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Overview

Seneca offers courses which contribute to the Appraisal Institute of Canada's CRA and AACI designations, as well as the University of British Columbia's (UBC) Diploma in Urban Land Economics. Successful completion of the AIC course components of the program also earn students 50-60 degree credits toward the Bachelor of Business in Real Estate Program (BBRE) offered by the University of British Columbia (UBC) and Thompson Rivers University (TRU).

Seneca does not conduct transcript reviews. Student taking AIC courses at Seneca are encouraged to have their post-secondary transcripts reviewed by the Real Estate Division, UBC for possible exemptions according to the Real Estate Division's policies and fee schedules. (See http://www.sauder.ubc.ca/Programs/Real Estate Division/Credit Programs and Professional Development Courses/Overview/Equivalencies and Transcript Reviews.aspx). Upon completion of the transcript reviews, students will receive a program plan indicating which courses (if any) they are exempt from and which are required to achieve an AIC designation.

This AIC program is 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.

Property appraisers perform real property appraisals. Appraisers provide an opinion of value for various reasons such as current value for purchase and sale of property, future value of real property, value for lending purposes, value of property to be expropriated by government, litigation, and value for determining property assessment levels and property tax appeals. They use the most current and reliable data sources and systems to properly analyze markets. The AIC offerings cover principles of real estate economics, the role of capital markets, relevant principles of real estate law, real estate mathematics, residential property analysis and statistical and computer applications in valuation.

Information Session

New students are invited to attend an information session.

Career Opportunities

Persons with the Appraisal Institute of Canada's CRA (Canadian Residential Appraiser) designation find employment as residential appraisers in financial institutions, insurance companies, private appraisal firms, corporate real estate branches, property tax agency firms and in the public sector such as for municipalities, various government ministries and assessment offices.

Those with the AACI (Accredited Appraiser Canadian Institute) find employment in similar areas outlined above, with a focus on commercial and industrial appraisals.

Entry Requirements

A background in real estate, urban planning or economics is an asset, however the program is designed for individuals looking to join the real property valuation profession.


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Courses

AIC100
Micro Foundations of Real Estate Economics
Availability
 

This course introduces the basic principles of microeconomics and applies these concepts to current real estate issues. Topics covered include opportunity costs, supply and demand, elasticity, market equilibrium, efficiency and equity, the role of the government, consumer choice, externalities, imperfect competition, and monopolies.




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AIC101
Capital Markets and Real Estate
Availability
 

Prerequisite(s):

AIC100/BUSI 100

This course examines the impact of current monetary and fiscal policies on real estate investment decisions. The overall quality of production and the overall price level are used to monitor developments in the economy as a whole. The monetary system is studied as a crucial element in determining the long-run behaviour of price levels, the inflation rate, and other nominal variables. Monetary and fiscal policy is analyzed through open and closed economies.




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AIC112
Canadian Real Property Law and Real Estate Ethics
Availability
 

This course is designed to provide students with an introduction to the law of real property. Topics include the Canadian legal system, contract and tort law, the nature of estates and interests in land, registration of land interests, mortgage law, tenancies, condominium law, and ethical issues in the real estate profession.




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AIC330
Foundations of Real Estate Appraisal
Availability
 

Prerequisite(s):

None

Introduction to concepts and techniques for appraising the value of real estate. This course begins with an introduction to the appraisal profession in Canada and summarizes the appraisal process. The three classic approaches to value are presented and analyzed as they may be applied to single-family and small, multi-family residential properties.




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AIC344
Statistical and Computer App. in Valuation
Availability
 

Prerequisite(s):

None

Explores creative, practical uses of statistical and computer applications in determining and analyzing real estate value. Through case studies and hands-on computer work (e.g., using SPSS, NCSS, Excel), students learn the fundamentals of exploratory data analysis and appraisal valuation modeling (AVMs).




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AIC400
Residential Property Analysis
Availability
 

This course is designed to give real estate professionals, particularly appraisers, a working knowledge of the physical aspects of residential properties. The course covers how houses are sited, designed, and constructed in Canada, as well as how factors such as design, material selection, and construction type affect their value. Also covered are the identification and evaluation of problems due to design, construction, or deterioration, their effect on value, and how problems should be reported.




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AIC443
Real Property Assessment Administration
Availability
 

Prerequisite(s):

Recommended: AIC330/BUSI 330

This course consists of core topics directly related to the real property taxation system and its administration. Topics include assessment law, organizational structure, records and data systems, quality assurance, and mapping.




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AIC121
Foundations of Real Estate Mathematics
Availability
 

(BUSI 400) This course introduces the techniques of investment and statistical analysis in a real estate context. Topics include: statistical techniques, cash flow analysis, discounting, compounding, and the mathematics of real estate finance and investment analysis. There is also a brief overview of graphing and surveying. A personal computer with spreadsheet software is required.




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Past graduates of AIC444 (BUSI 444) will receive credit towards the AIC344 (BUSI 344) requirement.

Program Outcomes

Upon successful completion of this program, students are able to:

  • Apply a working knowledge of mass appraisal techniques
  • Understand and apply the necessary requirements for an Appraisal Report
  • Apply basic principles of microeconomics to real estate
  • Analyze monetary and fiscal policies and their impact on real estate investment decisions
  • Apply knowledge of real property law and real estate ethics
  • Apply investment and statistical analyses to a real estate context
  • Appraise the value of real estate
  • Use statistical and computer applications to determine and analyze real estate value
  • Apply a working knowledge of the physical aspects of residential properties to valuation and reporting

AIC Membership

Admission to candidacy will only be open to those who hold either a university degree, or have ten (10) or fewer remaining requirements for the AACI, P. App designation. To qualify for Candidate membership, you must be of legal age, and have successfully completed a recognized Foundations of Real Estate Appraisal course (UBC BUSI 330 or equivalent), as well as the AIC We Value Canada workshop (online only).

For information about AIC membership, candidacy, and designation requirements, please refer to the Careers section of the AIC's web site at www.aicanada.ca .

The following are required for the Canadian Residential Appraiser (CRA) designation:

Canadian Residential Appraiser (CRA) Designation

  • Seminar on the Canadian Uniform Standards of Appraisal Practice (two day)
  • University Degree (in any discipline, to be completed any time prior to application for designation)
  • AIC100 BUSI 100 –  Micro Foundations of Real Estate Economics
  • AIC101 BUSI 101 – Capital Markets and Real Estate
  • AIC112 BUSI 112 – Canadian Real Property Law and Real Estate Ethics
    (or BUSI 111 – BC Real Property Law and Real Estate Ethics, not offered at Seneca)
  • AIC330 BUSI 330 – Foundations of Real Estate Appraisal
  • AIC344 BUSI 344 – Statistical and Computer Applications in Valuation
  • AIC400 BUSI 400 – Residential Property Analysis
  • AIC443 BUSI 443 – Real Property Assessment Administration (Foundations of Real Property Assessment and Mass Appraisal)
  • BUSI 399 – Single-Family Guided Case Study or approved equivalent*, not offered at Seneca
  • Applied Experience Program: work experience plus completion of oral and written examination
  • The Professional Practice Seminar and We Value Canada Seminar

Note: College/university graduates may request a transcript review by the Real Estate Division of the Sauder School of Business at the University of British Columbia to identify any course equivalencies that may be eligible towards the AIC requirements. Transcript Reviews may be requested from the Real Estate Division at the time of application for admission to the AIC program.

AIC Designations

Students taking AIC courses at Seneca or UBC are encouraged to have their post-secondary transcripts reviewed for possible exemptions which are conducted by the Real Estate Division, UBC according to the Real Estate Division's policies and fee schedules. (See http://www.sauder.ubc.ca/Programs/Real Estate Division/Credit Programs and Professional Development Courses/Overview/Equivalencies and Transcript Reviews.aspx ) Upon completion of the transcript reviews, students will receive a program plan indicating which courses (if any) they are exempt from and which are required to achieve an AIC designation.

Program Contacts

Contact us via this form or using the phone number(s) below it.





Keith Chapin
Program Coordinator
keith.chapin@senecacollege.ca
416-491-5050 ext.24043


Information Session

New students are invited to attend an information session.