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The Appraisal Institute of Canada (AIC) and The Appraisal Institute of Canada - Alberta Association (AIC-AB) Welcome Changes to the Alberta Real Estate Act

OTTAWA, ON, June 4, 2020 /CNW/ - Today, the Government of Alberta tabled legislation that would remove the requirement for AIC member Appraisers to be licensed under the Real Estate Council of Alberta (RECA). AIC-member Appraisers will continue to remain as members in good standing of the Appraisal Institute of Canada, as required by the Act.

AIC and AIC-AB welcome 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.

AIC President Thomas Fox, AACI, P. App.: "For over 80 years our organization has been the preeminent body for real property appraisers in Canada. 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 ? AACItm and CRAtm ? are also nationally and internationally recognized. In addition, our members' clients are further protected by our mandatory professional liability insurance program."

AIC-AB President Terry Brooke, AACI, P. App. added: "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.  This legislation provides for a more efficient framework within which our members can continue to provide their professional services to their clientele."

The Appraisal Institute of Canada (AIC) is the leading real property valuation association with over 5,400 members across Canada. Established in 1938, the AIC works collaboratively with its 10 provincial affiliated associations to grant the distinguished Accredited Appraiser Canadian Institute (AACItm) and Canadian Residential Appraiser (CRAtm) designations. For more information, go to www.AICanada.ca or www.appraisersknow.ca and follow AIC on LinkedIn, Twitter, and Facebook

SOURCE Appraisal Institute of Canada

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