Canadian Property<\/p>\n
VALUATION \u00c9VALUATION
\n Immobili\u00e8re au Canada<\/p>\n
VOLUME 55 | BOOK 1 | 2011THE OFFICIAL PUBLICATION OF THE APPRAISAL INSTITUTE OF CANADA<\/p>\n
REAL VALUE EXPERTS | EXPERTS EN \u00c9VALUATION<\/p>\n
Promoting our profession in the community
\nEnhancing global recognition<\/p>\n
Education and experience program set career stage<\/p>\n
Benefits of volunteering<\/p>\n
The value
\nof membership<\/p>\n
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mailto:info@aicanada.ca<\/p>\n
ACI is a division of Verisk Analytics (NASDAQ: VRSK), a leading provider of risk assessment solutions to professionals in insurance, healthcare, mortgage
\nlending, government, risk management, and human resources. Verisk Analytics includes the holdings of Insurance Services Offi ce, Inc. (ISO) and its
\nsubsidiaries, which provide essential solutions to the insurance, mortgage lending, and healthcare markets. For more information, visit www.verisk.com.<\/p>\n
Good work is dignifi ed.
\nThroughout our history, ACI
\nhas forged countless valuable
\npartnerships with industry
\nprofessionals. <\/p>\n
Working with appraisers drives
\nthe passion behind the people
\nand makes it easy to produce
\ntechnology that is smarter, faster
\nand better. We look forward to <\/p>\n
the road ahead in 2011 and in
\nfostering the relationships that
\nhave made us who we are. <\/p>\n
ACI\u2014The Appraiser\u2019s Choice\u2122. <\/p>\n
YOU ARE INSPIRATIONAL<\/p>\n
\u25aa Appraisal Forms Library
\n \u25aa Order Tracking
\n \u25aa Photo Management
\n \u25aa Comps Database
\n \u25aa ACI Sketch\u2122
\n \u25aa Digital Signature (One) <\/p>\n
\u25aa ChoiceCredits\u2122 (250)
\n \u25aa Free PDF Creator
\n \u25aa Premier Plus Service (One Year)
\n \u25aa Concierge Service<\/p>\n
CALL ACI SALES TODAY!<\/p>\n
The Appraiser\u2019s Choice\u2122 <\/p>\n
CRAL2010\u2122<\/p>\n
Form300 01\/10<\/p>\n
t 800-234-8727 f 386-246-3811AppraisersChoice.com<\/p>\n
THE APPRAISER\u2019S CHOICE\u2122<\/p>\n
THE APPRAISER\u2019S CHOICE\u2122<\/p>\n
THE APPRAISER\u2019S CHOICE\u2122<\/p>\n
THE APPRAISER\u2019S CHOICE\u2122<\/p>\n
THE APPRAISER\u2019S CHOICE\u2122<\/p>\n
THE APPRAISER\u2019S CHOICE\u2122<\/p>\n
THE APPRAISER\u2019S CHOICE\u2122<\/p>\n
THE APPRAISER\u2019S CHOICE\u2122<\/p>\n
THE APPRAISER\u2019S CHOICE\u2122<\/p>\n
CRAL2010\u2122<\/p>\n
C
\nR
\nA
\nL2010\u2122<\/p>\n
80
\n0
\n-234-8727<\/p>\n
A
\nppraisersC<\/p>\n
hoice.co
\nm<\/p>\n
Printed on Recycled Paper<\/p>\n
Save time and effort <\/p>\n
with CRAL\u2019s Market <\/p>\n
Conditions eService. <\/p>\n
Works with most MLS <\/p>\n
providers.<\/p>\n
Comps Import Transfer
\nMLS Data Directly<\/p>\n
Worldwide ERC\u00ae Summary
\nAppraisal Report<\/p>\n
The Worldwide <\/p>\n
ERC\u00ae Summary <\/p>\n
Appraisal Report <\/p>\n
is now available in <\/p>\n
CRAL2010\u2122.<\/p>\n
Easily defi ne <\/p>\n
shaded portions <\/p>\n
that represent your <\/p>\n
subjects\u2019 Market <\/p>\n
Area or Boundary.<\/p>\n
COMING SOON! MapPoint
\nNeighborhood Boundaries<\/p>\n
CRAL2010\u2122 Highlights
\n \u25aa New Feature! MapPoint Neighborhood <\/p>\n
Boundaries Visually defi ne your subject
\nproperty\u2019s market area and save for future use.<\/p>\n
\u25aa New Forms! Worldwide ERC\u00ae
\nSummary Appraisal Report Now
\navailable for relocation experts.<\/p>\n
\u25aa New Functions! Import MLS data directly into
\nyour reports with CRAL\u2019s Market Conditions eService NOW<\/p>\n
ONLY<\/p>\n
*Limited Time Offer. Payable in US Dollars.<\/p>\n
http:\/\/www.appraiserschoice.com
\nhttp:\/\/www.verisk.com<\/p>\n
ACI is a division of Verisk Analytics (NASDAQ: VRSK), a leading provider of risk assessment solutions to professionals in insurance, healthcare, mortgage
\nlending, government, risk management, and human resources. Verisk Analytics includes the holdings of Insurance Services Offi ce, Inc. (ISO) and its
\nsubsidiaries, which provide essential solutions to the insurance, mortgage lending, and healthcare markets. For more information, visit www.verisk.com.<\/p>\n
Good work is dignifi ed.
\nThroughout our history, ACI
\nhas forged countless valuable
\npartnerships with industry
\nprofessionals. <\/p>\n
Working with appraisers drives
\nthe passion behind the people
\nand makes it easy to produce
\ntechnology that is smarter, faster
\nand better. We look forward to <\/p>\n
the road ahead in 2011 and in
\nfostering the relationships that
\nhave made us who we are. <\/p>\n
ACI\u2014The Appraiser\u2019s Choice\u2122. <\/p>\n
YOU ARE INSPIRATIONAL<\/p>\n
\u25aa Appraisal Forms Library
\n \u25aa Order Tracking
\n \u25aa Photo Management
\n \u25aa Comps Database
\n \u25aa ACI Sketch\u2122
\n \u25aa Digital Signature (One) <\/p>\n
\u25aa ChoiceCredits\u2122 (250)
\n \u25aa Free PDF Creator
\n \u25aa Premier Plus Service (One Year)
\n \u25aa Concierge Service<\/p>\n
CALL ACI SALES TODAY!<\/p>\n
The Appraiser\u2019s Choice\u2122 <\/p>\n
CRAL2010\u2122<\/p>\n
Form300 01\/10<\/p>\n
t 800-234-8727 f 386-246-3811AppraisersChoice.com<\/p>\n
THE APPRAISER\u2019S CHOICE\u2122<\/p>\n
THE APPRAISER\u2019S CHOICE\u2122<\/p>\n
THE APPRAISER\u2019S CHOICE\u2122<\/p>\n
THE APPRAISER\u2019S CHOICE\u2122<\/p>\n
THE APPRAISER\u2019S CHOICE\u2122<\/p>\n
THE APPRAISER\u2019S CHOICE\u2122<\/p>\n
THE APPRAISER\u2019S CHOICE\u2122<\/p>\n
THE APPRAISER\u2019S CHOICE\u2122<\/p>\n
THE APPRAISER\u2019S CHOICE\u2122<\/p>\n
CRAL2010\u2122<\/p>\n
C
\nR
\nA
\nL2010\u2122<\/p>\n
80
\n0
\n-234-8727<\/p>\n
A
\nppraisersC<\/p>\n
hoice.co
\nm<\/p>\n
Printed on Recycled Paper<\/p>\n
Save time and effort <\/p>\n
with CRAL\u2019s Market <\/p>\n
Conditions eService. <\/p>\n
Works with most MLS <\/p>\n
providers.<\/p>\n
Comps Import Transfer
\nMLS Data Directly<\/p>\n
Worldwide ERC\u00ae Summary
\nAppraisal Report<\/p>\n
The Worldwide <\/p>\n
ERC\u00ae Summary <\/p>\n
Appraisal Report <\/p>\n
is now available in <\/p>\n
CRAL2010\u2122.<\/p>\n
Easily defi ne <\/p>\n
shaded portions <\/p>\n
that represent your <\/p>\n
subjects\u2019 Market <\/p>\n
Area or Boundary.<\/p>\n
COMING SOON! MapPoint
\nNeighborhood Boundaries<\/p>\n
CRAL2010\u2122 Highlights
\n \u25aa New Feature! MapPoint Neighborhood <\/p>\n
Boundaries Visually defi ne your subject
\nproperty\u2019s market area and save for future use.<\/p>\n
\u25aa New Forms! Worldwide ERC\u00ae
\nSummary Appraisal Report Now
\navailable for relocation experts.<\/p>\n
\u25aa New Functions! Import MLS data directly into
\nyour reports with CRAL\u2019s Market Conditions eService NOW<\/p>\n
ONLY<\/p>\n
*Limited Time Offer. Payable in US Dollars.<\/p>\n
http:\/\/www.appraiserschoice.com<\/p>\n
America\u2019s Most Hassle-Free Appraisal Software
\nIs Now Canada\u2019s Most Hassle-Free Appraisal Software<\/p>\n
www.BradfordSoftware.com
\nVisit our website for Introductory Pricing Specials<\/p>\n
800-622-8727<\/p>\n
Selected by Centract Settlement Services as
\nthe only approved appraisal software for report
\ndelivery, ClickFORMS is now being made
\navailable to all appraisers in Canada.<\/p>\n
ClickFORMS is the software most recognized for being
\nhassle-free. With intuitive \u201cDrag and Drop\u201d simplicity
\nyou don\u2019t need special training. In fact you\u2019ll probably
\ncreate your first report without even reading the
\nmanual. And it does all the little things you would
\nexpect from quality software. Like providing all your
\nforms in English and French with a spell checker that
\nalso works in English and French. The sketcher is
\nbuilt-in, but it\u2019ll also work with the one you currently
\nuse. ClickFORMS is software that works the way you
\nwould expect software to work – hassle free!<\/p>\n
If you\u2019re looking for a better way, an easier way to
\nproduce appraisal reports and want to save some
\nmoney, switch to ClickFORMS today. Centract
\nSettlement Services did.<\/p>\n
Simplicity at its Best
\nProductivity at its Highest<\/p>\n
only $349
\nClickFROMS is a trademark of Bradford Technologies, Inc.; Other brand and product names are trademrks of their respective owners.<\/p>\n
or
\n$30\/mo<\/p>\n
Canadian_Winter_2011:Canadian Property Valuation Magazine 1\/27\/2011 1:38 PM Page 1<\/p>\n
http:\/\/www.BradfordSoftware.com<\/p>\n
Canadian Property Valuation Volume 55 | book 1 | 2011 \u00c9valuation Immobili\u00e8re au Canada 5<\/p>\n
403-200 Catherine Street,
\nOttawa, ON K2P 2K9 <\/p>\n
Phone: (613) 234-6533 Fax: (613) 234-7197
\nWeb site: www.aicanada.ca<\/p>\n
Contact us at: info@aicanada.ca <\/p>\n
Board of Directors
\nConseil d\u2019administration<\/p>\n
President \u2013 Pr\u00e9sidente
\nGrant Uba, AACI (ON)<\/p>\n
President Elect \u2013 Pr\u00e9sident d\u00e9sign\u00e9
\nGeorge Ward, AACI (BC)<\/p>\n
Immediate Past-president \u2013
\nPr\u00e9sident sortant<\/p>\n
Sheila Young, AACI, Fellow (AB) <\/p>\n
Vice-Presidents \u2013 Vice-pr\u00e9sidents
\nKimberly Maber, AACI (SK) <\/p>\n
Michael Mendela, AACI (ON)<\/p>\n
Directors \u2013 Directeurs
\nGreg Bennett, AACI (NL)<\/p>\n
Alfred Mullally, AACI (NS)
\nLouis Poirier, AACI (QC)
\n David Shum, AACI (AB)
\nScott Wilson, AACI (PE)<\/p>\n
David Babineau, AACI, Fellow (NB)
\n Lorne Mikulik, AACI (MB)<\/p>\n
Dan Wilson, AACI (BC)
\nDan Brewer, AACI (ON)<\/p>\n
Chief Executive Officer
\nGeorges Lozano, MPA, Ottawa<\/p>\n
Director of Marketing & Communications
\nJoanne Charlebois, Ottawa<\/p>\n
Communications Officer
\nMary-Jane Erickson, Ottawa<\/p>\n
Managing Editor \u2013
\nR\u00e9dacteur administratif<\/p>\n
Craig Kelman, Winnipeg<\/p>\n
Assistant Editor \u2013
\nR\u00e9dacteur en chef adjoint<\/p>\n
Cheryl Parisien, Winnipeg<\/p>\n
Editorial Board
\nAIC would like to thank the following <\/p>\n
individuals for their assistance and support:
\nSheila Young, AACI, Fellow \u2013 Chair<\/p>\n
John Peebles, AACI
\nAndr\u00e9 Beaudoin, CRA
\nDavid Lopatka, AACI<\/p>\n
Rob Grycko, CRA
\nJane Londerville, B.Sc., M.B.A.,AACI (Hon)
\nAssociate Professor, University of Guelph<\/p>\n
Published by the
\nVolume 55, book 1, 2011<\/p>\n
Contents
\n6 AIC 2011 Conference <\/p>\n
7 Annual General Meeting
\n\u2013 Go virtual!<\/p>\n
8 The market value of an
\nappraisal<\/p>\n
10 La valeur marchande d\u2019une
\n\u00e9valuation<\/p>\n
13 Advisory Council \u2013 seeking
\ninput from stakeholders<\/p>\n
14 Membership survey results
\nand outcomes<\/p>\n
16 Conclusions et r\u00e9sultats du
\nsondage aupr\u00e8s des membres<\/p>\n
18 Education and experience
\nprogram sets career stage for
\nLaurel Edwards<\/p>\n
20 Volunteering \u2013 Give back to your
\nprofession and grow your career<\/p>\n
21 Promoting your profession
\nin your community<\/p>\n
22 Updates on
\nbeing an expert witness<\/p>\n
24 Work continues for IVSC<\/p>\n
25 Enhancing global recognition
\nof valuation profession
\nthrough WAVO<\/p>\n
26 Navigating the Applied
\nExperience Program:
\na Candidate\u2019s perspective<\/p>\n
28 Before you sign
\nthe report<\/p>\n
29 Peer review:
\nin conversation
\nwith a member<\/p>\n
30 Being on
\nauto-pilot courts trouble<\/p>\n
32 Clear, precise and persuasive<\/p>\n
33 UBC update \u2013 Foundations
\nof appraisal: the importance
\nof building design and
\nconstruction <\/p>\n
34 Eroding professionalism?<\/p>\n
36 Listen up and understand
\nbefore you react<\/p>\n
38 The Professional Liability
\nInsurance Program \u2013 Part II<\/p>\n
39 Contract risks and analysis<\/p>\n
40 Technology
\n\u2013 Multiple computer monitors<\/p>\n
42 Rundell appointed to PILT\/
\nGoodwin receives WAVO award\/
\nCritical Dates\/In Memoriam <\/p>\n
44 Designations\/Candidates\/
\nStudents<\/p>\n
45 Incorporating highest and best
\nuse into accounting standards<\/p>\n
48 Mortgage Fraud Summit<\/p>\n
50 Calendar of Events<\/p>\n
America\u2019s Most Hassle-Free Appraisal Software
\nIs Now Canada\u2019s Most Hassle-Free Appraisal Software<\/p>\n
www.BradfordSoftware.com
\nVisit our website for Introductory Pricing Specials<\/p>\n
800-622-8727<\/p>\n
Selected by Centract Settlement Services as
\nthe only approved appraisal software for report
\ndelivery, ClickFORMS is now being made
\navailable to all appraisers in Canada.<\/p>\n
ClickFORMS is the software most recognized for being
\nhassle-free. With intuitive \u201cDrag and Drop\u201d simplicity
\nyou don\u2019t need special training. In fact you\u2019ll probably
\ncreate your first report without even reading the
\nmanual. And it does all the little things you would
\nexpect from quality software. Like providing all your
\nforms in English and French with a spell checker that
\nalso works in English and French. The sketcher is
\nbuilt-in, but it\u2019ll also work with the one you currently
\nuse. ClickFORMS is software that works the way you
\nwould expect software to work – hassle free!<\/p>\n
If you\u2019re looking for a better way, an easier way to
\nproduce appraisal reports and want to save some
\nmoney, switch to ClickFORMS today. Centract
\nSettlement Services did.<\/p>\n
Simplicity at its Best
\nProductivity at its Highest<\/p>\n
only $349
\nClickFROMS is a trademark of Bradford Technologies, Inc.; Other brand and product names are trademrks of their respective owners.<\/p>\n
or
\n$30\/mo<\/p>\n
Canadian_Winter_2011:Canadian Property Valuation Magazine 1\/27\/2011 1:38 PM Page 1<\/p>\n
Printed on paper certified by the Forest Stewardship
\nCouncil\u00ae (FSC\u00ae). This magazine is printed with <\/p>\n
vegetable oil-based inks. Please do your part for
\nthe environment by reusing and recycling.<\/p>\n
Publication Mails Agreement #40008249.
\nReturn undeliverable Canadian addresses to: Appraisal Institute of Canada,
\n403-200 Catherine St., Ottawa, ON K2P 2K9. Email: info@aicanada.ca<\/p>\n
The articles printed in this issue represent authors\u2019 opinions only and are not neces-
\nsarily endorsed by the APPRAISAL INSTITUTE OF CANADA. Copyright 2011 by the
\nAPPRAISAL INSTITUTE OF CANADA. All rights reserved. Reproduction in whole or
\nin part without written permission is strictly prohibited. Subscription, $40.00 per
\nyear. Printed in Canada. Les articles imprim\u00e9s dans ce num\u00e9ro ne rep\u00e9sentent que
\nl\u2019opinion de leur auteur respectif, mais ne sont pas n\u00e9ces\u2013sairement endoss\u00e9s par
\nL\u2019INSTITUT CANADIEN DES \u00c9vALUATEURS. Tous droits reserv\u00e9s 2011 par L\u2019INSTITUT
\nCANADIEN DES \u00c9vALUATEURS. La reproduction totale ou partielle sous quelque
\nform que se soit sans authorisation \u00e9crite est absolument interdite. Abonnement
\n$40.00 par ann\u00e9e. Imprim\u00e9 au Canada.
\n* The Appraisal Institute of Canada reserves the right to reject advertising
\nthat it deems to be inappropriate.
\n** The publisher and the Appraisal Institute of Canada cannot be held liable for
\nany material used or claims made in advertising included in this publication.
\nIndexed in the Canadian Business Index and available on-line in the Canadian
\nBusiness & Current Af fairs database.<\/p>\n
ISSN 0827-2697<\/p>\n
Publication management, design and production by:<\/p>\n
3rd Floor \u2013 2020 Portage Avenue
\nWinnipeg, MB R3J 0K4<\/p>\n
Phone: 866-985-9780 \u2022 Fax: 866-985-9799
\nE-mail: info@kelman.ca \u2022 Web: www.kelman.ca<\/p>\n
Design\/Layout: Jackie Magat
\nAdvertising Manager: Kris Fillion<\/p>\n
Advertising Co-ordinator: Lauren Campbell<\/p>\n