How to Become a Real Estate Appraiser
Becoming a real estate appraiser in Canada can be a difficult task, as the requirements are steep and standards are high. In order to become a home appraiser, you need to have certain academic qualifications, undergo training, and then accumulate on-job experience. There are two main professional appraisal associations in this regard – the Canadian National Association of Real Estate Appraisers or the Appraisal Institute of Canada. From both of these, an individual can choose to acquire three different designations – commercial real estate appraisers, agricultural real estate appraisers, and residential real estate appraisers. Designations include DAC (residential appraiser with a specialty in agriculture), DAR (Designated Appraiser Residential), and CRA (Canadian Residential Appraiser).
The first step to becoming a real estate appraiser is to choose one institute – the AIC or the CNAREA. These are both professional valuation associations, and will grant you qualifications that guarantee a high degree of professionalism and necessary insurance to boot.
Via the Canadian National Association of Real Estate Appraisers
To become a real estate appraiser via the Canadian National Association of Real Estate Appraisers, begin by contacting the CNAREA in order to find out about class requirements, schedules and fees. Make sure you complete all the coursework that is required. Complete all the paperwork, and submit the required fees in order to join the association as a candidate member.
Once this is done, you can move on to getting a job in an appraisal firm – it is necessary to join a firm that will permit someone within the firm to act as a co-signer of your work. As you work, you can choose whether you wish to fulfil the CNAREA requirements via education or experience. The education requirements are, e.g. 170 hours of coursework for the DAR designation, while the experience requirements need you to work for a minimum of 3,000 hours for two years in the field.
Via the Appraisal Institute of Canada
The AIC requires all applicants to have an undergraduate degree, so make sure you obtain one from a reputable institute. Ideally, it should be a degree in business, or something related. Check with the AIC to find out about all the coursework you need to complete before you become a member, and make sure you finish it all.
Once you are done, fill in all the required paperwork, and submit it along with the necessary fees in order to join as a candidate member. You can then move on to finding work with an appraisal firm, in your capacity as an AIC candidate member. Once an appraisal company hires you, you can begin working towards becoming a full member – for this purpose, you may work with a mentor for a minimum of two years, or complete the coursework assigned by the AIC. After all this is done, the final step to becoming a full AIC member is to study for and then pass the written and oral exams.
