Ontario has no statutory regulator for real estate appraisers. Which body sets the professional standards and disciplines most appraisers practising in Ontario?
Correct Answer
D) Appraisal Institute of Canada (AIC)
Ontario has no government regulator for real estate appraisers. Most appraisers practising there are members of the Appraisal Institute of Canada (AIC), a self-regulating national professional body that sets standards, grants the AACI and CRA designations, and disciplines its members. AIC's authority extends only to its members; it is not a government licensing body.
Why This Is the Correct Answer
The Appraisal Institute of Canada is correct because, with no statutory appraiser regulator in Ontario, AIC is the body that sets professional standards for, and disciplines, most appraisers practising there. It is a self-regulating national professional organization whose authority covers its members, and its AACI and CRA designations are what lenders typically look for.
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