Convention Final Announcement – June 18

Need to be re-certified? Appraisers recertification course coming soon!

A recertification course will be held on Saturday, May 11, 2019 between 9:00 am and 4:00 pm (approximate times to be clarified).

( Collège Notre-Dame-de-Foy), Quebec

 

Book this date on your schedule and we will send you more information shortly. The registration link is not ready and you will receive it soon.

FAQ – 3 Years Prior Service

FAQ – 3 Years Prior Service:

Q:            Is there a specific location within the appraisal report for the statement pertaining to the three (3) years prior services on the subject property?

A:            Yes, the USPAP requires the disclosure for prior services to appear in the “Certification” of the appraisal report. The Conduct section of the ETHICS Rule states in part:

“If known prior to accepting an assignment, and/or if discovered at any time during the assignment, an appraiser must disclose to the client, and in each subsequent report certification…. any services regarding the subject property performed by the appraiser within the three-year period immediately preceding acceptance of the assignment, as an appraiser or in any other capacity.”

SOURCE: http://appraisal.answerbase.com/2543307

 

Also, if an appraisal report is being completed by a Candidate Member, and their Supervisory Appraiser, each signatory is required to have a statement pertaining to the provision of services.

i.e.: If the Candidate Member signing the appraisal report has not provided services on the subject property within the three-year period immediately preceding acceptance of the assignment, but the Supervisory Appraiser signing the report has, there must be a statement describing both situations, in the report “Certification”. If both the Candidate Member and Supervisory Appraiser either have or have not provided services, there must be statements that reflect the situation.

Examples:

Situation #1 – No services provided by the Candidate Member, but services provided by the Supervisory Appraiser:

“The Candidate Member has not provided services of any kind, on the subject property within the three-year period immediately preceding acceptance of this assignment, however the Supervisory Appraiser has provided services on the subject property within the three-year period immediately preceding acceptance of this assignment.”

Situation #2 – Services provided by the Candidate Member, but not by the Supervisory Appraiser:

“The Candidate Member has provided appraisal services, on the subject property within the three-year period immediately preceding acceptance of this assignment, however the Supervisory Appraiser has not.

Situation #3 – Services provided by the Candidate Member, and by the Supervisory Appraiser:

“Both the Candidate Member and the Supervisory Appraiser have provided services on the subject property within the three-year period immediately preceding acceptance of this assignment.”

Situation #4 – No Services provided by the Candidate Member, nor by the Supervisory Appraiser:

“Neither the Candidate Member nor the Supervisory Appraiser have provided services of any kind on the subject property within the three-year period immediately preceding acceptance of this assignment.”

Discounted rate for the Residential Cost Approach Certification online class

CNAREA is proud to announce a new agreement with CoreLogic/Marshall & Swift that provides CNAREA members a discounted rate for the Residential Cost Approach Certification online class.  Effective immediately CNAREA members will be able to purchase the online class for the discounted price of $129 US.  The course is a 9 module, self-paced program that cover several topics including; Single and Multi-family Residences, Quality of Construction, Obtaining Base Costs, Lump Sum Adjustments, Interpolation, Depreciation, Segregated Costs, and the mechanics of Form 1007. 

 

Once registered for the course, students are able to login and out as often as they like, for the 30 day active period. Upon completion of the course, students will be required to successfully complete a final Residential Cost Approach Certification Test.  (Passing Grade is 80%).   For those members who require CNA202 – Residential Cost Approach, this course along with the 2-day in-class session comprises the entire Cost Approach Course.  For those members who have already completed the requirements for CNA202 (Old 6.7 course), this on-line offering from CoreLogic will earn 8 hours of continuing Education requirements.

 

As an added bonus, CoreLogic has agreed to offer a 10% discount off any New Purchase or Renewal Purchase of their Marshall and Swift Cost Manual products.  (Book or Software)

 

Please ‘purchase’ your access code on the CNAREA Education webpage.  Upon registering for the course, your Discount Code will be forwarded to you, to allow you to purchase the course from CoreLogic.  Please be sure to receive your Course Discount Code before you register for this online portion of the Residential Cost Approach Certification Course.

 

New Partnership With HONDROS Education Group

CNAREA is thrilled to announce a new partnership with HONDROS Education Group, to provide CompuCram® to our Candidate Members, in preparation for the DAR Exam.

CompuCram® is an on-line, self-paced exam prep course that helps to prepare you for challenging the DAR Exam.  Simply use the CompuCram® link, to go to the Registration page for the National Appraisal Exam Prep, and purchase your access.  Hondros will do the rest.

This is an exciting opportunity for our members, and we are pleased to announce that we are the only appraisal association in Canada offering a licensing exam prep course.  Check out this short video from HONDROS Education Group to learn more about CompuCram®.

Take advantage of this unique opportunity to gain the confidence you need to pass the DAR Exam the first time!

We no longer have exam days

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

Conversations Recently With Various Industry Stakeholders

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

New Complimentary Appraiser Legal Advice Hotline

As part of our continuing evolution, CNAREA, in partnership with ProLink, Sovereign General Insurance, and Dolden Wallace Folick LLP are pleased to announce the creation of a new complimentary Appraiser Legal Advice Hotline.

New Complimentary Lawyer Hotline for Your Clients

In addition to the coverage provided in our members’ policy, ProLink is very pleased to announce the launch of a new complimentary risk-management service now available to you.

Effective immediately, you will have access to a toll free hotline that will put you in touch with a lawyer who has experience in professional liability for real estate appraisers generally, and specifically, in the defence of claims made against real estate appraisers.

This service is only available to those insured under this program.  You can access this hotline by calling 1-866-891-0366.

Legal Hotline Information

Now Offering Non-Fee Appraiser Residential and Commercial Designations

As part of our continuing evolution, we pleased to be able to offer Non-Fee Appraiser Residential and Commercial Designations (DAR and DAC).  Effective Immediately, active DAR or DAC Designated members who are pursuing opportunities as Non-Fee Appraisers will be able to do so.  Working through our insurance partners at PROLINK, we are able to provide full insurance coverage to our Non-Fee Appraiser members at a greatly reduced annual rate.

Please contact Karen Allen at hq@cnarea.ca for details, and insurance quotes.