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What is the MVA®
- Residential Designation?
Market
Value Appraiser-Residential
is a professional designation for
REALTORS® who have demonstrated practical
and current experience in their local real estate market and have completed a
prescribed educational program in the field of residential appraisal.
Designees are active
REALTORS®
in their communities. Their knowledge of the local market
enables them to provide lenders with realistic appraisals based on
current market values. Originally designed by the Ontario Real Estate
Association, the
MVA® -
Residential
designation is granted by provincial real estate associations in conjunction
with The Canadian Real Estate Association.
Why use the services of an MVA® Residential designee?
EXPERIENCE
MVA® -
Residential
designees must possess a minimum of five years residential sales
experience and demonstrate continued activity in their local real
estate market.
EXPERTISE
The constant exposure to real estate prices required to advise customers of
market conditions, to explain limitations on salability, and to prepare written
evaluations enables designees to provide lenders with appraisal reports that realistically
reflect current market values.
HIGH STANDARDS
As
REALTORS®, designees are required to uphold CREA's strict Code of Ethics
and Standards of Business Practice.
CMHC
The requirements of the MVA® -
Residential Program
fulfill all the criteria established by
CMHC
under its
Residential Appraisal Designation Policy.
GE CAPITAL MORTGAGE
INSURANCE CANADA
MVA® -
Residential designees are able to undertake appraisal assignment through GE Capital Mortgage Insurance Canada.
EDUCATIONAL REQUIREMENTS
Minimum national standards
in education assure lenders that designees receive high quality
education, regardless of where they live. In order to qualify for the MVA® -
Residential
designation, the following educational program must be completed:
Construction & Cost Estimating
Principals of Appraisal
Principles of Mortgage Financing
Principles of Real Property Law
Title Searching
PROFESSIONAL REQUIREMENTS
To be considered for the MVA® - Residential designation, individuals must
demonstrate the following:
1) proof of five years current and active sales experience
2) proven understanding and application of direct comparison and cost
approaches
3) submission of a demonstration from appraisal report
4) adherence to CREA's Code of Ethics and Standards of Business Practice
5) proof of errors and omissions insurance coverage for the appraisal
function
Lenders using the service of an MVA® - Residential designee are assured that the
above mentioned high performance standards will be enforced by The Canadian Real
Estate Association.
Robert Tatomir possess the MVA designation and is one of 10 out of the 830*
registered Realtors in Windsor-Essex County to hold this designation.
Statistical data extracted from OREA member database, July/09.
For a Professional Complimentary Market Evaluation of your property contact
robert@future-homes.com
FEE SCHEDULE
Walk-through Verbal Opinion $75.00 + HST (no written report)
Letter of Opinion Brief $100.00 + HST (1 page written report)
Letter of Opinion $150.00 + HST (2-5 page written report)
Standard Appraisal $250.00 + HST (5-10 page written report w/comparables and
exterior only photos)
**Deluxe Appraisal $350.00 + HST (10-30 page written report w/comparables and
interior/exterior & aerial photos
only if service available.)
**Custom Appraisal $450.00 + HST (30-50 page written report, w/multiple
additional comparables, interior/exterior & aerial photos
only if service available.)
**Specialized Appraisal $550.00 + HST (50-75 page written report, w/multiple
additional comparables, interior/exterior & aerial photos
only if service available.)
Court and/or tribunal attendance, research and preparation time if required is
at $100.00 per hour plus HST
**Deluxe, Custom and Specialized appraisal's are utilized for Disputed Estate,
Divorce, MPAC reassessment tribunals and/or any other court proceedings
* Total membership information extracted
from WECREB Monthly Statistics, July/09
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