2. 2 Presentation Overview About the Appraisal Institute of Canada AIC Designation Processes Question and Answers

3. About the Appraisal Institute of Canada

4. 4  Founded in 1938, the AIC is the premier real property valuation association in Canada. Membership now exceeds 5,000 which accounts for 80 % of the appraisal professionals in Canada  AIC’s mission is to promote and support our members in providing high quality property advisory services for the benefit of clients, employers, and the public.

5. 5 Members Across the Country 198 1,942 1,109 794 182 220 NL -89 PE – 53 NS – 214 NB - 157 10 Located in Ottawa, Canada, AIC works collaboratively with its 10 provincial affiliated associations to serve more than 5,000 members across the country.

6. 6 AIC Designations AIC grants two distinguished and highly respected designations.  Accredited Appraiser Canadian Institute - AACI™ Property types can include but are not limited to: residential, commercial, industrial, institutional, agricultural, land, special use.  Canadian Residential Appraiser – CRA™ Property types include residential dwellings containing not more than four (4) self-contained family housing units or an individual undeveloped residential dwelling site.

7. 7 AIC Designation Requirements AIC’s designation process is recognized worldwide as a rigorous academic program and high-quality applied experience program. –AIC Professional Program of Study is offered in English and French and includes: Educational Requirements delivered through a distance learning program within the University of British Columbia and the University of Laval Applied Experience Program and Written Exam Work Product Review Professional Competency Interview –A university degree is required to obtain your designation AIC members must comply with a mandatory Continuing Professional Development Program (CPD) including mandatory professional practice seminar every two years and discretionary CPD related to the appraisal industry.

8. 8 AIC is a Self-Regulated Professional Association AIC Members are self-regulated through AIC’s : Code of Conduct By-laws and Regulations Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP) AIC offers a mandatory professional liability insurance program to its members AIC has a Complaint Resolution Process that is focused on maintaining the excellence of the appraisal profession and serving the public.

9. 9 Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP) Compliance to CUSPAP is a mandatory requirement; it is AIC members’ contract to the public. The Standards are aligned with European Valuation Standards and International Valuation Standards Five standards have been developed for AIC valuation professionals including: –Ethics Standard –Appraisal Standard –Review Standard –Consulting Standard –Reserve Fund Planning Standard –Machinery & Equipment Standard (introduced in May 2016) CUSPAP is updated every two years to ensure it is consistent with industry requirements.

10. Education Streams

11. 11 Designation – in Two Languages All Candidate members must complete: –AIC 101 – Introduction the Appraisal Profession –Professional Practice Seminar – with Examination These courses are offered by the AIC directly – in both English and in French From there, Candidates pursue a course of study through: –University of British Columbia –Universite Laval Candidates must first complete a Foundation of Real Estate Appraisal (UBC) or Évaluations immobilière : principes et pratiques (Université Laval) Both universities offer distance learning options to their students.

12. 12 CRA Course of Study - English BUSI 100 Microeconomics – BUSI 101 Macroeconomics BUSI 111 BC Real Property Law and Real Estate Ethics, OR BUSI 112 Canadian Real Property Law and Real Estate Ethics BUSI 330 Foundations of Real Estate Appraisal BUSI 344 Statistical and Computer Applications in Valuation, OR BUSI 121 Foundations of Real Estate Mathematics BUSI 400 Residential Property Analysis BUSI 443 Foundations of Real Property Assessment and Mass Appraisal Guided Case Study (GCS) BUSI 398 - Single Family Guided Case Study OR BUSI 444 - Comprehensive Case Study Examination equivalency.

13. 13 CRA Course of Study - French DRT-1904 Introduction au droit immobilier GUI-2100 Investissement immobilier GUI-3101 Concepts et applications en gestion urbaine et immobilière GUI-3102 Évaluation immobilière : principes et pratiques GUI-4001 Développement immobilier GUI-4100 Économie urbaine et marchés immobiliers Étude de cas sous tutelle (ECT) BUSI 398 – Single Family Case Study; OU BUSI 444 - Comprehensive Case Study Examination (currently available in English only through UBC)

14. 14 AACI Course of Study - English BUSI 100 Microeconomics AND - BUSI 101 Macroeconomics (Recommended but not required) BUSI 111 BC Real Property Law and Real Estate Ethics OR BUSI 112 Canadian Real Property Law and Real Estate Ethics BUSI 121 Foundations of Real Estate Mathematics BUSI 293 Introduction to Financial Accounting BUSI 300 Urban and Real Estate Economics BUSI 330 Foundations of Real Estate Appraisal BUSI 331 Real Estate Investment Analysis and Advanced Income Appraisal BUSI 344 Statistical and Computer Applications in Valuation BUSI 400 Residential Property Analysis BUSI 401 Commercial Property Analysis

15. 15 AACI Courses – English (cont.) BUSI 443 Foundations of Real Property Assessment and Mass Appraisal BUSI 442 Case Studies in Appraisal I BUSI 452 Case Studies in Appraisal II BUSI 460 Critical Analysis and Forecasting in Real Estate BUSI 499 - Income Property GCS OR BUSI 497 - Agricultural GCS.

16. 16 AACI Course of Study - French CTB-1000 Comptabilité générale DRT-1904 Introduction au droit immobilier GSF-1500 Gestion financière de l’entreprise GUI-2100 Investissement immobilier GUI-2102 Gestion municipale et finances locales GUI-2103 Immobilier et développement durable GUI-3101 Concepts et applications en gestion urbaine et immobilière GUI-3102 Évaluation immobilière : principes et pratiques GUI-4001 Développement immobilier GUI-4100 Économie urbaine et marchés immobiliers BUSI 499 – Income Property GCS OR BUSI 497 - Agricultural GCS (currently available in English only through UBC)

17. Applied Experience Program and Work Product

18. 18 Applied Experience Program Candidates must enroll in the Applied Experience Program and be mentored by a Designated Member –For CRA Members – Minimum of One Year –For AACI Members – Minimum of Two Years Applied Experience Program focuses on AIC Core Competency and on practical application of knowledge gained through education At the completion of the period, the Designated Member attests to the Candidates readiness to move forward

19. 19 Work Product Review Work Product Review has recently been introduced and provides further evidence of Candidate’s mastery of the knowledge and skills necessary to work in the profession. Actual work product samples are reviewed by trained and designated members to assess compliance with CUSPAP standards New candidates submit three sample work products during their Applied Experience Program

20. Applied Experience Examination and Professional Competency Interview

21. 21 Applied Experience Examination After a Candidate has completed their Applied Experience Program and has submitted their Work Product Review samples they can register for the Applied Experience Examination The Examination also tests knowledge, skills and mastery of the competencies necessary to become a designated member Trained designated members evaluate the examinations

22. 22 Professional Competency Interview The final stage in the process is a Professional Competency Interview Each Candidate meets with a panel of trained designated members in an interview format The interview assesses the day to day capabilities and knowledge of the Candidate against the competency profile developed by the AIC

23. 23 In Summary AIC’s Education and Designation process is the most rigorous process in the Canadian marketplace It is a challenging and difficult process but produces outstanding results The rigour of our education process is one of the reasons we feel confident in positioning AIC members as “Professionals of Choice” in the Canadian marketplace.

24. 24 Thank you - Merci