This program has been designed for highly-motivated people seeking to join the real property valuation profession as well as for valuation practitioners already employed in the industry who want to upgrade their education.
- Appraisal Institute of Canada (AIC) Education Program: the minimum entry requirement to the AIC Education Program is graduation from high school at the university entrance level. See Program Admission for details.
- AIC Candidacy: AIC candidacy requires a minimum of BUSI 330 plus additional courses. See the AIC’s Path to AIC Designation webpage for details.
- AIC Designation: AIC’s Canadian Residential Appraiser (CRA) and Accredited Appraiser Canadian Institute (AACI) designations require completion of the AIC Education Program and additional Professional Designation Requirements as noted below, plus a degree from an accredited university. See Degree Completion Opportunities for information on degree recognition of the AIC Program.
If you want more information on how to become an appraiser or about the appraisal profession in general, you may wish to review these Frequently Asked Questions or this series of informative videos on the Appraisal Institute of Canada website.
The AIC Education Program leads to AIC’s designations, the Canadian Residential Appraiser (CRA) and Accredited Appraiser Canadian Institute (AACI). The CRA designation requires up to seven courses, plus completion of a residential case study. The AACI designation requires up to eight additional courses, plus completion of an income or agricultural case study. Exemptions and transfer credit are considered for previous post-secondary education, so most students achieve their designation without taking all the required courses – see the "Achieving the CRA & AACI" program charts below.
Achieving the AACI Designation
Achieving the CRA Designation
All courses are designed to be completed by distance education, with written and multiple-choice assignments submitted according to a set schedule, followed by a final examination. The internet is used extensively as a learning resource.
Most courses are 13 weeks in length. Most courses are offered in Winter Term 1 (September - December) and in Winter Term 2 (January - April), with selected courses also available also in Summer Term 1 (June - September). Subject to prerequisites, students may take the courses in any order. Most AIC Education Program students are working professionals and find one course per term manageable. Students wishing to accelerate their program however, may register for more than one course at the same time.
Successful completion of AIC’s courses will earn students between 50 and 60 degree credits toward the Bachelor of Business in Real Estate Program (BBRE), as offered by the University of British Columbia (UBC).
The following is an outline of the courses and designation requirements that new members and those former members reinstating their membership will be required to successfully complete, in order to achieve designated membership (effective January 1, 2007).
Canadian Residential Appraiser (CRA) designation requires the following courses:**
- BUSI 100 Micro Foundations of Real Estate Economics (3 credits)
- BUSI 101 Capital Markets and Real Estate (3 credits) (Prerequisite BUSI 100)
- BUSI 111 BC Real Property Law and Real Estate Ethics (3 credits)
OR BUSI 112 Canadian Real Property Law and Real Estate Ethics (3 credits)
- BUSI 330 Foundations of Real Estate Appraisal (3 credits) (BUSI 121 is a recommended prerequisite, although NOT required for CRA designation)
- BUSI 344 Statistical and Computer Applications in Valuation (3 credits) (Recommend BUSI 121 & 330)*
- BUSI 400 Residential Property Analysis (3 credits)
- BUSI 443 Foundations of Real Property Assessment and Mass Appraisal (3 credits) (Recommend BUSI 330)
Professional Designation Requirements:
* Past graduates of BUSI 444 will receive credit towards the BUSI 344 requirement.
** Past candidates who do not have a degree from an English- or French-speaking university and who did not complete BUSI 398/497/499 are required to complete a Communication/Business Report Writing course.
*** Students enrolled in the program prior to January 1, 2007: required to complete the requirements of the former education program.
Accredited Appraiser Canadian Institute (AACI) designation requires the following courses, in addition to those above:
- BUSI 121 Foundations of Real Estate Mathematics (3 credits)
- BUSI 293 Introduction to Financial Accounting (3 credits). This requirement may be fulfilled by taking BUSI 293 offered through the Diploma in Accounting Program (DAP) Office. Separate program regulations and fees apply; contact the Diploma in Accounting Office for registration details. See the Course Equivalency Matrices for alternative accounting courses.
- BUSI 300 Urban and Real Estate Economics (3 credits) (Prerequisite BUSI 100, Recommend BUSI 121)
- BUSI 331 Real Estate Investment Analysis and Advanced Income Appraisal (3 credits) (Prerequisite BUSI 121 & 330)
- BUSI 401 Commercial Property Analysis (3 credits)
- BUSI 442 Case Studies in Appraisal I (3 credits) (Prerequisite BUSI 121, 330 & 331)
- BUSI 452 Case Studies in Appraisal II (3 credits) (Prerequisite BUSI 121, 330 & 331, Recommend BUSI 442)
- BUSI 460 Critical Analysis and Forecasting in Real Estate (3 credits) (Prerequisite BUSI 121, recommend BUSI 330 & 344 or 444)
Professional Designation Requirements:
All students must have access to a personal computer and internet access when taking any Real Estate Division course. Students should also ensure that they have a high-quality printer (e.g., an inkjet or a laser) which will provide clear printouts of information from the Real Estate Division website.
Students should expect to commit at least ten hours per week to their studies and assignments. The material is not easy. Diligence, organization, and self-discipline are vital. Each course has a set schedule for assignments, projects, and examinations - please note there are fees imposed for late submissions of assignments and projects, as well as for deferral of examinations or transferring to subsequent terms.
Classroom Offerings of the AIC Program
The following institutions provide classroom offerings of courses leading to the Appraisal Institute of Canada's CRA and AACI designations, as well as to UBC's Diploma in Urban Land Economics.
Professional Designation Requirements
Students should consult the Appraisal Institute of Canada directly for details on the Applied Experience Program (link is for AIC members only), articling, candidate membership, and other professional designation requirements.
- Becoming an AIC Candidate: requires completion of BUSI 330 and AIC 101 – Introduction to the Appraisal Profession at minimum plus additional courses. Contact your provincial association of the AIC for accreditation details.
- Proof of Course Completion: when you are ready to apply for designation, you will need to show proof to the AIC provincial office that you have completed the education program. Students can provide a printout of their "Course History" or grade letters from their courses. In rare cases, AIC may require submission of official transcripts.
- Post-Education Requirements: after completing the AIC education program, candidates will need to complete the guided case study requirement (BUSI 398, 497, 499), AIC 101 – Introduction to the Appraisal Profession, and the Applied Experience Program (link is for AIC members only) in order to obtain their AIC designation. The Applied Experience written examination is completed with the Real Estate Division – click here for more information or to register.
- Degree Requirement: candidates must hold a degree from an accredited university in order to attain use of AIC designations. Please refer to the Appraisal Institute of Canada's education requirements and to the degree completion opportunities information page.