Becoming an Appraiser

The Role of Appraisers

Appraisers play a vital role in the Canadian real estate industry. They are involved in important transactions such as buying, selling, and refinancing properties. They also work closely with financial institutions, government entities, and individuals to ensure market transparency, accurate property values, and reduced financial risk. As per the AIC, appraisers offer “independent, unbiased opinions of value on real property, contributing to the stability of the real estate market and protecting public interest” (AIC, n.d.).

Starting My Journey Towards Designation

Before obtaining the Canadian Residential Appraiser (CRA) designation, it is vital to become a Candidate Member with the AIC. This allows an individual to work under a designated appraiser and gain valuable experience. The requirements of becoming a Candidate are the following:

• At least two years of post-secondary school
• AIC 101 – Introduction to the Appraisal Profession (a three-hour webinar)
• BUSI 330 – Foundations of Real Estate (UBC course)
• AIC Introduction to Professional Practice Seminar (ITPP)
• Candidate Member Application
• Candidate Dues

As I worked toward completing the list, I enrolled in the Diploma in Urban Land Economics (DULE) at University of British Columbia (UBC). This diploma is not mandatory for the designation; however, it has many of the required courses to become certified. In addition, a bachelor’s degree, of any kind, is required for the designation. I incorporated courses from Thompson Rivers University, aiming towards a Bachelor of Real Estate Management. This program offers a solid base any type of real estate career. “Members must be highly trained and educated to ensure that real estate appraisals are conducted with the highest standards of professionalism” (NSREAA, n.d.).

Challenges in Rural Nova Scotia

My journey takes place in rural Nova Scotia, where there is a shortage of appraisers who can mentor Candidate Members such as myself. This geographical obstacle is critical, as finding a mentor is a required step in the certification process. According to the NSREAA, prospective appraisers must “complete a period of supervised practical training under the guidance of a designated member of the association” (NSREAA, n.d.). In rural areas, the lack of mentors frequently results in candidates having to move to urban cities, such as Halifax. This can be challenging when it requires moving a family.

Balancing Family and Workload

Balancing family life with the requirements of becoming a certified appraiser has been one of the most significant challenges on my journey. Like numerous candidates, I am managing a balance between work, education, and family obligations. The AIC’s candidate requirements specify that candidates need to finish “a combination of coursework and practical experience” (AIC, n.d.), making it challenging to juggle everything. Despite these obstacles, the objective of achieving a CRA certification continues to inspire me.

Future Opportunities as a CRA

While I have not finished my certification yet, I am making consistent progress towards achieving my goal. Every course I finish gets me closer toward becoming a certified appraiser. As the NSREAA reminds us, real estate appraisers must be “committed to lifelong learning” (NSREAA, n.d.), and this journey is just the beginning of my career in real estate appraisal.

Earning the CRA certification will offer access to a variety of professional chances, ranging from evaluating homes to handling intricate commercial projects. Although it may be difficult, the benefits of becoming a trusted, certified appraiser make the process worthwhile.

 

References

Appraisal Institute of Canada. (2024, August). What appraisers do. AICanada. https://www.aicanada.ca/need-an-appraiser/what-appraisers-do/

Appraisal Institute of Canada. (n.d.). Path to AIC designation. AICanada. https://www.aicanada.ca/become-an-appraiser/path-aic-designation/

Appraisal Institute of Canada. (n.d.-b). Why become a professional appraiser. AICanada https://www.aicanada.ca/become-an-appraiser/why-become-an-appraiser/

Nova Scotia Real Estate Appraisers Association. (2018, January). Become a member. Nova Scotia Real Estate Appraisers Association. https://nsreaa.ca/membership/become-a-member/

Nova Scotia Real Estate Appraisers Association. (2014). NSREAA. Nova Scotia Real Estate Appraisers Association. https://nsreaa.ca/

Thompson River University. (2019). Bachelor of real estate management. Thompson Rivers University, Open Learning. https://www.tru.ca/distance/programs/bachelor-real-estate-management.html

University of British Columbia. (n.d.). Diploma Program in Urban Land Economics (DULE). Saunder. https://www.sauder.ubc.ca/programs/real-estate/credit-programs/diploma-urban-land-economics

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