1 December 2017

We no longer have exam days.  Once you are approved to write an exam to obtain your Proffessional Designation you will require a Proctor.  Below is a list, please click on link below to see who qualifies as an acceptable proctor.

Acceptable Exam Proctors for Designation Exams

14 November 2017

CNAREA is very excited to announce that as of today, the USPAP Review Course (CNA209) is available exclusively by electronic files.

What does this mean to you?

  1. You do NOT need to travel to have your USPAP Review Course completed.
  2. You will be able to review the USPAP and complete the test at your own pace, in your office.
  3. You are REQUIRED to complete the course and successfully complete the test PRIOR TO FEBRUARY 28, 2018.

ALL MEMBERS ARE REQUIRED TO BE ADHERING TO THE NEW USPAP AS OF JANUARY 01, 2018.

Therefore it is imperative that you order your copy of the USPAP and accompanying files as soon as possible.

Although you are responsible for following the new Standards as of January 01, 2018; you to have until February 28, 2018 to complete the review course and exam.

What do you need to do?

  1. Complete the course registration form on the website, and forward it and your payment information to the CNAREA office.

Upon registering for the course, you will be emailed several files:

  1. Your copy of the eUSPAP 2018-2019,
  2. A Summary of the changes to the USPAP from the previous edition,
  3. A USPAP Declaration issued for CNAREA Members, and
  4. The USPAP Course test.

Once you receive the above you have two (2) weeks to complete it and send the test in for marking.

The exam is an open-book test, in a fillable PDF format.  Simply download the files, review the new USPAP and Declaration file, and fill in your answers to the test, save the test, and email it back to: education@cnarea.ca

21 August 2017

We have had several conversations recently with various industry stakeholders and we would like to encourage you to consider the following:

BLENDED SITE ADJUSTMENTS:  In recent conversations with the Bank of Montreal, BOM has stated that the blended adjustments for site value are no longer acceptable to them, and they are requesting that adjustments, and the comments associated with them address the specific components that contribute to the adjustment(s).

Please ensure that when completing appraisal assignments for this client, that the site adjustments and comments reflect their requirements.

TENANT OCCUPIED PROPERTIES: The question about the ownership rights being appraised, in tenant occupied properties, keeps coming up.  If a property is tenant occupied, then the owner has surrendered part of their ownership rights, (the right to occupy) and therefore no longer has the full bundle of rights (Fee Simple).  In such a case, the normal course of action is for the appraiser to consider the LEASED FEE interest of the property, and appraise it as such.  This would typically require the use of tenant occupied comparable sales for consideration, etc.  HOWEVER some clients (lenders such as BMO) require that the Fee Simple interest in a property be the basis of the appraisal assignment.  In such cases, the appraiser is still to indicate that the property is Tenant Occupied, however the ownership rights being appraised are FEE SIMPLE.  The appraiser simply needs to include a statement such as: “At the request of the client, the subject property is being valued considering the Fee Simple interest, and the Leased Fee interest in the property has not been addressed in this appraisal assignment.”    See USPAP FAQ #217

21 August 2017

FIND AN APPRAISER: Some lenders, and AMC’s are having difficulty finding appraisers in certain market segments, and searches on the website are not producing results reflective of the areas of service of our members.  Please log-in to your profile on the website, and update your coverage areas so that current and prospective clients are able to find you!