As of December 3, 1998, anyone involved in the practice of real estate appraisal in the Province of Nova Scotia must be registered under the Real Estate Appraisers Act, through the registration process of the Nova Scotia Real Estate Appraisers Association. The NSREAA Directory of Members includes “fee appraisers,” who are registered members, as well as “non-fee appraisers,” who are members employed by government departments and agencies, financial institutions, and other companies.
Designations recognized by NSREAA are those currently attained through university-level courses developed by the Appraisal Institute of Canada (and its education partner UBC), the Appraisal Institute (US), and the Royal Institution of Chartered Surveyors (UK).
Candidate members working to achieve recognized designations are also registered to practice in Nova Scotia, provided that their appraisal reports are co-signed by an appraiser holding a recognized designation. Real Estate Appraisers must comply with the Association’s By-Laws and Rules, and the Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP). They must also carry professional liability insurance.
The Nova Scotia Real Estate Appraisers Association is affiliated with the Appraisal Institute of Canada. Designated Members of the Appraisal Institute of Canada are those who have completed AIC’s rigorous curriculum, experience, and examination requirements to earn one of the following designations:
Accredited Appraiser Canadian Institute (AACI™)
The AACI designation is granted to individuals who have completed the AACI program of studies and fulfilled all the professional requirements of the Appraisal Institute of Canada. AACI members are qualified to offer valuation and consulting services and expertise for all types of real property.
Canadian Residential Appraiser (CRA™)
The CRA designation is granted to individuals who have completed the CRA program of studies and fulfilled all the professional requirements of the Appraisal Institute of Canada. CRA members are qualified to offer valuation and consulting services and expertise for individual, undeveloped residential dwelling sites and dwellings containing not more than four self-contained family housing units.
P.App (Professional Appraiser) is used by Members with the CRA and AACI designation (e.g. John Doe, CRA, P.App; Jane Doe, AACI, P.App).
Real estate appraisers are educated professionals and experts who provide members of the public with unbiased, accurate valuations of real property. Our membership can be engaged when:
- renovating, building, buying, or selling property;
- financing or refinancing property;
- making real estate investment decisions;
- reviewing property tax assessments;
- assessing capital gains;
- making a claim for insurance purposes;
- determining expropriation compensation;
- valuing property for matrimonial purposes, arbitration or other litigious matters;
- assessing business mergers, acquisitions or dissolutions involving real estate;
- valuing private property acquired by government for public use;
- valuing machinery and equipment;
- and more.
Designated appraisers are trained to complete appraisal, review, and consulting assignments within their areas of competence.