November 10, 2020
Designated Appraiser Commercial (DAC) Program Update
CNAREA is proud to announce that we have completed the redesign of our Designated Appraiser Commercial (DAC) Education program and Certification requirements.
Effective immediately, any CNAREA Member wishing to pursue the Commercial designation must comply with the following requirements:
- Minimum of 3,000 hours full time residential appraising experience as a DAR
- Successful completion of:
- CNA204 – Residential Income Approach
- CNA206 – Fundamentals of Statistical Analysis
- CNA207 – Advanced Residential Case Studies
- CNA208 – Appraising Complex Residential Properties
- College or University level introductory Microeconomics
- College or University level introductory Macroeconomics
- Application for acceptance into the DAC Program. Please contact email@example.com to confirm your interest in the program. Once approved, you may write Commercial reports under a DAC Certified Appraisal Reviewer member of CNAREA.
- Successful Completion of the following courses offered by the Appraisal Institute (US), or equivalent: (Courses are available from the Appraisal Institute in classroom or on-line formats).
NOTE: You do not need to become a member of the Appraisal Institute, however there is significant price reductions for members. Prices shown below are the current (US funds) costs for Members and Non-Members.
- General Appraiser Market Analysis/H&B Use – 28hrs/2 hr exam $500 – $525
- General Appraiser Sales Comparison Approach – 27 hrs/3 hr exam $500 – $525
- General Appraiser Income Approach Part 1 – 27 hrs/3 hr exam $469 – $569
- General Appraiser Income Approach Part 2 – 27 hrs/3 hr exam $500 – $525
- General Appraiser Site Valuation and Cost Approach – 28 hr/3 hr exam $550 – $600
- General Appraiser Report Writing and Case Studies – 28 hr/3 hr exam $500 – $525
- Successful completion of elective appraisal related advanced course (100 hrs minimum total)
(Courses to be pre-approved by the CNAREA Education Director) – when requesting approval, the student must supply course syllabus, institution providing the course, course timing).
- Potential course sources:
- Appraisal Institute – Advanced Education Program courses: https://www.appraisalinstitute.org/
- Carson Dunlop: https://staging.carsondunlop.com/training/ca/program/course-descriptions
- Canadian Real Estate Association – Commercial courses: https://www.crea.ca
- IRWA – https://www.irwaonline.org/courses/
- Lakeland College – https://www.lakelandcollege.ca/
- Athabasca University – https://www.athabascau.ca/
- Upon successful completion of the education requirements, Commercial candidates must:
- Display a minimum of 5 years full-time appraisal experience including 1,000 hours of Commercial property appraisals.
- Submit 3 Commercial Appraisal Reports – a minimum of 1 report must display the use of all 3 approaches to value.
- Professional Peer Review, discussing the 3 submitted reports, etc. demonstrating professional competence, and answering questions pertaining to the submitted reports, general appraisal knowledge and application of USPAP.
- Successfully complete the CNAREA DAC Exam.