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What Do They Mean?9 The Canadien Champion, Tueaday, December 1, 1998 - REl 1 As you look through the real estate section of many papers, chances are that you notice the groups of leters that are tagged on1 to the naines of many of the salespeople in the ada. While some of themn are designations from thse non-real estate world, such as RN, MBA, MA, etc., thse majority of themn are real estate specific des- ignations. Some of the designations, and their meanings, in thse local papers this week are: Broker, Broker/Owner: This designation indicates a Realtor who bas taken specialized courses in Real Estate Office Management & Real Estate Brokerage. These courses are in addition to those outlined for a Sales Representative. To identify oneseif as a Broker also means that one is the owner, or partner, in a real estate company. Associate Broker: This designation indîcates someone who has the saine education as a Broker, but who is not thse Principal Broker of thse company. Sales Repreentative: While this is the minimum designation for anyone wishing to enter the real estate profession, the requirements are quiet com- prehensive. The initial educational requirement to be a Sales Rep. is completion of 3 courses in real estate, followed by a 2 year 'articling period' during which courses in Real Property Law, Mortgage Financing, and Principles of Appraisal, plus an elective course, must be passed. To be licensed as a Sales Rep., one must be in the employ of a real estate Broker. CRES: The Certified Real Estate Specialiat designation is awarded by thse Real Estate Institute of Canada. To become a CRES member of REIC, one must complete courses in Real Property Law, Ethica, Professional Standards, Real Estate Valuation, Real Estate Finance, along with elective courses in such subjects as Consumer Negotiation & Behaviour. Members of REIC also have to abide by a strictly enforced Code of Ethics, and involve them- selves in REIC-sponsored Continuing Education. MVA: Market Value Appraiser-Residential is a professional designation for REALTORS who have demonstrated competence, expenience and education in thse field of residential appraisal. The MVA- Residential designation is granted to REALTORS who have suc- cessfullylompleted a comprehiensive educational program and who back that education with demonstrated practical, day to day current experience tradng in thse local real estate market. Holders of the MVA-Residential designation may do appraisals on resi- dential dwellings (up to and including two units) for mortgage and lending purposes. FR1: The Feliow of thse Real Estate Institute designation is Canada's most senior designation for the real estate sales professional, and is earned only by thse most educated and experienced Realtors 0 in Canada. Educational requirements include extensive ethics courses, real estate investment analysis training, courses in con- sumer negotiation, writing leases, or a choice of many elective courses. lThe FR1 also bas to abide by the Code of Ethics of REIC and participate in REIC-sponsored Continuing Education. RRS: The Registered Relocation Specialists is a Re/Max-speciflc desig- nation, showing that the bolder has received specialized training in the needa of the relocating consumer. The course of training is modeled on thse Employee Relocation Council Certified Relocatioli Professional designation in the U.S., however the training includes speciflc considerations of the Canadian reloca- tion scelie. RMMl: The Residential Marketing Master is a Better Homes and Ganlens-speciflc designation. To eam the designation, sales pro- fessionals must complete six courses in marketing both residential real estate and themnselves. AB»®: The Accredited Buyer Representative signifies a Realtor® who has taken specialized training ini serving tise needs of the Buyer- Client, boUi from a legal and a practical viewpoint. The holder of the designation bas not only been trainied extensively in Agency Law, but also bas to prove experience in representirig Buyer- Clients by way of written Buyer Agency Agreements. CEt: lThe Ceified Environmental Inspector is trained in performing phase 1 Environmfental Inspections. The designation is adminis- tered by dms Enviromneftai Assessment Association, a U.S. orga- nization wiUi a rapidly growtflg.preseflce in Canada. lThe CEI is trained to look at a property with envirornental issues in mnd, a very useful tool in this mostly-rural area. CRA: The Certified Residential Appraiser is thse designation typically held by the appraisers that your mortgage lenders use when you apply for financing on a specific property. The educational & experience requirements for a CRA are quiet extensive, including a university degree & three years of relevant expenience or 200 appraisals. Please check the following Intemet sites for more information; http://www.orea.conVcareergetlicense.htm#licenlse http:///realtors.rrds.ca/crea/mfva--intro,htmf http://www.meic.ca/designation/designation.html http://www.aicanada.org/educ.htmf http://www.rebac.net/abr.htmT This information provided by Chris Newel 878-4444 1-0066 -36 Chec ou-ou websit ethttp:iInew-ell.com for ail the latest listings anadmares Information. E :HMn only comle. source for onfine lnformatlon. ýv ý('l tur . I.-