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1 Canadian Standards and Quality Valuations – an AIC Adva 1 Canadian Standards and Quality Valuations – an AIC Adva

1 Canadian Standards and Quality Valuations – an AIC Adva - PowerPoint Presentation

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1 Canadian Standards and Quality Valuations – an AIC Adva - PPT Presentation

Dan Brewer AACI P App AIC President 2 Canadian Uniform Standards of Professional Appraisal Practice CUSPAP AIC has published CUSPAP for nearly 20 years the document is reviewed and updated every two years ID: 551684

aic cuspap members standards cuspap aic standards members canadian mandatory appraisal program practice professional compliance process government professionals insurance

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Canadian Standards and Quality Valuations – an AIC Advantage

Dan Brewer AACI, P. AppAIC President

2Slide3

Canadian Uniform Standards of Professional Appraisal Practice - CUSPAP

AIC has published CUSPAP for nearly 20 years – the document is reviewed and updated every two years.CUSPAP sets out standards in five key areas of appraisal practice:Real Property Appraisal Standards

Review Standards

Consulting Standards

Reserve Fund Planning Standards – added in 2014Machinery and Equipment Appraisal Standards – added in 2016

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Canadian Uniform Standards of Professional Appraisal Practice - CUSPAP

CUSPAP also sets out Ethics Standards – along with Rules and Comments.Certain aspects of CUSPAP are compulsory / mandatory including the Standards themselves and Definitions.Practice Notes and Comments are guidelines or best practices.

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Canadian Uniform Standards of Professional Appraisal Practice

-CUSPAPThe rigour of CUSPAP is a key element in our:Marketing, Promotion and Government Relations

Self Regulatory Regime

Designation Education

Mandatory Professional Liability Insurance Program

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How it all fits

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Mandatory Application

CUSPAP sets out the mandatory elements that must be contained in each assignment AIC members carry out – for an appraisal, this amounts to 25 standards.Under CUSPAP Standards are compulsory – Rules are recommended and Notes are “best practices”

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Mandatory Application

AIC members must comply with the Standards within CUSPAP for all of their assignments – regardless of intended use, or user.This degree of consistency has helped to better protect Canadian consumers and the Canadian lending system.

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Basis for our Self Regulatory Regime

The AIC is a self regulatory body – as an organization we establish and monitor compliance with CUSPAP to serve the public interest and to advance the reputation of the profession.AIC maintains a consumer complaint and disciplinary process that is based on the requirements outlined in CUSPAP.

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Dealing with Complaints

The adjudication of a complaint is based on the member’s compliance with their CUSPAP obligations – we do not arbitrate or opine on value.Because CUSPAP includes both ethical and “technical” standards this allows for a holistic approach to addressing a complaint.

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Aligned with Education

AIC’s designation program combines in-school education and practical application of knowledge.Over the past two years, AIC has fully integrated a Work Product Review (WPR) program into the designation process.Under the WPR all candidates must provide three samples of actual work product – which are assessed to confirm compliance with CUSPAP

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Our Mandatory Insurance

ProgramAIC’s mandatory liability insurance program has been in place for over 25 yearsProgram provides broad based errors and omissions coverage for professional services as

defined by

CUSPAP.

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Insurance Program (cont.)

Because CUSPAP determines insurability, AIC is able to define the scope of the services members provide – and can expand those services to meet changing market demands or member needs.Coverage is conditional on a member remaining in good standing and on their compliance with CUSPAP – willful non compliance is grounds for a coverage denial.

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Canada’s Professionals of Choice

The over 5,200 AIC members represent approximately 80% of Canada’s valuation professionals.The full integration of CUSPAP into every aspect of our structure allows us to confidently promote our members as professionals of choice within the Canadian marketplace.

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Professionals of Choice (cont.)

Clients have come to realize that AIC members meet a rigorous set of standards in the completion of their work.Canadian lenders, governments and clients have all come to rely on AIC members – in fact, many prefer to deal exclusively with AIC members.

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Government Relations

Canada’s real estate markets have proven themselves to be very stable – effective regulation has contributed greatly to that stability.AIC has been able to position our members as “trusted partners” in the process – based in large part on the strength of our CUSPAP standards.

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Government Relations (cont.)

Numerous pieces of legislation identify AIC designations as “qualified professionals” – essentially mandating CUSPAP.With the change (2015) in our federal Government the AIC is now playing an even larger role with our legislators and regulators.

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Summary

CUSPAP is one of AIC’s core strengths and will continue to be a key part of our structure going forward.Our continuing goal will be to maintain CUSPAP as a high quality standard – a leader in Canada and considered as among the best in the world.Our mutual recognition agreement with TEGoVA – signed earlier this year – was a logical next step in this process.

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For More Information

Further information on CUSPAP – or a download of the 2016 version – can be accessed through the AIC website.

Thank you, merci.

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