle, est entr\u00e9 en<br \/>\nfonctions \u00e0 compter de l\u2019avant-derni\u00e8re semaine de<br \/>\nseptembre.  <\/p>\n<p>L\u2019embauche d\u2019un nouveau chef de la direction n\u2019est<br \/>\npas chose facile comme j\u2019ai pu le constater en si\u00e9geant<br \/>\nau Comit\u00e9 de s\u00e9lection du chef de la direction. vers la<br \/>\nfin du printemps, le Comit\u00e9 de s\u00e9lection du chef de la<br \/>\ndirection a \u00e9t\u00e9 form\u00e9 sous la direction du pr\u00e9sident de<br \/>\nl\u2019\u00e9poque, Grant Uba. Le comit\u00e9 \u00e9tait form\u00e9 de moi-<br \/>\nm\u00eame, du vice-pr\u00e9sident David Shum, des administra-<br \/>\nteurs Greg Bennett et Louis Poirier, de Beverley Girvan<br \/>\net Larry Laverty. Suite \u00e0 plusieurs t\u00e9l\u00e9conf\u00e9rences, de<br \/>\nnombreux courriels et un processus exhaustif d\u2019entre-<br \/>\nvues de deux jours \u00e0 Ottawa, le comit\u00e9 a fait son choix<br \/>\net compl\u00e9t\u00e9 son mandat. Je remercie tous les partici-<br \/>\npants et j\u2019esp\u00e8re qu\u2019ils sont conscients de l\u2019importance<br \/>\nde leur contribution \u00e0 l\u2019avenir de cette Association. Au<br \/>\ncours des 30 derni\u00e8res ann\u00e9es ou environ, l\u2019Institut<br \/>\ncanadien des \u00e9valuateurs n\u2019a eu que deux chefs de la<br \/>\ndirection.   <\/p>\n<p>Il est souvent difficile d\u2019effectuer ou d\u2019accepter le<br \/>\nchangement. Il est parfois accompagn\u00e9 d\u2019un senti-<br \/>\nment d\u2019anxi\u00e9t\u00e9, de doute et de n\u00e9gativit\u00e9. Certains<br \/>\ns\u2019opposent fortement au changement mais \u00e0 ce stade<br \/>\nsp\u00e9cifique de l\u2019histoire de notre Association, je consi-<br \/>\nd\u00e8re le changement \u00e0 la fois comme un besoin et une<br \/>\noccasion pour l\u2019avenir. Je souhaite donc \u00e0 Keith une<br \/>\nchaleureuse bienvenue \u00e0 notre Association et anticipe<br \/>\nfavorablement sa contribution pendant  ann\u00e9es \u00e0 venir. <\/p>\n<p>Michael Mendela, AACImeSSage Du Pr\u00e9SIDenT<\/p>\n<p>Leadership en collaboration<br \/>\n\u00c0 ma demande, l\u2019espace dans<br \/>\nla revue \u00c9valuation immobili\u00e8re au Canada, jadis<br \/>\nr\u00e9serv\u00e9 au message du pr\u00e9sident, sera dor\u00e9navant<br \/>\npartag\u00e9 avec les membres du Comit\u00e9 ex\u00e9cutif.<\/p>\n<p>L\u2019exploitation, la gestion et en bout de ligne<br \/>\nl\u2019avenir de l\u2019IC\u00c9 ne reposent pas exclusivement sur<br \/>\nles \u00e9paules ou le gr\u00e9 du pr\u00e9sident de l\u2019Association.<br \/>\nL\u2019IC\u00c9 est g\u00e9r\u00e9 par un Conseil d\u2019administration alors<br \/>\nque les d\u00e9cisions quotidiennes d\u2019affaires sont<br \/>\nprises par le chef de la direction en collaboration et<br \/>\nmoyennant les conseils du Comit\u00e9 ex\u00e9cutif.   <\/p>\n<p>Les membres du Comit\u00e9 ex\u00e9cutif, en vertu de<br \/>\nleur nomination \u00e0 titre de cadres, se retrouvent<br \/>\ndans une position o\u00f9 leurs id\u00e9ologies personnelles,<br \/>\njugements, attitudes et opinions auront, collective-<br \/>\nment, une influence sur l\u2019orientation future de cette<br \/>\nAssociation. Aussi, certains membres de ce groupe,<br \/>\nvoire possiblement tous, occuperont un jour la<br \/>\npr\u00e9sidence de notre Association. <\/p>\n<p>Cette nouvelle section de la revue que nous<br \/>\nappelons \u00ab Le coin de l\u2019Ex\u00e9cutif \u00bb vise donc \u00e0<br \/>\npr\u00e9senter ces membres cadres du Conseil, y<br \/>\ncompris leur secteur respectif de responsabilit\u00e9,<br \/>\nleur participation g\u00e9n\u00e9rale au Conseil et leurs<br \/>\nopinions qui, \u00e0 l\u2019occasion, sont divergentes. Bien<br \/>\nque ce dernier point puisse semer la confusion chez<br \/>\nles gens qui ont d\u00e9j\u00e0 si\u00e9g\u00e9 \u00e0 d\u2019autres Conseils o\u00f9<br \/>\nla solidarit\u00e9 \u00e9tait attendue, voire m\u00eame exig\u00e9e,<br \/>\nj\u2019accueille favorablement les opinions divergentes<br \/>\net n\u2019\u00e9carte pas la possibilit\u00e9 de chaudes discussions<br \/>\nqui peuvent \u00e9ventuellement mener \u00e0 une entente<br \/>\nde d\u00e9saccord.   <\/p>\n<p>Je suis \u00e0 l\u2019aise de travailler avec un Conseil o\u00f9 la<br \/>\nsolidarit\u00e9 n\u2019est pas chose courante. Les temps ont<br \/>\nchang\u00e9 et il est irr\u00e9aliste que les membres de l\u2019Asso-<br \/>\nciation s\u2019attendent \u00e0 ce que les 15 membres du<br \/>\nConseil de l\u2019IC\u00c9 s\u2019entendent parfaitement sur chacun<br \/>\ndes points discut\u00e9s et pour lesquels une d\u00e9cision<br \/>\ndu Conseil est requise, et qu\u2019ils votent \u00e0 l\u2019unisson si <\/p>\n<p>n\u00e9cessaire dans un forum public comme l\u2019AGA.<br \/>\nLa diversit\u00e9 des opinions, les d\u00e9bats qui suivent, <\/p>\n<p>et le d\u00e9saccord produisent souvent des opinions qui<br \/>\najoutent de la valeur \u00e0 l\u2019enjeu, une troisi\u00e8me dimen-<br \/>\nsion si je puis dire, qui r\u00e9sultera en une meilleure<br \/>\ncompr\u00e9hension, bien que r\u00e9ticente \u00e0 l\u2019occasion, de<br \/>\nl\u2019opinion des autres. <\/p>\n<p>Je crois que notre Association poss\u00e8de suf-<br \/>\nfisamment d\u2019exp\u00e9rience et de solidit\u00e9 et que ses<br \/>\nmembres comprennent parfaitement que cette<br \/>\ndiversit\u00e9 des opinions et que les chaudes discussions<br \/>\net la controverse qui en d\u00e9coulent ne m\u00e8neront<br \/>\npas  \u00e0 une division \u00e0 long terme comme on le croit<br \/>\nsouvent, mais plut\u00f4t que ces divergences serviront<br \/>\nde fondement aux d\u00e9cisions futures qui auront \u00e9t\u00e9<br \/>\nprises en collaboration.  <\/p>\n<p>D\u2019ici \u00e0 ce que ce message paraisse dans notre<br \/>\nrevue \u00c9IC, notre bureau national aura perdu trois<br \/>\nmembres cadres du personnel, soit le chef de la<br \/>\ndirection de l\u2019Association, la directrice du marketing<br \/>\net des communications et le conseiller en pratique<br \/>\nprofessionnelle. Deux d\u2019entre eux ont \u00e9t\u00e9 au service<br \/>\nde l\u2019Association depuis son d\u00e9m\u00e9nagement de<br \/>\nWinnipeg il y a pr\u00e8s de dix ans alors que le troisi\u00e8me<br \/>\nentreprenait sa cinqui\u00e8me ann\u00e9e \u00e0 notre service.<br \/>\nLeur d\u00e9part collectif n\u2019est pas une mince affaire. La<br \/>\nseule perte d\u2019un chef de la direction comptant 10<br \/>\nans de service est plus qu\u2019importante et les autres<br \/>\nd\u00e9parts ajoutent aux d\u00e9fis de maintenir un niveau<br \/>\nacceptable de services aux membres. J\u2019ai toutefois<br \/>\nle plaisir d\u2019annoncer que le personnel du bureau<br \/>\nd\u2019Ottawa a d\u00e9ploy\u00e9 tous les efforts pour assurer que<br \/>\nle Conseil d\u2019administration et les membres re\u00e7oivent <\/p>\n<p>\u00ab Ces divergences serviront de fondement<br \/>\naux d\u00e9cisions futures qui auront  <\/p>\n<p>\u00e9t\u00e9 prises en collaboration. \u00bb<\/p>\n<p>click heRe to return to table of contentsCanadian Property Valuation Volume 55 | Book 4 | 2011 \u00c9valuation Immobili\u00e8re au Canada10<\/p>\n<p>meSSage Du VICe-Pr\u00e9SIDenTS<\/p>\n<p>Planifier notre travail,<br \/>\net travailler notre plan<br \/>\nQu\u2019est-ce qu\u2019une strat\u00e9gie?<br \/>\nL\u2019un des \u00e9l\u00e9ments cl\u00e9s retrouv\u00e9 dans les salles de<br \/>\nconf\u00e9rences de toute entreprise ou organisation est<br \/>\nle concept de la strat\u00e9gie. Michael Porter, consid\u00e9r\u00e9<br \/>\npar plusieurs comme \u00e9tant l\u2019autorit\u00e9 en la mati\u00e8re,<br \/>\nsugg\u00e8re : \u00ab Une compagnie peut vaincre sa<br \/>\nconcurrence seulement si elle cr\u00e9e une diff\u00e9rence<br \/>\nqu\u2019elle peut maintenir et prot\u00e9ger. \u00bb (Porter, 1996,<br \/>\np. 62). Porter sugg\u00e8re qu\u2019une strat\u00e9gie fait appel<br \/>\n\u00e0 des concessions \u00e9tant donn\u00e9 qu\u2019elle oblige une<br \/>\norganisation \u00e0 prendre des d\u00e9cisions bien avis\u00e9es<br \/>\nfond\u00e9es sur ses ressources limit\u00e9es (Porter, 1996).<br \/>\nCe choix obligatoire est similaire au concept du co\u00fbt<br \/>\nd\u2019opportunit\u00e9, une th\u00e9orie \u00e9conomique que nous<br \/>\navons tous apprise dans  le cadre de notre familiari-<br \/>\nsation avec la th\u00e9orie de l\u2019\u00e9valuation. <\/p>\n<p>Forts de ces concepts, le Conseil d\u2019administra-<br \/>\ntion de l\u2019Institut canadien des \u00e9valuateurs (IC\u00c9) a<br \/>\ntenu une journ\u00e9e de planification strat\u00e9gique suite<br \/>\n\u00e0 sa r\u00e9union r\u00e9guli\u00e8re de novembre 2010. Durant<br \/>\ncette s\u00e9ance dirig\u00e9e par mod\u00e9rateur, le Conseil a<br \/>\nproc\u00e9d\u00e9 \u00e0 une analyse de contexte de l\u2019industrie<br \/>\nde l\u2019\u00e9valuation au Canada, revu le dernier plan <\/p>\n<p>strat\u00e9gique et a, par consentement mutuel, \u00e9tabli<br \/>\nsept secteurs hautement prioritaires. Le Comit\u00e9 ad<br \/>\nhoc de planification strat\u00e9gique de l\u2019IC\u00c9 a \u00e9t\u00e9 cr\u00e9\u00e9<br \/>\nen novembre 2010 et fut  mandat\u00e9  pour \u00e9laborer<br \/>\nun plan strat\u00e9gique triennal (2011-2014) fond\u00e9 sur<br \/>\nles conclusions de cette s\u00e9ance de planification. <\/p>\n<p>Une s\u00e9ance de planification strat\u00e9gique de suivi<br \/>\na \u00e9t\u00e9 tenue en parall\u00e8le \u00e0 la r\u00e9union de f\u00e9vrier 2011<br \/>\ndu Conseil auquel moment celui-ci s\u2019est pench\u00e9 sur<br \/>\nles styles de gouvernance, revu le document pr\u00e9-<br \/>\npar\u00e9 \u00e0 ce jour et offert des suggestions concernant<br \/>\nles travaux futurs du comit\u00e9. Une \u00e9bauche finale<br \/>\na \u00e9t\u00e9 pr\u00e9sent\u00e9e \u00e0 des fins de consid\u00e9ration par le<br \/>\nConseil lors des r\u00e9unions strat\u00e9giques du Conseil<br \/>\n\u00e0 Moncton, au Nouveau-Brunswick. Le Conseil<br \/>\nexistant, ainsi que le nouveau, ont particip\u00e9 \u00e0 ce<br \/>\nprocessus puisque le nouveau Conseil serait en<br \/>\nbout de ligne responsable de l\u2019approbation finale<br \/>\ndu plan. Cette \u00e9bauche a \u00e9t\u00e9 approuv\u00e9e en principe<br \/>\n\u00e0 des fins de distribution aux provinces, chapitres et<br \/>\naux membres \u00e0 des fins de commentaires jusqu\u2019\u00e0<br \/>\nla mi-septembre. Nous remercions vivement les<br \/>\nmembres de l\u2019IC\u00c9 qui ont pris quelques minutes <\/p>\n<p>pour nous faire part de leurs commentaires.<br \/>\nTrois versions du plan et un r\u00e9sum\u00e9 des <\/p>\n<p>commentaires ont \u00e9t\u00e9 pr\u00e9sent\u00e9s \u00e0 la r\u00e9union du 18<br \/>\noctobre du Conseil apr\u00e8s quoi un plan strat\u00e9gique<br \/>\nfinal fut adopt\u00e9. Une fois le format final de cette<br \/>\nversion convenu, une copie du plan strat\u00e9gique<br \/>\n2011-2014 de l\u2019IC\u00c9 sera affich\u00e9e sur le site Web<br \/>\nde l\u2019Institut. Surveillez les discussions prochaines<br \/>\ndans les num\u00e9ros \u00e0 venir de la revue \u00c9valuation<br \/>\nimmobili\u00e8re au Canada.<\/p>\n<p>\u00c9ventuellement, toute strat\u00e9gie doit \u00eatre<br \/>\nfacilement adaptable pour \u00eatre efficace. Les<br \/>\nmarch\u00e9s financiers actuels ont confirm\u00e9 que nous<br \/>\navons amorc\u00e9 une p\u00e9riode d\u2019\u00e9volution rapide et de<br \/>\nconcurrence accrue de la part de sources \u00e0 la fois<br \/>\ninternes et externes. Toutefois, comme le montre<br \/>\nl\u2019histoire, \u00e0 tout changement sont li\u00e9es de grandes<br \/>\noccasions.<\/p>\n<p>Reference<br \/>\nPorter, M. E. (1996). What Is Strategy? Harvard<br \/>\nBusiness Review, 74(6), 61-78. <\/p>\n<p>Examen de<br \/>\nl\u2019exp\u00e9rience des stagiaires<br \/>\nD\u2019abord et avant tout, je<br \/>\nremercie le pr\u00e9sident Mendela pour m\u2019avoir donn\u00e9<br \/>\nl\u2019occasion de faire valoir mes id\u00e9es dans ce num\u00e9ro<br \/>\nde la revue \u00c9valuation immobili\u00e8re au Canada.  <\/p>\n<p>Apr\u00e8s avoir fait du b\u00e9n\u00e9volat pendant mes<br \/>\n10 derni\u00e8res ann\u00e9es \u00e0 l\u2019IC\u00c9, plusieurs sujets <\/p>\n<p>m\u2019ont passionn\u00e9.  Entre autres choses, le besoin<br \/>\nd\u2019accro\u00eetre le r\u00f4le de l\u2019IC\u00c9 dans le secteur de<br \/>\nla repr\u00e9sentation et des relations gouverne-<br \/>\nmentales, l\u2019examen du processus menant \u00e0<br \/>\nl\u2019obtention d\u2019un titre, et l\u2019orientation continue<br \/>\nde nos membres dans les questions li\u00e9es aux <\/p>\n<p>compagnies de gestion en \u00e9valuation.<br \/>\nDans ce num\u00e9ro, je pr\u00e9senterai une mise \u00e0 <\/p>\n<p>jour sur le travail du Comit\u00e9 ad hoc des stagiaires.<br \/>\nCe comit\u00e9 a \u00e9t\u00e9 cr\u00e9\u00e9 en novembre 2010 par<br \/>\nle Conseil afin de revoir l\u2019ensemble du cycle<br \/>\nde vie d\u2019un membre stagiaire au sein de l\u2019IC\u00c9,  <\/p>\n<p>Scott Wilson, AACI<\/p>\n<p>Dan Wilson, AACI<\/p>\n<p>click heRe to return to table of contents Canadian Property Valuation Volume 55 | Book 4 | 2011 \u00c9valuation Immobili\u00e8re au Canada 11<\/p>\n<p>do so; to define the challenges created for<br \/>\nCandidates, both within and external to the<br \/>\nCandidate\u2019s control; to define the committee<br \/>\nand administrative roles in the process and<br \/>\nidentify areas of overlap or deficiency; to<br \/>\ndevelop recommendations for improvement<br \/>\nwhere required; and to identify external<br \/>\nenvironmental factors that affect our<br \/>\nCandidate members and that may limit the<br \/>\nAIC\u2019s ability to change.  <\/p>\n<p>AIC designated and Candidate members<br \/>\nface many challenges in their daily working<br \/>\nlives. The goal of the committee is to ensure<br \/>\nthat a positive environment exists that<br \/>\ncontributes to the recruitment, education<br \/>\nand experience of Candidates. This means<br \/>\nproviding them with a congenial environment<br \/>\nof training and experience as they move<br \/>\nthrough the professional development cycle<br \/>\nto designation and, ultimately, to where they<br \/>\ncan excel as designated members and enjoy<br \/>\nrewarding careers as professional appraisers<br \/>\nand members of AIC. <\/p>\n<p>The committee is comprised of members<br \/>\nof all AIC standing committees, along with<br \/>\nprovincial and national staff members, and<br \/>\nhas met monthly via teleconference since<br \/>\nJanuary 2011. Over the course of the past<br \/>\neight months, the committee has taken a<br \/>\nhard, objective look at the various policies and<br \/>\nprocesses in place and has identified several<br \/>\nareas where improvements or changes to the<br \/>\nprocess may be required. The committee will<br \/>\npresent these recommendations to the Board<br \/>\nat the November 2011 Board of Directors<br \/>\nmeeting.  <\/p>\n<p>c\u2019est-\u00e0-dire du moment o\u00f9 il est recrut\u00e9, sa p\u00e9riode<br \/>\nde formation p\u00e9dagogique jusqu\u2019au processus<br \/>\nmenant \u00e0 l\u2019obtention d\u2019un titre puis, enfin, l\u2019obten-<br \/>\ntion d\u2019un titre proprement dit. <\/p>\n<p>Le but de cet examen est de pr\u00e9senter un<br \/>\nsurvol des diverses politiques de l\u2019IC\u00c9 qui exercent<br \/>\nune influence sur le processus et comment cette<br \/>\ninfluence est exerc\u00e9e; d\u00e9finir les d\u00e9fis que doivent<br \/>\nrelever les stagiaires et qui rel\u00e8vent ou non de<br \/>\nleur contr\u00f4le, d\u00e9finir les r\u00f4les administratifs et du<br \/>\ncomit\u00e9 \u00e0 l\u2019int\u00e9rieur du processus et identifier les<br \/>\nsecteurs qui se chevauchent ou les lacunes, \u00e9la-<br \/>\nborer des recommandations visant l\u2019am\u00e9lioration<br \/>\nlorsque possible et identifier les facteurs externes<br \/>\nqui affectent nos membres stagiaires et qui pour-<br \/>\nraient limiter l\u2019aptitude d\u2019adaptation de l\u2019IC\u00c9.<\/p>\n<p>Dans le cadre de leurs activit\u00e9s quotidiennes,<br \/>\nles membres accr\u00e9dit\u00e9s et stagiaires de l\u2019IC\u00c9 se<br \/>\nheurtent \u00e0 de nombreux d\u00e9fis aux paliers interne<br \/>\net externe.  L\u2019objectif du comit\u00e9 est donc d\u2019assurer <\/p>\n<p>un environnement positif favorisant le recrute-<br \/>\nment, la formation et l\u2019exp\u00e9rience des stagiaires<br \/>\nen leur offrant une formation et une exp\u00e9rience<br \/>\nconviviales \u00e0 mesure qu\u2019ils franchissent le cycle<br \/>\nde formation professionnelle menant au titre.<br \/>\nUltimement, ceux-ci pourront exceller comme<br \/>\nmembres accr\u00e9dit\u00e9s et appr\u00e9cier une carri\u00e8re \u00e0<br \/>\ntitre d\u2019\u00e9valuateur professionnel, membre l\u00e9gitime<br \/>\nde l\u2019IC\u00c9. <\/p>\n<p>Le comit\u00e9 est compos\u00e9 de membres repr\u00e9sent-<br \/>\nant tous les comit\u00e9s permanents de l\u2019IC\u00c9 et de<br \/>\nmembres des niveaux provincial et national et s\u2019est<br \/>\nr\u00e9uni tous les mois par t\u00e9l\u00e9conf\u00e9rence depuis le<br \/>\nmois de janvier 2011. Au cours des huit derniers<br \/>\nmois, le comit\u00e9 s\u2019est pench\u00e9 s\u00e9rieusement sur les<br \/>\ndiverses politiques et proc\u00e9d\u00e9s en place, et a iden-<br \/>\ntifi\u00e9 plusieurs secteurs o\u00f9 des am\u00e9liorations ou des<br \/>\nmodifications s\u2019imposent. Le comit\u00e9 pr\u00e9sentera ses<br \/>\nrecommandations au Conseil lors de sa r\u00e9union<br \/>\nde novembre 2011.  <\/p>\n<p>From THe VICe-PreSIDenTS \/meSSage Du VICe-Pr\u00e9SIDenTS continued<\/p>\n<p>Examining<br \/>\nthe Candidate<br \/>\nexperience (continued from page 9)<\/p>\n<p>click heRe to return to table of contentsCanadian Property Valuation Volume 55 | Book 4 | 2011 \u00c9valuation Immobili\u00e8re au Canada12<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"i2COWq9hPu\"><p><a href=\"https:\/\/crvg.com\/\">CRVG Home<\/a><\/p><\/blockquote>\n<p><iframe loading=\"lazy\" class=\"oembed-iframe\"  class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;CRVG Home&#8221; &#8212; CRVG - Canadian Resource Valuation Group\" src=\"https:\/\/crvg.com\/embed\/#?secret=iRpdxIFPeU#?secret=i2COWq9hPu\" data-secret=\"i2COWq9hPu\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><br \/>\nmailto:jwasmuth@crvg.com<\/p>\n<p>riting a paper for a professional or trade journal can be<br \/>\nintimidating. Will my peers and others see my paper as relevant,<br \/>\nwell written, and with clear messages? What expectations or <\/p>\n<p>standards for publication will I need to meet? Who chooses the articles for<br \/>\npublication? Will I receive assistance in writing and editing my paper? In this<br \/>\narticle, we answer the most common questions facing potential authors.<\/p>\n<p>Every AIC member is a potential author. Our goal is to encourage and support<br \/>\nmembers in sharing their valuation experience and expertise through articles<br \/>\npublished in the Canadian Property Valuation. When you share your knowledge<br \/>\nwith your colleagues across Canada, you have contributed to the body of valuation<br \/>\nknowledge and enhanced our profession. Clients and other stakeholders can see<br \/>\nthe value we place on information sharing and continuous learning.     <\/p>\n<p>I have an idea for an article, but I do not want to invest a huge<br \/>\namount of time in writing if it will not be accepted for publication.<br \/>\nWhat is my first step?<\/p>\n<p>Send a brief outline of proposed paper to Mary-Jane Erickson<br \/>\n[maryjanee@aicanada.ca]. Mary-Jane will circulate your idea to the  <\/p>\n<p>Canadian Property Valuation Editorial Board. We will tell you if your concept has<br \/>\nbeen recently covered or if it is likely to appeal to only a small number of mem-<br \/>\nbers. We will also suggest changes to the outline that will broaden the appeal of<br \/>\nthe article, if necessary, and provide a target date for publication of the article.<\/p>\n<p>What type of assistance is available to authors?<\/p>\n<p>Once an article idea (outline) is accepted for future publication, editorial<br \/>\nassistance will be provided to authors, either through our Communications <\/p>\n<p>staff or our magazine publishers, Craig Kelman &#038; Associates Ltd. Keep in mind<br \/>\nthat the editorial process, which relies on blind peer review, involves flexibility on<br \/>\neveryone\u2019s part; authors need to be prepared to have their work edited for style,<br \/>\ncontent, and length.  <\/p>\n<p>Let\u2019s assume you accept my article for publication. What\u2019s next?<\/p>\n<p>We will provide you with a target date for publication in Canadian<br \/>\nProperty Valuation. If we cannot accept your proposal, we will  <\/p>\n<p>provide an explanation.<br \/>\nCanadian Property Valuation is published on a quarterly basis. This publication <\/p>\n<p>schedule, along with the magazine budget, places limitations on the extent and<br \/>\ntiming of member content that can be included in any issue. There may be a sig-<br \/>\nnificant delay between the date an article is accepted for publication and printing.<br \/>\nWe will try to give authors realistic timeframes and keep you in the loop.<\/p>\n<p>Advice to authors<br \/>\nFrom the Editorial Board<\/p>\n<p>Do I need to meet professional standards for technical writing?<\/p>\n<p>We do not expect authors to write at the academic journal<br \/>\nlevel or compete with Giller Prize candidates. However, keep <\/p>\n<p>in mind that, when you draw conclusions or express opinions in your<br \/>\narticle, the readers will generally expect a fact pattern to support your<br \/>\nfindings. The support may be through a case study, documentary<br \/>\nresearch, interviews, or other research you have conducted. Writing a<br \/>\nvaluation article is quite similar to writing an appraisal report, identify<br \/>\nthe purpose and goal, state a hypothesis, conduct research, and<br \/>\nreach a conclusion. Writing in an active rather than passive style will<br \/>\nmake your paper more interesting. Think about the articles that have<br \/>\ncaptured your interest and those which are boring or mind-numbing.     <\/p>\n<p>A good source for technical or professional writing is the Canadian<br \/>\nStyle Guide.  http:\/\/www.fedpubs.com\/subject\/commun\/cdnstyl.htm.<br \/>\nAs well, there are many free online resources. Universities are great<br \/>\nsources for writing resources. Here are a few recommendations:  <\/p>\n<p>\u2022\t University of victoria: http:\/\/web.uvic.ca\/wguide\/<\/p>\n<p>\u2022\t University of British Columbia:<br \/>\nhttp:\/\/www.writingcentre.ubc.ca\/online_resources.html<\/p>\n<p>\u2022\t University of Toronto Writing Lab:<br \/>\nhttp:\/\/www.ecf.toronto.edu\/~writing\/resources.htm<\/p>\n<p>For more information, please feel free to contact the Canadian Property<br \/>\nValuation Editorial Committee, through Mary-Jane Erickson at<br \/>\nmaryjanee@aicanada.ca.  <\/p>\n<p>click heRe to return to table of contents Canadian Property Valuation Volume 55 | Book 4 | 2011 \u00c9valuation Immobili\u00e8re au Canada 13<\/p>\n<p>mailto:maryjanee@aicanada.ca]<br \/>\nhttp:\/\/www.fedpubs.com\/subject\/commun\/cdnstyl.htm<br \/>\nhttp:\/\/web.uvic.ca\/wguide\/<br \/>\nhttp:\/\/www.writingcentre.ubc.ca\/online_resources.html<br \/>\nhttp:\/\/www.ecf.toronto.edu\/~writing\/resources.htm<br \/>\nmailto:maryjanee@aicanada.ca<\/p>\n<p>CEO rePorT<\/p>\n<p>Q Can you share with us some of<br \/>\nyour background from more than 25<br \/>\nyears \u2018 experience with not-for-profit<br \/>\norganizations?<\/p>\n<p>a What has turned into my lifelong career<br \/>\npath started in 1982 when I went to work for<br \/>\nthe Automotive Service and Repair Association<br \/>\n(Alberta). Ten years later I moved to Ottawa<br \/>\nand joined the Canadian Automotive Repair<br \/>\nand Service (CARS) Council, where I served as<br \/>\nthe Executive Director of the CARS Institute.<br \/>\nIn 1996, I left CARS to establish a consulting<br \/>\npractice working with a number of national<br \/>\nnon-profit organizations, including national<br \/>\nsector councils. I had the opportunity to launch a<br \/>\nnew organization in 2000 when I was appointed<br \/>\nthe first Executive Director of the Canadian<br \/>\nApprenticeship Forum and served in that role<br \/>\nuntil 2006. Following that, I advocated on behalf<br \/>\nof the Canadian Agri-Food Trade Alliance \u2013 a<br \/>\nfederation of agricultural exporters \u2013 in Geneva,<br \/>\nSwitzerland as well as in Canada during the <\/p>\n<p>new Ceo looks to reach<br \/>\ngoals through collaboration<\/p>\n<p>Keith Lancastle, MBA, CAE<br \/>\nChief Executive Officer<\/p>\n<p>On September 19, 2011, the Appraisal Institute of Canada (AIC) welcomed Keith Lancastle, MBA, CAE, as its new Chief<br \/>\nExecutive Officer (CEO). Taking the reigns from recently retired CEO Georges Lozano. Keith brings to the position years of<br \/>\nexperience working in and on behalf of various professions and industries. In the following interview, Keith shares some<br \/>\nof his experiences, philosophies, aspirations and goals as they relate to his new position.<\/p>\n<p>final stages of the Doha Round of World Trade<br \/>\nOrganization negotiations. That experience led<br \/>\nto being appointed the first Executive Director<br \/>\nof the Forest Products Sector Council in June<br \/>\nof 2008, a position that I held until joining<br \/>\nthe AIC. From an educational perspective, I<br \/>\nhold an MBA from Athabasca University and a<br \/>\nCAE designation from the Canadian Society of<br \/>\nAssociation Executives.<\/p>\n<p>Q What prompted you to take<br \/>\non the CEO position with the Institute?<\/p>\n<p>a I was very aware of the history of the<br \/>\nAIC and the tremendous legacy that it has<br \/>\nbuilt over the years. I also know that both<br \/>\nthe profession and the Institute are facing<br \/>\nsignificant challenges created by a rapidly<br \/>\nchanging world. I have been very fortunate<br \/>\nto work in a wide variety of sectors and<br \/>\nexperience first-hand the remarkable impact<br \/>\nthat not-for-profit organizations can have <\/p>\n<p>as they leverage their leadership and their<br \/>\nexpertise. I viewed the CEO position as an<br \/>\nopportunity to honor the accomplishments,<br \/>\ntraditions and calibre of the Institute and its<br \/>\nmembers, while drawing on my experiences<br \/>\nto help both the organization and its members<br \/>\nmeet the challenges that lie ahead.<\/p>\n<p>Q What are the challenges<br \/>\n as you see them?<\/p>\n<p>a The majority of challenges that we<br \/>\nface today are created by a rapidly evolving<br \/>\nmarketplace. There are new players in the<br \/>\nvaluation profession; there is increasing<br \/>\npressure on lenders; economic conditions<br \/>\nare extremely volatile; there is now a global<br \/>\nperspective to everything we do; technology<br \/>\nis changing at lightning speed; the cultural<br \/>\nmakeup of our population is more diverse<br \/>\nthan ever before; and people\u2019s aspirations and<br \/>\nexpectations are changing for everything from<br \/>\neducation and careers to earnings and lifestyle.<br \/>\nEven the fact that members of the baby boom<br \/>\ngeneration are reaching retirement is changing<br \/>\nthe face of our Institute, the workplace, and the<br \/>\nservices that are required to meet their needs.<br \/>\nFor example, \u2018boomers\u2019 have an incredible<br \/>\namount of wealth in the form of property that<br \/>\nmust be accurately valuated in its transfer to<br \/>\nthe next generation. One thing is certain \u2013<br \/>\nchange is an absolute given. <\/p>\n<p>\u201cI viewed the CEO position as an opportunity to honor<br \/>\nthe accomplishments, traditions and calibre of the <\/p>\n<p>Institute and its members, while drawing on my<br \/>\nexperiences to help both the organization and its <\/p>\n<p>members meet the challenges that lie ahead.\u201d<\/p>\n<p>click heRe to return to table of contentsCanadian Property Valuation Volume 55 | Book 4 | 2011 \u00c9valuation Immobili\u00e8re au Canada14<\/p>\n<p>\u201cThe Institute has chosen<br \/>\nto make the changes<br \/>\nthat are necessary to <\/p>\n<p>ensure it is serving and<br \/>\nsupporting its members<br \/>\nto the best of its abilities <\/p>\n<p>and that its programs are<br \/>\ncontinually evolving to <\/p>\n<p>meet the demands of the<br \/>\nmarketplace.\u201d<\/p>\n<p>Q How is the Institute<br \/>\n approaching these changing times?<\/p>\n<p>a Not that long ago, I read a quote that<br \/>\nsaid, \u201cchange is inevitable, growth is optional\u201d<br \/>\n\u2013 and that really stuck with me. Whether or<br \/>\nnot an individual or organization evolves and<br \/>\nadapts to the changes taking place is a decision<br \/>\nthat each of us must make. Either we adapt and<br \/>\nchange (i.e., grow) or we do not. The Institute<br \/>\nhas chosen to make the changes that are neces-<br \/>\nsary to ensure it is serving and supporting its<br \/>\nmembers to the best of its abilities and that its<br \/>\nprograms are continually evolving to meet the<br \/>\ndemands of the marketplace.<\/p>\n<p>Q How is the Institute doing that?<br \/>\na The AIC serves an extremely valuable<br \/>\npurpose in today\u2019s marketplace, particularly<br \/>\nthrough its designation and education programs.<br \/>\nAll parties in real estate transactions are best<br \/>\nserved by skilled, knowledgeable and ethical<br \/>\nvaluers being involved in the process. Major<br \/>\nproblems can arise when this type of professional<br \/>\napproach is not in place. By ensuring that our<br \/>\ndesignation and education programs are always<br \/>\nimproving, we will continue to fulfill one of our<br \/>\nmost important roles. <\/p>\n<p>On a broader scale, the AIC has developed a<br \/>\nnew strategic plan that will guide our decision-<br \/>\nmaking and ensure that we are headed in the<br \/>\nright direction in each case. But, it is important to<br \/>\nremember that even the strategic plan will change<br \/>\nas circumstances dictate. This does not mean that<br \/>\nwe will be chasing the flavor of the month, but<br \/>\nrather that we will be taking a very measured<br \/>\napproach to determining our goals and objectives<br \/>\nand then having sound, strategic reasons for our<br \/>\nactions. One of our major goals is to look for ways<br \/>\nto best  serve our members. To do so effectively,<br \/>\nwe have to listen and, more importantly, to hear<br \/>\nwhat our members are saying.      <\/p>\n<p>The Institute has many strengths on which<br \/>\nto build. One of those strengths is the partner-<br \/>\nships that exist with our 10 provincial affiliate<br \/>\norganizations across the country. We are going to<br \/>\nbe looking for ways to build on the collaboration<br \/>\nthat exists with our affiliates to ensure that we<br \/>\nare providing the services and the support that<br \/>\nthey and our members need.<\/p>\n<p>Q How do you see your role in this?<br \/>\na My objective is to work with our staff<br \/>\nand our elected leadership to facilitate their efforts<br \/>\nso that policies, strategies and programs are in<br \/>\nplace to serve our members. I see myself as a<br \/>\nconduit to making that happen. If I were to work<br \/>\nfor the Institute for the next 20 years, I would<br \/>\nnever know as much about real property valuation<br \/>\nas our members and leaders. My role is to work <\/p>\n<p>in collaboration, to provide guidance and to add<br \/>\nperspective. While I may not have direct contact<br \/>\nwith each and every member, I want to interact with<br \/>\nthem as much as possible so that they know who I<br \/>\nam and know that we are working on their behalf. In<br \/>\nthis regard, my goal during my first year as CEO is to<br \/>\nattend at least one event for each of our 10 provincial<br \/>\naffiliates. While seeking perspective from members<br \/>\nis a healthy thing for our organization to do, it must<br \/>\nbe done in a strategic and logical fashion. We will<br \/>\nwant to ask the right questions of the right people<br \/>\nat the right time, to be sensitive to their needs, and<br \/>\nthen to facilitate quick, decisive and sound decisions.  <\/p>\n<p>Q In fulfilling that role, what<br \/>\nis your management style or philosophy?<\/p>\n<p>a I believe that the best management<br \/>\nstyle or philosophy is situational, however, if you<br \/>\nwere going to use one word it would probably be<br \/>\ncollaborative. I like to be clear about expectations,<br \/>\nprovide the support and feedback that are needed<br \/>\nto do the job, and then stay out of the way so that<br \/>\nthe job can get done. I also believe that every piece<br \/>\nof work we do has value and should contribute<br \/>\nto the success of the whole. I always remember<br \/>\nhearing about a janitor who worked in a NASA<br \/>\nwarehousing facility more than 30 miles away<br \/>\nfrom the space program\u2019s launch site. When asked<br \/>\nwhat he did for a living, the janitor replied,<br \/>\n\u201cI helped put a man on the moon.\u201d I want every-<br \/>\none working for the AIC to know and believe that<br \/>\nwhat they do is important to the success of the<br \/>\norganization and, ultimately, to the success of the<br \/>\nmembers we serve.      <\/p>\n<p>\u201cI want everyone working for the AIC to know and<br \/>\nbelieve that what they do is important to the success of<br \/>\nthe organization and, ultimately, to the success of the <\/p>\n<p>members we serve.\u201d   <\/p>\n<p>click heRe to return to table of contents Canadian Property Valuation Volume 55 | Book 4 | 2011 \u00c9valuation Immobili\u00e8re au Canada 15<\/p>\n<p>\u00ab\u00a0Je voyais le travail de chef de la direction comme<br \/>\nune opportunit\u00e9 d\u2019honorer les accomplissements, les<br \/>\ntraditions et le calibre de l\u2019Institut et de ses membres, <\/p>\n<p>tout en puisant dans mes exp\u00e9riences pour les aider \u00e0<br \/>\nr\u00e9pondre aux enjeux qui les attendent. \u00bb<\/p>\n<p>raPPorT du Chef de la direction<\/p>\n<p>Q Pouvez-vous brosser le portrait<br \/>\nde plus de 25 ans pass\u00e9s dans le milieu<br \/>\ndes organismes sans but lucratif\u00a0?<\/p>\n<p>r Ce qui est devenu le cheminement<br \/>\nd\u2019une carri\u00e8re \u00e0 vie a d\u00e9but\u00e9 en 1982 quand je<br \/>\nsuis all\u00e9 travailler en Alberta pour l\u2019Automotive<br \/>\nService and Repair Association. Dix ans plus<br \/>\ntard, j\u2019ai d\u00e9m\u00e9nag\u00e9 \u00e0 Ottawa pour joindre les<br \/>\nrangs du Conseil du service d\u2019entretien et de<br \/>\nr\u00e9paration automobiles du Canada (CARS), o\u00f9<br \/>\nj\u2019ai servi \u00e0 titre de directeur ex\u00e9cutif de l\u2019Institut<br \/>\nCARS. En 1996, j\u2019ai quitt\u00e9 CARS pour cr\u00e9er une<br \/>\nfirme de consultation travaillant avec de nom-<br \/>\nbreux organismes nationaux sans but lucratif, y<br \/>\ncompris des conseils sectoriels nationaux. J\u2019ai eu<br \/>\nl\u2019occasion de lancer une nouvelle organisation en<br \/>\n2000 quand j\u2019ai \u00e9t\u00e9 nomm\u00e9 le premier directeur<br \/>\nex\u00e9cutif du Forum canadien sur l\u2019apprentissage,<br \/>\nposte que j\u2019ai occup\u00e9 jusqu\u2019en 2006. Par la suite,<br \/>\nj\u2019ai \u00e9t\u00e9 le porte-parole de l\u2019Alliance canadienne<br \/>\ndu commerce agroalimentaire  \u2013 une f\u00e9d\u00e9ra-<\/p>\n<p>le nouveau Chef de la direction<br \/>\nmise sur la collaboration<br \/>\npour atteindre les objectifs<\/p>\n<p>Keith Lancastle, MBA, CAE<br \/>\nchef de la direction<\/p>\n<p>Le 19 septembre 2011, l\u2019Institut canadien des \u00e9valuateurs (IC\u00c9) accueillait Keith Lancastle, MBA, CAE, comme son<br \/>\nnouveau chef de la direction. Rempla\u00e7ant le chef de la direction Georges Lozano r\u00e9cemment retrait\u00e9, Keith apporte \u00e0 la<br \/>\nfonction plusieurs ann\u00e9es d\u2019exp\u00e9rience de travail au sein et pour le compte de diverses professions et industries. Dans<br \/>\nl\u2019entrevue qui suit, il partage exp\u00e9riences, philosophies, aspirations et objectifs ayant trait \u00e0 son nouveau poste.<\/p>\n<p>tion d\u2019exportateurs agricoles  \u2013 \u00e0 Gen\u00e8ve, en<br \/>\nSuisse, ainsi qu\u2019au Canada durant les derniers<br \/>\nstades de n\u00e9gociations du Cycle de Doha pour<br \/>\nl\u2019Organisation mondiale du commerce. Cette<br \/>\nexp\u00e9rience a men\u00e9 \u00e0 ma nomination comme<br \/>\npremier directeur ex\u00e9cutif du Conseil sectoriel des<br \/>\nproduits forestiers en juin 2008, r\u00f4le que j\u2019ai jou\u00e9<br \/>\njusqu\u2019\u00e0 mon arriv\u00e9e \u00e0 l\u2019IC\u00c9. Pour ce qui est de ma<br \/>\nformation, je d\u00e9tiens une ma\u00eetrise en administra-<br \/>\ntion de l\u2019Universit\u00e9 Athabasca, de m\u00eame qu\u2019une<br \/>\nd\u00e9signation CAE de la Soci\u00e9t\u00e9 canadienne des<br \/>\ndirecteurs d\u2019association.<\/p>\n<p>Q Qu\u2019est-ce qui vous a incit\u00e9<br \/>\n\u00e0 choisir la fonction de chef de la<br \/>\ndirection \u00e0 l\u2019Institut\u00a0?<\/p>\n<p>r Je connaissais tr\u00e8s bien l\u2019histoire de l\u2019IC\u00c9<br \/>\net le pr\u00e9cieux h\u00e9ritage qu\u2019il a constitu\u00e9 avec les<br \/>\nann\u00e9es. Je sais aussi que les membres de la profes-<br \/>\nsion et l\u2019Institut doivent relever de grands d\u00e9fis <\/p>\n<p>dans un monde qui change rapidement. Ce fut une<br \/>\nv\u00e9ritable b\u00e9n\u00e9diction de pouvoir travailler dans des<br \/>\nsecteurs extr\u00eamement vari\u00e9s et observer directe-<br \/>\nment l\u2019impact remarquable que les organismes<br \/>\nsans but lucratif peuvent avoir gr\u00e2ce \u00e0 leurs dirige-<br \/>\nants et \u00e0 leur expertise. Je voyais le travail de chef<br \/>\nde la direction comme une opportunit\u00e9 d\u2019honorer<br \/>\nles accomplissements, les traditions et le calibre de<br \/>\nl\u2019Institut et de ses membres, tout en puisant dans<br \/>\nmes exp\u00e9riences pour les aider \u00e0 r\u00e9pondre aux<br \/>\nenjeux qui les attendent.<\/p>\n<p>Q Selon vous, quels sont<br \/>\nles d\u00e9fis \u00e0 relever ?<\/p>\n<p>r La plupart des d\u00e9fis que nous rencon-<br \/>\ntrons aujourd\u2019hui proviennent d\u2019un march\u00e9 en<br \/>\n\u00e9volution rapide. Il y a de nouveaux joueurs<br \/>\ndans la profession d\u2019\u00e9valuateur; les pr\u00eateurs sont<br \/>\nsoumis \u00e0 des pressions croissantes; les conditions<br \/>\n\u00e9conomiques sont tr\u00e8s volatiles; ce que nous<br \/>\nfaisons maintenant tient compte de la mondiali-<br \/>\nsation; les technologies changent \u00e0 la vitesse de<br \/>\nl\u2019\u00e9clair; la composition culturelle de notre soci\u00e9t\u00e9<br \/>\nest plus diversifi\u00e9e que jamais; et les gens ont des<br \/>\naspirations et des attentes diff\u00e9rentes dans tous<br \/>\nles aspects de leur vie, qu\u2019il s\u2019agisse d\u2019\u00e9ducation<br \/>\net de carri\u00e8re ou de salaire et de mode de vie.<br \/>\nLe seul fait que les baby-boomers atteignent<br \/>\nl\u2019\u00e2ge de la retraite change la face m\u00eame de notre <\/p>\n<p>click heRe to return to table of contentsCanadian Property Valuation Volume 55 | Book 4 | 2011 \u00c9valuation Immobili\u00e8re au Canada16<\/p>\n<p>Institut, le lieu de travail et les services requis<br \/>\npour r\u00e9pondre \u00e0 leurs besoins. Par exemple,<br \/>\nles membres de cette g\u00e9n\u00e9ration poss\u00e8dent de<br \/>\ngrandes richesses sous forme de propri\u00e9t\u00e9s qui<br \/>\ndoivent \u00eatre \u00e9valu\u00e9es avec pr\u00e9cision avant de<br \/>\npasser \u00e0 la prochaine g\u00e9n\u00e9ration. Chose certaine,<br \/>\nle changement est incontournable.<\/p>\n<p>Q Comment l\u2019Institut aborde-t-il<br \/>\nces temps de transformation\u00a0?<\/p>\n<p>r Il n\u2019y a pas si longtemps, j\u2019ai lu une citation<br \/>\nqui disait \u00ab\u00a0le changement est in\u00e9vitable, la crois-<br \/>\nsance est facultative \u00bb et qui m\u2019a profond\u00e9ment<br \/>\ntouch\u00e9. Qu\u2019une personne ou une organisation<br \/>\n\u00e9volue et s\u2019adapte ou non aux changements qui<br \/>\nsurviennent est une d\u00e9cision que chacune doit<br \/>\nprendre. Nous pouvons nous adapter et changer<br \/>\n(c.-\u00e0-d. grandir) ou ne pas le faire. L\u2019Institut a<br \/>\nd\u00e9cid\u00e9 d\u2019apporter les changements n\u00e9cessaires<br \/>\npour servir et supporter ses membres au meilleur<br \/>\nde sa capacit\u00e9 et pour que ses programmes suivent<br \/>\nl\u2019\u00e9volution des exigences du march\u00e9.<\/p>\n<p>Q Comment l\u2019Institut<br \/>\nparvient-il \u00e0 le faire\u00a0?<\/p>\n<p>r L\u2019IC\u00c9 remplit une mission extr\u00eamement<br \/>\npr\u00e9cieuse dans le march\u00e9 actuel, notamment<br \/>\n\u00e0 travers ses programmes de d\u00e9signation et<br \/>\nd\u2019\u00e9ducation. Tous les intervenants des transac-<br \/>\ntions immobili\u00e8res sont mieux servis par des<br \/>\n\u00e9valuateurs comp\u00e9tents, bien inform\u00e9s et<br \/>\n\u00e9thiques participant au processus. L\u2019absence<br \/>\nde ce genre d\u2019approche professionnelle peut<br \/>\noccasionner de graves probl\u00e8mes. En am\u00e9liorant<br \/>\nconstamment nos programmes de d\u00e9signation et<br \/>\nd\u2019\u00e9ducation, nous continuerons \u00e0 assumer l\u2019une<br \/>\nde nos responsabilit\u00e9s les plus importantes.<\/p>\n<p>Dans un cadre plus large, l\u2019IC\u00c9 a \u00e9labor\u00e9 un<br \/>\nnouveau plan strat\u00e9gique qui orientera notre<br \/>\nprise de d\u00e9cision et assurera que nous sommes<br \/>\nsur la bonne voie dans tous les cas. Mais il faut <\/p>\n<p>se rappeler que m\u00eame le plan strat\u00e9gique devra<br \/>\ns\u2019adapter aux nouvelles circonstances. Cela ne<br \/>\nsignifie pas que nous rechercherons la saveur<br \/>\ndu mois, mais plut\u00f4t que nous adopterons une<br \/>\napproche tr\u00e8s mesur\u00e9e pour d\u00e9gager nos buts<br \/>\net nos objectifs, avant d\u2019appuyer nos actions<br \/>\nsur des raisons \u00e9clair\u00e9es et strat\u00e9giques. Un de<br \/>\nnos principaux buts est de trouver les meilleures<br \/>\nfa\u00e7ons de servir nos membres. Pour le faire<br \/>\nefficacement, nous devons les \u00e9couter et, encore<br \/>\nplus important, entendre ce qu\u2019ils disent.<\/p>\n<p>L\u2019Institut poss\u00e8de plusieurs forces que nous<br \/>\npouvons d\u00e9velopper. L\u2019une de ces forces provient<br \/>\ndes partenariats \u00e9tablis avec nos 10 organisa-<br \/>\ntions affili\u00e9es provinciales \u00e0 travers le pays. Nous<br \/>\nchercherons des moyens d\u2019augmenter la collabo-<br \/>\nration avec ces organisations pour nous assurer<br \/>\nde fournir les services et le soutien dont elles et<br \/>\nleurs membres ont besoin.<\/p>\n<p>Q Comment voyez-vous<br \/>\nvotre r\u00f4le dans tout cela\u00a0?<\/p>\n<p>r Mon objectif est de travailler avec notre<br \/>\npersonnel et nos dirigeants \u00e9lus pour faciliter<br \/>\nleurs efforts afin que des politiques, strat\u00e9gies et<br \/>\nprogrammes soient en place pour desservir nos<br \/>\nmembres. Je me consid\u00e8re comme un canal qui<br \/>\nfavorise ce processus. M\u00eame si je travaillais pour<br \/>\nl\u2019Institut durant les 20 prochaines ann\u00e9es, je ne <\/p>\n<p>conna\u00eetrais jamais autant l\u2019\u00e9valuation immobili\u00e8re<br \/>\nque nos membres et nos dirigeants. Mon r\u00f4le<br \/>\nconsiste donc \u00e0 collaborer, offrir des conseils et<br \/>\najouter une perspective. Bien que je ne sois pas en<br \/>\ncontact direct avec chacun des membres, je veux<br \/>\ninteragir avec ceux-ci autant que possible afin<br \/>\nqu\u2019ils sachent qui je suis et que nous travaillons en<br \/>\nleur nom. \u00c0 cet \u00e9gard, je compte durant ma pre-<br \/>\nmi\u00e8re ann\u00e9e comme chef de la direction assister<br \/>\n\u00e0 au moins un \u00e9v\u00e9nement pour chacune de nos<br \/>\n10 affili\u00e9es provinciales. Alors que la recherche<br \/>\nd\u2019une perspective aupr\u00e8s des membres est une<br \/>\nbonne chose \u00e0 faire pour notre organisation,<br \/>\nnous devons proc\u00e9der de mani\u00e8re strat\u00e9gique et<br \/>\nlogique. Il faudra poser les bonnes questions aux<br \/>\nbonnes personnes au bon moment, \u00eatre sensibles<br \/>\n\u00e0 leurs besoins, puis faciliter des d\u00e9cisions rapides,<br \/>\nd\u00e9terminantes et judicieuses.<\/p>\n<p>Q En assumant ce r\u00f4le, quel est<br \/>\nvotre style ou philosophie de gestion\u00a0?<\/p>\n<p>r Je pense que le meilleur style ou la<br \/>\nmeilleure philosophie de gestion d\u00e9pend de la<br \/>\nsituation que l\u2019on rencontre, mais si je devais la<br \/>\nr\u00e9sumer en un seul mot, j\u2019opterais probablement<br \/>\npour la collaboration. J\u2019aime \u00eatre clair au sujet des<br \/>\nattentes, offrir le support et la r\u00e9troaction n\u00e9ces-<br \/>\nsaires pour faire le travail, puis laisser le champ<br \/>\nlibre \u00e0 ceux et celles qui abattront la besogne. Je<br \/>\npense aussi que toutes les parties du travail que<br \/>\nnous accomplissons ont de la valeur et qu\u2019elles<br \/>\ndoivent contribuer au succ\u00e8s de l\u2019ensemble. Je me<br \/>\nsouviendrai toujours de l\u2019histoire du concierge qui<br \/>\ntravaillait dans un entrep\u00f4t de la NASA \u00e0 presque<br \/>\n50 km de l\u2019aire de lancement du programme spa-<br \/>\ntial. Quand on lui demandait ce qu\u2019il faisait dans<br \/>\nla vie, il r\u00e9pondait \u00ab\u00a0j\u2019ai aid\u00e9 \u00e0 envoyer un homme<br \/>\nsur la Lune\u00a0\u00bb. Je d\u00e9sire que chaque personne \u00e0<br \/>\nl\u2019emploi de l\u2019IC\u00c9 sache et croit que ce qu\u2019elle fait<br \/>\nest important pour le succ\u00e8s de l\u2019organisation et,<br \/>\nen fin de compte, pour celui des membres que<br \/>\nnous servons.  <\/p>\n<p>\u00ab Un de nos principaux<br \/>\nbuts est de trouver les <\/p>\n<p>meilleures fa\u00e7ons de servir<br \/>\nnos membres. Pour le faire<br \/>\nefficacement, nous devons<br \/>\nles \u00e9couter et, encore plus <\/p>\n<p>important, entendre ce<br \/>\nqu\u2019ils disent. \u00bb<\/p>\n<p>click heRe to return to table of contents Canadian Property Valuation Volume 55 | Book 4 | 2011 \u00c9valuation Immobili\u00e8re au Canada 17<\/p>\n<p>Letters to the Editor<br \/>\nWe welcome letters on a subject related to the appraisal profession, but reserve the right to condense<br \/>\nand edit them. Please be succinct and state your opinion with 200 words or less.\u00a0Include your name<br \/>\nand contact information.\u00a0Anonymous letters will not be published.\u00a0Please send your submissions to<br \/>\nmaryjanee@aicanada.ca. Remember to state your opinions in a professional manner. Keep in mind<br \/>\nthat there may be a delay of several months in publishing your letter, if accepted, given the publication<br \/>\nschedule of Canadian Property Valuation magazine.\u00a0If you are commenting on a CPV article, we will<br \/>\nprovide the author an opportunity to respond.<\/p>\n<p>Taking issue with<br \/>\nan article on \u2018partial taking\u2019<\/p>\n<p>Letter to the Editor<\/p>\n<p>hile conducting research on<br \/>\nthe Internet, I encountered the<br \/>\narticle Expropriation and the par-<\/p>\n<p>tial taking appraisal by Gordon MacNair, Canadian<br \/>\nProperty Valuation, volume 53, Book 1, 2009. <\/p>\n<p>The article\u2019s principal focus is on partial<br \/>\ntakings, and two methods of calculating com-<br \/>\npensation are presented, namely the \u2018before and<br \/>\nafter method\u2019 and the \u2018summation method.\u2019 The<br \/>\nauthor describes the before and after method as<br \/>\nsimply the difference in value between the before<br \/>\nand after conditions [of the property], caution-<br \/>\ning that, \u201cin some circumstances, [the before<br \/>\nand after method]\u2026may result in no payment<br \/>\nfor the part taken and, therefore, benefits the<br \/>\nexpropriation authority.\u201d<\/p>\n<p>That the property-owner may receive less<br \/>\nthan the contributory value of the taking, as<br \/>\na function of the property as a \u2018whole (larger<br \/>\nparcel),\u2019 only holds true if the sum of the con-<br \/>\ntributory value of the taking as a function of the<br \/>\n\u2018whole\u2019 (before the taking) and the after-taking<br \/>\nvalue exceed the value of the property as a<br \/>\n\u2018whole,\u2019 before the taking. Ensuring that the<br \/>\nproperty owner always receives at least the<br \/>\nvalue of the land taken necessitates inclusion of<br \/>\nan intermediate computation in executing the<br \/>\nbefore and after method, as demonstrated in <\/p>\n<p>Editor\u2019s note:  Mr. Sevelka submitted a much longer, detailed response to the McNair article. It was necessary to<br \/>\n extensively edit his submission in order to meet our publication limitations for letters to the editor.   <\/p>\n<p>the following formats illustrated in Expropriation<br \/>\nAppraisal Review.<\/p>\n<p>It is the contributory value of the taking as a<br \/>\nfunction of the property as a \u2018whole\u2019 that reflects<br \/>\nthe measure of compensation for the land taken,<br \/>\nand, so, it does not necessarily hold that \u201cthe part<br \/>\ntaken would have the same unit value as part of<br \/>\nthe larger parcel\u2026,\u201d as suggested by the author.<br \/>\nFor example, the part taken might consist of<br \/>\nundevelopable land, whereas the property as a<br \/>\n\u2018whole\u2019 might consist essentially of developable<br \/>\nland valued at a significantly higher rate, with no<br \/>\nvalue assigned to undevelopable land.<\/p>\n<p>As for the summation method, the only time<br \/>\nthat the land taken can be valued independent of<br \/>\nthe value of the property as a \u2018whole,\u2019 before the<br \/>\ntaking, is when the taking has an independent<br \/>\nhighest and best use distinct and separate from<br \/>\nthat of the property as a \u2018whole,\u2019 and when<br \/>\nthere is no injurious affection sustained by the<br \/>\nremainder. <\/p>\n<p>Courts in Ontario have carved out an excep-<br \/>\ntion to the before and after method by allowing<br \/>\na non-viable partial taking to be valued as a<br \/>\nfunction of the property as a \u2018whole,\u2019 before the<br \/>\ntaking, without requiring an after-taking value<br \/>\nif no injurious affection is claimed. However,<br \/>\nas a practical matter, it may not be possible to <\/p>\n<p>ascertain whether the remainder has sustained<br \/>\nany injurious affection without the benefit of<br \/>\nan after-taking valuation and recognition of the<br \/>\nscheme.<\/p>\n<p>Any attempt to establish a highest and best<br \/>\nuse for a non-viable partial taking is an \u2018artificial<br \/>\nand fictitious\u2019 exercise. Moreover, it is impossible<br \/>\nto ascribe an estimate of market value to a non-<br \/>\nviable partial taking that has no independent<br \/>\nhighest and best use. Highest and best use and<br \/>\nmarket value are linked, and both are premised<br \/>\non economic principles. Land must have (eco-<br \/>\nnomic) utility in order to have value in exchange.<\/p>\n<p>Accordingly, it follows that damages to a<br \/>\nremainder can only be determined by use of<br \/>\nthe before and after method, with the inclusion<br \/>\nof the suggested intermediate computation to<br \/>\nensure that a property owner always receives at<br \/>\nleast the market value of the land taken. <\/p>\n<p>Before-taking and after-taking valuations,<br \/>\nincluding an appropriate intermediate computa-<br \/>\ntion, provide the essential benchmarks for com-<br \/>\nputing the diminution in value occasioned by the<br \/>\ntaking of a non-viable parcel, and any measure of<br \/>\ninjurious affection or betterment. Of course, both<br \/>\nthe before- and after-taking valuations must<br \/>\nbe supported by a separate and independent<br \/>\nanalysis of highest and best use, with the scheme <\/p>\n<p>W<\/p>\n<p>click heRe to return to table of contentsCanadian Property Valuation Volume 55 | Book 4 | 2011 \u00c9valuation Immobili\u00e8re au Canada18<\/p>\n<p>mailto:maryjanee@aicanada.ca<\/p>\n<p>MacNair responds<br \/>\nAs stated in my article, the purpose was to<br \/>\ndiscuss the complexities associated with<br \/>\na partial taking appraisal and to provide a<br \/>\nbrief understanding of the various concepts<br \/>\nrelated to appraisal principles and case law. <\/p>\n<p>Mr. Sevelka\u2019s comments are focused on<br \/>\nmy comments related to the two valua-<br \/>\ntion methods used in partial takings. We<br \/>\nboth agree that there are two recognized<br \/>\nvaluation methods for partial takings, but<br \/>\nhe seems to take exception to my com-<br \/>\nments about the use of the \u2018before and<br \/>\nafter method.\u2019 The point of my article when <\/p>\n<p>discussing the before and after method was<br \/>\nthat, in the truest sense, there could be certain<br \/>\nsituations where this method could result in<br \/>\nno payment to the owner, which is not accept-<br \/>\nable. As well, certain jurisdictions in Canada,<br \/>\nincluding the province of Ontario, cite that this<br \/>\nmethod may be used in certain instances. As<br \/>\nwell, according to The Law of Expropriation and<br \/>\nCompensation in Canada by Eric C.E. Todd, \u201cThe<br \/>\nCanada Act precludes the use of the before<br \/>\nand after method.\u201d (pg. 349) At no point in<br \/>\nmy article was I suggesting that appraisers<br \/>\nnot consider this method. The before and <\/p>\n<p>after method is a very important method<br \/>\nin partial takings and needs to be fully<br \/>\nunderstood by the appraiser before being<br \/>\nemployed.<\/p>\n<p>Mr. Sevelka makes a good comment<br \/>\nin his last paragraph, where he suggests<br \/>\nthat a better understanding of expropria-<br \/>\ntion principles and relevant case law could<br \/>\nbe obtained by enrolling in UBC\u2019s CPD 122<br \/>\nExpropriation Valuation course. I agree with<br \/>\nthis comment, as I referenced this as a source<br \/>\nof information in my article. I was also one of<br \/>\nthe contributing authors to this course.  <\/p>\n<p>ignored in the before-taking scenario and taken<br \/>\ninto account in the after-taking scenario.<\/p>\n<p>While MacNair\u2019s article is informative and<br \/>\nprovides a number of helpful pointers for those<br \/>\nappraisers that might be considering undertaking<br \/>\nexpropriation appraisal assignments, the article <\/p>\n<p>has the unintended consequence of potentially<br \/>\nencouraging faulty and misleading appraisals.<br \/>\nAnyone wanting to gain a better understanding<br \/>\nof expropriation principles and relevant case<br \/>\nlaw should consider enrolling in UBC\u2019s CPD 122<br \/>\nExpropriation Valuation course.<\/p>\n<p>End note<br \/>\nTony Sevelka, \u201cExpropriation Appraisal Review,\u201d<br \/>\nThe Appraisal Journal (Spring 2008), 162-163.<\/p>\n<p>Respectfully submitted,<br \/>\nTony Sevelka, AACI, FRICS, SREA, MAI, CRE<\/p>\n<p>Manual for the Estimating the Replacement<br \/>\nCost of Single Family Dwellings<\/p>\n<p>NEW<br \/>\nResidential Costing Manual<\/p>\n<p>Call, Fax or Email for Details<br \/>\nWebsite: www.douglascostguide.com      Email: karldouglas@hay.net<\/p>\n<p>Telephone: (877) 284-0028      Fax: (519) 238-6214<\/p>\n<p>1 Storey<br \/>\nTri-Level<\/p>\n<p>1-3\/4 Storey<br \/>\n2-1\/2 Storey<\/p>\n<p>Raised Ranch<br \/>\n1-1\/2 Storey<\/p>\n<p>2 Storey<br \/>\nGarages<\/p>\n<p>click heRe to return to table of contents Canadian Property Valuation Volume 55 | Book 4 | 2011 \u00c9valuation Immobili\u00e8re au Canada 19<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"7imkJdFJrw\"><p><a href=\"https:\/\/www.douglascostguide.com\/\">Douglas Cost Guide: Estimate Rebuild &#038; Replacement Costs<\/a><\/p><\/blockquote>\n<p><iframe loading=\"lazy\" class=\"oembed-iframe\"  class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;Douglas Cost Guide: Estimate Rebuild &#038; Replacement Costs&#8221; &#8212; Douglas Cost Guide\" src=\"https:\/\/www.douglascostguide.com\/embed\/#?secret=kjy9kkVnzm#?secret=7imkJdFJrw\" data-secret=\"7imkJdFJrw\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><br \/>\nmailto:karldouglas@hay.net<br \/>\nmailto:karldouglas@hay.net<\/p>\n<p>Member ProFIle<\/p>\n<p>When Stacey Wilks, AACI, was in her first few years of the Bach-elor of Commerce (B. Comm.)<br \/>\nprogram at the University of Guelph, one of her<br \/>\nprofessors mentioned that Farm Credit Canada<br \/>\n(FCC) had an appraisal division. \u201cAt the time, I<br \/>\nthought, \u2018I want to work at FCC\u2019,\u201d recalls Wilks.<br \/>\nBut, as she learned more about the commercial<br \/>\nreal estate sector in her third and fourth years,<br \/>\nshe gradually shifted her focus to commercial and<br \/>\nindustrial properties. <\/p>\n<p>What did not change was her interest in<br \/>\nvaluation, a field she first came across in the<br \/>\nHousing and Real Estate Management program<br \/>\n(now Real Estate and Housing), while completing<br \/>\nher B. Comm. In subsequent courses, she found<br \/>\nfurther satisfaction in learning about the income<br \/>\napproach and discounted cash flows, while work-<br \/>\ning with spreadsheets and formulas.<\/p>\n<p>\u201cI am a numbers person,\u201d she explains. \u201cI love<br \/>\nmath and calculations. That is what initially drew<br \/>\nme to appraising.\u201d<\/p>\n<p>After graduation in 2007, Wilks was hired<br \/>\nby a Toronto consulting company specializing in<br \/>\nreal estate and property tax management. While<br \/>\nthere, she worked on appraisals of commercial,<br \/>\nindustrial and multi-residential properties, mainly<br \/>\nfor assessment appeals. <\/p>\n<p>She focused on her work under manager<br \/>\nCharles Johnstone, AACI, an experienced appraiser<br \/>\nheavily involved in preparing Candidates for the<br \/>\nAppraisal Institute of Canada\u2019s (AIC) interview and<br \/>\nexam. It was Johnstone who helped Wilks map out<br \/>\na development plan towards obtaining her AACI<br \/>\naccreditation. \u201cHe was totally committed to my<br \/>\nsuccess,\u201d says Wilks. \u201cCharles was an inspiration. I<br \/>\ndo not think I would be in the position I am today if<br \/>\nit were not for him.\u201d<\/p>\n<p>Stacey Wilks, AACI<br \/>\nReady for any challenge<\/p>\n<p>click heRe to return to table of contentsCanadian Property Valuation Volume 55 | Book 4 | 2011 \u00c9valuation Immobili\u00e8re au Canada20<\/p>\n<p>She developed a checklist for different types of<br \/>\nproperties, so she would remember what to look for <\/p>\n<p>when making the visits on her own. <\/p>\n<p>Under Johnstone\u2019s tutelage, Wilks registered<br \/>\nas a Candidate and began undertaking the<br \/>\ncourses and applied experience she would need<br \/>\nto obtain her AACI. Her B. Comm. in real estate<br \/>\nallowed her to take the \u2018fast track\u2019 program and<br \/>\nreduced her courses from six to four. Taking<br \/>\nBUSI 331, she found that it was a mirror of the<br \/>\nappraisal course she had taken at the University<br \/>\nof Guelph. \u201cFor some people, that would be a<br \/>\nchallenging course, but I had already taken most<br \/>\nof the content, so it was more like a review for<br \/>\nme,\u201d she explains.<\/p>\n<p>While she was studying, Wilks continued<br \/>\nliving and working in Toronto. But, having grown<br \/>\nup in a small town of fewer than 1,000 people,<br \/>\nshe soon felt worn out by the hustle and bustle<br \/>\nof the city. \u201cI liked my work,\u201d she recalls, \u201cbut I<br \/>\nno longer enjoyed living in the city, and, because<br \/>\nof where my office was, I could not commute.\u201d<\/p>\n<p>As fate would have it, she was rescued by<br \/>\na possibility she had almost entirely forgotten:<br \/>\nworking for FCC. When a position opened up in<br \/>\nFCC\u2019s Guelph office in 2008, Wilks jumped at the<br \/>\nopportunity. As if it were not already obvious<br \/>\nthat the stars were aligning, one of the FCC panel<br \/>\nmembers conducting her interview was from the<br \/>\nsame cluster of small towns where she grew up.<br \/>\n\u201cIt was as if it was meant to be,\u201d says Wilks.<\/p>\n<p>At Farm Credit Canada, the young Candidate<br \/>\nfound a good mentor. \u201cAny time he went on an<br \/>\ninspection, I tagged along to take pictures and<br \/>\nlearn about different kinds of properties,\u201d notes<br \/>\nWilks. \u201cOnce you have seen one dairy farm, the<br \/>\nnext one is similar. But, if you have not seen a<br \/>\ndairy or hog facility, you do not know what to<br \/>\nlook for.\u201d To alleviate this problem, she developed<br \/>\na checklist for different types of properties, so she<br \/>\nwould remember what to look for when making<br \/>\nthe visits on her own.  <\/p>\n<p>By this time, Wilks had only one course left<br \/>\nfor her AACI designation and was poised to start <\/p>\n<p>on her demonstration report. Selecting a single-<br \/>\ntenant industrial building in the City of vaughan,<br \/>\nshe found the guided case study to be very chal-<br \/>\nlenging due to the high level of detail required.<br \/>\nThe building was located in a mature area with <\/p>\n<p>a history of numerous sales. But, while working<br \/>\non her report in 2009, the number of industrial<br \/>\nbuilding sales in the area had dropped.<\/p>\n<p>Nonetheless, she persevered, establishing<br \/>\na strict schedule of working and studying on<br \/>\nweekdays and planning her upcoming wedding<br \/>\non weekends. Learning about the different types<br \/>\nof agricultural operations proved to be very<br \/>\ninteresting. \u201cYou are valuing their property, so<br \/>\nyou need to know what is going on,\u201d notes Wilks,<br \/>\nadding that, she often speaks to the FCC relation-<\/p>\n<p>click heRe to return to table of contents Canadian Property Valuation Volume 55 | Book 4 | 2011 \u00c9valuation Immobili\u00e8re au Canada 21<\/p>\n<p>property,\u201d notes Wilks. \u201cIt is about getting back<br \/>\nto the appraisal principles that were instilled in<br \/>\nme when I did my demonstration report.\u201d<\/p>\n<p>FCC appraisers operate within strict service<br \/>\nstandards. Depending on the level of detail and<br \/>\nanalysis, the appraisers are given anywhere from<br \/>\nfive to 20 days to complete a valuation. <\/p>\n<p>\u201cI go where the work is,\u201d says Wilks. \u201cI have<br \/>\nbeen anywhere from Owen Sound to Niagara-<br \/>\non-the-Lake to Windsor to Stayner [on Georgian<br \/>\nBay]. It depends on who is available and what<br \/>\nwork needs to be done.\u201d<\/p>\n<p>Recently, she started doing an occasional<br \/>\nrotation in the Mississauga office where the<br \/>\nappraiser has gone on maternity leave. Wilks<br \/>\nhas also accepted a term position as an analyst,<br \/>\nwhich involves updating valuation guides and<br \/>\nassisting with the redesign of FCC\u2019s valuation<br \/>\nsoftware for national use. She has been con-<br \/>\nversing with appraisers from FCC offices across<br \/>\nCanada to obtain their input. <\/p>\n<p>\u201cIt has been very interesting to develop the<br \/>\nattributes we need to consider for each different <\/p>\n<p>\u201cWhenever I complete an<br \/>\nappraisal, I write it as if the<br \/>\nperson who will be reading<br \/>\nit does not have the same <\/p>\n<p>background I do.\u201d<\/p>\n<p>Please check out the interactive<br \/>\nCanadian Property Valuation<br \/>\nat www.aicanada.ca<\/p>\n<p>With print and electronic communication operating hand-in-hand more than ever<br \/>\nbefore, we are pleased to advise you that Canadian Property Valuation magazine is<br \/>\navailable online in a highly interactive format. <\/p>\n<p>a user-friendly, interactive media rich PDF format that includes:<\/p>\n<p> active hyper-links to all websites and e-mails contained in the publication<\/p>\n<p> active links to the specific stories fromthe front cover and contents page<\/p>\n<p> active links to advertiser websites from their ads<\/p>\n<p>Interactive edition of Canadian ProPerty VaLUation<\/p>\n<p>Member ProFIle<\/p>\n<p>ship (account) manager to get an explanation of<br \/>\nthe operation before she goes on an inspection. \u201cI<br \/>\nhave definitely learned a lot working at FCC. Seeing<br \/>\nthe passion people have for their properties and<br \/>\noperations is really inspiring.\u201d<\/p>\n<p>As an agricultural lender, FCC conducts<br \/>\nappraisals of agricultural businesses for the<br \/>\npurpose of issuing loans. \u201cAll the valuation work<br \/>\nwe do is internal, for FCC use only,\u201d explains<br \/>\nWilks. \u201cOur customers are the FCC relationship<br \/>\n(account) managers.\u201d  <\/p>\n<p>valuation work at FCC involves various types<br \/>\nof agricultural properties and sometimes includes<br \/>\nnot only land and buildings, but equipment as well<br \/>\n\u2013 trucks, trailers and specialized equipment. Wilks<br \/>\nfondly remembers walking out of a commercial<br \/>\nbakery with a fresh loaf of bread after seeing huge<br \/>\nhoppers dropping flour into giant mixers.  <\/p>\n<p>On the other hand, she is not so fond of hog<br \/>\nbarns. \u201cWhen you do a site inspection, you usually<br \/>\nsmell bad when you leave,\u201d she explains, with a<br \/>\nlaugh. \u201cThat is a dilemma for me because I want to<br \/>\nlook my best when meeting the property owner,<br \/>\nbut I do not want to wear good clothes that get<br \/>\ndirty and smelly when going through the barn.\u201d<\/p>\n<p>The variety certainly makes the work both<br \/>\ninteresting and challenging. The valuation<br \/>\nprocess and analysis becomes interesting in<br \/>\nsituations involving unusual zoning or multiple<br \/>\nresidences on one property, which is not<br \/>\nunique to agricultural properties. \u201cIt comes<br \/>\nback to what is the highest and best use of the <\/p>\n<p>building, land type and area,\u201d says Wilks, adding<br \/>\nthat she finds herself relying on the knowledge<br \/>\nshe used in her guided case study. Though difficult<br \/>\nat the time, documenting her work in such great<br \/>\ndetail was good practice in making explicit what<br \/>\nlater becomes internalized.<\/p>\n<p>It is an approach she applies, in a more<br \/>\nlimited way, to her valuation work. \u201cWhenever I<br \/>\ncomplete an appraisal, I write it as if the person<br \/>\nwho will be reading it does not have the same<br \/>\nbackground I do,\u201d she explains. \u201cIt is also for my<br \/>\nown benefit. When I go back to the report, I can<br \/>\neasily follow my own train of thought.\u201d<\/p>\n<p>She notes that valuation work in the agricul-<br \/>\ntural sector is not so different from appraising<br \/>\nresidential, commercial and industrial properties.<br \/>\nEach property type has its own set of characteris-<br \/>\ntics, but the principles, methods and processes are<br \/>\nthe same. She continues to learn through multiple<br \/>\nchannels such us working on the job and taking<br \/>\nformal appraisal training through UBC.  <\/p>\n<p>Wilks is uncertain what the future will hold,<br \/>\nbut, for now, she is very happy to continue<br \/>\nher work, while helping colleagues with their<br \/>\nUBC courses and taking summer students out<br \/>\non inspections. One former summer student<br \/>\nrecently asked about the process of becoming<br \/>\nan accredited appraiser and Wilks was only too<br \/>\nhappy to oblige. Having your AACI, she told the<br \/>\nstudent, opens a whole world of possibilities. For<br \/>\nStacey Wilks, exploring those possibilities has<br \/>\njust begun.  <\/p>\n<p>click heRe to return to table of contentsCanadian Property Valuation Volume 55 | Book 4 | 2011 \u00c9valuation Immobili\u00e8re au Canada22<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"iCZeGYvwHw\"><p><a href=\"https:\/\/www.aicanada.ca\/\">Home<\/a><\/p><\/blockquote>\n<p><iframe loading=\"lazy\" class=\"oembed-iframe\"  class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;Home&#8221; &#8212; Appraisal Institute of Canada\" src=\"https:\/\/www.aicanada.ca\/embed\/#?secret=S4EZCFL5M1#?secret=iCZeGYvwHw\" data-secret=\"iCZeGYvwHw\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p>Commercial lease analysis<br \/>\nTRIPS and     TRAPS<\/p>\n<p>By John Peebles, AACI<\/p>\n<p>Canadian Property Valuation Volume 55 | Book 4 | 2011 \u00c9valuation Immobili\u00e8re au Canada 23<\/p>\n<p>trips and     traps<\/p>\n<p>click heRe to return to table of contents<\/p>\n<p>My goal in this article is to offer<br \/>\ntips for appraisers to reduce the risk of errors<br \/>\nin lease analysis by avoiding some common<br \/>\ntraps and still achieving a manageable balance<br \/>\nbetween research and report production.       <\/p>\n<p>First, let\u2019s accept that no one is perfect. We<br \/>\nhave all made mistakes in lease analysis and<br \/>\nI am willing to put up my hand up first. The<br \/>\nkey is whether we learn from our mistakes,<br \/>\ngrow from our experiences, and continue to<br \/>\nadvance our professional development. In<br \/>\nmy career in the public and private sectors, I<br \/>\nhave seen all types of lease agreements, from<br \/>\nthe back of a napkin and handshake deals in<br \/>\nthe Cariboo-Chilcotin to a Sears 100+ page<br \/>\ndepartment store lease. I have hired appraisers<br \/>\nand reviewed their appraisal reports, some the<br \/>\nsize of a phone book. Believe me, size does not<br \/>\nmatter when comes to appraisal reports.  <\/p>\n<p>Here are the most common lease analysis<br \/>\nerrors that I have encountered.  <\/p>\n<p>1. Reliance on the rent roll or lease abstract<br \/>\nwithout a review of the lease documents.<br \/>\nThis may seem like a no-brainer. Relying only<br \/>\non the rent roll is high risk and contrary to the<br \/>\ndirection in our education program, standards<br \/>\nand every appraisal text. However, a review of<br \/>\nlease agreement may not be practical when<br \/>\ndealing with a large business park or office<br \/>\nbuilding with 30+ lease agreements. <\/p>\n<p>In cases where you are dealing with an<br \/>\noverwhelming volume of lease documents,<br \/>\nyou need to apply the \u2018reasonable appraiser\u2019<br \/>\ntest. The test is pretty simple. Talk to five or<br \/>\nsix appraisers who value this property type<br \/>\nand ask them what level of due diligence they<br \/>\nfeel is appropriate \u2013 this will be your research<br \/>\nbenchmark. A common sense approach I have<br \/>\nused is to rely on a combination of sources: rent <\/p>\n<p>roll, lease abstracts, sample lease documents<br \/>\nand advice from the property manager. This<br \/>\napproach should be adequate when valuing a<br \/>\nbuilding with fairly uniform lease documents.<br \/>\nIn other scenarios, you may find the building<br \/>\nhas a combination of semi-gross and net leases<br \/>\nreflecting the landlord\u2019s efforts to move tenants<br \/>\nto contemporary net lease agreements as leases<br \/>\nroll-over. My advice in this scenario is to quote a<br \/>\ndecent fee \u2013 there is a lot of work in reviewing<br \/>\ndocuments and adjusting all rents to net for<br \/>\nconsistent analysis. <\/p>\n<p>2. A belief that the lease<br \/>\nconsists of only one document.<br \/>\nDid you know that the lease is actually a<br \/>\nnumber of documents including the original<br \/>\nagreement, addendums, modification<br \/>\nagreements, assignments, and other<br \/>\ndocuments that modify the lease terms? When<br \/>\nyou contact the landlord or property manager<br \/>\nfor the building leases, ensure you ask for all <\/p>\n<p>the related documents. You will also want to<br \/>\nsee Offers to Lease (a conditional contract) for<br \/>\nnew deals that have not yet been solidified in a<br \/>\nformal lease agreement. <\/p>\n<p>Some appraisers may feel that a lease<br \/>\nabstract or detailed summary of the lease is<br \/>\nsufficient for valuation purposes. Here is the<br \/>\nproblem with this shortcut. Unless the landlord<br \/>\nhas a very competent lease administrator,<br \/>\nthere is a risk that the information recorded<br \/>\nin rent rolls and lease abstracts will not agree<br \/>\n100% with the actual lease documentation. In<br \/>\naddition, the lease abstract may not identify all<br \/>\nthe lease clauses that impact value.<\/p>\n<p>Landlords may also relax rent or other lease<br \/>\nconditions through an informal letter to the<br \/>\ntenant. I recently valued a large commercial<br \/>\ncentre and assumed the landlord provided all<br \/>\nthe lease documents. However, the rent for<br \/>\na specific CRU noted on the rent roll did not<br \/>\nagree with the lease agreement. I questioned<br \/>\nthe landlord and learned that the rent for this <\/p>\n<p>Analysis of the commercial lease agreement is the core of IC&#038;I appraisal and<br \/>\nvalue added consulting work. Yet, the problem appraisers face is the pressure to<br \/>\ntrade-off the due diligence required for thorough lease analysis with the need to<br \/>\nproduce valuation advice to clients at the ever-increasing speed of business.  <\/p>\n<p>click heRe to return to table of contentsCanadian Property Valuation Volume 55 | Book 4 | 2011 \u00c9valuation Immobili\u00e8re au Canada24<\/p>\n<p>CRU had been reduced by an informal letter<br \/>\nfor a 12-month period in recognition of the<br \/>\ntenant\u2019s struggle with sales. The intention of<br \/>\nthe parties was for the rent to return to the<br \/>\ncontract level for the remainder of the term.<br \/>\nHowever, I would not have accounted for the<br \/>\nshort-term income loss and subsequent value<br \/>\nimpact if I had not questioned the landlord.  <\/p>\n<p>3. Assuming that lease renewal,<br \/>\nassignment, and termination clauses are<br \/>\nboilerplates that require no interpretation.<br \/>\nLease renewal provisions impact the appeal<br \/>\nof a property to investors, its re-development<br \/>\npotential, and, ultimately, market value.<br \/>\nConsider this example. You are valuing a<br \/>\ncommercial strip plaza in Brampton, Ontario<br \/>\nwith eight CRUs and a freestanding restaurant.<br \/>\nYou examine the CRU leases and two things<br \/>\nstand out: (1) the CRU leases rolled over in<br \/>\n2008-2010, and (2) the landlord has granted<br \/>\neach of the tenant\u2019s options for 1-5-year<br \/>\nrenewal. The rents for about one-half of the<br \/>\nCRUs appear below market.<\/p>\n<p>Are there risks associated with this<br \/>\nscenario? On the surface, it appears that the<br \/>\ntenant has shifted market risk to the landlord,<br \/>\nsince the landlord has effectively eliminated<br \/>\nthe option of re-leasing CRU space occupied<br \/>\nby under-performing tenants. While the loss<br \/>\nin potentially achievable rent is somewhat<br \/>\nmitigated by the reduced risk of tenant<br \/>\nvacancy, most landlords want their assets<br \/>\nperforming at market levels. It is understood<br \/>\nthat you will value the strip plaza using<br \/>\nmarket rent for each CRU, but you also need<br \/>\nto recognize the lease-up costs in getting to<br \/>\nmarket rent and a potential 5+-year delay,<br \/>\nusing either a lease-up expense or overall cap<br \/>\nrate adjustment.<\/p>\n<p>4. Failure to understand and<br \/>\nrecognize the distinction between<br \/>\nassignments and sub-leases.<br \/>\nAn assignment is the legal transfer of the lease<br \/>\ncontract by the lessee (the assignor) to another<br \/>\nparty (the assignee) willing to assume the lease.<br \/>\nWhen a tenant completes a lease assignment,<br \/>\nthe assignee becomes bound to all the terms<br \/>\nand conditions of the lease. The parties (landlord<br \/>\nand new tenant) will sometimes use this<br \/>\nopportunity to negotiate modifications to the<br \/>\nlease agreement, such as renewal options and<br \/>\nrent escalation. In contrast, a sub-lease is created<br \/>\nwhere the tenant transfers only a portion of their<br \/>\nleasehold interest to a third party. The landlord<br \/>\nretains a legal contract with the tenant, but has<br \/>\nno legal relationship with the sub-tenant. In<br \/>\ngeneral, a sub-lease creates greater risk for the<br \/>\nlandlord than an assignment, because of a lack<br \/>\nof control over the sub-tenant, particularly the<br \/>\nsub-tenant\u2019s covenant or ability to pay rent. <\/p>\n<p>A building with multiple sub-leases, <\/p>\n<p>expected to be more common as economic<br \/>\nconditions decline, is a significant market risk.<br \/>\nThe landlord has likely played no role in pre-<br \/>\nqualifying the sub-tenants. If the sub-tenants<br \/>\ncannot pay the rent, the landlord still has<br \/>\nrecourse to the tenants \u2013 but they may have left<br \/>\nthe local area, adding to the cost of collections.<br \/>\nA simple clue to missing lease documentation is<br \/>\nwhen you learn that the business occupying the<br \/>\nleased premises is different from the party who<br \/>\nsigned the lease agreement \u2013 red flags go up!<\/p>\n<p>5. Failure to understand the<br \/>\nconnection between rentable area and rent.<br \/>\nRent is typically defined in the lease as all the<br \/>\nmoney owed by the tenant to the landlord for<br \/>\noccupation of the demised area. Rent includes<br \/>\n\u2018base rent\u2019 for the rentable area and \u2018additional<br \/>\nrent,\u2019 the tenant\u2019s share of the building<br \/>\nexpenses and other charges such as property<br \/>\ntaxes, insurance and management fees. <\/p>\n<p>What if the landlord has recently engaged a <\/p>\n<p>TRIPS and TRAPStrips and traps<\/p>\n<p>click heRe to return to table of contents Canadian Property Valuation Volume 55 | Book 4 | 2011 \u00c9valuation Immobili\u00e8re au Canada 25<\/p>\n<p>space measurement firm to accurately measure<br \/>\nthe building\u2019s common and useable areas? The<br \/>\nreport identifies a building rentable area that<br \/>\nis 6,000 square feet larger than the total of the<br \/>\nrentable area in all building leases. The landlord<br \/>\nprovides the report and instructs you to rely<br \/>\non it for valuation purposes, since it instantly<br \/>\nboosts the overall value of the building. The<br \/>\nproblem with the landlord\u2019s instructions is that<br \/>\nthe contract rentable area and related monthly,<br \/>\nannual, and square foot rents in the lease<br \/>\nagreements will continue to be the legal basis<br \/>\nfor rental income. The potential bump in rent<br \/>\nassociated with the corrected measurements<br \/>\ncannot be achieved until the lease is modified<br \/>\nor renewed. Using the space measurement<br \/>\nnumbers for your appraisal report would be<br \/>\nmisleading to any intended user and result in an<br \/>\nincorrect value estimate.<\/p>\n<p>6. Terminology confusion.<br \/>\nLeases can be defined and described according to<br \/>\nthe calculation of rent (flat, step-up, percentage,<br \/>\nrevaluation) and method of expense recovery<br \/>\n(gross, semi-gross, triple-net or net, absolute<br \/>\nnet). In the \u2018good old days,\u2019 or as my daughter<br \/>\nwould complain\u2026\u201cwhen you, mom, and<br \/>\ndinosaurs roamed the earth,\u201d commonly used<br \/>\nlease terms were single-net, double-net, or<br \/>\ntriple-net rent. A single-net lease implied<br \/>\npayment of base rent plus property taxes. A<br \/>\ndouble-net lease required payment of base rent,<br \/>\nproperty taxes and building insurance, while a<br \/>\ntriple-net lease meant payment of base rent,<br \/>\nproperty taxes, insurance, and building repairs<br \/>\nand maintenance. <\/p>\n<p>The world has now moved on and these<br \/>\nterms are beginning to fade from our lexicon.<br \/>\nThere are two contributing factors: (1) each <\/p>\n<p>lease is unique \u2013 meaning great variability<br \/>\nin expenses that are included, and (2) the<br \/>\ngeneral desire of landlords to recover virtually<br \/>\nall building operating expenses from tenants,<br \/>\nmeaning a preference for absolute net leases.<\/p>\n<p>Analysis errors will occur when relying on<br \/>\nrent comparables that are identified in MLS<br \/>\nlistings as absolute net, when the rent is based<br \/>\non a different expense recovery formula. If<br \/>\na broker describes the rent as absolute rent,<br \/>\none way to confirm the degree of net is to ask<br \/>\nthem to confirm this statement: \u201cyou mean<br \/>\nthe tenant pays for all expenses and structural<br \/>\nrepairs and the landlord has no non-recoverable<br \/>\nexpenses?\u201d You also need to deliver a clear and<br \/>\nconcise valuation report to clients and others<br \/>\nwho will rely on your report. A good practice<br \/>\nis to define potentially confusing real estate<br \/>\nterms, such as lease jargon, in the glossary of<br \/>\nyour report, in order to avoid costly confusion.    <\/p>\n<p>7. Failure to understand<br \/>\nthe motivation of the parties.<br \/>\nAs an appraiser, I am always curious how the<br \/>\nparties arrived at the lease deal \u2013 were the<br \/>\nnegotiations long and difficult, or routine? I<br \/>\nhave found that the outcome of a lease deal<br \/>\ncan often be explained by understanding the<br \/>\nmotivation of the parties.  <\/p>\n<p>Landlords want tenants with a good<br \/>\ncovenant, who will keep the premises in good<br \/>\nrepair and be compatible with other tenants.<br \/>\nLandlords also want to minimize cash outflows<br \/>\nfor lease incentives such as free rent periods,<br \/>\nfixturing allowances, caps on operating<br \/>\ncost escalation, and rights of lease renewal.<br \/>\nTenants want pretty much the opposite<br \/>\nand focus on total costs of occupancy along<br \/>\nwith environmental risks. Prevailing market<br \/>\nconditions during lease negotiations will<br \/>\ndetermine who has the upper hand in the tug<br \/>\nof war that results in the lease deal. If you are<br \/>\nprivy to the motivation of the parties (brokers<br \/>\nwill often share this information), you have a<br \/>\nbetter chance of understanding lease terms that<br \/>\nappear unusual or unexpected. Here are some<br \/>\nexamples.<br \/>\n\u2022\t A\tprospective\tretail\ttenant\twho\tis\tattempting\t<\/p>\n<p>to lease space in a community shopping <\/p>\n<p>click heRe to return to table of contentsCanadian Property Valuation Volume 55 | Book 4 | 2011 \u00c9valuation Immobili\u00e8re au Canada26<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"FxvkBOmyGq\"><p><a href=\"http:\/\/www.ara.ca\/\">Home<\/a><\/p><\/blockquote>\n<p><iframe loading=\"lazy\" class=\"oembed-iframe\"  class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;Home&#8221; &#8212; ARA - Atlantic Realty Advisors\" src=\"http:\/\/www.ara.ca\/embed\/#?secret=wyY8xJ10Nc#?secret=FxvkBOmyGq\" data-secret=\"FxvkBOmyGq\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p>centre will likely be motivated by the<br \/>\npotential for a successful business enterprise<br \/>\nin the centre rather than retail space which is<br \/>\navailable for the most competitive rent.   <\/p>\n<p>\u2022\t In\tcontrast,\ta\tmedical\tpractitioner\tseeking<br \/>\nsuburban space with good parking and<br \/>\naccess to major routes may have many<br \/>\nleasing options and the overall cost of<br \/>\noccupancy will be a major factor in the final<br \/>\ndecision to lease space.   <\/p>\n<p>\u2022\t In\ta\tmore\tunusual\tcase\tthat\tI\thave<br \/>\nencountered with a lease termination clause,<br \/>\nthe owner of a small service commercial<br \/>\nproperty with re-development potential<br \/>\ndecided that he did not want to commit to a<br \/>\nfive-year term with a new tenant. Conversely,<br \/>\nthe tenant was uncertain whether the new<br \/>\npremises and location would be a good fit<br \/>\nfor his business. In this case, both parties<br \/>\nhad mutual interests and negotiated an early<br \/>\ntermination clause that either party could<br \/>\ntrigger after the first 12 months of the term,<br \/>\nby giving six months written notice.   <\/p>\n<p>In summary, please learn from some of these<br \/>\ncommon mistakes and avoid the lease analysis<br \/>\ntraps. To reduce your risk in lease analysis, first<br \/>\nensure you understand the basics of commercial<br \/>\nleasing; then ensure you have all relevant lease<br \/>\ndocuments. Know which parts of the lease<br \/>\ndocuments deserve the most attention; and<br \/>\nfinally, ensure you pose follow-up research<br \/>\nquestions to landlords, property managers and<br \/>\nbrokers.   <\/p>\n<p>From traps to opportunities<br \/>\nIncreasing your lease analysis skills will pay off<br \/>\nin other ways. Have you considered how you<br \/>\ncan add value to your valuation or consulting<br \/>\nadvice to clients by offering an analysis of their<br \/>\nleased commercial assets in relation to the<br \/>\nmarket norms?   <\/p>\n<p>One opportunity for a value added service<br \/>\nfor building owners is typically associated with<br \/>\nolder office and retail properties. As discussed<br \/>\nabove, you may find that the common area<br \/>\napportioned to the tenant only covers floor<br \/>\nrentable area (BOMA 1980 Standard) and the<br \/>\nlandlord can increase \u2018recovery income\u2019 upon<br \/>\nlease renewal using the BOMA 1996 Standard. <\/p>\n<p>Under BOMA 1996, additional common<br \/>\nareas like lobbies and mechanical rooms are<br \/>\nallocated to tenants, meaning the landlord can<br \/>\nrecover a much higher percentage of operating<br \/>\nexpenses as leases rollover. The BOMA 2010<br \/>\nStandard provides new treatment of storage<br \/>\narea, floor common area, and additional space<br \/>\nmeasurement options for landlords.   <\/p>\n<p>There is no dispute that leases are legal<br \/>\ncontracts. Interpretation and drafting of<br \/>\nlease agreements and clauses is typically the <\/p>\n<p>domain of the legal profession. However, you<br \/>\ncan still offer your expert opinion on value<br \/>\nimplications of lease clauses and terms. This<br \/>\nadvice extends beyond the scope of what<br \/>\nmost legal professionals can offer clients.<br \/>\nLandlords, property managers and tenants<br \/>\ncan benefit from your opinion on appropriate<br \/>\nterm of lease, lease incentives, risks associated<br \/>\nwith lease clauses, and clauses that should<br \/>\nbe re-negotiated at renewal, before giving<br \/>\ninstructions to legal counsel.   <\/p>\n<p>Further reading<br \/>\nI have assembled a small, annotated bibliography and web-links that readers may find useful in expanding<br \/>\ntheir lease analysis skill-set.<br \/>\n\u2022\t UBC\tSauder\tSchool,\tCPD 109 Commercial Lease Analysis, updated to 2011.<br \/>\n http:\/\/www.sauder.ubc.ca\/Programs\/Real_Estate_Division\/Credit_Programs_and_Professional_<\/p>\n<p>Development_Courses\/Professional_Development_Courses.<br \/>\n This two-part CPD course is available as a live webinar or through self-study.<br \/>\n\u2022\t Harvey\tHaber,\tThe\tCommercial\tLease:\tA\tPractical\tGuide,\t4th edition, Canada Law Book, http:\/\/www.iciworld.<\/p>\n<p>net\/html\/haber_pg.htm.<br \/>\n Haber is the Canadian authority on commercial lease agreements.<br \/>\n\u2022\t Robert\tWickett\tand\tMonica\tKlimo, Problems Encountered by Tenants: Occupation, Use, Enjoyment of Premises.<br \/>\n http:\/\/www.mackenziefujisawa.com\/News_Articles\/Robert_Wickett-Commercial_Leasing_Disputes.pdf.<br \/>\n Disputes between landlords and tenants commonly arise over use and occupation of the premises.<br \/>\n\u2022\t Appraisal\tInstitute\tof\tCanada\tand\tAppraisal\tInstitute\t(US).\t2010.\tThe Appraisal of Real Estate (3rd Canadian <\/p>\n<p>Edition). vancouver: UBC Real Estate Division.<br \/>\n Chapter 6: Real Property Ownership and Interests        Chapter 21: Income and Expense Analysis<br \/>\n\u2022\t Building\tOwners\tand\tManagers\tAssociation\t(BOMA)\tInternational.\t2010. Standard Method for Measuring <\/p>\n<p>Floor Area in Office Buildings. New York: BOMA International.<br \/>\n\u2022\t Real\tProperty\tAssociation\tof\tCanada\twebsite:\twww.realpac.ca <\/p>\n<p>Leasing terminology summarized here: http:\/\/www.realpac.ca\/terminology\/<br \/>\n\u2022\t The\tCommercial\tLeasing\tBlog.     http:\/\/leaselaw.wordpress.com\/a-note-on-comments\/<br \/>\n Interesting US blog on a variety of leasing issues<br \/>\n\u2022\t Mark\tFredrick\tand\tDenis\tRivard,\tThe\tappraiser\tin\tcommercial\tlease\tdisputes,\tCanadian Property Valuation <\/p>\n<p>Magazine, vol. 51.2 (2007).<br \/>\n\u2022\t John\tBusey\tWood, Navigating the Dangerous Shoals of a Commercial lease for Beginners,  <\/p>\n<p>Thomson and Knight LLP, 2009.<br \/>\nhttp:\/\/www.lulu.com\/product\/paperback\/navigating-the-dangerous-shoals-of-a-commercial-lease-for-<br \/>\nbeginners\/16299762.<\/p>\n<p> Well known New York commercial real estate lawyer with extensive lease resources available on homepage.<br \/>\n\u2022\t Commercial\tLeasing:\tpitfalls\tand\tpratfalls\t\t\t\thttp:\/\/www.nelligan.ca\/publications\/e\/Commercial_Leasing.pdf<br \/>\n A good, easy to read legal summary of the key issues encountered by landlords and tenants in drafting lease <\/p>\n<p>agreements.<\/p>\n<p>End notes<br \/>\n1   The City of Brampton with a population of 450,000+ is part of Greater Toronto.  According to City <\/p>\n<p>economic development sources Brampton has 19,586,750 ft2 of retail space.<br \/>\n2   It would be appropriate to comment in your report that the building has been re-measured and <\/p>\n<p>there is potential for rent upside in the short-term.<\/p>\n<p>click heRe to return to table of contents Canadian Property Valuation Volume 55 | Book 4 | 2011 \u00c9valuation Immobili\u00e8re au Canada 27<\/p>\n<p>http:\/\/www.sauder.ubc.ca\/Programs\/Real_Estate_Division\/Credit_Programs_and_Professional_Development_Courses\/Professional_Development_Courses<br \/>\nhttp:\/\/www.iciworld.net\/html\/haber_pg.htm<br \/>\nhttp:\/\/www.mackenziefujisawa.com\/News_Articles\/Robert_Wickett-Commercial_Leasing_Disputes.pdf<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"q6GGPqb3Ez\"><p><a href=\"https:\/\/realpac.ca\/\">REALPAC<\/a><\/p><\/blockquote>\n<p><iframe loading=\"lazy\" class=\"oembed-iframe\"  class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;REALPAC&#8221; &#8212; REALPAC\" src=\"https:\/\/realpac.ca\/embed\/#?secret=3PjQ1EVzJP#?secret=q6GGPqb3Ez\" data-secret=\"q6GGPqb3Ez\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><br \/>\nhttp:\/\/www.realpac.ca\/terminology\/<br \/>\nhttp:\/\/leaselaw.wordpress.com\/a-note-on-comments\/<br \/>\nhttp:\/\/www.lulu.com\/product\/paperback\/navigating-the-dangerous-shoals-of-a-commercial-lease-for-beginners\/16299762<br \/>\nhttp:\/\/www.lulu.com\/product\/paperback\/navigating-the-dangerous-shoals-of-a-commercial-lease-for-beginners\/16299762<br \/>\nhttp:\/\/www.lulu.com\/product\/paperback\/navigating-the-dangerous-shoals-of-a-commercial-lease-for-beginners\/16299762<br \/>\nhttp:\/\/www.nelligan.ca\/publications\/e\/Commercial_Leasing.pdf<br \/>\nhttp:\/\/www.iciworld.net\/html\/haber_pg.htm<\/p>\n<p>an AACI member<br \/>\nworking for the<br \/>\nGovernment of <\/p>\n<p>Alberta, which hires appraisers to prepare<br \/>\nreports based on the Expropriation Act of<br \/>\nAlberta, I have received reports which do<br \/>\nnot meet the requirements or needs of the<br \/>\nassignment. Some reports have caused<br \/>\nconcern for the overall professional image of<br \/>\nthe Appraisal Institute of Canada (AIC).<\/p>\n<p>I have asked others (e.g., those in<br \/>\ngovernment and the legal system) for their<br \/>\nimpressions of the appraisal work they review.<br \/>\nTheir answers supported my own findings,<br \/>\nand urged me to write this article in the hope<br \/>\nof raising the standard and quality of work AIC<br \/>\nmembers produce.<\/p>\n<p>The courts look to experts to provide<br \/>\nclarification of the appraisal of real estate<br \/>\nquestions before the courts. The AIC and<br \/>\nits members have worked hard to build<br \/>\nthe image that AIC members are the best<br \/>\nprofessionals to use in this type of situation.<br \/>\nWhen our members do not live up to this<br \/>\nstandard, the courts are highly critical.<\/p>\n<p>The primary areas of concern are in the<br \/>\nadjustments used, and in the appraiser\u2019s<br \/>\ninability to support those adjustments and<br \/>\nto explain why they were used and how<br \/>\nthey were derived. This comes after the fact<br \/>\nthat the explanations and analysis were not<br \/>\nadequately explained or laid out in the report<br \/>\nin the first place, so that the questions do<br \/>\nnot have to be asked. One lawyer mentioned<br \/>\nthat this is the largest hit to the credibility <\/p>\n<p>By Darrel Mitchell, AACI<br \/>\nProperty Agent \u2013 Appraiser, Peace River, Alberta<\/p>\n<p>Challenges<br \/>\nto our professionalism<\/p>\n<p>of the appraiser and the reliability of the<br \/>\nreport, which can turn the outcome of the<br \/>\nproceedings in a different direction from what<br \/>\nwas anticipated.<\/p>\n<p>Some examples of why I believe the<br \/>\nappraiser did not meet the level of expertise<br \/>\nexpected in this type of assignment are<br \/>\nstated below.<\/p>\n<p>The assignment<br \/>\nThe assignment was to estimate market value<br \/>\nfor a country residential property on 10 acres.<br \/>\nThere were a number of outbuildings of various<br \/>\nages and sizes. The house was built in the<br \/>\n1960s and had substantial upgrades in 2000. It<br \/>\nshould be a fairly straightforward assignment.<br \/>\nThe landowner wanted a full buyout, which <\/p>\n<p>reduced or eliminated costs that are applicable<br \/>\nunder the Expropriation Act.<\/p>\n<p>Questions arose when the appraisal was<br \/>\ndone with the cost approach alone. First,<br \/>\nthis is an older home with varying degrees<br \/>\nof depreciation that are difficult to measure<br \/>\naccurately. Second, there were a number<br \/>\nof sales within the immediate and general<br \/>\narea. When questioned why he had not<br \/>\nused the direct comparison approach (the<br \/>\nmethod expected), the appraiser said he<br \/>\ndid not believe that any of the sales were<br \/>\ncomparable (another appraiser who did a<br \/>\nsubsequent appraisal on this same property<br \/>\ndid not have any trouble finding comparable<br \/>\nsales). Apparently, the comparable sales did<br \/>\nnot match his estimate based on the cost<br \/>\napproach.<\/p>\n<p>Concerns<br \/>\nThis was an assignment which may have<br \/>\ngone before the courts. The type of evidence<br \/>\nor support for a cost approach conclusion is<br \/>\nextensive. Saying that the appraiser used a<br \/>\ncost manual and the numbers obtained were<br \/>\nsupported by local contractors is not sufficient<br \/>\nto support the accuracy of the estimates<br \/>\nprovided. No contractor names or copies of<br \/>\nthe quotes were provided. There were no<br \/>\ndetails pertaining to how the depreciation<br \/>\nwas calculated, and no explanation of the<br \/>\nappraiser\u2019s conclusion. <\/p>\n<p>There has to be good, reasonable support<br \/>\nfor large adjustments. I had one report<br \/>\ndone on a country residential property that <\/p>\n<p>The AIC and its <\/p>\n<p>members have <\/p>\n<p>worked hard to build <\/p>\n<p>the image that AIC <\/p>\n<p>members are the best <\/p>\n<p>professionals to use in <\/p>\n<p>this type of situation.<\/p>\n<p>When our members <\/p>\n<p>do not live up to this <\/p>\n<p>standard, the courts <\/p>\n<p>are highly critical.<\/p>\n<p>click heRe to return to table of contentsCanadian Property Valuation Volume 55 | Book 4 | 2011 \u00c9valuation Immobili\u00e8re au Canada28<\/p>\n<p>There are other organizations trying  <\/p>\n<p>to make inroads into the  <\/p>\n<p>property appraisal industry. <\/p>\n<p>Incompetent work lacking expertise by <\/p>\n<p>members of the AIC will make it  <\/p>\n<p>easier for these organizations to  <\/p>\n<p>make gains at our expense.<\/p>\n<p>made adjustments for location differences<br \/>\nin the amount of 60% and 70%. The only<br \/>\nexplanation was that the comparables were<br \/>\nin inferior locations to the subject.<\/p>\n<p>An appraiser was doing a country<br \/>\nresidential property and used three non-<br \/>\narm\u2019s-length sales, when only four sales<br \/>\nwere used, and further complicated the issue<br \/>\nby using adjustments of 50% and 60% for<br \/>\nmotivation and condition of sale. No other<br \/>\nexplanation was provided. There was no<br \/>\npaired sales analysis and no discussion with<br \/>\nthe parties to the agreement. Additional<br \/>\ndamages applicable to the Expropriation Act<br \/>\nwere based solely on what the landowner<br \/>\nsaid the compensation should be \u2013 no<br \/>\ndiscussion or data were supplied to show<br \/>\nhow the appraiser confirmed that the owner\u2019s<br \/>\nestimates were reasonable in the marketplace.<\/p>\n<p>These incidents raise concerns for the<br \/>\nperception of AIC members and their work. A<br \/>\nchange in perception affects appraisers across <\/p>\n<p>Editor\u2019s Comments<br \/>\nRelated CUSPAP<br \/>\nStandards<\/p>\n<p>A consistent phrase used in the Standards<br \/>\nis the requirement to \u201cdescribe and<br \/>\nanalyze\u201d market data, market conditions,<br \/>\nand valuation practices. The overall goal<br \/>\nis to ensure that the report is credible<br \/>\nand not misleading. Here are some<br \/>\nspecific Standards which are related to the<br \/>\nauthor\u2019s article.<\/p>\n<p>Appraisal Standard Rule 6.2.15: In the<br \/>\nreport, the appraiser must describe and<br \/>\nanalyze all data relevant to the assign-<br \/>\nment (see Standards Comment 7.16).<\/p>\n<p>7.16.1: The appraiser must take<br \/>\nreasonable steps to ensure that<br \/>\ninformation and analyses provided are<br \/>\nsufficient for the client and intended<br \/>\nusers to adequately understand<br \/>\nthe rationale for the opinions and<br \/>\nconclusions.<\/p>\n<p>Appraisal Standard Rule 6.2.18: In<br \/>\nthe report, the appraiser must detail the<br \/>\nreasoning supporting the analyses, opin-<br \/>\nions and conclusions of each valuation<br \/>\napproach (see Standards Comment 7.19).<\/p>\n<p>7.19.1: Reasoning requires the logical<br \/>\nreview, analyses and interpretation of<br \/>\ndata in a manner that would sup-<br \/>\nport the conclusions, not mislead the<br \/>\nreader, and be to a level consistent<br \/>\nwith the \u201cReasonable Appraiser\u201d<br \/>\nstandard.<\/p>\n<p>Appraisal Standard Rule 6.2.17:<br \/>\nAppraisers must provide support for<br \/>\nexclusion from the appraisal of one or<br \/>\nmore approaches to value.<\/p>\n<p>the spectrum, from new appraisers to senior,<br \/>\nexperienced appraisers.<\/p>\n<p>The department I work for can reject<br \/>\nthese appraisals for what we deem to be<br \/>\nincompetent or misleading work; however,<br \/>\nthat does not solve the problem of how the<br \/>\nindustry is perceived when such appraisals<br \/>\nare provided to the marketplace, particularly<br \/>\nto sophisticated users of appraisal reports.<br \/>\nThere are other organizations trying to make<br \/>\ninroads into the property appraisal industry.<br \/>\nIncompetent work lacking expertise by<br \/>\nmembers of the AIC will make it easier for<br \/>\nthese organizations to make gains at our<br \/>\nexpense.<\/p>\n<p>There have been too many incidents<br \/>\nwhere the work quality falls below the<br \/>\nrequired and expected standards. This<br \/>\ntarnishes our reputation as a professional<br \/>\norganization. If we want to retain and build<br \/>\nour reputation, we must be diligent and we<br \/>\nmust provide expert work.  <\/p>\n<p>Challenges<br \/>\nprofessional<\/p>\n<p>click heRe to return to table of contents Canadian Property Valuation Volume 55 | Book 4 | 2011 \u00c9valuation Immobili\u00e8re au Canada 29<\/p>\n<p>By Kathleen ellis, AACI<br \/>\nMember, Marketing &#038; Communications Committee<\/p>\n<p>Communication and professionalism<\/p>\n<p>Marketing and Communications<\/p>\n<p>Ihave long admired the commitment and ability of fee appraisers to convey their profes-sional knowledge in ways and words that<br \/>\nreach so many audiences \u2013 fellow appraisers,<br \/>\nanalysts, property owners, lenders, insurers, and,<br \/>\nyes, sometimes a court judge or two. <\/p>\n<p>The company I work for is a national insur-<br \/>\nance company with major and varied real estate<br \/>\nholdings across Canada. The valuation reports<br \/>\nproduced by fee appraisers assist us greatly in<br \/>\nour work, especially in these more challenging<br \/>\nand turbulent times. As senior analyst for our<br \/>\nreal estate team, a steady stream of reports, from<br \/>\nappraisal firms large and small, crosses my desk.<br \/>\nThis is one of the toughest, yet most fun and<br \/>\ninteresting parts of my job. Our external apprais-<br \/>\ners are infinitely patient and are always ready to<br \/>\nrespond to my queries. As a bonus, my valua-<br \/>\ntion knowledge is ever evolving, due to these<br \/>\nunsuspecting teachers.<\/p>\n<p>Piecing together well executed appraisal<br \/>\nreports day after day must be a tremendous chal-<br \/>\nlenge. I understand that the industry has never<br \/>\nbeen under such pressure with stringent dead-<br \/>\nlines, new forms of interruptions, fierce competi-<br \/>\ntion and narrowing profit margins. And although<br \/>\ntools have become increasingly sophisticated, so<br \/>\nhave assignments. So much goes into a report<br \/>\nthat errors are bound to happen. Serious incon-<br \/>\nsistencies or lack of flow throughout an appraisal,<br \/>\nhowever, are a different story altogether. They<br \/>\nmay create confusion, extra work and frustration<br \/>\nfor the client. Worse still, they may lead readers<br \/>\nto question the overall quality of the work, an<br \/>\nappraiser\u2019s skills and\/or the value determination.<br \/>\nHere are a few examples:<br \/>\n\u2022\t Repeated\tinconsistencies\tthroughout\ta\treport\t<\/p>\n<p>(e.g., cap rates, IRRs or dates \u2013 sometimes on<br \/>\nthe same page).<\/p>\n<p>\u2022\t Occupancy\twell\texceeding\t100%\tor\tthe\tomis-<\/p>\n<p>Marketing &#038; Communications<br \/>\nCommittee<br \/>\nLaura Kemp, CRA \u2013 Chair<br \/>\nJoanne Hayes, AACI<br \/>\nKathleen Ellis, AACI<br \/>\nLora Wylie, CRA<br \/>\nSimon Chin, Candidate<br \/>\nRick Colbourne, AACI \u2013 Board Liaison<br \/>\nTo contact this committee, email:<br \/>\ncommunications@aicanada.ca<\/p>\n<p>sion of substantial rentable areas (e.g., leaving<br \/>\nout an entire floor).<\/p>\n<p>\u2022\t Exclusion\tof\ta\ttraditional\tapproach\tto\tvalue\tthat<br \/>\nwould be considered pertinent (an extraordi-<br \/>\nnary limiting condition) without reasoning or<br \/>\ndisclosure. <\/p>\n<p>\u2022\t A\treconciliation\tusing\tnothing\tbut\ta\tdiscounted<br \/>\ncash flow conclusion and a direct capitalization<br \/>\nconclusion, which are actually two methodolo-<br \/>\ngies under the same (income) approach. <\/p>\n<p>\u2022\t Exposure\ttime\tfollowing\tthe\teffective\tdate\tof<br \/>\nthe appraisal instead of preceding it.<\/p>\n<p>\u2022\t A\tscanned\tsignature\t(copied\tand\tpasted)\tin\tlieu<br \/>\nof a true electronic signature.<\/p>\n<p>It is sometimes said in business that you are only as<br \/>\ngood as your last report, so you might as well pack<br \/>\nup and go home if you get it wrong. Appraisals are a<br \/>\nmain mode of communication with customers and<br \/>\nthey establish and spread our reputation like nothing<br \/>\nelse can. They may be read by many people within<br \/>\na client company and contain valuable facts and<br \/>\nfigures that decision makers depend on daily. Leave<br \/>\nno room for doubt by assuring before it leaves the<br \/>\noffice that each appraisal is clear, concise and error<br \/>\nfree. The importance of this cannot be overstated<br \/>\nand another article on page 28 of this publication \u2013<br \/>\nChallenges to our professionalism by Darrell Mitchell,<br \/>\nAACI \u2013 drives home this point.  <\/p>\n<p>click heRe to return to table of contentsCanadian Property Valuation Volume 55 | Book 4 | 2011 \u00c9valuation Immobili\u00e8re au Canada30<\/p>\n<p>mailto:communications@aicanada.ca<\/p>\n<p>T<\/p>\n<p>Learning Advisory<\/p>\n<p>he UBC Real Estate Division continues its series of<br \/>\nlive online webinars on Friday, November 4<br \/>\nand December 2, 2011, from 9 am -11 am Pacific <\/p>\n<p>time (12 pm \u2013 2 pm Eastern time). The webinars<br \/>\nare two-hour presentations by expert instructors,<br \/>\nin an interactive online classroom environment. By<br \/>\nattending the session and completing two hours of<br \/>\npre-reading on your own, you will receive four AIC<br \/>\nCPD credit hours. There is no quiz or exam required<br \/>\nto receive these credits.<\/p>\n<p>This article highlights one upcoming webinar<br \/>\nin the UBC Real Estate Division\u2019s CPD Fridays series,<br \/>\nCPD 132 \u2018More than Just Form-Filling: Creating<br \/>\nProfessional Residential Appraisal Reports.\u2019 Feed<br \/>\nYour Future! <\/p>\n<p>CPD 132: More than Just Form-Filling:<br \/>\nCreating Professional Residential<br \/>\nAppraisal Reports<br \/>\nPresented Friday, December 2, 2011.<br \/>\nInstructor: Deana Halladay, CRA<br \/>\nResidential appraisers \u2026 pause for a moment and<br \/>\nreflect on your work \u2026 and now consider these<br \/>\nexcerpts from a provocative appraisalbuzz.com<br \/>\narticle:  <\/p>\n<p>\u201cAre you form-filling &#8230; or communicating?<br \/>\nIf you are not communicating, then your<br \/>\n\u2026 \u2018form-filling\u2019 abilities are functionally<br \/>\nobsolete, out of date, and no longer needed.<br \/>\nTo get paid more, you have to make yourself<br \/>\nworth more. Do something positive about<br \/>\nyour problem, increase your skills and<br \/>\nknowledge and make more money.\u201d  <\/p>\n<p>The author of this excerpt differentiates<br \/>\nbetween true valuation professionals and those<br \/>\nwho have \u201conly enough dated knowledge to fill<br \/>\nout an appraisal form and not enough skill to<br \/>\nanalyze the transaction and meet today\u2019s needs.\u201d  <\/p>\n<p>Form appraisal reports can be a major<br \/>\nadvantage in residential appraisal \u2013 facilitating<br \/>\nan expedited, summarized report, while at the<br \/>\nsame time ensuring that both standards and<br \/>\nclient expectations are met. Clients appreciate<br \/>\nthe standardized format, so they can quickly find<br \/>\nthe information they need. Appraisers like the<br \/>\ntidy, self-enclosed, and comprehensive format \u2013<br \/>\nfill in what\u2019s required and get \u2018er done.  <\/p>\n<p>But, for all these benefits, the forms can also<br \/>\nbe abused when they become \u2018fill in the blank\u2019<br \/>\nexercises without adequate due diligence. The<br \/>\nforms were created in line with the AIC stan-<br \/>\ndards, but it is ultimately the appraiser\u2019s respon-<br \/>\nsibility to verify that his or her appraisal report<br \/>\nconforms to professional appraisal practice. <\/p>\n<p>Of particular concern is where the form<br \/>\nbecomes a substitute for providing truly profes-<br \/>\nsional work. If the form constrains the appraiser<br \/>\nfrom showcasing his or her knowledge and<br \/>\nexpertise, then a powerful tool may become a<br \/>\nsource of lost business opportunities.  <\/p>\n<p>This course explores how residential apprais-<br \/>\ners can use appraisal forms to their full advan-<br \/>\ntage, yet still produce professional results.\u00a0In light<br \/>\nof challenges from AMCs and AvMs, residential<br \/>\nappraisers must re-think the \u2018value\u2019 relationship<br \/>\nin terms of both the credibility of their market<br \/>\nvalue conclusions and the value they offer cli-<br \/>\nents.\u00a0More detail in appraisals helps achieve both <\/p>\n<p>goals \u2013 not only do you avoid difficult questions<br \/>\nlater, but you also produce a more detailed, more<br \/>\nprofessional appraisal that may better address<br \/>\nyour client\u2019s needs and thus better support your<br \/>\ndesired fees \u2013 win-win!\u00a0This webinar explores<br \/>\nthe common areas for difficulties in residential<br \/>\nform reports and suggests practical solutions to<br \/>\navoid these issues.<\/p>\n<p>The webinar instructor, Deana Halladay, CRA,<br \/>\nhas over 23 years of professional property valu-<br \/>\nation experience. Deana is a Certified Lecturer<br \/>\nfor the Professional Practice Seminar and was<br \/>\na member of AIC\u2019s Investigating Committee for<br \/>\nnine years. She will share her experiences, both<br \/>\nin using forms effectively in her own work and in<br \/>\nthe shortfalls she has seen in others\u2019 work. Along<br \/>\nthe way, she will outline potential liabilities faced<br \/>\nby AIC members and offer suggestions for how<br \/>\nto avoid these problems.<\/p>\n<p>See you online!<\/p>\n<p>Upcoming CPD Friday webinars:<br \/>\n\u2022\t Friday,\tNovember\t4,\t2011:\tCPD\t144 Geographic <\/p>\n<p>Information Systems and Real Estate<br \/>\n\u2022\t Friday,\tNovember\t4,\t2011:\tCPD\t103:\tAgricultural <\/p>\n<p>Valuation<br \/>\n\u2022\t Friday,\tDecember\t2,\t2011:\tCPD\t132:\tMore than <\/p>\n<p>Just Form-Filling: Creating Professional Residen-<br \/>\ntial Appraisal Reports<\/p>\n<p>\u2022\t Friday,\tDecember\t2,\t2011:\tCPD 116 Land Valua-<br \/>\ntion <\/p>\n<p>For more information on these and other UBC<br \/>\nCPD offerings, please visit our website:<br \/>\nwww.realestate.ubc.ca\/webinar  or<br \/>\nwww.realestate.ubc.ca\/cpd  <\/p>\n<p>Spotlight on Continuing Professional Development<\/p>\n<p>FEED YOUR FUTURE<br \/>\nwith CPD FRIDAYS<\/p>\n<p>click heRe to return to table of contents Canadian Property Valuation Volume 55 | Book 4 | 2011 \u00c9valuation Immobili\u00e8re au Canada 31<\/p>\n<p>http:\/\/www.realestate.ubc.ca\/webinar<br \/>\nhttp:\/\/www.realestate.ubc.ca\/cpd<\/p>\n<p>Legal neWS &#038; VIeWS<br \/>\nBy Mark Frederick, LL.B., Miller Thomson LLP<\/p>\n<p>(with assistance from Denis Rivard of Centra Claims and Brian Duncan, AACI, Fellow)<\/p>\n<p>ne of the largest growth areas in<br \/>\nappraisal negligence claims involves<br \/>\nmortgage lender insurance. This article <\/p>\n<p>will explain who these \u2018insurers\u2019 are, how they<br \/>\nwork, and what they mean to your practice. <\/p>\n<p>Mortgage lender insurance involves a commit-<br \/>\nment by an insurer to support the borrowing of a<br \/>\nlender\u2019s customer. A typical example is John. John<br \/>\nhas a \u2018cash only\u2019 income that he earns as a roulette<br \/>\ndealer and astronaut-in-training. John wants to<br \/>\npurchase a new home, but has very little down<br \/>\npayment. The nature of his employment means he<br \/>\nhas no real savings and has not had an opportunity<br \/>\nto file for taxes for some years. His credit rating mir-<br \/>\nrors the average mean temperature of Edmonton<br \/>\nin the winter. He does manage to drive a nice car,<br \/>\nowns a speedboat and vacations at Zermaat.<\/p>\n<p>John decides the best place to borrow money is<br \/>\nfrom the Bank of Nottalot. However, on application,<br \/>\nthe bank will not loan him money because John<br \/>\nhas no record of steady employment or income<br \/>\nand has little in the way of demonstrable savings.<br \/>\nBecause he pays for everything in cash, no one will<br \/>\ngive him a credit card, except for Canadian Tired<br \/>\nStores, to whom he owes $4,000 over 10 months.  <\/p>\n<p>John would be forestalled from any house pur-<br \/>\nchase in a normal transaction. No lending under-<br \/>\nwriter would accept John\u2019s business. There would<br \/>\nbe too much of a risk that John would default.<\/p>\n<p>However, banks make a lot of money in<br \/>\nlending to people like John, even if you or I would <\/p>\n<p>not. If they get enough borrowers like you or me,<br \/>\nand several like John, any loss they incur will be<br \/>\noutweighed by the potential of making profit on<br \/>\nlending to a class of persons, like John, to whom<br \/>\nthey would otherwise never lend, but who will<br \/>\naccept abnormally high interest rates and fees to<br \/>\njustify them taking a chance.<\/p>\n<p>So the bank, in order to cut its risks, purchases<br \/>\nan insurance policy from a mortgage lending<br \/>\ninsurer \u2013 or rather it charges the cost of it to John<br \/>\nand deducts it from the money it is loaning him to<br \/>\nmake it a sure thing that it will get paid. Before the<br \/>\nmortgage insurer issues the policy, it may look at<br \/>\nthe lender\u2019s application and any underwriting work<br \/>\ndone by the bank. The insurer then calls up Mr.<br \/>\nAppraiser and asks him to do an appraisal on the<br \/>\nproperty John wishes to buy.<\/p>\n<p>John makes the purchase and the cost of the<br \/>\ninsurance is added to his mortgage. <\/p>\n<p>When John defaults, the Nottalot Bank makes<br \/>\nrecovery for all or a portion of his loss from the<br \/>\ninsurer. The insurer is then stuck with the loss. But,<br \/>\nit will try to recover from any source. Many banks<br \/>\ndo this through obtaining an appraisal which they<br \/>\nwill seek to rely upon, not for lending, but as an<br \/>\nextra insurance policy should they have made<br \/>\nthe wrong decision to lend in the first place. The<br \/>\naction against the insurer would be to recover any<br \/>\ndeficiency that the lender suffers. <\/p>\n<p>Originally, this type of mortgage insurance<br \/>\nwas developed by the Canadian government in <\/p>\n<p>the postwar housing crunch, as the government<br \/>\nsought to encourage borrowers to acquire real<br \/>\nproperty when they otherwise could not qualify for<br \/>\ntraditional bank mortgage lending. What became<br \/>\nknown as the Central Mortgage and Housing Cor-<br \/>\nporation (CMHC) began insuring first time home<br \/>\nbuyers who required up to 90% financing, instead<br \/>\nof the traditional 75%.<\/p>\n<p>This insurance required the buyer to pay for the<br \/>\npremium and was typically sold on the basis of the<br \/>\nbuyer being able to demonstrate financial where-<br \/>\nwithal to pay the premiums and the mortgage<br \/>\nobligation.<\/p>\n<p>The last 20 years has seen a different take on<br \/>\nthe CMHC concept. Now, mortgage insurers target<br \/>\nbanks and trust companies to provide them with<br \/>\nan insurance product to cover borrowers who<br \/>\nwould not qualify for traditional or even non-<br \/>\ntraditional financing. These include self-employed<br \/>\nindividuals, bankrupts, tax evaders, un-established<br \/>\nimmigrants, and others who would or could never<br \/>\nqualify for any type of financing due to personal<br \/>\ncircumstances and lack of definable credit records.<\/p>\n<p>The mortgage lending insurer typically oper-<br \/>\nates on a portfolio or a deal-by-deal basis with a<br \/>\nbank or trust company lender. When a borrower<br \/>\ndoes not qualify for a loan, the bank will seek to get<br \/>\nthe loan \u2018insured\u2019 so that it can meet underwriting<br \/>\nguidelines or achieve an exemption from them. The<br \/>\nbank will forward loan application materials to the<br \/>\nmortgage lender insurer who will then underwrite<br \/>\nthe loan. The mortgage lending insurer approaches<br \/>\nthe loan for underwriting in a similar fashion to a<br \/>\nbank, with the exception that the lending param-<br \/>\neters are discounted or ignored.  <\/p>\n<p>While banks concentrate on the quality of the<br \/>\nborrower, the mortgage lending insurer concen-<br \/>\ntrates on the portfolio of business it can access<br \/>\nfrom banks. Part of the analysis for the mortgage <\/p>\n<p>Mortgage lender insurance<br \/>\n\u2013 a risk for the appraiser<\/p>\n<p>O<\/p>\n<p>\u201cSo who is the big loser in this process? Mortgage lending<br \/>\ninsurers want it to be the appraiser they involve whose<br \/>\nreport they will attempt to use to \u2018insure\u2019 the insurance <\/p>\n<p>commitment that they have made.\u201d<\/p>\n<p>click heRe to return to table of contentsCanadian Property Valuation Volume 55 | Book 4 | 2011 \u00c9valuation Immobili\u00e8re au Canada32<\/p>\n<p>lending insurer includes obtaining an appraisal<br \/>\naddressed to it, even though it has no interest in<br \/>\nlending any money to any borrower.  <\/p>\n<p>Whereas the typical appraisal is done for<br \/>\nfinancing purposes, as part of a mortgage<br \/>\nunderwriting process (which typically views first<br \/>\nand foremost the credit and asset position of the<br \/>\nborrower), this does not apply to the mortgage<br \/>\nlending insurer, who, in effect, seeks to portray<br \/>\nthe appraisal as \u2018insurance\u2019 of its own, in the<br \/>\nevent that a loan fails and it is left holding the<br \/>\nbag for the funds it has advanced. In some cases,<br \/>\nthe mortgage lending insurer will provide insur-<br \/>\nance coverage of lending ratios that range from<br \/>\n85-105%. At such rates, failure of a borrower to<br \/>\npay means that the mortgage lending insurer<br \/>\nmust pay out the bank and then seek to recover<br \/>\nagainst the appraiser.<\/p>\n<p>This puts the appraiser in a very unfair<br \/>\nposition. In providing any appraisal, the<br \/>\nappraiser has the right to expect that a lender<br \/>\nto whom it has provided a report will undertake<br \/>\ndue diligence on the borrower\u2019s ability to pay<br \/>\nbefore approving a loan, advancing funds and<br \/>\nregistering a mortgage. The mortgage lending<br \/>\ninsurer significantly alters that process in that<br \/>\nbank lending guidelines and prudent lending<br \/>\npractices are set aside so that a lending reliance<br \/>\non insurance can be made. The paradox here<br \/>\nis that the real reason the loan gets made is<br \/>\nsimply insurance, as opposed to diligent under-<br \/>\nwriting. On the insurer side, the loan is made<br \/>\nnot for any typical lending analysis, but rather<br \/>\nfor overall portfolio profit, without any heed to<br \/>\nthe creditworthiness of the borrower or in spite<br \/>\nof the lack of creditworthiness of the borrower.<\/p>\n<p>The stakes for this business are high, as the<br \/>\npremiums for mortgage lender insurance can be<br \/>\nvery large and come directly out of the mortgage<br \/>\nfunding, meaning that the whole enterprise is<br \/>\nfurther aided by compromising credit.<\/p>\n<p>So who is the big loser in this process? Mort-<br \/>\ngage lending insurers want it to be the appraiser<br \/>\nthey involve whose report they will attempt to use<br \/>\nto \u2018insure\u2019 the insurance commitment that they<br \/>\nhave made. When a loan fails, the appraiser faces<br \/>\nlawsuits where the mortgage lending insurer to<br \/>\nwhom they have provided an appraisal seeks to<br \/>\nrecover the funds it has had to pay over to a lender<br \/>\nas a result of a ne\u2019er do well borrower default. The<br \/>\nappraiser, who has had no input into the loan or<br \/>\nthe underwriting, is left to defend himself in a situ-<br \/>\nation where the mortgage lending insurer seeks to<br \/>\navoid all scrutiny of any mortgage lending process,<br \/>\nsaying that they relied upon the appraisal to issue<br \/>\nthe insurance policy.<\/p>\n<p>Already, Canadian appraisers, faced with some<br \/>\ndeclines in real estate market on account of the<br \/>\neconomy, are facing dozens, if not more, lawsuits<br \/>\nwhere mortgage lending insurers seek to make<br \/>\nthem responsible for loans that have failed through<br \/>\npower of sale losses incurred by the insurer in the<br \/>\naftermath of such insurance.  <\/p>\n<p>What can you, the appraiser, do to protect<br \/>\nyourself from such lawsuits?<\/p>\n<p>The most obvious answer is to not take on<br \/>\nassignments for these insurers. Their use of<br \/>\nyour work has no mortgage lending application<br \/>\nto it and I can guarantee that you have no idea<br \/>\nof the underwriting work they undertake in<br \/>\ninsuring. They will sue you at slight provocation<br \/>\nto recover large losses for loans that never <\/p>\n<p>should have been made in the first place.<br \/>\nMost mortgage lending insurers do not pay <\/p>\n<p>regular rates for appraisal work. Many sometimes<br \/>\ninsist on drive-by appraisals. The long and short is<br \/>\nthat appraisers should ask themselves if they really<br \/>\nmake any money on this type of work, given all the<br \/>\nconditions imposed upon it and given the lack of<br \/>\nreal appreciation for their work.<\/p>\n<p>If you feel compelled to deal with this type of<br \/>\nbusiness, it may be helpful to have contained within<br \/>\nyour report, as part of the limiting conditions, a<br \/>\nparagraph as follows:<\/p>\n<p>\u201cThis appraisal report has been specified as<br \/>\nhaving been completed for mortgage lending<br \/>\npurposes, where the appraisal report is used as part<br \/>\nof a prudent mortgage lending transaction involving<br \/>\na mortgage lender utilizing proper mortgage lending<br \/>\ntechniques and underwriting and all due diligence<br \/>\nto lenders who are both creditworthy and have been<br \/>\nassessed as having reasonable wherewithal to repay<br \/>\nany loan advanced to them on real property and<br \/>\nsecured by mortgage.  <\/p>\n<p>To rely upon this report the user must be: &#8211;  the<br \/>\nnamed client appearing on the appraisal report;  or, &#8211;<br \/>\nmust be authorized to rely upon this report by way of<br \/>\na letter of authorisation provided by the appraiser.  <\/p>\n<p>The appraiser shall not be responsible for any loss<br \/>\nor damage arising from his\/her authorship of this<br \/>\nreport or any reliance placed upon it, if this report is<br \/>\nused by the client or any other person for any reason<br \/>\nother that mortgage lending purposes by a lender<br \/>\nwithout the explicit permission of the appraiser.\u201d<\/p>\n<p>Appraisals that are actionable are appraisals that<br \/>\nlenders can rely upon. To do this, they must lend<br \/>\nusing the appraisal as part of the lending process.<br \/>\nOn an insurance angle, the appraisal of  property is<br \/>\nnot done from a mortgage underwriting viewpoint<br \/>\nand I would argue that no reliance was placed upon<br \/>\nthe appraisal for mortgage lending purposes.  <\/p>\n<p>Such a caveat as stated above would assist the<br \/>\nappraiser to avoid liability and would put mortgage<br \/>\ninsurance underwriters on notice that the under-<br \/>\nwriting of a loan transaction cannot be divorced<br \/>\nfrom the need to insure the lending of  money to<br \/>\npeople who can pay the loan back. <\/p>\n<p>\u201c The appraiser, who has had no input into the loan or the<br \/>\nunderwriting, is left to defend himself in a situation where <\/p>\n<p>the mortgage lending insurer seeks to avoid all scrutiny<br \/>\nof any mortgage lending process, saying that they relied <\/p>\n<p>upon the appraisal to issue the insurance policy.\u201d<\/p>\n<p>click heRe to return to table of contents Canadian Property Valuation Volume 55 | Book 4 | 2011 \u00c9valuation Immobili\u00e8re au Canada 33<\/p>\n<p>Canadian real estate cases of interest<br \/>\nCase: Mariner Towers Limited Partnership v. Imani-Raoshanagh (Court of Appeal for British Columbia).<br \/>\nHearing date: June 2, 2011.<br \/>\nProperty: One residential strata lot in Mariner and one residential strata lot in Flagship, Downtown vancouver, BC.<br \/>\nIssues: This appeal follows a ruling in favour of the Respondents (Mariner Towers Limited Partnership) in their claim for damages relating to two<br \/>\n condominium units. It relates to presales and REDMA (Real Estate Development Marketing Act) and offers an example of buyers utilising<br \/>\n REDMA to unreasonably back out of contracts. In the past, REDMA was seen to lean in favour of purchasers, but it is now shifting to be a<br \/>\n more balanced position.<br \/>\nJudgement: Appeal dismissed.<br \/>\nWeb link to case: http:\/\/www.courts.gov.bc.ca\/jdb-txt\/CA\/11\/02\/2011BCCA0261.htm<\/p>\n<p>Case:   Christopher M Reardon et al. v. Assessor of Area #08 (Property Assessment Appeal Board).<br \/>\nHearing date: July 15, 2011.<br \/>\nProperty: Strata residential unit in Seastrand high-rise apartment building, West vancouver, BC.<br \/>\nIssues: The main points arising from this case are that for assessments, looking at percentage changes based upon the previous roll year is not<br \/>\n generally accepted, and both Appellant and Respondent have the same onus for evidence to prove their point, i.e., it is not weighted<br \/>\n in favour of one party.<br \/>\nJudgement: In favour of Assessor, however, with slight reduction in assessment.<br \/>\nWeb link to case: http:\/\/www.assessmentappeal.bc.ca\/Decisions\/Dfull\/dec_2011-08-00015_20110547.asp<\/p>\n<p>Case:   Anderson v. Amoco Canada Oil and Gas (Supreme Court of Canada).<br \/>\nHearing date: July, 2004.<br \/>\nProperty: Split Title Lands.<br \/>\nIssues: This is an appeal case that relates to the Canadian Pacific Railway (CPR), and deals with contracts entered in the early 1900s and with the<br \/>\n ownership of hydrocarbons produced from wells drilled on Split Title Lands. Sub-surface rights are at stake.<br \/>\nJudgement: Appeal dismissed.<br \/>\nWeb link to case: http:\/\/scc.lexum.org\/en\/2004\/2004scc49\/2004scc49.html<\/p>\n<p>Case:   Century 21 Canada Limited Partnership v. Rogers Communications Inc. (Supreme Court of British Columbia).<br \/>\nHearing date: May, 2010.<br \/>\nProperty: n\/a<br \/>\nIssues: This case involves Charles Bilash and Michel James Walton with Century 21 versus the Zoocasa website which is a subsidiary of Rogers<br \/>\n Communications Inc. The main issue relates to Zoocasa indexing material from the Century 21 website without their consent, and deals<br \/>\n with copyright infringement, data ownership, etc.<br \/>\nJudgement: Mixed based upon various components.<br \/>\nWeb link to case: http:\/\/canlii.ca\/en\/bc\/bcsc\/doc\/2011\/2011bcsc1196\/2011bcsc1196.html<\/p>\n<p>Legal neWS &#038; VIeWS<\/p>\n<p>Canadian real estate cases of interest <\/p>\n<p>click heRe to return to table of contentsCanadian Property Valuation Volume 55 | Book 4 | 2011 \u00c9valuation Immobili\u00e8re au Canada34<\/p>\n<p>http:\/\/www.courts.gov.bc.ca\/jdb-txt\/CA\/11\/02\/2011BCCA0261.htm<br \/>\nhttp:\/\/www.assessmentappeal.bc.ca\/Decisions\/Dfull\/dec_2011-08-00015_20110547.asp<br \/>\nhttp:\/\/scc.lexum.org\/en\/2004\/2004scc49\/2004scc49.html<br \/>\nhttp:\/\/canlii.ca\/en\/bc\/bcsc\/doc\/2011\/2011bcsc1196\/2011bcsc1196.html<\/p>\n<p>Standards<\/p>\n<p>he Standards Committee is responsible<br \/>\nfor a complete review of the Canadian<br \/>\nUniform Standards of Professional <\/p>\n<p>Appraisal Practice (CUSPAP) with the<br \/>\nincorporation of any changes into an updated<br \/>\nversion on a two-year cycle. Many of the<br \/>\nethics, appraisal, review and consulting<br \/>\nrules and comments are interrelated with<br \/>\nInstitute bylaws, regulations and our insurance<br \/>\nprogram, hence, input is solicited from other<br \/>\ncommittees and all relevant parties. This<br \/>\nreview is not intended to be an overhaul, but<br \/>\nresults of input from all parties, including<br \/>\nmembership concerns which have arisen<br \/>\nover the past two years, are given careful<br \/>\nconsideration and, where applicable, revisions<br \/>\nhave been made.<\/p>\n<p> The current version of CUSPAP has been<br \/>\nin effect since 2010 and, following the usual<br \/>\nprotocol, the draft 2012 version with all<br \/>\nproposed changes was made available to the<br \/>\nmembership for comments in October. The<br \/>\ntime period for membership review and input<br \/>\nis 30 days. Upon receipt of comments from the<br \/>\nmembership and others, the committee meets <\/p>\n<p>By Iain hyslop, AACI<br \/>\nChair, Standards Committee<\/p>\n<p>T<br \/>\nand makes revisions as necessary. Subsequent<br \/>\nto publication of this exposure draft, various<br \/>\nworthwhile and constructive comments were<br \/>\nreceived. A number of these influenced the<br \/>\nreview and will become part of the 2012<br \/>\ndocument.<\/p>\n<p>A working knowledge of standards is<br \/>\nfundamental to sound appraisal work and,<br \/>\ntherefore, it is very important to be current<br \/>\nand familiar with any changes. Ensuring you<br \/>\nare up to date does not require much effort.<br \/>\nAll changes are listed in section 14, along with<br \/>\na rationale and relevant sections for reference. <\/p>\n<p>These changes vary in terms of their<br \/>\nimpact on appraisal work and each should<br \/>\nbe carefully read. Most are ethics related.<br \/>\nSeveral were made for clarification in relation<br \/>\nto advertising and use of designations <\/p>\n<p>CUSPAP 2012<\/p>\n<p>Standards Committee<br \/>\nIain Hyslop, AACI \u2013 Chair<br \/>\nChris Perret, AACI<br \/>\nDavid van der vis, AACI<br \/>\nPaul Olscamp, AACI<br \/>\nJayne Patterson, CRA<br \/>\nGreg Bennett, AACI \u2013 Board Liaison<br \/>\nTo contact this committee, email:<br \/>\nstandards@aicanada.ca<\/p>\n<p>and a number of these were the result of<br \/>\ncollaboration with other committees. The<br \/>\nprimary objective of several changes is to<br \/>\nprovide improved member guidelines for<br \/>\ngood quality, tasteful advertising, projecting<br \/>\na professional image and ensuring both<br \/>\ndesignations are equally supported.<\/p>\n<p>New definitions of fee and non-fee<br \/>\nappraiser have been included in order to more<br \/>\nclearly distinguish these categories. Another<br \/>\nrevision pertains to ethics standard 5.11<br \/>\nregarding conflict of interest. The requirement<br \/>\nto disclose to the client has now been extended<br \/>\nto include a stipulation that any such disclosure<br \/>\nmust be acknowledged by the client.<\/p>\n<p>The new version with incorporated changes<br \/>\nwill become effective January 2012. The<br \/>\ncomplete document is available on the Institute<br \/>\nwebsite and all members are advised to be<br \/>\naware of these changes and to consider any<br \/>\nimpact on their practices. <\/p>\n<p>\u201cA working knowledge of standards is fundamental to<br \/>\nsound appraisal work and, therefore, it is very important  <\/p>\n<p>to be current and familiar with any changes.\u201d<\/p>\n<p>click heRe to return to table of contents Canadian Property Valuation Volume 55 | Book 4 | 2011 \u00c9valuation Immobili\u00e8re au Canada 35<\/p>\n<p>mailto:standards@aicanada.ca<\/p>\n<p>Applied Experience<br \/>\nBy April Green, AACI<\/p>\n<p>Member, Applied Experience Committee<\/p>\n<p>Education and experience<br \/>\nacquired by Candidates<\/p>\n<p>T<\/p>\n<p>Notes on costs (see Table II on page 37)<br \/>\nAll costs are exclusive of applicable taxes.<br \/>\nA:   The approximate cost of $30,000 for the four-year degree requirement <\/p>\n<p>includes books. The hours are based on 40 courses at 110 hours per course.<br \/>\n  Core Business and Administrative Studies Courses for the TRU-OL <\/p>\n<p>BBRE: Actual costs for web-based learning for fall 2011 are provided.<br \/>\nBC and Yukon residents receive a discount on tuition. Students save by<br \/>\ntaking web-based, rather than print-based learning at TRU.  <\/p>\n<p>C:  Costs vary from province to province for the two-day seminar. The price<br \/>\nprovided is for the two-day seminar in Ontario. The seminar may also be<br \/>\ntaken by distance education at a reduced cost.  <\/p>\n<p>D:  Students save approximately $50 per BUSI course by registering early.<br \/>\n  PGCv: Must pick two of five electives. For simplicity, BUSI 300 and <\/p>\n<p>401 have been selected as electives in the table, however, any two<br \/>\ncourses with an \u2018E\u2019 in the column may be taken. <\/p>\n<p>able 1 below provides a snapshot of:<br \/>\n\u2022\t\tthe\thours\tof\teducation\tand\texperience\tacquired\tby\tCandidates\tprior\tto\tdesignation\tthrough\tfour\tpossible streams; and<br \/>\n\u2022\t\tthe\tapproximate\tcost\tof\teducation\tin\teach\tof\tthe\tstreams.<br \/>\nThe table assumes that the Candidate did not qualify for any course exemptions from the required AIC Education Program or Post Graduate Certifi-<\/p>\n<p>cate in Real Property valuation (PGCv) program, and has not qualified for prior learning assessment and recognition (PLAR).<br \/>\nThe Thomson Rivers University \u2013 Open Learning Bachelor of Business in Real Estate (TRU-OL BBRE) stream enables Candidates to satisfy the degree <\/p>\n<p>requirement and achieve the AACI designation with a total of 120 credits. The TRU-OL BBRE is offered in collaboration with UBC and requires completion<br \/>\nof UBC\u2019s Diploma in Urban Land Economics (DULE) or equivalent to graduate (the DULE courses are included in the 120 required credits). As the TRU-OL<br \/>\nBBRE offers a number of electives, the courses chosen in the table are simply an example of how the BBRE may be completed.  <\/p>\n<p>The costs provided for each of the streams are meant to be informative and are not to be relied upon. The notes below, which reference the more<br \/>\ndetailed Table II on page 37,  provide information on some of the designation requirements, including which of the costs vary from province to province<br \/>\nand cost saving tips.  \u00a0<\/p>\n<p>E:  Sauder School of Business application fee of $75 is required for all new<br \/>\nstudents, and for returning students who are applying for BUSI credit<br \/>\ncourses for the first time. <\/p>\n<p>  TRU-OL application fee for the BBRE program is $137.70.<br \/>\n  The transcript review fee in the TRU-OL includes a $50 review fee <\/p>\n<p>from UBC and $43.85 from TRU-OL, assuming it is a BC document to be<br \/>\nreviewed.  <\/p>\n<p>  Students may save by qualifying for course exemptions by applying for<br \/>\na $50 transcript review fee by UBC.<\/p>\n<p>  Textbooks: Costs provided are for new textbooks purchased through<br \/>\nthe UBC Real Estate Division Online Bookstore. Students may save by<br \/>\npurchasing used texts.  <\/p>\n<p>  Software: UBC Real Estate Division provides eight-month licenses for<br \/>\nthe software. The same software is required for BUSI 344\/444 and BUSI <\/p>\n<p>CRA AACI<br \/>\nDegree + CRA<br \/>\nAIC Education<\/p>\n<p>Degree + AACI<br \/>\nAIC Education<\/p>\n<p>Business Degree<br \/>\n+ PGCv TRU-OL BBRE<\/p>\n<p>Cost Hours Cost Hours Cost Hours Cost Hours<\/p>\n<p>Total Including Degree Requirement  exclusive of taxes $38,677 7,275 $46,788 10,135 $40,190 9,145 $31,643 CDN Res $30,732 BC or YT Res 8,265<br \/>\nHours of Education (A, B, C, D)<br \/>\nHours of Applied Experience (H, I, J)<\/p>\n<p>5,351<br \/>\n1,924<\/p>\n<p>6,291<br \/>\n3,844<\/p>\n<p>5,301<br \/>\n3,844<\/p>\n<p>4,421<br \/>\n3,844<\/p>\n<p># of Years of 40 hr-work weeks with no holidays 3.50 4.87 4.40 3.97<\/p>\n<p>Total Excluding Degree Requirement  exclusive of taxes $8,677 2,875 $16,788 5,735 $10,190 4,745<br \/>\nHours of Education (B, C, D)<br \/>\nHours of Applied Experience (H, I, J)<\/p>\n<p>951<br \/>\n1,924<\/p>\n<p>1,891<br \/>\n3,844<\/p>\n<p>901<br \/>\n3,844<\/p>\n<p># of Years of 40-hr work weeks with no holidays 1.38 2.76 2.28<\/p>\n<p>Table I<\/p>\n<p>click heRe to return to table of contentsCanadian Property Valuation Volume 55 | Book 4 | 2011 \u00c9valuation Immobili\u00e8re au Canada36<\/p>\n<p>460. Students may save by taking both courses within eight months so that only one license is required<br \/>\nto be purchased.   <\/p>\n<p>F-H: The Applied Experience Program requires one year of applied experience for a CRA and two years for<br \/>\nan AACI or PGCv. The estimated costs and number of hours are based on one year for a CRA and two<br \/>\nyears for an AACI or PGCV, which is the minimum amount of time an individual may be a Candidate.<br \/>\nTwo years of applied experience has also been applied to the TRU-OL BBRE, as it has been assumed<br \/>\nthe Candidate is receiving the AACI designation. It is assumed that each year a Candidate accumulates<br \/>\napproximately 1,920 hours of experience (40 hours per week x 48 weeks per year).  <\/p>\n<p>  Candidate insurance: 2011 candidate insurance was $1,351.<br \/>\n  Membership dues:  In 2011, Candidate dues varied from province to province from $225 to $621 <\/p>\n<p>in the first year and $525 to $1,102 in the second year. The fees in the table are based on a Candidate<br \/>\nmember from vancouver, BC.  <\/p>\n<p>J\/K: Professional Competency Interview and Application for Designation: Fees are set by provincial<br \/>\nassociations. The fee included in the table is the fee in British Columbia in 2011. <\/p>\n<p>Applied Experience Committee<br \/>\nDuane Bates, AACI \u2013 Chair<br \/>\nTroy Davidson, CRA \u2013 vice Chair<br \/>\nSusan McRury, CRA<br \/>\nApril Green, AACI<br \/>\nTyler Beatty, Candidate<br \/>\nJohn Bridal, UBC<br \/>\nSuzanne Teal, ED, AIC \u2013 AB<br \/>\nDan Brewer, AACI \u2013 Board Liaison<br \/>\nJohn Farmer, AACI \u2013 Board Liaison<br \/>\nTo contact this committee, email:<br \/>\naec@aicanada.ca<\/p>\n<p>CRA AACI<\/p>\n<p>Table II Degree + CRAAIC Education<br \/>\nDegree + AACI<br \/>\nAIC Education<\/p>\n<p>Business Degree<br \/>\n+ PGCv TRU-OL BBRE<\/p>\n<p>Cost Hours Cost Hours Cost Hours Cost     Hours<br \/>\nA Degree Requirement (approximate for 4-yr degree) $30,000 4,400 $30,000 4,400 $30,000 4,400    &#8211;                                                         &#8211;<br \/>\n General education Requirement (18 credits) $3,870 660<br \/>\n Core Business &#038; Administrative Studies (33 credits)      $7,208      $6,297  1,210<br \/>\n electives (15 credits) $3,225 550<br \/>\nB We Value Canada Workshop $100 7 $100 7 $100 7 $100 7<br \/>\nC Professional Practice Seminar $429 14 $429 14 $429 14 $429 14<br \/>\nD University Courses (\u201ce\u201d=elective)<br \/>\n BUSI 100 &#8211; Micro Foundations of Real Estate Economics $645 110 $645 110 &#8211; &#8211; $645 110<br \/>\n BUSI 101 &#8211; Capital Markets and Real Estate $645 110 $645 110 &#8211; &#8211; $645 110<br \/>\n BUSI 111\/112 &#8211; BC Real Property Law and Real Estate <\/p>\n<p>                            Ethics or Canadian Property Law and Real Estate $645 110 $645 110 &#8211; &#8211; $645 110<\/p>\n<p> BUSI 121 &#8211; Foundations of Real Estate Mathematics &#8211; &#8211; $645 110 &#8211; &#8211; $645 110<br \/>\n BUSI 221 &#8211; Real Estate Finance in a Canadian Context $645 110<br \/>\n BUSI 293 &#8211; Introductory Financial Accounting &#8211; &#8211; $720 110 &#8211; &#8211;<br \/>\n BUSI 300 &#8211; Urban and Real Estate Economics &#8211; &#8211; $645 110 $645 110 $645 110<br \/>\n BUSI 330 &#8211; Foundations of Real Estate Appraisal $645 110 $645 110 $645 110 $645 110<br \/>\n BUSI 331 &#8211; Real Estate Investment Analysis and  <\/p>\n<p>                    Advanced Income Appraisal &#8211; &#8211; $645 110 $645 110 $645 110<\/p>\n<p> BUSI 344\/444 &#8211; Statistical Computer Applications in valuation<br \/>\n                             or Advanced Computer Assisted Mass Appraisal $695 110 $695 110 &#8211;                  &#8211; $695 110<\/p>\n<p> BUSI 399 &#8211; Single-Family Guided Case Study $995 160 &#8211; &#8211; &#8211; &#8211;<br \/>\n BUSI 400 &#8211; Residential Property Analysis $645 110 $645 110 &#8211; &#8211; $645 110<br \/>\n BUSI 401 &#8211; Commercial Property Analysis &#8211; &#8211; $645 110 $645 110 $645 110<br \/>\n BUSI 425 &#8211; Land Use Regulation $645 110<br \/>\n BUSI 442 &#8211; Case Studies In Appraisal I &#8211; &#8211; $645 110 $645 110 $645 110<br \/>\n BUSI 443 &#8211; Advanced Computer Assisted Mass Appraisal $645 110 $645 110 &#8211;                         &#8211; $645 110<br \/>\n BUSI 452 &#8211; Case Studies In Appraisal II &#8211; &#8211; $645 110 $645 110 $645 110<br \/>\n BUSI 460 &#8211; Critical Analysis and Forecasting in Real Estate &#8211; &#8211; $695 110 &#8211;                &#8211; $695 110<br \/>\n BUSI 497\/499 &#8211; Agricultural Guided Case Study or  <\/p>\n<p>                            Income Property Guided Case Study &#8211; &#8211; $1,395 220 $1,395 220 $1,395 220<br \/>\ne Application Fees &#038; Required Materials<br \/>\n Sauder School of Business Application Fee $75 $75 $75 $75<br \/>\n TRU-OL Application Fee $138<br \/>\n Transcript Review Fee &#8211; &#8211; $50 $94<br \/>\n Financial Calculator $50 $50 $50 $50<br \/>\n BUSI 100 Textbook $99 $99 &#8211; $99<br \/>\n BUSI 101 Textbook $99 $99 &#8211; $99<br \/>\n Application Fee for UBC Accounting Course &#8211; $75 &#8211;<br \/>\n BUSI 293 Textbook (estimate) &#8211; $175 &#8211;<br \/>\n BUSI 330 Textbook $99 $99 $99 $99<br \/>\n BUSI 344\/444 Software $95 $95 &#8211; $95<br \/>\n BUSI 460 Textbook &#8211; $30 &#8211; $30<br \/>\n BUSI 460 Software &#8211; $95 &#8211; $95<br \/>\nF Candidate Insurance $1,351 $2,702 $2,702 $2,702<br \/>\nG Membership Dues $225 $925 $925 $925<br \/>\nH Applied Experience 1,920 3,840 3,840 3,840<br \/>\nI Applied Experience Written Exam $195 3 $195 3 $195 3 $195 3<br \/>\nJ Professional Competency Interview 1 1 1 1<br \/>\nK Application for Designation $300 $300 $300 $300<br \/>\nTotal Including Degree Requirement  exclusive of taxes $38,677 7,275 $46,788 10,135 $40,190 9,145 $31,643 $30,732 8,265<br \/>\nHours of Education (A, B, C, D)<br \/>\nHours of Applied Experience (H, I, J)<\/p>\n<p>5,351<br \/>\n1,924<\/p>\n<p>6,291<br \/>\n3,844<\/p>\n<p>5,301<br \/>\n3,844<\/p>\n<p>4,421<br \/>\n3,844<\/p>\n<p># of Years of 40-hr work weeks with no holidays 3.50 4.87 4.40 3.97<br \/>\nTotal Excluding Degree Requirement  exclusive of taxes $8,677 2,875 $16,788 5,735 $10,190 4,475<br \/>\nHours of Education (B, C, D)<br \/>\nHours of Applied Experience (H, I, J)<\/p>\n<p>951<br \/>\n1,924<\/p>\n<p>1,891<br \/>\n3,844<\/p>\n<p>901<br \/>\n3,844<\/p>\n<p># of Years of 40-hr work weeks with no holidays 1.38 2.76 2.28<\/p>\n<p>E<\/p>\n<p>E<\/p>\n<p>E<\/p>\n<p>E<\/p>\n<p>CDN Res<br \/>\nBC or YT Res<\/p>\n<p>CDN Res<br \/>\nBC or YT Res<\/p>\n<p>click heRe to return to table of contents Canadian Property Valuation Volume 55 | Book 4 | 2011 \u00c9valuation Immobili\u00e8re au Canada 37<\/p>\n<p>mailto:aec@aicanada.ca<\/p>\n<p>By Michael Garcelon, AACI<br \/>\nMember, Peer Review Committee<\/p>\n<p>Peer Review<\/p>\n<p>Voluntary peer review<\/p>\n<p>n 2009, the Peer Review Program introduced a<br \/>\nvoluntary component to the Peer Review Pilot<br \/>\nProject. Members of the Appraisal Institute of <\/p>\n<p>Canada (AIC) may now submit an appraisal report<br \/>\nfor peer review on a voluntary basis. This repre-<br \/>\nsents a tremendous opportunity for members, as<br \/>\nthe benefits of peer review are vast.<\/p>\n<p>A peer review consists of a Canadian Uniform<br \/>\nStandards of Professional Appraisal Practice<br \/>\n(CUSPAP) compliancy review and a Reasonable<br \/>\nAppraiser Test opinion. It also comments and<br \/>\nadvises on such aspects of a report as format-<br \/>\nting, presentation, etc.  <\/p>\n<p>A peer review may also provide comments<br \/>\nand suggestions on the application and presen-<br \/>\ntation of appraisal methodology. <\/p>\n<p>Essentially, a peer review is an objective<br \/>\ncritique of an appraisal report, with the primary <\/p>\n<p>purpose being to improve work product. The<br \/>\ndynamic we strive to achieve is that of two<br \/>\nprofessionals (i.e., the member and the peer<br \/>\nreviewer) working together to improve an<br \/>\nappraisal report.  <\/p>\n<p>From a business perspective, the benefits<br \/>\nof an objective peer review are significant.<br \/>\nvoluntary peer review is a no-cost confidential<br \/>\nservice that provides practical suggestions on<br \/>\nhow to improve the product that goes directly<br \/>\nto your clients. From an individual member<br \/>\nperspective, there are also significant benefits, <\/p>\n<p>Peer Review Committee<br \/>\nLinda Hastings, AACI  \u2013 Chair<br \/>\nGerald McCoombs, AACI<br \/>\nMike Garcelon, AACI<br \/>\nCherie Gaudet, CRA<br \/>\nLouis Poirier, AACI \u2013 Board Liaison<br \/>\nTo contact this committee, email:<br \/>\npeerreview@aicanada.ca<\/p>\n<p>I<br \/>\nespecially for those members working in<br \/>\nsmaller firms.<\/p>\n<p>Here is some feedback from individual<br \/>\nmembers who have participated in the Peer<br \/>\nReview Program on a voluntary basis:<\/p>\n<p>\u201cI found the peer reviewer\u2019s comments helpful<br \/>\nand I encourage other members to avail them-<br \/>\nselves of a peer review in order to verify the quality<br \/>\nof work being performed on unique or unusual<br \/>\nassignments.\u201d \u2013 Charles Johnstone, AACI<\/p>\n<p>\u201cAs a Candidate, the peer review was an<br \/>\nopportunity for another point of view. Being<br \/>\nused to constructive comments from my mentor,<br \/>\nit was a chance for me to hear another profes-<br \/>\nsional\u2019s perspective. I would highly recommend<br \/>\na peer review to all other Candidates.\u201d \u2013 Fred J.<br \/>\nMcAvoy, AIC Candidate appraiser<\/p>\n<p>For more information on AIC\u2019s Peer Review<br \/>\nProgram, please go to the Members Section of<br \/>\nthe AIC website. Here you will find a guidebook<br \/>\nand redacted examples of actual peer reviews.<br \/>\nYou may also contact the peer review team at<br \/>\npeerreview@aicanada.ca  <\/p>\n<p>\u201cA peer review is an objective critique of an appraisal report,<br \/>\nwith the primary purpose being to improve work product.\u201d<\/p>\n<p>click heRe to return to table of contentsCanadian Property Valuation Volume 55 | Book 4 | 2011 \u00c9valuation Immobili\u00e8re au Canada38<\/p>\n<p>mailto:peerreview@aicanada.ca<br \/>\nmailto:peerreview@aicanada.ca<\/p>\n<p>The evolving role of<br \/>\nCounsellor, Professional Practice Robert Patchett, LL.B. Counsellor, Professional Practice<\/p>\n<p>From the Counsellor\u2019s Desk<\/p>\n<p>s my time as Counsellor, Professional<br \/>\nPractice winds down, I have reflected<br \/>\non the role and what it has become <\/p>\n<p>for me. In my first days with the Appraisal<br \/>\nInstitute of Canada (AIC), my initial tasks were<br \/>\nto complete the Standards Seminar and BUSI<br \/>\n330. My first exposure to the membership came<br \/>\nas I introduced Michael Mendela at a Standards<br \/>\nSeminar in Ottawa to a roomful of appraisers<br \/>\nwho did not know me, nor I them. It was<br \/>\nevident then that I had a steep learning curve to<br \/>\nunderstand appraising and appraisal standards,<br \/>\nand that it was important for me to seek out the<br \/>\nadvice of senior appraisers to guide me on my<br \/>\njourney. The key lesson I took away in those first<br \/>\nweeks and months was that the role was always<br \/>\nabout compliance review, measuring success in<br \/>\nsatisfying the 27 appraisal rules in a reasonable<br \/>\nmanner. It was never about conducting a<br \/>\ntechnical review.<\/p>\n<p>Over time, there was much debate about<br \/>\nthe role of Counsellor, Professional Practice; not<br \/>\njust as the first responder to a consumer inquiry,<br \/>\nbut as the gateway into the professional practice<br \/>\ndisciplinary process. At that time, there were<br \/>\nmany responsibilities assigned to the position<br \/>\nthat I am sure some may have questioned. I was<br \/>\npleased to see the role softened under President<br \/>\nGordon Tomiuk in 2008, as the ability to take<br \/>\nunilateral action evolved to a consensus-based<br \/>\nmodel, where the Adjudicating Committee could<br \/>\ndecide matters in situations where no consent<br \/>\ncould be obtained. To me, this played on the<br \/>\nstrengths and skills needed for this key role,<br \/>\ni.e., to listen, to explain in layman\u2019s terms what<br \/>\nappraisers could or could not do, and to mediate<br \/>\ndisputes before they escalated into formal<br \/>\ncomplaints. This primary function remains the<br \/>\nkey to success for the role.<\/p>\n<p>A<br \/>\nIn time, and with patience from many, <\/p>\n<p>I grew into the role. My comfort with<br \/>\nthe Standards and my knowledge of the<br \/>\nappraisal industry permitted an expansion<br \/>\nof opportunities to conduct educational<br \/>\nseminars on appraisal business practice<br \/>\nissues and basic contract language, and<br \/>\nto act as an expert, to name but a few.<br \/>\nThe primary role expanded further to<br \/>\npermit some limited analysis of patterns of<br \/>\nbehaviour and trends, where refinements to<br \/>\nthe Standards and the seminar and program<br \/>\nsuccess could be assessed. <\/p>\n<p>Today, in a time where we hear that<br \/>\nclaims are on the rise, the trend has not<br \/>\nbeen mirrored on the complaint side of<br \/>\nyour industry. Changes to the program,<br \/>\nknowledge of the industry, and interactive<br \/>\ncommunication between consumers,<br \/>\nmembers and me have evolved such that<br \/>\nthat is the success of the role of Counsellor,<br \/>\nProfessional Practice.<\/p>\n<p>I regularly hear from members when<br \/>\nthey are faced with difficult situations and<br \/>\nI see their willingness to find solutions<br \/>\nbefore these situations escalate. Members<br \/>\nhave called upon the Counsellor, not so<br \/>\nmuch about how to apply appraisal theory <\/p>\n<p>in practice (not that I could), but more about<br \/>\nbusiness relationships, understanding when<br \/>\nand how to ensure a report complies with<br \/>\nthe Standards, and dealing with difficult<br \/>\npeople and complicated situations. The<br \/>\nwillingness to be a proactive appraisal<br \/>\npractitioner and to seek out advice from<br \/>\nother professionals, even when it is your<br \/>\nCounsellor, Professional Practice, was, for<br \/>\nme, the point where we understood that we<br \/>\ncould agree to disagree on a professional<br \/>\nlevel and move forward.<\/p>\n<p>You never really say good-bye when<br \/>\nyou leave a position after six years, because<br \/>\nyou never know where or when our paths<br \/>\nwill cross and what the futures holds.\u00a0I<br \/>\nhave enjoyed my time as your Counsellor,<br \/>\nProfessional Practice; I have enjoyed the<br \/>\njourney that has seen my role evolve over<br \/>\nthis time; and I have appreciated the sage<br \/>\nwisdom of so many members.\u00a0<\/p>\n<p>I will be stepping away from my role<br \/>\nto embark on a different challenge that I<br \/>\nam sure will be equally rewarding for me<br \/>\npersonally and professionally.\u00a0I wish to thank<br \/>\neach of you for the patience and support that<br \/>\nyou have provided me in my time with the<br \/>\nAIC.\u00a0Best of luck.  <\/p>\n<p>\u201cMembers have called upon the Counsellor, not so much<br \/>\nabout how to apply appraisal theory in practice, but more <\/p>\n<p>about business relationships, understanding when and how<br \/>\nto ensure a report complies with the Standards, and dealing <\/p>\n<p>with difficult people and complicated situations.\u201d<\/p>\n<p>click heRe to return to table of contents Canadian Property Valuation Volume 55 | Book 4 | 2011 \u00c9valuation Immobili\u00e8re au Canada 39<\/p>\n<p>Geo-tagging photos allows<br \/>\ncertainty and can streamline a report<\/p>\n<p>By Jeff Godfrey, AACI<br \/>\nStrand &#038; Godfrey Appraisals Ltd., Castlegar, British Columbia<\/p>\n<p>Technology<\/p>\n<p>ocation, location, location \u2013 we all<br \/>\nknow how critical location is to the<br \/>\nvalue of a property. But, how important <\/p>\n<p>or useful could it be to know the precise location<br \/>\nof that photo you just took? My appraisal practice<br \/>\nincludes a mix of rural and urban properties. In<br \/>\nthe same week, I can look at a downtown com-<br \/>\nmercial building and a remote, 1,000-hectare<br \/>\neco-gift. It is the remote or the large property<br \/>\nappraisal assignment that required me to rethink<br \/>\nsome of my data collection methods. Problems<br \/>\narose when, after sometimes taking dozens of<br \/>\nphotos over hours or days, it became difficult<br \/>\nto keep track of which photos were what. A<br \/>\nsecond problem became apparent too. How do<br \/>\nyou describe the locations depicted in 20 photos<br \/>\ntaken on a large property? Here is an actual<br \/>\nexample from a 2007 report, \u2018view East from<br \/>\nMidway North\/South Along Western Bound-<br \/>\nary.\u2019 Some descriptions have been longer and<br \/>\nclumsier. By geo-tagging your photos, you can<br \/>\nresolve both of these issues, and more.  <\/p>\n<p>L So what is geo-tagging? Wikipedia defines geo-tagging as \u201cthe process of adding geographical identification metadata to various<br \/>\nmedia such as a geo-tagged photograph<br \/>\nor video, websites, SMS messages, or RSS<br \/>\nfeeds and is a form of geospatial metadata.\u201d<br \/>\nRoughly translated, a geo-tagged item is given<br \/>\na latitude\/longitude and can be displayed<br \/>\non a map. With a little practice and the right<br \/>\nsetup, you can geo-tag all your photos from an<br \/>\ninspection in minutes.<\/p>\n<p>There are three steps to geo-tagging a photo.<br \/>\nFirst, make sure the time on your camera is<br \/>\naccurate. Next, spatially record your inspection<br \/>\ntrack on a suitable GPS device. Finally, back at the<br \/>\noffice, you must use specialty software to match<br \/>\nthe photo to the location information in your GPS<br \/>\ntrack. The key to all of this is having your GPS<br \/>\ntracking device and your camera set to the same<br \/>\ntime. It is the time stamp of the photo matched<br \/>\nto the time stamp of the track point that allows<br \/>\nthe software to locate your photo position.<\/p>\n<p>Synchronize your devices<br \/>\nMake sure your computer is set to the actual<br \/>\ncurrent time (Internet time) by clicking on the<br \/>\ntime display on your desktop and following the<br \/>\ninstructions for updating it \u2013 this is a Windows<br \/>\nfeature. Now you can set your camera to<br \/>\nyour computer time. Do this manually on the<br \/>\ncamera or, if you are lucky, your camera can<br \/>\nbe plugged in and synchronized with the<br \/>\ncomputer through a settings menu in your<br \/>\ncamera\u2019s software. Canon DSLRs do this nicely.<br \/>\nNow the camera and the time signal received<br \/>\nby the GPS device are exactly the same \u2013<br \/>\nInternet time and satellite time (and cell phone<br \/>\ntime) are the same.  <\/p>\n<p>Track and photograph<br \/>\nMake sure your handheld GPS device is on and<br \/>\ntracking. My older Garmin 60CSx can track<br \/>\n10,000 individual points \u2013 that is enough for a<br \/>\nfew long days in the field between downloads.<br \/>\n(This unit is discontinued, if you are thinking<br \/>\nof getting a GPS unit, I recommend the new<br \/>\nGarmin 62 Series. Read up on the customizable<br \/>\nmap feature, it will allow you to upload<br \/>\nsubdivision plans, aerial photos, easement or<br \/>\nright of way plans, and any other custom map.)<br \/>\nThere are also dedicated, single-purpose GPS<br \/>\ntrackers made just for photo geo-tagging and<br \/>\nseveral models can be attached directly to the<br \/>\nhot shoe of a Digital SLR.  <\/p>\n<p>Another option is to turn on your<br \/>\nsmartphone tracking app. Did you know that<br \/>\nmost newer GPS enabled smartphones actually<br \/>\nuse GPS satellite signals? I thought the term<br \/>\nGPS was being misused in this context and that<br \/>\nsmartphones determined position by cell tower<br \/>\ntriangulation. In fact, they do, but primarily to<br \/>\nhelp the GPS receiver self-locate more rapidly. <\/p>\n<p>Partial Photo Key Map<\/p>\n<p>click heRe to return to table of contentsCanadian Property Valuation Volume 55 | Book 4 | 2011 \u00c9valuation Immobili\u00e8re au Canada40<\/p>\n<p>Because they are true GPS receivers, you can<br \/>\nuse your GPS enabled smartphone in areas not<br \/>\ncovered by cell services \u2013 but you will need a<br \/>\nspecial app.  <\/p>\n<p>Most smartphone GPS applications want<br \/>\nto display your location graphically, in real<br \/>\ntime. This requires a map for display on your<br \/>\ndevice that is almost always downloaded and<br \/>\nrefreshed through your mobile data connection.<br \/>\nNo cell service \u2013 seemingly no location display<br \/>\nor tracking. However, a couple of iPhone apps I<br \/>\nhave found record your track without needing<br \/>\nsimultaneous mapping data, so you can track<br \/>\noffline. These apps are simple, non-graphic<br \/>\ngeo-recorders (check out TrackLogger or GPS<br \/>\nLogbook). I have not tried either, but have<br \/>\ncorresponded with the developers. One told me<br \/>\nthat he was able to record 14,000 track points<br \/>\nin a single day, or one every few metres. This<br \/>\n\u2018resolution\u2019 allows for precise marking of each<br \/>\nphoto (within the confines of inherent GPS<br \/>\nlocation error). The other cautioned that offline<br \/>\nGPS fixing can take up to 30 minutes, if the last<br \/>\nknown cell-GPS location is significantly different<br \/>\nfrom your current location. I am not sure if<br \/>\na smartphone can be a reliable and rugged<br \/>\nsolution, but, for a dollar or two, you can<br \/>\nexperiment with these apps before you spend<br \/>\n$100 and up on a GPS device.  <\/p>\n<p>If you are sure that you will always have cell<br \/>\ncoverage at the site you are appraising, there<br \/>\nare many more options for experimenting with<br \/>\ngeo-tagging apps.<\/p>\n<p>Geo-tag<br \/>\nOnce you have finished your field work, copy<br \/>\nyour photos to your computer and download<br \/>\nyour GPS track data. You now have the raw<br \/>\nmaterials ready for processing, all you need is<br \/>\nsome software.  <\/p>\n<p>There are many geo-tagging software<br \/>\nsolutions. By far, the best I have used is called<br \/>\nGeoSetter. It is powerful and has many features,<br \/>\nbut it can also be used very simply. Surprisingly,<br \/>\nit is free (though a donation will likely help the <\/p>\n<p>developer to keep improving it). With a few<br \/>\nsimple clicks, you load your photos and your<br \/>\nGPS track, then hit the synchronize button.<br \/>\nMagically, it displays all your photo locations<br \/>\non its own map. With another click, it exports<br \/>\nthem to Google Earth. In Google Earth, you<br \/>\ncan turn off any photo location icons you are<br \/>\nnot going to need, zoom in to the extents of<br \/>\nyour images, and save the aerial photo for<br \/>\nyour report. That Google Earth image becomes<br \/>\na photo location key to assist the reader in<br \/>\nreferencing your photos. Those awkward photo<br \/>\ndescriptions can be replaced with something<br \/>\nlike this, \u2018view North (02),\u2019 and \u2018view<br \/>\nSouthwest (19).\u2019  <\/p>\n<p>There are a few other advantages to geo-<br \/>\ntagging for appraisals. If you already use a<br \/>\nGPS and find it cumbersome to set and label<br \/>\nimportant waypoints in the field, that survey<br \/>\npin, power line or viewpoint, just take a picture<br \/>\nof the feature you are standing beside and your<br \/>\npicture becomes a waypoint worth a thousand<br \/>\nwords. If you want to send an interactive map to<br \/>\na client, Geosetter can be configured to display<br \/>\nexpanding thumbnails of each photo, at each<br \/>\nlocation \u2013 your client can take a virtual tour. You<br \/>\nalso have the option of displaying the GPS track<br \/>\nand referring to this in your scope. It creates a<br \/>\nclear picture of where you were and where you<br \/>\nwere not. And, if you use some kind of voice<br \/>\nrecorder in the field, you can very likely geo-tag<br \/>\nyour audio notes. The Griffon iTalk recorder that I<br \/>\nuse time stamps to the second. It should not be<br \/>\ntoo hard to geo-tag those recordings.  <\/p>\n<p>In a world where location is so important,<br \/>\na few simple tools and methods can greatly<br \/>\nenhance your capabilities. If you are looking to<br \/>\nadd precision to your inspections, to digitize more<br \/>\nof your data collection, and to use advanced tools<br \/>\nto describe your subject, its neighbourhood and<br \/>\ncomparables, geo-tagging is the solution.  <\/p>\n<p>Garmin 62s<\/p>\n<p>click heRe to return to table of contents Canadian Property Valuation Volume 55 | Book 4 | 2011 \u00c9valuation Immobili\u00e8re au Canada 41<\/p>\n<p>http:\/\/www.notarius.com<\/p>\n<p>Designations\/Candidates\/Students<\/p>\n<p>The Appraisal Institute of Canada (AIC), together with the provincial associations and the provincial bodies affiliated with the AIC, commend the following<br \/>\nmembers who completed the rigorous requirements for accreditation as a designated member of the AIC during the period July 15 to October 14, 2011:<\/p>\n<p>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<br \/>\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 15 juillet au 14 octobre, 2011:<\/p>\n<p>AIC designations granted \/ D\u00e9signations obtenues de l\u2019ICE<\/p>\n<p>Candidates \/ Stagiaires<br \/>\nAIC welcomed the following new Candidate members during the period July 15 to October 14, 2011:<\/p>\n<p>L\u2019ICE souhaite la bienvenue aux personnes suivantes qui ont joint les rangs des membres stagiaires durant la p\u00e9riode du 15 juillet au 14 octobre, 2011:<\/p>\n<p>AlbERTA<br \/>\nRameez Ahmed<br \/>\nEvodius M. Bantulaki<br \/>\nDavid Blackburn<br \/>\nKirsten E. Ferrill<br \/>\nGarett Robert Watson <\/p>\n<p>bRITISH COlUMbIA<br \/>\nRajan Singh Dhanowa<br \/>\nAndrew Higgs<br \/>\nChristina Infanti<br \/>\nMandeep Kandola<br \/>\nvaleria Lifanova<br \/>\nStephanie Lun<br \/>\nSandra Nicole Paulin<br \/>\nMarc C. Rivard<br \/>\nHeather Siu<br \/>\nDavid Thompson<br \/>\nJessica L. Toppazzini<br \/>\nKristian Weaver <\/p>\n<p>MANITObA<br \/>\nSean Henderson <\/p>\n<p>NEW bRUNSWICK<br \/>\nLuc Leger <\/p>\n<p>NEWFOUNDlAND &#038;<br \/>\nlAbRADOR<br \/>\nCharlez N. Parrott<br \/>\nMike Warr <\/p>\n<p>NOvA SCOTIA<br \/>\nMike White <\/p>\n<p>ONTARIO<br \/>\nRobert Abbatangelo<br \/>\nRod Bowers<br \/>\nTanya F. Cloutier<br \/>\nRimma Darchieva<br \/>\nJonathan Dunlap<br \/>\nChristopher Evered<br \/>\nHeather L. Fields <\/p>\n<p>Students \/ \u00c9tudiants<br \/>\nThis category of membership serves as the first step on the path to designation for those completing their requirements for Candidate membership.<br \/>\nStudents considering the appraisal profession as a career option are also welcomed to this category of membership.<\/p>\n<p>Cette cat\u00e9gorie de membre  constitue la premi\u00e8re \u00e9tape sur la voie de la d\u00e9signation pour ceux qui s\u2019affairent \u00e0 compl\u00e9ter les exigences de la cat\u00e9gorie de membre stagiaire.<br \/>\nLes \u00e9tudiants qui contemplent une carri\u00e8re comme \u00e9valuateur professionnel sont bienvenus \u00e0 joindre cette cat\u00e9gorie de membre.<\/p>\n<p>Kulvir S. Gill<br \/>\nAlexandra M. Gulliver<br \/>\nCory P. Helmer<br \/>\nOlga Sergueevna Johnson<br \/>\nAndrew Gratz Joseph<br \/>\nJeffrey Lynch<br \/>\nMichael Olivella<br \/>\nByoung Ki Park<br \/>\nvitale Popov<br \/>\nReid Raymer<br \/>\nCraig Thomson <\/p>\n<p>Accredited Appraiser  Canadian Institute<br \/>\nWe welcome and congratulate these individuals as fully accredited members of the<br \/>\nInstitute through the granting of their AACI designation.<br \/>\nAccueillons et f\u00e9licitons comme membres pleinement accr\u00e9dit\u00e9s de l\u2019Institut et leur<br \/>\naccordons avec fiert\u00e9 la d\u00e9signation AACI.<\/p>\n<p>AlbERTA<br \/>\nLouise Carole Jones-Erickson<br \/>\nJohn C. Manning<br \/>\nMichael F. E. Uhryn <\/p>\n<p>bRITISH COlUMbIA<br \/>\nStefan v. Lozinsky<br \/>\nCourtland J. Namura<\/p>\n<p>AACI<\/p>\n<p>MANITObA<br \/>\nNicholas Michael Ruta<br \/>\nJason M. Schellenberg<br \/>\nJames Patrick Weir <\/p>\n<p>ONTARIO<br \/>\nTracey L. Smith <\/p>\n<p>QUEbEC<br \/>\nYannick Lemelin   <\/p>\n<p>CRA<\/p>\n<p>AlbERTA<br \/>\nAnthony Hendrata<br \/>\nTyler G. Stone<br \/>\nClayton Wagner <\/p>\n<p>bRITISH COlUMbIA<br \/>\nJason Richard Wagenaar <\/p>\n<p>Canadian Residential Appraiser<br \/>\nThese members are congratulated on the successful completion of the CRA<br \/>\ndesignation requirements.<br \/>\nNous f\u00e9licitons ces membres pour avoir compl\u00e9t\u00e9 avec succ\u00e8s le programme menant \u00e0 la<br \/>\nd\u00e9signation CRA.<\/p>\n<p>MANITObA<br \/>\nDwayne Grantham<br \/>\nKevin G. Olfert <\/p>\n<p>QUEbEC<br \/>\nLeanna Myers <\/p>\n<p>SASKATCHEWAN<br \/>\nDavid A. Fortier<br \/>\nChandra Hedstrom <\/p>\n<p>SASKATCHEWAN<br \/>\nDean McCartney-Fuchs <\/p>\n<p>AlbERTA<br \/>\nMark N. Sandul <\/p>\n<p>bRITISH COlUMbIA<br \/>\nTae Hee Youn <\/p>\n<p>MANITObA<br \/>\nJonathon J. Fitzpatrick <\/p>\n<p>NEWFOUNDlAND &#038;<br \/>\nlAbRADOR<br \/>\nKenneth K. Kelly <\/p>\n<p>ONTARIO<br \/>\nJeff M. Allen<br \/>\nAllison S.M. Brett<br \/>\nWilliam B. Davis <\/p>\n<p>Fardin Feizi<br \/>\nSamuel P. F. Johnson<br \/>\nBenjamin Olugbemiro <\/p>\n<p>Gino Proietto<br \/>\nKyle Yutronkie <\/p>\n<p>SASKATCHEWAN<br \/>\nChris Fossenier  <\/p>\n<p>click heRe to return to table of contentsCanadian Property Valuation Volume 55 | Book 4 | 2011 \u00c9valuation Immobili\u00e8re au Canada42<\/p>\n<p>2012 brings a renewed commitment to Habitat for Humanity by the<br \/>\nAppraisal Institute of Canada (AIC). The Marketing and Communica-<br \/>\ntions Committee agreed to continue its support of Habitat for Humanity.<br \/>\nAIC also plans to grow its member involvement in the value of Home<br \/>\nProgram through various programs:<br \/>\n\u2022\t AIC\twill\tfund\tup\tto\tfour\tteams\tfrom\tvarious\tcities\tacross\tCanada\tto\t<\/p>\n<p>participate in a one-day build in the spring.<br \/>\n\u2022\t The\t2012\tAIC\tConference\twill\tinclude\ta\tfundraiser\twith\tall\tmonies\tgoing\t<\/p>\n<p>to Habitat for Humanity.<br \/>\n\u2022\t AIC\tand\tHabitat\tfor\tHumanity\tare\tdeveloping\ta\twebsite\twhich\twill\t<\/p>\n<p>allow our members to develop their own event and use this platform to<br \/>\npromote and fundraise.<\/p>\n<p>Habitat for Humanity Canada (HFHC) is a non-profit organization<br \/>\nworking towards a world where everyone has a safe and decent place to<br \/>\nlive. The organization mobilizes volunteers and partners to build simple,<br \/>\ndecent housing in order to provide low-income families with access to<br \/>\naffordable homeownership. HFHC also raises awareness of the need for<br \/>\naffordable housing and promotes homeownership as a means to breaking<br \/>\nthe cycle of poverty.<\/p>\n<p>With the help of over 50,000 volunteers every year, HFHC\u2019s 72<br \/>\naffiliates nationwide have provided over 2,000 Canadian families<br \/>\nwith safe, decent and affordable housing, since the first Habitat<br \/>\nhome was built in Winkler, Manitoba in 1985. HFHC is a member of<br \/>\nHabitat for Humanity International, which has built, rehabilitated,<br \/>\nrepaired or improved more than 500,000 houses worldwide,<br \/>\nproviding shelter for more than two million people since it was<br \/>\nfounded in Americus, Georgia in 1976.<\/p>\n<p>Four million Canadians are in need of decent, affordable housing,<br \/>\nand, when individuals and organizations choose to get involved with<br \/>\nHabitat for Humanity, they are offered a number of high impact ways<br \/>\nto remedy this situation. They can donate funds, product or land,<br \/>\nparticipate by volunteering at a local build, join a Global village trip,<br \/>\nor offer professional expertise.<\/p>\n<p>For more information about Habitat, visit their web site at<br \/>\nwww.habitat.ca.<\/p>\n<p>To learn more about AIC national, provincial and chapter fund-<br \/>\nraising events being organized to support this venture, contact Kevin<br \/>\nCollins at (613) 234-6533 Ext. 231 or kevinc@aicanada.ca.<\/p>\n<p>THE VALUE OF HOME PROGRAM<\/p>\n<p>1.  Dress-down\/civvies day: If your office has a formal dress code or<br \/>\nculture, have a day in which all employees can wear casual clothes.<br \/>\nCharge each employee who wants to participate. <\/p>\n<p>2.  Walkathon: Choose a date and a route, make up some pledge forms,<br \/>\nand advertise with posters. Have everyone who wants to participate<br \/>\ngather donations or pledges using their pledge forms.<\/p>\n<p>3.  Raffles: Sell tickets and keep ticket stubs. On the date of the draw, have<br \/>\nsomeone close his or her eyes and pick a ticket stub from all the ones<br \/>\nthat were sold. Do this publicly. The winner receives a prize.<\/p>\n<p>4.  Auction: Have individuals, groups and businesses donate goods and<br \/>\nservices. Be creative in what you can auction off and make certain that<br \/>\nthe goods and services are sold at reasonable prices. Auction off free<br \/>\nservice for donations: Rake leaves, shovel snow, take care of a pet. <\/p>\n<p>5.  Hold a theme party: Decide on a fun theme. Charge an entrance<br \/>\nfee, but be sure to explain to people what their cover charge is going<br \/>\ntowards.<\/p>\n<p>6.  Newsletter\/email: Inform your peers, clients, employees and members<br \/>\nof your community about your organization and the cause you are<br \/>\nsupporting. Be sure to provide information about how people can<br \/>\nbecome involved and\/or donate to your cause.<\/p>\n<p>IT TAKES A COMMUNITy TO BUILD A HOME<br \/>\nFundraising ideas for members and chapters<\/p>\n<p>News<\/p>\n<p>click heRe to return to table of contents Canadian Property Valuation Volume 55 | Book 4 | 2011 \u00c9valuation Immobili\u00e8re au Canada 43<\/p>\n<p>http:\/\/www.habitat.ca<br \/>\nmailto:kevinc@aicanada.ca<\/p>\n<p>News<\/p>\n<p>The Appraisal Institute of Canada (AIC)<br \/>\nis pleased to announce an agreement<br \/>\nbetween  the Continuing Studies<br \/>\nDepartment at Guelph University and<br \/>\nthe Real Estate Division, Sauder School<br \/>\nof Business, UBC to launch a new series<br \/>\nof classroom-based courses leading<br \/>\nto AIC designations. The courses are<br \/>\nbased on the current AIC\/UBC materials,<br \/>\nand are supplemented with classroom<br \/>\nlectures on the Guelph campus.<\/p>\n<p>The first course to be offered,<br \/>\nIntroduction to Real Estate Appraisal<br \/>\n(BUSI 330), will commence in April<br \/>\n2012, followed by an expanded<br \/>\nprogram offering beginning in the<br \/>\nfall semester. The full course offering<br \/>\nwill include the required courses from<br \/>\nthe PGCv program as well as the<br \/>\nFoundations of Real Estate Economics<br \/>\ncourse. The courses will be offered<br \/>\non alternate Saturdays for an eight-<\/p>\n<p>7.  Boat race: Organize a model boat race on a body of water. Charge<br \/>\na participant\/spectator entrance fee. The winner of the race gets a<br \/>\nprize.<\/p>\n<p>8.  Book sale: Ask all your employees to donate their old books.<br \/>\nAdvertise your book sale by means of posters and flyers. Set up a<br \/>\ntable and sell books. If there are leftovers, you can always give them<br \/>\nto a needy library, shelter, or school.<\/p>\n<p>9.  Sporting event tickets: Ask sports teams to donate a number of<br \/>\nseats for their games and raffle off the tickets.<\/p>\n<p>10. Charity ball: Hire a DJ or a band, rent a hall, advertise, and sell<br \/>\ntickets for a dance.<\/p>\n<p>11. Paid vacation days: Allow employees to pay to get an additional<br \/>\nvacation day. Make sure you put a limit to the number of days that<br \/>\ncan be purchased or put limits where needed. <\/p>\n<p>12. Guest speaker: Invite a guest speaker to your office and sell<br \/>\nadmission tickets to raise funds for your cause.<\/p>\n<p>Did you know that you can<br \/>\ndonate to Habitat for Humanity<br \/>\ndirectly from the AIC website?<\/p>\n<p>Simply go to http:\/\/www.aicanada.ca\/cmsPage.aspx?id=464<br \/>\nand click on <\/p>\n<p>A tax deductible receipt will be sent directly to you.<\/p>\n<p>week period (four full-day classes), with<br \/>\nadditional online assistance available in<br \/>\nbetween the face-to-face sessions. The goal<br \/>\nof the program is to offer southern Ontario<br \/>\nstudents another option for completing AIC<br \/>\ndesignation courses.  <\/p>\n<p>According to Jane Londerville, Associate<br \/>\nProfessor in the Department of Marketing<br \/>\nand Consumer Studies at Guelph University, <\/p>\n<p>\u201cMany students enjoy learning in a<br \/>\nclassroom environment, but are not<br \/>\nable to attend classes during the week<br \/>\n\u2013 Guelph\u2019s new program is designed<br \/>\nfor these students.\u00a0The University of<br \/>\nGuelph has been\u00a0delivering quality real<br \/>\nestate education for almost 20 years<br \/>\nin its B.Comm. major in Real Estate<br \/>\nand Housing, and it seemed a natural<br \/>\nfit for us to extend this expertise to<br \/>\nprofessional appraisal courses.\u00a0We<br \/>\nexpect this blended format of full-day<br \/>\nintensive sessions, combined with<br \/>\nreflective assignments and online<br \/>\nhelp between classes, will appeal to a<br \/>\nsegment of students working toward<br \/>\ntheir designation.\u201d<\/p>\n<p>A program web site will be available<br \/>\nshortly, but, in the interim, anyone<br \/>\ninterested in these course offerings<br \/>\nshould direct any inquiries to Jane<br \/>\nLonderville, jlonderv@uoguelph.ca<\/p>\n<p>\u201cMany students enjoy <\/p>\n<p>learning in a classroom<br \/>\nenvironment, but are <\/p>\n<p>not able to attend<br \/>\nclasses during the <\/p>\n<p>week \u2013 Guelph\u2019s new<br \/>\nprogram is designed for <\/p>\n<p>these students.\u201d<\/p>\n<p>SOUTHERN ONTARIO STUDENTS<br \/>\nGET OPTION FOR COMPLETING AIC DESIGNATION COURSES\u00a0 <\/p>\n<p>click heRe to return to table of contentsCanadian Property Valuation Volume 55 | Book 4 | 2011 \u00c9valuation Immobili\u00e8re au Canada44<\/p>\n<p>http:\/\/www.aicanada.ca\/cmsPage.aspx?id=464<br \/>\nmailto:jlonderv@uoguelph.ca<\/p>\n<p>News<\/p>\n<p> ROBERT PATCHETT STEPS AWAy<br \/>\nAFTER SIx yEARS WITH THE INSTITUTE\u00a0 <\/p>\n<p>After six years in the position of Counselor, Professional Practice, Robert<br \/>\nPatchett has stepped away from the Appraisal Institute of Canada (AIC)<br \/>\nand moved on to new challenges. Robert joined the AIC in the fall of 2005<br \/>\nand, since that time, has been instrumental in championing many of the<br \/>\ninnovations and improvements in the professional practice process.<\/p>\n<p>AIC members, volunteers and staff thank Robert for his considerable<br \/>\ncontributions and service to the Institute and wish him well in his new endeavours. The AIC<br \/>\nwill be reassessing the evolving responsibilities of this position prior to filling this vacancy. In<br \/>\nthe interim, if you have any enquiries that would normally be directed to Robert, please submit<br \/>\nthem to counselor@aicanada.ca.<\/p>\n<p>MCEWEN<br \/>\nAND WARD<br \/>\nRECOGNIzED<\/p>\n<p>In recognizing retiring Board members<br \/>\nin previous issues of Canadian Property<br \/>\nValuation, we neglected to note that both<br \/>\nGeorge Ward, AACI (British Columbia)<br \/>\nand Scott McEwen, AACI (Prince Edward<br \/>\nIsland) had retired from the AIC\u2019s Board<br \/>\nof Directors in the 2010-2011 period.\u00a0We<br \/>\napologize for this oversight and extend<br \/>\nour thanks to both of these members for<br \/>\ntheir dedicated service on behalf of the<br \/>\nInstitute.\u00a0As a token of our appreciation,<br \/>\nplaques recognizing their contributions<br \/>\nhave been presented to these two former<br \/>\nDirectors.<\/p>\n<p>IN MEMORIAM CRITICAL DATES<br \/>\nDecember 31, 2011 \u2013 CPD deadline for<br \/>\nthe required annual six CPD credits to be<br \/>\ncompleted and posted.<\/p>\n<p>December 31, 2011 \u2013 Payment due<br \/>\ndate for professional liability insurance<br \/>\nlevy payable to MMR in accordance with<br \/>\ninsurance e-invoices sent to members in<br \/>\nNovember 2011.<\/p>\n<p>The following members of the Appraisal Institute of Canada have passed away.<br \/>\nOn behalf of everyone connected with the Institute and the profession, we extend<br \/>\nour sincerest sympathies to their families, friends and associates.<br \/>\nLes membres suivant de l\u2019Institut canadien des \u00e9valuateurs sont d\u00e9c\u00e9d\u00e9s. Au nom de<br \/>\ntous ceux qui oeuvrent de pr\u00e8s ou de loin au sein de l\u2019Institut et de la profession, nous<br \/>\nexprimons nos plus sinc\u00e8res condol\u00e9ances \u00e0 les familles, amis et associ\u00e9s.<br \/>\nGlen Attree, AACI, Kelowna, BC<br \/>\nRodger bailey, CRA (Retired), St. Catharines, ON<br \/>\nFrederick M. Cunningham, AACI, Fellow (Retired), Sardis, BC<br \/>\nGlenn Gabrielson, AACI, Buffalo Narrows, SK<br \/>\nRobert Quick, Candidate, Toronto, ON<br \/>\nRobert Sarrazin, Associate Member, Mississauga, ON<br \/>\nMichael Tarle AACI, Long Sault, ON<br \/>\nlorne Usher AACI, Nepean, ON<br \/>\nMr. valery Zorin, Candidate, Mississauga, ON<\/p>\n<p>SAVE THE DATE!<br \/>\nANNUAL CONFERENCE<br \/>\nOF THE APPRAISAL<br \/>\nINSTITUTE OF CANADA<br \/>\nOTTAWA, ONTARIO, FAIRMONT<br \/>\nCHATEAU LAURIER, JUNE 6-9, 2012<\/p>\n<p>click heRe to return to table of contents Canadian Property Valuation Volume 55 | Book 4 | 2011 \u00c9valuation Immobili\u00e8re au Canada 45<\/p>\n<p>mailto:counselor@aicanada.ca<\/p>\n<p>Calendar of Events<\/p>\n<p>AIC 2012 Annual AIC Conference<br \/>\nTheme:  Shape of Things to Come \u2013 Strategies for Success<br \/>\nDates: June 6-9, 2012<br \/>\nFairmont Chateau Laurier, Ottawa, Ontario<\/p>\n<p>bC Professional Practice Seminars<br \/>\nJanuary 13 &#038; 14, 2012\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Fraser valley<br \/>\nFebruary 24 &#038; 25, 2012\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 vancouver Island<br \/>\nApril 20 &#038; 21, 2012\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Lower Mainland<br \/>\nMay 29 &#038; 30, 2012\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Fraser valley<br \/>\nJune 1 &#038; 2, 2012\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Lower Mainland<br \/>\nSeptember 14 &#038; 15, 2012           Prince George<br \/>\nOctober 26 &#038; 27, 2012\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Lower Mainland<br \/>\nNovember 23 &#038; 24, 2012            Okanagan<br \/>\nFor information contact info@appraisal.bc.ca<br \/>\nor (604) 284-5515, or check www.appraisal.bc.ca<\/p>\n<p>Ab Fall Sessions &#8211; Professional Practice Seminar<br \/>\nDates TBA<br \/>\nFor information contact the AB-AIC at aic.alberta@shawlink.ca or<br \/>\n(403) 207-7892 or visit the \u2018Events\u2019 section at www.ab.aicanada.ca<\/p>\n<p>SK Professional Practice Seminar<br \/>\nMarch 16 &#038; 17, 2012 \u2013 Saskatoon<br \/>\nInstructor \u2013 Allan Beatty<br \/>\nFor information contact Marilyn Steranka at skaic@sasktel.net or<br \/>\n(306) 352-4195 or check http:\/\/saskatchewan.aicanada.ca<\/p>\n<p>Mb Manitoba-AIC Holiday luncheon<br \/>\nFriday, December 9, 12:15 p.m.<br \/>\nInfernos Restaurant \u2013 312 Des Meurons St.<br \/>\nAll members encouraged to come out and celebrate the season!\u00a0<br \/>\nTickets $30.00 plus GST.\u00a0 \u00a0<br \/>\nFor information contact Pamela Wylie at mbaic@mts.net or<br \/>\n(204) 771-2982 or check http:\/\/manitoba.aicanada.ca<\/p>\n<p>ON Professional Practice Seminars<br \/>\nJanuary 20 &#038; 21 \u2013 Toronto<br \/>\nFebruary 3 &#038; 4 \u2013 Oshawa<br \/>\nMarch 2 &#038; 3 \u2013 Toronto<br \/>\nMarch 30 &#038; 31 \u2013 Sudbury<\/p>\n<p>*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<p>Advertiser Information Centre<\/p>\n<p>Please<br \/>\nsupport  <\/p>\n<p>our<br \/>\nadvertisers<\/p>\n<p>ON Real Estate Appraisers\u2019 Symposium<br \/>\nFebruary 17 &#038; 18 \u2013 Toronto<br \/>\nFor information or to register please log onto www.aicanada.ca<br \/>\nunder Provincial Site Click Ontario \u2013 Events, or contact Lorraine<br \/>\nAzzopardi at lorraine@oaaic.on.ca (416) 695-9333 Ext 222<\/p>\n<p>QC Professional Practice Seminar<br \/>\nOffered in French UQAM &#8211; Montreal<br \/>\nNovember 25 and 26, 2011.\u00a0<br \/>\nAdditional 2012 dates to be scheduled for English and French<br \/>\nProfessional Practice Seminars<br \/>\nHoliday Dinner<br \/>\nHotel Maritime Plaza, Montreal<br \/>\nNovember 24, 2011<br \/>\nFor information contact Ginette St-Jean at aqice@qc.aira.com or<br \/>\n(450) 454-0377 or 1-877-454-0377 or check<br \/>\nhttp:\/\/quebec.aicanada.ca<\/p>\n<p>Nb Professional Practice Seminar<br \/>\nNovember 4 &#038; 5<br \/>\nFor information please contact Jennifer Nemeth-MacArthur at<br \/>\nnbarea@nb.aibn.com or check www.nbarea.org<\/p>\n<p>NS NSREAA Christmas Event<br \/>\nincluding Candidate Recognition<br \/>\nPark Place Hotel &#038; Conference Centre, Dartmouth, NS<br \/>\nDecember 15, 2011<br \/>\nNSREAA Annual General Meeting<br \/>\nMarch 3, 2012<br \/>\nFor information contact Davida Mackay at nsreaa@nsappraisal.ns.ca<br \/>\nor (902) 422-4077 or check www.nsappraisal.ns.ca\/<\/p>\n<p>PEI PEI Annual General Meeting<br \/>\nThursday December 1, 2011<br \/>\nRodd Charlottetown Hotel<br \/>\nTime and education session to be announced.<br \/>\nFor information contact Suzanne Pater at peiaic@xplornet.com or<br \/>\n(902) 368-3355 or check http:\/\/pe.aicanada.ca<\/p>\n<p>Nl For information contact Susan Chipman at naaic@nf.aibn.com or<br \/>\n(709) 753-7644 or check http:\/\/newfoundland.aicanada.ca<\/p>\n<p>www.aicanada.ca<br \/>\nvISIT US AT:<\/p>\n<p>Company    Page         Website Phone Number<br \/>\nACI 2,3,48 www.appraiserschoice.com 800-234-8727<br \/>\nAltus Group Ltd. 47 www.altusgroup.com 416-221-1200<br \/>\nAtlantic Realty Advisors 26 www.ara.ca<br \/>\nBradford Technologies 4 www.bradfordsoftware.com 800-622-8727<br \/>\nCanadian Resource valuation Group 12 www.crvg.com 780-424-8856<br \/>\nDouglas Cost Guides 19 www.douglascostguide.com 519-238-6207<br \/>\nNotarius 41 www.notarius.com 800-567-6703<\/p>\n<p>click heRe to return to table of contentsCanadian Property Valuation Volume 55 | Book 4 | 2011 \u00c9valuation Immobili\u00e8re au Canada46<\/p>\n<p>mailto:info@appraisal.bc.ca<br \/>\nhttp:\/\/www.appraisal.bc.ca<br \/>\nmailto:aic.alberta@shawlink.ca<br \/>\nhttp:\/\/www.ab.aicanada.ca<br \/>\nmailto:skaic@sasktel.net<br \/>\nhttp:\/\/saskatchewan.aicanada.ca<br \/>\nmailto:mbaic@mts.net<br \/>\nhttp:\/\/manitoba.aicanada.ca<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"iCZeGYvwHw\"><p><a href=\"https:\/\/www.aicanada.ca\/\">Home<\/a><\/p><\/blockquote>\n<p><iframe loading=\"lazy\" class=\"oembed-iframe\"  class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;Home&#8221; &#8212; Appraisal Institute of Canada\" src=\"https:\/\/www.aicanada.ca\/embed\/#?secret=S4EZCFL5M1#?secret=iCZeGYvwHw\" data-secret=\"iCZeGYvwHw\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><br \/>\nmailto:lorraine@oaaic.on.ca<br \/>\nmailto:aqice@qc.aira.com<br \/>\nhttp:\/\/quebec.aicanada.ca<br \/>\nmailto:nbarea@nb.aibn.com<br \/>\nhttp:\/\/www.nbarea.org<br \/>\nmailto:nsreaa@nsappraisal.ns.ca<br \/>\nhttp:\/\/www.nsappraisal.ns.ca\/<br \/>\nmailto:peiaic@xplornet.com<br \/>\nhttp:\/\/pe.aicanada.ca<br \/>\nmailto:naaic@nf.aibn.com<br \/>\nhttp:\/\/newfoundland.aicanada.ca<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"iCZeGYvwHw\"><p><a href=\"https:\/\/www.aicanada.ca\/\">Home<\/a><\/p><\/blockquote>\n<p><iframe loading=\"lazy\" class=\"oembed-iframe\"  class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;Home&#8221; &#8212; Appraisal Institute of Canada\" src=\"https:\/\/www.aicanada.ca\/embed\/#?secret=S4EZCFL5M1#?secret=iCZeGYvwHw\" data-secret=\"iCZeGYvwHw\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><br \/>\nhttp:\/\/www.appraiserschoice.com<br \/>\nhttp:\/\/www.altusgroup.com<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"FxvkBOmyGq\"><p><a href=\"http:\/\/www.ara.ca\/\">Home<\/a><\/p><\/blockquote>\n<p><iframe loading=\"lazy\" class=\"oembed-iframe\"  class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;Home&#8221; &#8212; ARA - Atlantic Realty Advisors\" src=\"http:\/\/www.ara.ca\/embed\/#?secret=wyY8xJ10Nc#?secret=FxvkBOmyGq\" data-secret=\"FxvkBOmyGq\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><br \/>\nhttp:\/\/www.bradfordsoftware.com<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"i2COWq9hPu\"><p><a href=\"https:\/\/crvg.com\/\">CRVG Home<\/a><\/p><\/blockquote>\n<p><iframe loading=\"lazy\" class=\"oembed-iframe\"  class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;CRVG Home&#8221; &#8212; CRVG - Canadian Resource Valuation Group\" src=\"https:\/\/crvg.com\/embed\/#?secret=iRpdxIFPeU#?secret=i2COWq9hPu\" data-secret=\"i2COWq9hPu\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"7imkJdFJrw\"><p><a href=\"https:\/\/www.douglascostguide.com\/\">Douglas Cost Guide: Estimate Rebuild &#038; Replacement Costs<\/a><\/p><\/blockquote>\n<p><iframe loading=\"lazy\" class=\"oembed-iframe\"  class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;Douglas Cost Guide: Estimate Rebuild &#038; Replacement Costs&#8221; &#8212; Douglas Cost Guide\" src=\"https:\/\/www.douglascostguide.com\/embed\/#?secret=kjy9kkVnzm#?secret=7imkJdFJrw\" data-secret=\"7imkJdFJrw\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><br \/>\nhttp:\/\/www.notarius.com<\/p>\n<p>http:\/\/www.altusgroup.com<\/p>\n<p>ACI and its products are trademarks or registered trademarks of ACI. | Copyright \u00a9 2011 ACI | Other brand and product names are trademarks or registered trademarks of their respective owners.<\/p>\n<p>ACISketch\u2122 is newly enhanced to include features<br \/>\nappraisers asked for. Create professional fl oorplans<br \/>\nin minutes using ACISketch\u2019s dynamic tools. <\/p>\n<p>Use your mouse or keyboard to quickly draw a<br \/>\nfl oorplan and automatically calculate the total<br \/>\narea and perimeter of the property. <\/p>\n<p>Sketches import directly into appraisal reports<br \/>\nand measurements automatically populate the<br \/>\nforms. It\u2019s just that easy!<\/p>\n<p>* Payable in US dollars.<\/p>\n<p>now<br \/>\nonly<\/p>\n<p>*<\/p>\n<p>Trace scanned fl oor plans with Photometrics.<\/p>\n<p>Photometrics<\/p>\n<p>Auto-close your sketch using the F9 key.<\/p>\n<p>Complete Area Tool<\/p>\n<p>Unit of Measure<br \/>\nSwitch between Standard Feet or<br \/>\nInches and Standard Decimal or<br \/>\nMetric units, quickly and easily<\/p>\n<p>CRAL2010\u2122 Users<br \/>\nNeed a new angle on sketching?<\/p>\n<p>49$<br \/>\nIncludes CRAL Integration<\/p>\n<p>AppraisersChoice.com | 800-234-8727<\/p>\n<p>Call ACI Sales Today!<br \/>\n.<\/p>\n<p>99<\/p>\n<p>http:\/\/www.appraiserschoice.com<\/p>\n","protected":false},"featured_media":14356,"menu_order":16,"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-30007","issue","type-issue","status-publish","has-post-thumbnail","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.aicanada.ca\/fr\/wp-json\/wp\/v2\/issue\/30007","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\/14356"}],"wp:attachment":[{"href":"https:\/\/www.aicanada.ca\/fr\/wp-json\/wp\/v2\/media?parent=30007"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}