MVA® MARKET VALUE APPRAISER – DESIGNATION


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 saleability, 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 the sole MVA out of the 1,637* registered Realtors in Windsor-Essex County to hold this designation.

For a Professional Market Evaluation of your property contact [email protected] 


FEE SCHEDULE

Walk-through Inspection: No Written Report – Verbal Only - $150.00 + HST

Letter of Opinion: Written with Geo report and 5 pages on secure Google link - $250.00 + HST 

Extended Letter of Opinion: Written with Geo report and 6-12 pages on secure Google link - $350.00 + HST 

Court and/or tribunal attendance, research and preparation time if required is at $250.00 + HST  per hour.

Should you list your residential property with Future Homes, the Appraisal fee you paid will be credited back to you on the closing date of your transaction.

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Robert Tatomir, Broker of Record
ABR, MVA, RECS, SRES, CREA Canadian Commercial Council



* Total membership information extracted from WECAR Monthly Statistics and OREA member database, Oct. 2024.