Book 4 - Appraisal Institute of Canada

Learning AdvisorySpotlight on Continuing Professional DevelopmentFEED YOUR FUTUREwith CPD FRIDAYSThe UBC Real Estate Division continues its series of live, online,web-based Friday seminars or webinars consisting of a two-hourpresentation with an expert instructor, who will present an interactiveonline classroom session and answer any questions. Attend the session,complete two hours of pre-reading on your own, and receive four AppraisalInstitute of Canada (AIC) CPD credits. There is no quiz or exam required toreceive these credits.CPD 111: Decision Analysis –Making Better Real Property DecisionsPresented December 3, 2010 by Bruce Turner, AACIAIC’s ‘New Horizons’ initiative is aimed at broadening the field of practicefor valuation professionals – advancing beyond point-in-time valuation andinto the realm of providing strategic advice. Just as every large corporationhas an accounting professional on its Board of Directors, so too should everyreal estate-focused business need a valuation professional in the boardroom.However, appraisals are unlikely to be needed at this level – rather, whatis demanded is strategic, critical thinking about real estate issues and thewillingness and ability to provide useful recommendations.The goal of this course, adapted from the UBC Real Estate Division’s BUSI 460course Critical Analysis and Forecasting in Real Estate, is to develop the necessarymindset for real property valuation professionals to help clients make better-informedreal estate decisions. Specifically, real estate professionals must be able to:• critically analyze the context for real estate problems;• accurately diagnose complex real estate problems; and• identify and support potential real estate solutions, goals, and actions that areobjective and comprehensive, facilitating sound decision-making by clients.The course explores a variety of formal and informal decision-makingtechniques. While an intuitive ‘rule of thumb’ can be perfectly appropriatein some circumstances, other situations may demand a more systematicweighing of benefits and costs of alternatives.Decision trees are one example of how advisors can help clients betterunderstand the decisions that they face. Decision trees help answer thefollowing questions:• What are the key uncertainties?• What are the possible outcomes of these uncertainties?• What are the chances of occurrence of each possible outcome?• What are the consequences of each outcome?This structured process forces the advisor and the client to immediately getto the heart of the problem that needs solving. It also forces logical, comprehensiveanalysis of alternatives, along with the probabilities of achieving differentoutcomes. By adopting a systematic decision analysis framework, theadvisor is much more likely to be able to work through complex problemseffectively and to reach decisions strategically. The key to long-term successis valuable advice provided to satisfied clients.CPD 124: Scope of Work –Establishing ‘New Horizons’ For Your Valuation ServicesPresented December 3, 2010 by John Clark, AACIAIC’s ‘New Horizons’ initiative also envisions real property professionals whoprovide a wide range of valuation services. For any given property, a valuatormight be commissioned to complete a simple mortgage appraisal formreport that takes a few hours to complete or a complex narrative report insupport of litigation that takes days or even weeks to prepare.44Canadian Property Valuation Volume 54 | book 4 | 2010 Évaluation Immobilière au Canadaclick here to return to table 0f contents