Value is easy, right? pic.twitter.com/AYqUHdB8XF via @RECA, The Minister of Service Alberta is now accepting applications for positions on the Board of Directors Chair, Board⦠twitter.com/i/web/status/1⦠via @RECA, Join Doug Dixon, RECAâs Condominium Manager Implementation Coordinator, for live public webinars and Q&A sessions a⦠twitter.com/i/web/status/1⦠via @RECA, Licence Renewals are open! What Appraisers Do AIC Designated Members play an important role in the real property market by providing unbiased appraisal, review, consulting, reserve fund planning, machinery and equipment and mass appraisal valuations. Learn more about our online Anonymous Fraud⦠twitter.com/i/web/status/1⦠via @RECA, RECA is pleased to announce the members on our Board of Directors and Industry Councils, which now govern residenti⦠twitter.com/i/web/status/1⦠via @RECA, Brokers, is your fiscal year-end coming up on December 31st? Ensure all the appropriate forms are filed before the⦠twitter.com/i/web/status/1⦠via @RECA, December's edition of the Case Summaries is up on our website. Throughout September, RECA is hosting public consultation webinars on the proposed standards of practice (rul⦠twitter.com/i/web/status/1⦠via @RECA, #myRECA will be down from 10-10:30 p.m. this evening for maintenance. Eligible voters should have received an email or text with⦠twitter.com/i/web/status/1⦠via @RECA, Voting is NOW OPEN for the 2020 #IndustryCouncilElections. The purpose of an appraisal is the stated reason and scope of an appraisal assignment, i.e., to estimate a defined value of any real property interest or to conduct an analysis or consulting assignment to real property decisions. Learn more about becoming a candid⦠twitter.com/i/web/status/1⦠via @RECA, #FridayFact All properties advertised in AB must list dimensions measured using the #ResidentialMeasurementStandard⦠twitter.com/i/web/status/1⦠via @RECA, #DYK RECA plays a significant role in ensuring consumers have a source of credible, and clear information about Alb⦠twitter.com/i/web/status/1⦠via @RECA, Industry pros: Elections for Industry Councils are coming soon! Today the myRECA system will be down from 9 p.m. - 9:30 p.m. for maintenance. Just like we find out price multiples for different stocks i.e. You get to help shape the future of your indu⦠twitter.com/i/web/status/1⦠via @RECA, Indoor air quality, new building codes, toxic materials, xeriscaping, blower door tests, smart home features, solar⦠twitter.com/i/web/status/1⦠via @RECA, The November 2020 #CaseSummaries is now available for download reca.ca/wp-content/uplâ¦. The purpose of this guideline is to define the valuation requirements for the Federal Government. Itâs best not to think of appraisals as pin-point measures of accuracy, despite their usual presentation in a full appraisal report as a singular value. Appraisal reports are used by businesses, government agencies, individuals, investors, and mortgage companies when making decisions regarding real estate transactions. Identifying actual market transactions in recent past of comparable properties. This may or may not be the same as its price. RECA staff are available by email or phone to help! Though a real estate agent can also provide help in this regard, an independent appraisal is a further safeguard that a property will be priced appropriately. See the latest disciplinary decisions issued by RECA:⦠twitter.com/i/web/status/1⦠via @RECA, Getting ready to sell your home? The key factors are. A buyer with a firm grip on valuation will understand that $350,000 isn’t a fair market comparison for that property, and refuse to cough up. Licensees should've received an email with information.⦠twitter.com/i/web/status/1⦠via @RECA, Voting opens tomorrow for #IndustryCouncilElections! The goal of the interview is to find an appraiser who is going to meet your needs. On December 14,2018, Service Alberta unveiled stage two regulations and announced they will begin stage three consultation which includes condominium manager licensing. That’s right, sometimes an investor may have arrived at her own valuation that’s higher than the comparative market value, maybe because she plans on changing the use for a niche high-income strategy (like short-term rentals, for example). Please remember: safety⦠twitter.com/i/web/status/1⦠via @RECA, Condo Owners and Renters: Join RECA Wed, Sept 30 from 7-9pm for a webinar on the proposed new regulations for⦠twitter.com/i/web/status/1⦠via @RECA, Industry pros: There's only one week left to #RenewYourLicence. A mortgage broker can help you understand the risks and responsib⦠twitter.com/i/web/status/1⦠via @RECA, Duane Monea has been RECA's administrator since last November as we worked to establish a new governance structure,⦠twitter.com/i/web/status/1⦠via @RECA, The 2020 Industry Member Councils election results and newly-appointed public members have been officially announce⦠twitter.com/i/web/status/1⦠via @RECA, #RealEstateAmendmentAct2020 comes into force tomorrow. They will use an appraisal prepared by a licensed real estate appraiser. Nicholas Wallwork is a successful entrepreneur, multimillionaire real estate investor, developer, and property and business mentor. When you buy two shares of stock on the same day, both shares are identical. There is a difference and it is important to know when a formal valuation is required as opposed to obtaining an appraisal. How much you can borrow to purchase a property (because appraisals inform mortgage loans) 2. Licensing functions will not be available dur⦠twitter.com/i/web/status/1⦠via @RECA, Brokers: #LicenceRenewal season can be busy. Asking questions of the appraisers you interview can help you understand how they might meet your specific needs. Make sure you understand what the sale could mean for current contracts (including⦠twitter.com/i/web/status/1⦠via @RECA, Industry pros: The Nomination Period for Industry Council Elections is now open! Real estate appraisals and tax appraisals of real estate both involve estimating a monetary value for real property, often a house and its lot. This is the fa⦠twitter.com/i/web/status/1⦠via @RECA, RECA welcomes a review by the Minister of Service Alberta, Money Laundering and Real Estate Transactions, Professional Conduct Review (Investigations), Service Alberta Ministerial Order & Advertising Clarifications, Appraisal Institute of Canadaâs web site, Canadian National Association of Real Estate Appraisers web site, the current value of property being bought or sold, value of property involved in a legal dispute, value to properly measure property tax assessments, capital gains and other taxes, value of property to determine compensation when property is expropriated, consultingâfeasibility studies, property management, lease analysis, highest and best use studies, the intended use of the appraiserâs opinions and conclusions, the purpose of the assignment, including a relevant definition of value, whether the appraisal is current, retrospective, prospective or an update of an earlier appraisal, an analysis of reasonable exposure time linked to a market value opinion, the effective date of the appraisal and opinions contained within, location and characteristics of the property and the interest appraised. Members of the Appraisal Institute of Canada (AIC) are required to include: Other professional appraiser associations have similar requirements of their members. Did you know new regulations for #CondominiumManagement are being discussed? How long has the appraiser been working in real estate appraisal? What will you see in a real estate appraisal? CMAs must provide a range of value, not an exact value, and must expressly state they are not an appraisal. An appraisal answers one or more specific questions about a real estate parcelâs value, marketability, usefulness or suitability. Ask people whose opinion you trust if they know of a good appraiser. RECA has a Public Licence Search tool so you can easily find licensed professionals in Alberta⦠twitter.com/i/web/status/1⦠via @RECA, 10% of Real Estate brokers, 5% of Mortgage brokers and 10% of appraisers have renewed after one day. Some appraisals will use a combination of different approaches to value. Each of these associations sets their own standards for education and training required to become a member in good standing. But an unsuspecting and inexperienced investor could fall into the trap and end up overpaying. This type of appraisal may be required for: An appraiser who signs a certification of value as part of an appraisal accepts responsibility for the appraisal and the contents of the report. A list of references you can contact to gain information about the quality of services provided by an appraiser is a good indication that previous clients have been happy with the work done. Well, it’s not quite that simple — price and value aren’t always the same thing. Cast your vote now using th⦠twitter.com/i/web/status/1⦠via @RECA, Voting for the #IndustryCouncilElections closes at 5pm today! Real estate appraisal or property valuation is the process of determining what a property is actually worth. #LestWeForget pic.twitter.com/Yb9RfV8Tyu via @RECA, The consultation on the proposed new rules for Alberta condo managers closes Thursday, November 12th. Trust your instincts when you suspect potential⦠twitter.com/i/web/status/1⦠via @RECA, Industry Pros: So far, half of all Alberta #RealEstateBrokerages, 40% #MortgageBrokerages, nearly 20% of real estat⦠twitter.com/i/web/status/1⦠via @RECA, RECA will be closed this Monday, September 7, 2020 for #LabourDay. To complete your # LicenceRenewal well as you a sales data and does not include a physical inspection of property. Begin stage three consultation which includes condominium manager licensing appraisals inform mortgage loans ) 2, Voting now. Will use a combination of different approaches to value dur⦠twitter.com/i/web/status/1⦠via @ RECA Voting... 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