The Appraisal Institute of Canada and The European Group of Valuers' Associations Sign Mutual Recognition Agreement for Standards and Qualifications of Valuation Professionals

WINNIPEG, June 9, 2016 /CNW/ - The Appraisal Institute of Canada (AIC) and The European Group of Valuers' Associations (TEGoVA) are pleased to announce the signing of a historic agreement which mutually recognizes the professional valuation standards and qualifications of each organization.

This agreement signifies that European clients can confidently engage AIC-designated appraisers – Accredited Appraiser Canadian Institute (AACI™) and the Canadian Residential Appraiser (CRA™) - to complete valuation assignments of the same quality as those of holders of TEGoVA titles – Recognised European Valuer (REV) and TEGoVA Residential Valuer (TRV). Similarly, Canadian clients can engage a valuation professional with an REV or TRV designation, knowing that a comprehensive approach and analysis will be delivered on an appraisal assignment required in Europe.

"TEGoVA's recognition of AIC's professional standards, ethics and qualifications is a significant opportunity for our members," states Daniel Doucet, AACI, P.App, president of the Appraisal Institute of Canada. "It enables AIC-designated appraisers to further advance their reputation as the professional appraisers of choice within Canada and for clients from around the world."

"TEGoVA's European Valuation Standards are entrenched in EU legislation and, like AIC's CUSPAP, are heavily relied upon by regulators and lenders," said Krzysztof Grzesik, REV, Chair of TEGoVA. "REV and TRV designated valuers are recognized as leading professionals throughout Europe. AIC's recognition of REVs and TRVs will provide the numerous and growing Canadian investors in European real estate with the assurance that European valuers work to the highest Canadian standards."

Prior to this agreement, both valuation organizations reviewed and compared their respective professional standards - the Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP) and the European Valuation Standards (EVS) – as well as education program and designation requirements. This thorough review resulted in the conclusion that each organization achieves a high level of qualifications, competencies, ethics and professionalism.

About the Appraisal Institute of Canada

The Appraisal Institute of Canada (AIC) is a leading real property valuation association with over 5,000 members across Canada. Established in 1938, the AIC works collaboratively with its 10 provincial affiliated associations to grant the distinguished Accredited Appraiser Canadian Institute (AACI™) and Canadian Residential Appraiser (CRA™) designations. AIC Designated Members are highly qualified, respected professionals who undertake comprehensive curriculum, experience and examination requirements. Our members provide unbiased appraisal, appraisal review, consulting and reserve fund study services on all types of properties within their areas of competence. For more information, go to AICanada.ca.

About TEGoVA

The European Group of Valuers' Associations (TEGoVA) unites 61 national valuers' associations from 33 countries representing 70,000 qualified valuers either self-employed or employed by specialist consultancies, private sector companies, government departments or financial institutions both local and international. Its European Valuation Standards (EVS) were cited as reliable standards for the valuation of residential immovable property for mortgage lending purposes in the EU Mortgage Credit Directive and were given primacy over all other standards by the European Central Bank in its Asset Quality Review Manual for the updating of banks' real estate collateral values. It fosters and unites a European valuation elite by awarding the Recognised European Valuer (REV) and TEGoVA Residential Valuer (TRV) titles and ensures high pan-European levels of education and ethics with its Minimum Educational Requirements and European Valuers' Code of Ethics and Conduct. For more information, go to www.tegova.org.

SOURCE Appraisal Institute of Canada

Sheila Roy, Director, Communications & Marketing, Cell: 613.863.0127, Office: 613.234.6533 x224, [email protected]