Definition
The Appraisal Institute of Canada (AIC) is a professional association that provides certification, education, and ethical guidelines for real estate appraisers in Canada. Founded in 1938, the AIC operates with the mission to serve the public interest by continually advancing the standards and practices of the appraisal profession. The AIC grants several professional designations, such as the Canadian Residential Appraiser (CRA) and the Accredited Appraiser Canadian Institute (AACI).
Examples
Example 1: Residential Property Appraisal
A homeowner in Toronto wants to sell their property. They hire an AIC-certified appraiser with the CRA designation to assess the current market value of their home. The appraiser follows AIC’s rigorous standards to determine a fair market price.
Example 2: Commercial Property Valuation
A commercial real estate firm in Vancouver needs an appraisal for a new office building. They engage an appraiser with the AACI designation from the AIC to provide a comprehensive valuation, which will be used for financing and investment purposes.
Frequently Asked Questions
What are the primary designations offered by AIC?
The AIC offers two main designations: Canadian Residential Appraiser (CRA) and Accredited Appraiser Canadian Institute (AACI).
How can I become an AIC-certified appraiser?
To become AIC-certified, you must complete the required education, gain practical experience, and pass comprehensive exams. Additional details are available on their official website.
What is the purpose of the AIC?
The purpose of the AIC is to provide certification, ongoing education, and ethical guidelines to real estate appraisers, ensuring high standards within the profession.
Related Terms
CRA (Canadian Residential Appraiser)
A professional designation granted by the AIC, indicating that the appraiser specializes in residential property valuation.
AACI (Accredited Appraiser Canadian Institute)
A professional designation granted by the AIC, indicating that the appraiser is qualified to appraise all types of real estate, including residential, commercial, industrial, and land.
Real Estate Appraisal
The process of developing an opinion of value for real property, commonly used for buying, selling, lending, and investing purposes.
Appraisal Standards
The guidelines and criteria that appraisers must follow to ensure uniformity, credibility, and reliability in their valuations.
Online Resources
- Appraisal Institute of Canada (AIC) Official Website
- AIC Membership Information
- AIC Education Program
- AIC Professional Standards and Guidelines
References
\[1\] Appraisal Institute of Canada. “About AIC.” Retrieved from https://www.aicanada.ca/about/. \[2\] Appraisal Institute of Canada. “Designations and Certifications.” Retrieved from https://www.aicanada.ca/membership/designations-certifications/.
Suggested Books for Further Studies
- “The Appraisal of Real Estate” by Appraisal Institute
- “Fundamentals of Real Estate Appraisal” by William L. Ventolo Jr. and Martha R. Williams
- “Real Estate Appraisal: From Value to Worth” by Tom Wilson
- “Mastering Real Estate Appraisal” by Dennis H. Carr
- “The Evaluation of Real Estate: Principles and Applications” by Mark Rattermann
Address
Appraisal Institute of Canada 403-200 Catherine Street Ottawa, Ontario K2P 2K9 CANADA Phone: 613-234-6533 Fax: 613-234-7197 Email: info@aicanada.ca
