What Real Estate Appraisers Do
Unbiased and dependable valuations are critical to the decision-making processes of individuals, businesses, and governments when conducting real property transactions.
Appraisal Institute of Canada Designated Members are real estate appraisal professionals who play a direct and vital role in the real estate sector. That role is to determine, report upon, and attest to the real value of property. Their valuation is the foundation upon which informed decisions about real estate are made – whether by a family purchasing its first home, a farmer selling a piece of acreage, a retailer deciding where to locate its next outlet, a developer considering an empty lot, or a lawyer defending or prosecuting a case.
An Aic-designated appraiser can be engaged when: renovating, building, buying or selling property; financing or refinancing property; making real estate investment decisions; reviewing property tax assessments; assessing capital gains; making a claim for insurance purposes – resulting from fire, rain, hail, windstorms and other disasters; determining or facing expropriation compensation; valuing property for matrimonial purposes, arbitration or other litigious matters; business mergers, acquisitions or dissolutions involving real estate; valuing private property acquired by governments for public use.
Aic-designated appraisers are trained to complete appraisal, review, consulting and reserve fund planning assignments within their area of competence.
The role of the association in Newfoundland and Labrador
AIC-NL is the first point of contact for those in this province wishing to join the AIC. AIC-NL will (in part):
Help individuals become a member of AIC by: Reviewing education and experience of prospective members
Providing necessary application forms
Processing the applications for Student and Candidate Members
Guide members through the designation process by:
Liaising with AIC’S education partner, University of British Columbia
Informing members of current requirements and deadlines
Administering the Applied Experience Program
Administering the Professional Competency Interviews examinations
Seek and post career opportunities for members
AIC-NL also assists the public by Answering inquiries about the appraisal process; Providing expert advice to the media on appraisal topics; Providing information about appraisal as a career; Ensuring that members adhere to mandatory professional standards.