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The Canadian Association of Insolvency and Restructuring Professionals (CAIRP) has updated the Standards of Professional Practice, challenging members to ensure they have the right person for the appraisal engagement.
CAIRP members now need to be selective when engaging the services of a valuation professional. It is their responsibility to know what knowledge and credentials the person needs to have to correctly appraise the property.
Whether you are a member of CAIRP or not, it is good practice to understand what valuation credentials mean so you can select an appropriate appraiser. With this understanding, you can achieve the peace of mind of knowing that you will receive an accurate appraisal that will be trusted by third parties.
AACI - Members of the Appraisal Institute of Canada who hold an AACI accreditation appraise real property.
CRA - Members of the Appraisal Institute of Canada who hold a CRA designation can appraise residential property with four units or less.
ASA - The American Society of Appraisers (ASA) members can help you with the following:
MRICS – The Royal Institution of Chartered Surveyors (MRICS) is a diverse community of highly regarded professionals who are experts across the property life cycle - from land, real estate and construction to investment and valuation. This designation is recognized globally.
Besides looking at an appraiser’s credentials, seek appraisers with a wide knowledge base of and experience with the asset type. Specific industry experience should ensure a complete and reliable appraisal.
CAIRP members are required to get a written appraisal report from the appraiser. This report must comply with the scope limitations and terms set out at the engagement. You can check the appraiser’s references to see if he or she will be able to meet these requirements.
The updated standards will help ensure a high level of accuracy in appraisals because the right appraiser will be selected for the engagement. While it may take time to select an appraiser, understanding what the credentials mean and what kind of knowledge to look for will help you narrow the search and make the evaluation process easier.
For more information about selecting an appraiser or to learn about the valuation expertise at MNP, please contact myself or your local MNP advisor.
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