For Mortgage Professionals
When does a financial professional engage an AIC-designated appraiser?
Mortgage brokers rely on the valuation expertise of AIC-designated appraisers to provide unbiased opinions of value during the mortgage financing and refinancing process. They are also involved in real estate consulting, reviews of appraisals and pre-sale market value appraisals.
What types of properties can an AIC member appraise?
AIC-designated appraisers can provide appraisal, review and consulting services for the following property types:
- Residential—single-family homes, multi-units, recreational, heritage, etc.
- Commercial—office buildings, retail, hotels, storage facilities and other income-based properties
- Industrial—manufacturing, machine shops, etc.
- Institutional—hospitals, schools, churches, publicly-owned property, etc.
- Mining/resource-based—oil and gas, timberland, sand pits, pulp and paper, etc.
- Rural—agricultural, land, winery, orchards, etc.
- Special uses—airports, golf courses, contaminated property, harbour, military facilities, prisons, etc.
What professional standards do AIC-designated appraisers follow?
AIC-designated appraisers are highly-trained and trusted professionals who adhere to the highest standards in the field of appraising: the Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP). They can even provide expert testimony before judicial and quasi-judicial bodies.
CUSPAP align with European Valuation Standards and International Valuation Standards and are recognized internationally as acceptable standards for property valuation. Seven Standards have been developed to guide the professional practice of AIC members:
- Ethics Standard
- Appraisal Standard
- Review Standard
- Consulting Standard
- Reserve Fund Planning Standard
- Machinery and Equipment
- Mass Appraisal