The CUSPAP is an abbreviation for Canadian Uniform Standards of Professional Appraisal Practice. This was first introduced in January 2001. Here, we will reflect on the 2020 edition of CUSPAP.
The 2020 edition reflects upon the expanding role of the professional within the appraisal Institute of Canada. It is necessary for every member of the AIC to be familiar with the latest edition of the International Value Standard.
Composition of CUSPAP
Definitions [section 3], their application is mandatory.
Eight Standards, each containing Rules and Comments, their application is mandatory:
- Ethics Standard [section 4 (Rules) and section 5 (Comments)]
- Reporting Standard [section 6 (Rules) and section 7 (Comments)]
- Real Property Appraisal Standard [section 8 (Rules) and section 9 (Comments)]
- Review Standard [section 10 (Rules) and section 11 (Comments)]
- Consulting Standard [section 12 (Rules) and section 13 (Comments)]
- Reserve Planning Standard [section 14 (Rules) and section 15 (Comments)]
- Machinery and Equipment Appraisal Standard [section 16 (Rules) and section 17
(Comments)] - Mass Appraisal Standard [section 18 (Rules) and section 19 (Comments)]
Regulations
For any type of professional services related to appraisals, every member must make sure that he/she complies with the licensing requirements.
External Standards and Requirements
The highest minimum standard must be followed by every member who is qualified under more than one valuation organization and who’s work requires to be complied with more than one standard of practice.
Requirements of Members
It is important for every member Of the Institute to make a pledge to conduct themselves in a manner that is not detrimental to the public it’s the responsibility of every member to maintain a good relationship with other members and portray courtesy and good faith for the Institution and procedure
A member should make sure not to render a service in careless or a negligent Manner. The diligent work of a member affects the opinions or conclusion of a report.
Conclusion
At E-Valuate Services, we provide professional residential appraisal services following every rules and guidelines put forth by the CUSPAP.
Contact details
For more details regarding current market value and fair market price on residential property reach out to us at ( +1 (647) 297-5636 )