Under section 17.1 of Alberta's Real Estate Act, who may act as a real estate appraiser, for example by preparing an appraisal report that a mortgage lender will rely on?
Correct Answer
A) A member in good standing of the Appraisal Institute of Canada, Alberta Assessors' Association or CNAREA
Section 17.1 of the Real Estate Act says no one may act as, or hold themselves out as, a real estate appraiser in Alberta unless they are a member in good standing of the Appraisal Institute of Canada, the Alberta Assessors' Association or the Canadian National Association of Real Estate Appraisers (CNAREA). RECA no longer licenses appraisers, and a real estate licensee's market analysis for a trade is not an appraisal.
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