The government of Alberta (AB) tabled legislation that would remove the requirement for the Appraisal Institute of Canada’s (AIC) member appraisers to be licensed under the Real Estate Council of Alberta (RECA), AIC announced in a release. AIC member appraisers will continue to remain as members in good standing of the AIC, as required by the act.
AIC and AIC-AB said in a release they welcomed these changes, as they are a recognition of AIC’s long-standing and rigorous systems of education, self-regulation, professional standards, and consumer/marketplace protection.
“For over 80 years our organization has been the preeminent body for real property appraisers in Canada,” AIC President Thomas Fox said in the release. “The AIC is the publisher of the nationally and internationally recognized Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP) and our members must complete all of their work in accordance with those standards.
“Our self-regulatory regime is based on compliance with CUSPAP and our two professional designations AACI and CRA are also nationally and internationally recognized,” Fox added. “In addition, our members’ clients are further protected by our mandatory professional liability insurance program."
AIC-AB President Terry Brooke spoke of the assurance of high standards with this change.
“Following discussions between our organization and Service Alberta, it became clear that AIC’s self-regulatory process is more than sufficient to ensure a high standard of practice which includes strong protections for Albertans and the Alberta real estate market,” Brooke said. “This legislation provides for a more efficient framework within which our members can continue to provide their professional services to their clientele.”