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CNAREA

The CANADIAN NATIONAL ASSOCIATION of REAL ESTATE APPRAISERS
is a national, not for profit, independent association that licenses, certifies, and regulates real property appraisers in Canada. It was established to provide an effective membership orientated organization of professional real property appraisers based on their academic qualifications, training, and practical experience. The Association is dedicated to raising the standards of the profession, to maintaining the professionalism of its members through continuing education, to advancing the recognition of its members as qualified appraisers, and to protecting the consumer.

The CANADIAN NATIONAL ASSOCIATION of REAL ESTATE APPRAISERS
is a self supporting organization with an elected and appointed Board of Directors. The Board is elected and appointed by the membership on an annual basis. A majority of Board members must be independent fee appraisers.

PROFESSIONAL STANDARDS
In order to provide a higher level of professionalism, the Canadian National Association of Real Estate Appraisers maintains an active role with the Appraisal Foundation located in Washington DC, USA, and sits on the Appraisal Foundation Advisory Council (TAFAC). All members of the Canadian National Association of Real Estate Appraisers must abide by the Uniform Standards of Professional Appraisal Practice as promulgated by the Appraisal Standards Board of the Appraisal Foundation. These standards are the international benchmark of the appraisal profession.

ETHICS
Any Designated Member, or any Candidate Member of the Canadian National Association of Real Estate Appraisers, agrees to abide by the Code of Ethics as promulgated by the Association (Bylaws Article 5). In brief summary: The appraiser must perform competently with impartiality, objectivity, independence, and without accommodation of personal interests. The appraiser must not accept assignments which are beyond their knowledge, experience, or professional competence. The appraiser is bound to protect the confidential nature of the appraiser client relationship. The appraiser is obliged to maintain the highest standards of professional conduct with clients, colleagues, and their community.

ERRORS AND OMISSIONS INSURANCE
The Canadian National Association of Real Estate Appraisers provides all designated members and candiate members with professional liability insurance for error and omissions. This program provides insurance for appraisal assignments completed in Canada, from a minimum of $1,000,000. per occurrence. Professional liability insurance coverage is mandatory for designated members and candidate members.

OBTAINING MEMBERSHIP STATUS
All applications for membership are submitted to the Membership and Admissions Committee. Each application is reviewed with regard to education and experience. All applicants must be at least 18 years of age, at a minimum, hold a high school diploma at the university level, not have a criminal record, and must successfully complete the CAAT Pre-Qualification Exam.

MEMBERSHIP
Membership in the Canadian National Association of Real Estate Appraisers is offered in one non appraiser category, four appraiser categories and two review appraiser categories. AM (Associate Member) CM (Candidate Member) DAR (Designated Appraiser Residential) DAC (Designated Appraiser Commercial) DRP (Designated Reserve Planner) CMAR (Certified Mortgage Appraisal Reviewer) Certified Appraisal Reviewer

Associate
Associate membership encompasses all persons who have an interest in the appraisal profession or work with professional appraisers but are not themselves engaged in appraisal assignments.

Candidate
This category is open to all fee appraisers who are interested in furthering their education and experience with the goal of earning a professional designation. All applicants must successfully complete the CAAT Pre-Qualification Exam, Course #5.0 Professional Standards of Practice and Course #6.5 Appraiser Ethics within four (4) months of being accepted as well as #1.8 Appraisal Practice Procedures and # 6.7 The Cost Approach for Residential Properties within six (6) months of being accepted.

DAR (Designated Appraiser Residential)
This designation identifies a member who is qualified to perform appraisal assignments of residential type properties consisting of no more than four residential housing units and, in some cases, non complex commercial properties. Requirements for this professional designation include 3000 hours of full time appraisal experience, over a minimum of 2 years, and the successful completion of the required Canadian National Association of Real Estate Appraisers educational program or its equivalent.

DAC (Designated Appraiser Commercial)
This designation identifies a member who is qualified to perform appraisal assignments of all types of real property including commercial, industrial, and investment. To attain this professional designation an individual must have the DAR designation or its equivalent, 5 years of full time appraisal experience, and complete the required Canadian National Association of Real Estate Appraisers educational program or its equivalent.

DRP (Designated Reserve Planner)
This designation identifies a member who is qualified to perform appraisal assignments that involve replacement cost new valuations, reserve fund studies and planning, and depreciation studies. The requirements for this professional designation include a prerequisite of the DAR or DAC professional designations and the further completion of the Canadian National Association of Real Estate Appraisers specific education programs.

CMAR (Certified Mortgage Appraisal Reviewer)
This designation identifies a member who is qualified to perform professional reviews of any residential appraisal report which might be used for mortgage purposes. To attain this designation an individual must have a minimum of 2 years experience in the mortgage financing profession and complete the required Canadian National Association of Real Estate Appraisers education program.

Certified Appraisal Reviewer
This professional designation identifies a member who is qualified to perform professional reviews of any appraisal report. To attain this designation an individual must have, at a minimum, the DAR designation and complete the required Canadian National Association of Real Estate Appraisers educational program.

MEMBERSHIP
Each professional designation further requires the submission and subsequent approval of appropriate appraisal reports, and a university degree or the equivalent.

The Canadian National Association of Real Estate Appraisers recognizes educational credits obtained from other approved educational institutions and appraisal associations.

DAR designation is the prerequisite for the DAC designation.

CONTINUING EDUCATION PROGRAM
The Canadian National Association of Real Estate Appraisers requires that all designated members must adhere to a mandatory continuing education program. This program requires the completion of 28 classroom hours of appraisal specific education every two years, and the submission of one field report for review  every 6 months, by the Education Committee. This continuing education must include 4 classroom hours of USPAP (Course #5.0A Standards Review) and Course #4.3R Residential Appraisal Report Writing, updating every two (2) years. Also course #6.5 Appraiser Ethics updating every five (5) years.  Acceptable continuing  education hours include CNAREA courses, approved distance learning courses, certain College or University courses, and other seminars and courses which meet the educational standards of the Association.

RECIPROCITY
The Canadian National Association of Real Estate Appraisers has a formal alliance with the National Association of Independent Fee Appraisers. This alliance encompasses full reciprocity of designations and educational courses. The Canadian National Association of Real Estate Appraisers also recognizes certain professional appraiser designations from other appraisal associations with approval by the Education Committee, on an individual case basis.

TUITION
Special discounts offered to the membership of the Canadian National Association of Real Estate Appraisers are also available to members of the NAIFA, ASA, IAAO, IRWA, ATEFQ, and all IAAA members.

EDUCATION PROGRAM
The education program of the Canadian National Association of Real Estate Appraisers is designed to provide members, other real estate appraisers, and other real estate professionals with a comprehensive and practical system of acquiring and furthering their appraisal knowledge. It consists of both core and elective courses applicable to each of the five professional designations.

Some of the course texts and content are supplied under alliance with the National Association of Independent Fee Appraisers, based in Chicago, Illinois, USA, under exclusive agreements with the Canadian National Association of Real Estate Appraisers.

All course instructors are certified by the Canadian National Association of Real Estate Appraisers and must attend a CNAREA Instructors Clinic at least every other year.

The Canadian National Association of Real Estate Appraisers monitors both instructors and course presentations to assure that the quality of all courses and instructors is consistent with their high educational standards.

CNAREA INTERNATIONAL
The Canadian National Association of Real Estate Appraisers has a formal alliance with the National Association of Independent Fee Appraisers (NAIFA), the most prominent not for profit association of professional Certified Appraisers in the United States of America.

The Canadian National Association of Real Estate Appraisers is a member of The Appraisal Foundation Advisory Committee (TAFAC), The North American Council of Appraisal Organizations (NACAO), and the Valuer’s Global Forum.

CLIENTS SERVED BY CNAREA DESIGNATED MEMBERS

AGF Trust
Alberta Treasury Branches
AT Canada
BMO Bank of Montreal
Bridgewater Bank
Brookfield
Business Development Bank of Canada
Canada Guaranty
CDIC
CIBC
City of Ottawa
CMHC
CMLS Financial
Coastal Community Credit Union
Department of National Defense
Department of Public Works, Province of Nova Scotia
Equitable Bank
EXCEED Mortgage
FNF Canada
First National
GE Capital
GMAC
Home Loans Canada
Home Trust
HSBC
ICICI Bank Canada
ING Direct
Genworth Financial Canada
Manulife Bank of Canada
MCAP
Merix Financial
Ministry Of Transport, Province of Ontario
National Bank of Canada
Nationwide Appraisal Services (NAS)
Petrocan
Royal Bank of Canada
Scotia Bank
Solidifi
Street Capital
TD Canada Trust
Various Credit Unions
Wells Fargo

APPROVED EDUCATORS
ASA    NAIFA
IAAO    CERC
RECA   IRWA

The Canadian National Association of Real Estate Appraisers maintains membership in the following organizations:
The Canadian Employee Relocation Council (CERC)
Mortgage Professionals Canada (formerly CAAMP)
Canadian Mortgage Brokers Association – Ontario (CMBA – Ontario)
Canadian Mortgage Brokers Association – BC (CMBA – BC)
Condominium Home Owners Association (CHOA)
Alberta Mortgage Brokers Association (AMBA)