12 December 2016
CNAREA 25th Anniversary Emblem Design Competition Winner Announced.
CNAREA is pleased to announce that Suresh Sellathurai from Pickering ON., has submitted the winning design for our 25th Anniversary. As such he has won a framed version of the design, and free 2017 CNAREA Membership ($700 Value).
The winning design will be incorporated into several items used by the Association throughout the upcoming year.
The Board of Directors want to thank all those who made submissions for the competition, with 22 designs being received in total.
9 December 2016
In recent months, our members have seen an increase in requests from AMC & Lenders, for Stand-Alone Market Rent Reports.
We have been in conversation with some of our members about the format of these reports, and thanks to Mike Chekaluk (DAR-Certified Appraisal Reviewer), of Cityline Appraisals Inc., we now have templates available for use. There are both REPORT-PRO and CLICKFORM templates completed and Mike has graciously agreed to allow our members to use the templates he created. If you have clients that use other formats, you will need to create something for that format.
We want to remind everyone that a Stand-Alone Market Rent report, is an opinion of value, and therefore is an appraisal. The report, as well as your research must comply with the USPAP Standards #1 and #2.
If you have any questions, please contact Rob MacDonald at CNAREA.
Report Pro Template
31 October 2016
ATTENTION ALL MEMBERS
CRIMINAL BACKGROUND CHECK
As of October 25, 2016, all applicants for Candidate Member must include a documented criminal background check with their application.
All existing Candidate Members, and designated members must provide a documented criminal background check by June 1, 2017
CNAREA has arranged with a provider for all members to obtain a criminal background check for a cost of $30.00 and can be organized by going to the following link:
Criminal Background Check
If you require any further information please contact the Chief Executive Officer by telephone, toll free at 888-399-3366.
ATTENTION ALL MEMBERS RESIDENTIAL ASSIGNMENTS
RESTRICTED APPRAISAL REPORTS
If you are completing the following types of valuation assignments please note that we now have new report formats available for each. You must make your own templates for each of these report formats and the templates must be EXACTLY as indicated.
The new report formats have been added to the course book for course 4.3R and are also available from the National Office.
Contact the CEO for any further Information.
RESTRICTED APPRAISAL REPORT format for:
Drive By Report
Desk Top Report
7 June 2016
ATTENTION ALL MEMBERS – LEASED FEE
When completing residential appraisal assignments that include a subject property that is legally leased, in part or in whole.
It is a USPAP requirement that you must include in your report a summary and analysis of the applicable current lease. This summary should include, at a minimum, the lease dates, the rental amount with details of what is included in the rent, and if subleasing is permitted or not.
19 September 2015
ATTENTION ALL MEMBERS COMPLETING RESIDENTIAL ASSIGNMENTS
Lenders and AMC’s have recently been requesting a “Market Rent Estimate” and supplying a very brief form to be completed as part of the assignment.
Please be aware that to provide any estimate of market rental rates would require that you complete an appraisal and subsequent appraisal report.
Refer to the USPAP, page 285, Frequently Asked Question #161 stated in part:
“USPAP defines an appraisal as an opinion of value, and market rent is an expression of value for the right to use a property. Therefore, to comply with the USPAP [in this type of rental rate assignment] an appraiser would have to follow STANDARD 1 to develop the opinion of market rent, and STANDARD 2 to report the assignment results.”
This means that if you include an estimate of market rent in an appraisal assignment covering a specific property, this would be in compliance with the USPAP.
However, if you are requested to estimate the market rent as a stand-alone assignment, you cannot comply with such a request without completing an appraisal, as stated in the USPAP. You cannot use just the one page forms now being requested as they are not USPAP compliant.
If you need any clarification on this issue please contact the CEO and the Administration Office.
17 March 2015
There is growing evidence of an increasing number of incidences of the sales, or front end, of numerous lenders becoming focused on getting the “right value”, resulting in appraiser influencing accompanied by an escalating number of complaints against appraisers from AMC’s and various lenders.
While this is by no means a new phenomenon, we are noticing a significant rise in the occurrence of such influencing and complaints, across the country. As experienced from both the appraiser and the AMC, the basis of complaints of this nature, originate from the sales side of the lenders and are more often founded on frustration, on the part of the sales staff, from not receiving the value that they require to make a specific deal work. The resulting complaints are now being framed as undesirable appraiser behaviour with the lender’s client at the time of the property viewing. Some sales representatives have become well versed at disguising a value complaint as an appraiser behaviour issue and then proceed to remove the appraiser from the lenders approved list. They then align themselves with only appraisers who they can manipulate to obtain the values they require to make the loan.
Your Association is taking steps to help you, our members, with this situation of appraiser influence. We have created an appraiser assignment log so you can record all aspects of the appraisal process, including client behaviour, from the exact time the appraisal order was received, through the time the viewing appointment was made, to a record of any actual comments made by either or both the home owner and the lender’s representative at the time of the property viewing.
We strongly recommend this assignment tracking record to become part of your work-file.
Go to APPRAISAL DOCUMENTS and look for assignment tracking record