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Members of the Appraisal Institute of Canada (AIC) must use the methodology and standards of the REIC program if they wish to complete the report. This includes preparing a Benchmark Analysis and rating the reserve fund as a percent funded.
The Appraisal Institute of Canada defines the term highest and best use as: The reasonably probable and legal use of property, that is physically possible, appropriately supported, and financially feasible, and that results in the highest value. The Appraisal Institute defines highest and best use as follows:
Member of the Appraisal Institute [62] MAI: Appraisal Institute: Senior Residential Appraiser [62] SRA: Appraisal Institute: Accredited Member [63] AM: American Society of Appraisers: Accredited Senior Appraiser [63] ASA: American Society of Appraisers: Real Property Administrator [64] RPA: Building Owners and Managers Association International
The Appraisal Institute (AI), headquartered in Chicago, Illinois, is an international association of professional real estate appraisers. [1] It was founded in January 1991 when the American Institute of Real Estate Appraisers (AIREA) and the Society of Residential Appraisers merged. The AIREA and the Society were respectively founded in 1932 ...
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Canada: Appraisal Institute of Canada VPO Canada: CBV Institute: VPO Canada: International Association of Consultants, Valuators and Analysts CM Canada: International Institute of Business Valuators AM China: China Appraisal Society VPO China: Shanghai Orient Appraisal Company CM Colombia: Registro Nacional de Avaluadores VPO Costa Rica
The International Valuation Standards Council (IVSC) is a non-governmental organization (NGO) member of the United Nations with membership that encompasses all the major national valuation standard-setters and professional associations from 150 different countries (including the Appraisal Institute, the American Society of Appraisers, the RICS ...
Although property assessment originally came under the jurisdiction of Upper Canada, it was transferred to Ontario municipalities in 1849. Over time, each municipality developed its own assessment system and methods of valuing property. This resulted in inconsistencies in property assessment and the distribution of property taxes.