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Are Appraisers Approved and Qualified to Provide Reserve Fund Studies?
Author:
Vincent L. Londini
Publication date:
June 12, 2023
Article Summary:
The article clarifies that appraisers are authorized in Ontario to perform Reserve Fund Studies for condominiums, as prescribed by Ontario Regulation 48/01 of the Condominium Act. Despite the common misconception that only engineers can conduct these studies, members of the Appraisal Institute of Canada (AIC) holding the designation of Accredited Appraiser Canadian Institute (AACI) are qualified for this task. The article explains that appraisers undergo extensive training, which includes post-graduate university coursework and continuing education, equipping them with the necessary skills to analyze buildings and land. They also apply well-defined analysis methods and gain relevant experience through an apprenticeship with a full member of the AIC.
Keywords:
Condominium, Reserve Fund Study, appraisers, Ontario, Authorized providers, Appraisal Institute of Canada, Accredited Appraiser Canadian Institute, AACI, training, analytical tools, Comparative Approach, Income Approach, Cost Approach, experience, apprenticeship, insurance valuations.
Source Citation:
Vincent L. Londini
Are Appraisers Approved and Qualified to Provide Reserve Fund Studies?
June 12, 2023
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