Book 1 - Appraisal Institute of Canada

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International Valuation StandardsBy Keith Goodwin, AACI, P. App, Fellow, WAVO RepresentativeWAVO invites your participationThe Appraisal Institute of Canada (AIC)was a founding member of the WorldAssociation of Valuation Organisations(WAVO) and is an executive Board member ofthe organization.The 4th WAVO Valuation Congress heldNovember 24 and 25, 2009 in Guilin, Guang Xi,People’s Republic of China was a great success.More than 360 participants attended theCongress from mainland China and Australia,Brunei, Canada, Hong Kong, Korea, Malaysia,Indonesia, Russia, Romania, Singapore and USA.Co-hosted by the China Appraisal Society, theCongress was addressed by Ms He Bangjing,Vice Minister of the Ministry of Finance, Chinaand President of China Appraisal Society. Aprivate meeting was arranged between theMinister and selected organizations includingthe AIC. The Vice Minister expressed her thanksthat WAVO had held the Congress in China, as itprovided an opportunity for valuers in China tomeet with international counterparts.At the closing ceremony, the Hong KongInstitute of Surveyors (HKIS) was included in theMemorandum of Understanding (MOU) for theportability of designations. Under the auspicesof WAVO, the MOU was signed at the InauguralWAVO Valuation Congress held in Singapore in2006 by the four national valuation institutes:the Australian Property Institute, AppraisalInstitute of Canada, Property Institute of NewZealand and Singapore Institute of Surveyorsand Valuers. The MOU provides designationequivalency to any AIC AACI-designatedmember wishing to work in the other fourcountries, subject only to local designationrequirements.WAVO is supportive of the consistentapplication of valuation standards,methodologies, and practice. WAVO invitesprofessionals to contribute their expertise incompiling the Best Valuation Practice Guide.The topics include valuation fundamentals;methods of valuation; specific valuations; andbusiness, plant and machinery valuation. Ifyou would like to contribute, please write toWAVO at http://www.wavoglobal.org/feedback.asp. WAVO will be compiling a list of expertsin their various valuation fields who can offerconsultancy services.To encourage the involvement of valuationprofession students at an early stage, theWAVO Board has decided to host a yearlycompetition for the WAVO Best ValuationReport Awards. This competition is open to allstudents undertaking valuation courses. Youmay also obtain information on the awards fromthe website: www.wavoglobal.org. There are sixcategories of awards for the different propertytypes. The winner of the awards for eachcategory will be given prize money of US$2,000.To assist developing economies in buildingtheir valuation capacity, WAVO regularlyconducts workshops and courses. WAVOwelcomes enquires from qualified AIC memberswho would be interested in conductingworkshops and courses.28Canadian Property Valuation Volume 54 | book 1 | 2010 Évaluation Immobilière au Canadaclick here to return to table of contents
Learning AdvisoryCandidates’ FAQs for CPYBy April Green, Candidate, Member, Learning Advisory CommitteeAs a Candidate member of theAppraisal Institute of Canada (AIC),you are required to complete at leastone university course per year (CPY). This policywas approved by the AIC Board of Directors inOctober 2005 with the intent of encouragingprogress to designation in a timely fashion.What qualifies as a university course?Any course that is a curriculum requirement ofthe CRA or the AACI designation qualifies asa university course. The list of these courses isspecific and may be located on the AIC websiteby inputting ‘Curriculum Requirements’ in thesearch tool on the website: http://www.sauder.ubc.ca/Programs2/RealEstateDivision/CreditProgramsandProfessionalDevelopmentCourses/AppraisalInstituteofCanada/default.htm#coursesIf you have qualified as a Candidate withouta university degree, any university course leadingto the completion of your university degreewill qualify as a course.Are college courses or courses taken atan organization other than the Universityof British Columbia (UBC) acceptable?Yes, provided that UBC has accepted the courseas a formal equivalent to one of the curriculumrequirements. To find out visit: http://www1.sauder.ubc.ca/Programs/Real_Estate_Division/Credit_Programs_and_Professional_Development_Courses/Overview/Equivalencies_and_Transcript_Reviews.aspxWhat year are we talkingabout when we say a course per year?The CPY requirement does not run on a calendaryear. The CPY requirement is always from October1 to September 30. For example, for 2010, youmust successfully complete a course betweenOctober 1, 2009 and September 30, 2010.“As a Candidate member of the Appraisal Institute ofCanada (AIC), you are required to complete at least oneuniversity course per year (CPY).”How do I report my CPY?Log into the ‘Members Section’ of the AICwebsite: http://www.aicanada.ca/member-Login.aspxUnder Online Tools on the right hand side ofthe page, click on the ‘Course per Year’ link.Click on ‘Add a Course’ and fill out theappropriate boxes and attach the supportingdocuments.When am I required to report my CPY?You must report that you have successfullycompleted your CPY requirement no laterthan the last day of the CPY period, whichis September 30. For example, this yearyou are required to report that you havesuccessfully completed your CPY requirementby September 30, 2010. The AIC websitewill allow you to report the completion of yourrequired course at any time during the year sodo not wait until the last minute to post yourcompleted course(s).What happens if Ido not report my CPY by September 30?You will be fined and your Candidate status willbe suspended until the fine is paid and untilyou have met the CPY requirement. To reversethe suspension, you must be able to prove toAIC that you have met the above conditions.You should contact dianea@aicanada.ca withrespect to this matter.What if I have notreceived a grade for my courseprior to the September 30 deadline?This may occur if you are registered in asummer course (June to September) and theresults of your exam or assignments will notbe available until after September 30. In thiscase, the September 30 reporting deadlinestill applies to you and you should followthe same steps for reporting your CPY asdescribed above. However, you should reportthe course as ‘Results Pending’ and attach thesupporting document showing your enrollmentin the summer term. You will then have untilNovember 1 of that year (e.g., November 1,2010) to log back in to the AIC website asdescribed above and report the course ascomplete. After that, please advise DianeArruda of the completion by emailingdianea@aicanada.ca.Learning Advisory CommitteeDavid Highfield, AACI, P. App – ChairApril Green, CandidateWayne Kipp, AACI, P. AppVikki Leslie, Qualifications Officer, AIC - ONCharles Abromaitis, AACI, P. AppDuane Bates, AACI, P. AppDavid Shum, AACI, P. AppTo contact this committee, email:lac@aicanada.caclick here to return to table of contentsCanadian Property Valuation Volume 54 | book 1 | 2010 Évaluation Immobilière au Canada 29
Page 2 and 3: Get Started with CRAL2010CRAL2010 o
Page 4 and 5: Volume 54, Book 1, 2010Published by
Page 7 and 8: President’s MessageLe temps - Una
Page 9 and 10: The Institute and its members must
Page 11 and 12: • offrir soutien, conseils strat
Page 13 and 14: AIC’s 2010ConferenceCanada’s ga
Page 15 and 16: To avoid falling into this situatio
Page 17 and 18: Legal news & viewsBy Ludmila Herbst
Page 19: into the mix, however, care must be
Page 22 and 23: Professional AffairsTaking ownershi
Page 24 and 25: InvestigatingBy Mike Schulkowsky, A
Page 26 and 27: AppealCandidates anduse of the term
Page 30 and 31: Learning AdvisorySpotlight on Conti
Page 32 and 33: PGCV gradsenhance career opportunit
Page 34 and 35: Designations/Candidates/StudentsAIC
Page 36 and 37: NewsResearch and Development FundTh
Page 38 and 39: NewsON THE MOVEOlscamp promoted in
Page 40 and 41: “Given theprojected growthin the
Page 42 and 43: Strategic asset management (real pr
Page 44 and 45: the building (mould or asbestos), c
Page 46: Calendar of EventsAICBCAB2010 Appra

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