Education and Training
Real estate appraisers complete courses in the areas of math, business, real estate, economics, and law. Appraisers also complete supervised practical training to ensure they practice according to the standards for professional appraisal practice.
Education and Training Requirements
There are two education and training options for real estate appraisers in New Brunswick: The Appraisal Institute of Canada (AIC) and the Canadian National Association of Real Estate Appraisers (CNAREA). Both organizations require a combination of education, supervised training, and examinations.
Requirements for Designation with the Appraisal Institute of Canada (AIC)
The requirements for CRA or AACI designations include courses, practical training, and examinations.
Courses
The course requirements for CRA and AACI designation include completion of a university-level degree (in any subject), along with required and elective courses.
Courses are available online through AIC and the University of British Columbia’s Sauder School of Business. The specific courses required will depend on the designation being sought (CRA or AACI) and courses already completed by the applicant in their university degree. Click here for more information about the education requirements for designation with AIC.
Students choose their own pace of study, so the course load and amount of time it takes to complete the education and training will vary. Coursework and training can be completed in as little as two years, with a deadline of 10 years for completing all courses.
Supervised Practice
Candidates for designation are required to complete supervised practice, in addition to the coursework. The supervised practice is completed under the supervision of a cosigner, trained, and approved by AIC. The purpose of the practical training is to ensure that candidates understand and practice in accordance with the Canadian Uniform Standards for Professional Appraisal Practice (CUSPAP). The training involves both mentored practice (Applied Experience Program) and regular evaluation of the candidate’s appraisal work by National Peer Reviewers (Work Product Review).
Visit the AIC website for more information about the Applied Experience Program
Important Note: Applicants must have Candidate status with NBAREA and AIC to complete the Applied Experience Program and the Work Product Review.
Applicants may qualify for Candidate status after completing the first three introductory courses or may choose to wait until they have completed more of the required courses. AIC does not arrange for a cosigner. Applicants are responsible to find their own cosigner before applying for candidate status.
Examinations
Once all required courses, Applied Experience Program, and Work Product Review requirements are complete, Candidates must successfully complete a written exam, followed by a Professional Competency Interview.
Education Requirements for Designation with the Canadian National Association of Real Estate Appraisers (CNAREA)
To access the courses required for DAR and DAC designations, applicants must find a Certified Appraisal Reviewer who is willing to hire them as a Candidate and who will function as the supervisor/Reviewer for the applicant during their training.
Courses
There are seven required courses for the DAR designation, three courses are completed within a pre-scheduled cohort and four are asynchronous. For more information about the course requirements for DAR designation, click here
To apply for the DAC Program, applicants must have completed at least 3,000 hours of residential appraising as a DAR, followed by four pre-requisite courses. The DAC program consists of an additional seven courses. Click here for details about the requirements for DAC designation.
Supervised Practice
In addition to coursework Candidates for designation (DAR and DAC) are required to complete supervised practice. The purpose of the practical training is to ensure that candidates understand and practice in accordance with the Uniform Standards for Professional Appraisal Practice (USPAP). The supervised practice is completed under the supervision of a Certified Appraisal Reviewer, trained and approved by CNAREA.
CNAREA does not arrange for a reviewer. Applicants are responsible to find their own reviewer before applying for candidate status.
Examinations
After all courses and training are completed, Candidates for DAR and DAC must pass the relevant examination (DAR or DAC).
