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FRI(A)
The FRI(A) (Fellow of the Real Estate
Institute - Appraisal Specialist) has all the education and experience of an
FRI member, with extra training and experience in appraisal. FRI(A) members
provide appraisals and valuations of dwellings up to and including a triplex
and undeveloped building sites. FRI(A) members, as with any REIC designated
or accredited professional, are governed by the Institute's Code of
Professional Conduct.
To locate an FRI(A) member, go to our
search
page
To receive information about why you should choose to use an FRI(A), contact
designations@reic.com
Interested in becoming an FRI(A)?
The following is a general summary of the requirements for earning the
FRI(A) accreditation. For complete information, consult the FRI Designation
handbook. Order your copy from
designations@reic.com
or call REIC at 416-695-9000 or 800-542-REIC (7342) (within Canada).
How to become an FRI(A)
- Step One Hold the FRI designation
- Step Two Meet the extra education
and experience requirements
- Step Three Submit three (3)
current appraisal reports for review, and prove adequate E&O
insurance.
Step One: If you plan to earn the FRI designation, check the
details on the program first. If you
already hold the FRI, you're ready for Step 2.
Step Two: Education and Experience Requirements
To qualify for the accreditation, FRI members must:
- Be in good standing with the Institute
- Have five years of qualifying residential
appraisal experience
FRI(A) Education Requirements
The FRI(A) accreditation is awarded to FRI members who successfully complete
- Economics
- Title Searching
- Building Construction
Step Three: FRI Members who meet the preliminary requirements, submit
their completed FRI(A) applications to REIC National with:
- 3 current sample Appraisal Reports
- Proof of Errors and Omissions Insurance
(Minimum coverage is $1,000,000)
- The application processing fee of $214.00
($200 plus GST)
A copy of the FRI(A) application is
forwarded to the local chapter representative, who contacts the member to
arrange and interview to verify the applicant's experience.
The 3 sample Appraisal Reports are forwarded to the REIC Appraisal Review
Committee for an evaluation. Should the Reviewers request a resubmission of
a portion of an appraisal, a resubmission fee will apply. If the sample
appraisals fail to meet the criteria, and if the individual is asked to
submit new appraisals, an additional marking fee will apply.
Upon receipt of the Review Committee's positive recommendation, and the
chapter's endorsement of the application, the applicant's file is presented
to the REIC Admissions Committee. If approved, the Admissions Committee will
recommend the applicant for the FRI(A) accreditation to the REIC Board of
Directors.
In order to maintain the accreditation, FRI(A) members agree to:
- Abide by the Code of Professional
Standards and the Uniform Standards of Professional Appraisal Practice (USPAP)
and the Canadian Deposit Insurance Company (CDIC)
- Participate in the Mandatory Continuing
Education Program
- Participate in the Random Review Program
- Provide proof of Errors and Omissions
Insurance, and instruct the insurer to notify REIC ifthe policy is
cancelled or if any claim is made against it
Random Review Program
A random review will be conducted by a Peer Review Committee to ensure the
highest quality of standards of appraisal work.
Ready to start?
Send us a message at
designations@reic.com
and we will send you the material for review, and then call to guide you
through it. Or, feel free to call us at 416-695-9000 or 800-542-REIC
(7342)(within Canada.)
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