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 one of 3 out of the 865* registered Realtors in Windsor-Essex County to hold this designation. For a Professional Complimentary Market Evaluation of your property contact robert@future-homes.com FEE SCHEDULE | Walk-through Inspection | No Written Report – Verbal Only | $150.00 | | Letter of Opinion | 1-2 page written with Geo report | $250.00 | | Extended Letter of Opinion | 2-5 page written with Geo report | $350.00 | | Standard Appraisal | 5-10 page written report w/comparables and exterior only photos | $500.00 | | **Deluxe Appraisal | 10-30 page written report w/comparables and interior/exterior & aerial photos (only if service available) | $600.00 | | **Custom Appraisal | 30-50 page written report, w/multiple additional comparables, interior/exterior & aerial photos (only if service available) | $700.00 | | **Specialized Appraisal | 50-75 page written report, w/multiple additional comparables, interior/exterior & aerial photos (only if service available) | $800.00 | | | Court and/or tribunal attendance, research and preparation time if required is at | $250.00 per hour |
The above fee schedule applies to all properties in the Leamington & Kingsville region. For properties outside this area, a travel fee will apply. Should you list with Future Homes this travel fee will be credited back to you on the closing date of your transaction. **Deluxe, Custom and Specialized appraisals are utilized for Estate Planning, Divorce, MPAC reassessment tribunals and/or any other disputed court proceedings. All rates subject to HST. * Total membership information extracted from WECAR Monthly Statistics and OREA member database, Sept. 2016.
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