VoLuME 56 | booK 3 | 2012thE officiAL PubLicAtion of thE APPrAisAL institutE of cAnAdA<\/p>\n
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REAL VALUE EXPERTS | EXPERTS EN \u00c9VALUATION<\/p>\n
What it means
\nto be self-governing<\/p>\n
Jurisdictional Exception
\n Privacy impact on appraisers<\/p>\n
Sharing
\nExperienceExperience
\nmakes us all better<\/p>\n
mailto:info@aicanada.ca
\nmailto:info@aicanada.ca
\nmailto: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, health care, 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
Raising the Bar in Appraisal Technology<\/p>\n
Innovative Technology – 30 Years and Counting – ACI has been a pioneer, providing
\ninnovative tools that save appraisers time and money. Look to ACI to provide the foremost
\nsolution in the industry. Visit AppraisersChoice.com for the latest news and information. <\/p>\n
Benefi cial Partnerships – ACI features solid integration with sketch tools, location maps,
\nfl ood data, and tools that streamline the appraisal report writing process. It is through these
\npartnerships that ACI appraisers have many options and why ACI is \u201dThe Appraiser\u2019s Choice.\u201d <\/p>\n
Premier Service – Toll-free technical support, LIVE chat operators, and over 140 online
\nvideos on AppraisersChoice.com provides ACI appraisers with multiple support channels. <\/p>\n
Best Value – Hands-down, ACI offers the most comprehensive real estate appraisal software
\npackage available in the industry. We invite you to experience ACI\u2019s industry-leading appraisal
\ntechnology and service.<\/p>\n
Save time and effort <\/p>\n
with CRAL\u2019s Market <\/p>\n
Conditions eService. <\/p>\n
This service works <\/p>\n
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
Neighborhood Boundaries
\nin MapPoint<\/p>\n
MapPoint Neighborhood Boundaries
\nVisually defi ne your subject property\u2019s
\nmarket area and save for future use.<\/p>\n
New Forms! Worldwide ERC\u00ae
\nSummary Appraisal Report
\nNow available for relocation experts.<\/p>\n
MLS Import eService
\nImport MLS data directly into your reports
\nwith CRAL\u2019s Market Conditions eService<\/p>\n
\u25aa Appraisal Forms Library
\n \u25aa Order Tracking
\n \u25aa Photo Management
\n \u25aa Comps Database
\n \u25aa ACI Sketch\u2122 <\/p>\n
\u25aa Digital Signature (1)
\n \u25aa ChoiceCredits\u2122 (250)
\n \u25aa Free PDF Creator
\n \u25aa Premier Plus Service (1 year)
\n \u25aa Concierge Service<\/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, health care, 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
Raising the Bar in Appraisal Technology<\/p>\n
Innovative Technology – 30 Years and Counting – ACI has been a pioneer, providing
\ninnovative tools that save appraisers time and money. Look to ACI to provide the foremost
\nsolution in the industry. Visit AppraisersChoice.com for the latest news and information. <\/p>\n
Benefi cial Partnerships – ACI features solid integration with sketch tools, location maps,
\nfl ood data, and tools that streamline the appraisal report writing process. It is through these
\npartnerships that ACI appraisers have many options and why ACI is \u201dThe Appraiser\u2019s Choice.\u201d <\/p>\n
Premier Service – Toll-free technical support, LIVE chat operators, and over 140 online
\nvideos on AppraisersChoice.com provides ACI appraisers with multiple support channels. <\/p>\n
Best Value – Hands-down, ACI offers the most comprehensive real estate appraisal software
\npackage available in the industry. We invite you to experience ACI\u2019s industry-leading appraisal
\ntechnology and service.<\/p>\n
Save time and effort <\/p>\n
with CRAL\u2019s Market <\/p>\n
Conditions eService. <\/p>\n
This service works <\/p>\n
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
Neighborhood Boundaries
\nin MapPoint<\/p>\n
MapPoint Neighborhood Boundaries
\nVisually defi ne your subject property\u2019s
\nmarket area and save for future use.<\/p>\n
New Forms! Worldwide ERC\u00ae
\nSummary Appraisal Report
\nNow available for relocation experts.<\/p>\n
MLS Import eService
\nImport MLS data directly into your reports
\nwith CRAL\u2019s Market Conditions eService<\/p>\n
\u25aa Appraisal Forms Library
\n \u25aa Order Tracking
\n \u25aa Photo Management
\n \u25aa Comps Database
\n \u25aa ACI Sketch\u2122 <\/p>\n
\u25aa Digital Signature (1)
\n \u25aa ChoiceCredits\u2122 (250)
\n \u25aa Free PDF Creator
\n \u25aa Premier Plus Service (1 year)
\n \u25aa Concierge Service<\/p>\n
http:\/\/www.appraiserschoice.com<\/p>\n
l-283.pdf 1 12-02-15 7:55 AM<\/p>\n
http:\/\/www.mylandcor.com
\nmailto:sales@landcor.com<\/p>\n
6 Executive Corner \u2013
\n Sharing experience is a key for <\/p>\n
President Shum
\n\u2022 Le coin de l\u2019ex\u00e9cutif \u2013 <\/p>\n
Pour le Pr\u00e9sident Shum, la
\ncl\u00e9 consiste \u00e0 partager les
\nexp\u00e9riences<\/p>\n
13 CEO Report \u2013
\n AIC insurance program to <\/p>\n
undergo major changes
\n\u2022 Rapport du chef de la direction \u2013 <\/p>\n
D\u2019importants changements
\nseront apport\u00e9s au programme
\nd\u2019assurance de l\u2019ICEs<\/p>\n
15 AIC 2012 Conference Recap<\/p>\n
18 PIPEDA: Privacy and
\nthe impact on appraisers<\/p>\n
20 Partnering for success:
\nfacilitating education in the
\nworkplace through mentoring<\/p>\n
22 Jurisdictional
\nException:
\nvalue in exchange
\nvs. value in use<\/p>\n
25 Avoiding mortgage fraud is
\neveryone\u2019s business<\/p>\n
26 What does it mean to be a self-
\ngoverning regulated profession?<\/p>\n
30 Are you up to
\nStandards?
\nTake the
\nchallenge<\/p>\n
32 Professional
\nPractice
\nMatters
\n\u2022 Parlons <\/p>\n
pratique professionnelle<\/p>\n
36 Answers to the
\nStandards challe nge<\/p>\n
37 Advocacy and
\ngovernment relations<\/p>\n
38 Member Profi le \u2013 Steff an Hagen,
\nAACI \u2013 Going the distance<\/p>\n
41 Education \u2013
\nBUSI 499 GUIDED CASE STUDY:
\ntips and tricks<\/p>\n
42 Spotlight on Continuing
\nProfessional Development<\/p>\n
44 Designations\/
\nCandidates\/Students<\/p>\n
45 News \u2013
\nSupporting Habitat
\nfor Humanity\/Critical
\nDates\/In Memoriam<\/p>\n
46 Calendar of Events<\/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
\nDavid Shum, AACI (AB)<\/p>\n
President Elect \u2013 Pr\u00e9sident d\u00e9sign\u00e9
\nDan Wilson, AACI (BC)<\/p>\n
immediate Past-president \u2013
\nPr\u00e9sident sortant immediate<\/p>\n
Michael Mendela, AACI, Fellow (ON) <\/p>\n
Vice-Presidents \u2013 Vice-pr\u00e9sidents
\nScott Wilson, AACI (PE)<\/p>\n
Daniel Doucet, AACI (NB)<\/p>\n
directors \u2013 directeurs
\nGreg Bennett, AACI (NL)
\nDan Brewer, AACI (ON) <\/p>\n
Richard Colbourne, AACI (NS)
\nJohn Farmer, AACI (AB)
\nThomas Fox, AACI (SK)<\/p>\n
Anne Helliker, AACI (ON)
\nPaula Malcolm Schaller, CRA (ON)<\/p>\n
Surinder Pal, AACI (MB)
\nJohn Peebles, AACI (BC)
\nLouis Poirier, AACI (QC)<\/p>\n
chief Executive offi cer
\nKeith Lancastle, MBA, CAE, Ottawa<\/p>\n
director – Marketing and communications
\nScott Patterson, Ottawa<\/p>\n
communications offi cer
\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
Published by the
\nVolume 56, book 3, 2012<\/p>\n
Contents<\/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 2012 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 2012 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:\t866-985-9780\t\u2022\tFax:\t866-985-9799
\nE-mail:\tinfo@kelman.ca\t\u2022\tWeb:\twww.kelman.ca<\/p>\n
Design\/Layout: Jackie Magat
\nMarketing Manager: Kris Fillion<\/p>\n
Advertising Co-ordinator: Lauren Campbell & Stefanie Ingram<\/p>\n
Professional Developmentworkplace through mentoring<\/p>\n
22 Jurisdictional
\nException:
\nvalue in exchange
\nvs. value in use<\/p>\n
44<\/p>\n
45<\/p>\n
46<\/p>\n
NEW<\/p>\n
NEW<\/p>\n
canadian Property Valuation Volume 56 | book 3 | 2012 \u00c9valuation immobili\u00e8re au canada 5<\/p>\n