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ASB Mulls Evaluations Standards; Paper Expected Soon

The Appraisal Standards Board of The Appraisal Foundation on Aug. 1 announced its intention to explore the creation of uniform standards for evaluations. The ASB said that since no standards exist for conducting evaluations, there is greater risk to the safety and soundness of real estate transactions and diminished protections for consumers. A concept paper is expected near Labor Day. 

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Appraisal Institute Board of Directors Approves 2020 Budget at Q3 Meeting in Denver

The Appraisal Institute Board of Directors at its July 25-26 meeting in Denver approved the organization’s 2020 budget and directed to 45-Day Notice proposed amendments to Regulations No. 7 and 8 regarding creation of state Government Relations Subcommittees under the current national Government Relations Committee.
 
In other business, the Board of Directors:
  • Approved the creation of a Women’s Initiative Committee.
  • Revised the organization’s policies for AI education instructors regarding waivers, conduct and evaluations;
  • Amended AI’s Statement of Investment Policy; and
  • Adopted the dues and fees schedule for 2020:
    • Deadline on dues/fees invoice payment: Jan. 1
    • Late fees assessed at 15%: April 1
    • Suspensions issued: June 1
    • Terminations issued: Sept. 1.
The Board also elected to two-year terms beginning Jan. 1:
  • Matthew S. Myers, MAI, of Leeds, England, as the international member on the AI Board of Directors;
  • Scott Robinson, MAI, SRA, AI-RRS, AI-GRS, as chair of the Strategic Planning Committee;
  • Claire M. Aufrance, MAI, SRA, to the Strategic Planning Committee; and
  • Michael J. Mignona, MAI, AI-GRS, and Craig Steinley, SRA, AI-RRS, to the Audit Committee.
Additionally, the Board elected Peter A. Vimini, MAI, to the Professional Liability Insurance Program Committee for a three-year term. He also was elected to fill a vacancy on PLIPC for a term ending Dec. 31.  
 
The Board’s next meeting is scheduled for Nov. 14-15 in Chicago.

More than 525 Attend Appraisal Institute's Annual Conference in Downtown Denver

More than 525 real estate professionals from around the world attended the opening session of the valuation profession’s most important annual event, hosted by the Appraisal Institute, the nation’s largest professional association of real estate appraisers.

The 2019 Appraisal Institute Annual Conference, held at the downtown Hyatt Regency Denver, featured world-renowned keynote speakers, 30 breakout sessions on trend-setting valuation topics, networking opportunities for industry professionals, an exhibit hall featuring cutting-edge products and services and an awards ceremony honoring the valuation profession’s best and brightest.

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58 Members Received Designations from the Appraisal Institute in June

The Appraisal Institute designated 58 members in June, including; 1 who received MAI AND SRA designations; and 40 who received MAI designations; 3 who received SRA designations; 12 who received AI-GRS designations; 2 who received AI-RRS designations.

View the list.

The Latest Issue of Valuation Magazine is Now Available

Read the latest issue of Valuation magazine. 
The nation's hospitality sector has enjoyed a decade-long hot streak, with transaction volume expected to total $36.5 billion this year and some 5,530 new rooms under construction. Will the good times last? That's the question appraisers say needs serious consideration, with most believing there may be room for correction.
 
The new federal opportunity zones program encourages private investors to fund projects in underserved geographic areas — an idea promising to benefit neighborhoods in need and investors who capitalize the ventures. Importantly, it also has the potential to create numerous opportunities for appraisers.
 
When valuing a property, it's not uncommon for appraisers to state that the property's highest and best use is different from its current use. But what happens in situations involving conflicting highest and best use analyses? Read what the courts have said about these complex concerns.

Read the latest issue of Valuation magazine

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Appraisal Institute Leaders Address Timely Topics at Major Industry Events in June

The Appraisal Institute announced June 26 that its elected officers and others represented the organization at major industry events during the past month.

President Stephen S. Wagner, MAI, SRA, AI-GRS; Vice President Rodman Schley, MAI, SRA; Immediate Past President James L. Murrett, MAI, SRA; and CEO Jim Amorin, MAI, SRA, AI-GRS, attended the Appraisal Institute of Canada Annual Conference, June 5-8, in St. John’s, Newfoundland.

Wagner and Amorin also attended the Institute for Professionals in Taxation Annual Conference, June 23-26, in San Antonio.

President-Elect Jefferson L. Sherman, MAI, AI-GRS, represented AI at the International Right of Way Association Education Conference, June 9-12, in Portland, Oregon, where he sat on the panel for “Corridor Valuation: An Overview and New Alternatives.” AI also exhibited at the event.

AI’s 2016 President, Scott Robinson, MAI, SRA, AI-GRS, AI-RRS, participated in the International Valuation Standards Council/World Association of Valuation Organizations Global Valuation Conference, June 13-14, in Frankfurt, Germany, where he presented on “Impact and Opportunity of Technology-Based Valuation.” AI’s 2010 President, Leslie P. Sellers, MAI, SRA, AI-GRS, represented the Appraisal Institute at a June 18 meeting of the International Valuation Standards Council’s Advisory Forum Working Group in London, England.

Appraisal Institute Seeks Candidates for SPC Chair; Materials Deadline is Tomorrow (7/10)

The Appraisal Institute Board of Directors will elect at its July 25-26 meeting in Denver a chair of the Strategic Planning Committee to serve a two-year term beginning Jan. 1, 2020. 
 
AI professionals interested in the position should submit a statement of qualifications to Joan Barngrover at [email protected] and complete the Leadership Resources Registry at www.myappraisalinstitute.org/myappraisalinstitute/my_lrr.aspx. The deadline for submitting materials for consideration is July 10. 

New AI video: Benefits of Being an Appraiser

AI Distributes 45-Day Notice on Proposed Amendments to Regulation Nos. 1 and 2

The Appraisal Institute on June 10 distributed to AI professionals a 45-Day Notice regarding proposed amendments to Bylaws and Regulation Nos. 1 and 2.
 
The proposal concerns demonstration of knowledge options, and is expected to have minimal financial impact. AI’s Board of Directors will consider the proposed amendments at its July 25-26 meeting in Denver.
 
Comments should be sent to [email protected].

AI Board Approves Certificate of Completion for International Curriculum

The Appraisal Institute Board of Directors approved a “Certificate of Completion – Fundamental International Curriculum” at its May 9-10 meeting in Chicago. The curriculum will include AI’s “International Basic Appraisal Principles,” “International Basic Appraisal Procedures” and “International Valuation Standards Overview” courses.
 
The Board also adopted proposed amendments to the Bylaws and Regulations 8, 9 and 10 regarding Past President Designated Member status and Temporarily Non-Practicing status. The 45-Day Notice was distributed to Designated Members, Candidates, Practicing Affiliates and Affiliates on March 25.
 
The Board also approved sending to 45-Day Notice proposed amendments to Regulations 1 and 2 that would remove the e-demo report and defense of reports as options for completing the demonstration of knowledge requirement.
 
In other action, the Board of Directors:
  • Amended policy for the courses requirement for General Candidates for Designation by removing the requirement to take and pass “General Appraiser Report Writing and Case Studies.”
  • Approved a transfer of funds (in the amount of the 2018 audited surplus) from the reserve fund to the operating fund.
  • Elected Elaine Liz-Ramirez, MAI, to fill a vacancy on the Audit Committee.
  • Approved the merger of the Memphis Chapter and the Greater Tennessee Chapter (to be known as the Tennessee Chapter of the Appraisal Institute).
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National Nominating Committee Nominates Jody Bishop as 2020 AI Vice President

Pledger M. (Jody) Bishop III, MAI, SRA, AI-GRS, of Charleston, South Carolina, was nominated for 2020 Appraisal Institute vice president by the AI National Nominating Committee at its May 8 meeting in Chicago.

National Nominating Committee Chair James L. Murrett, MAI, SRA, submitted the committee’s nomination to the AI Board of Directors at its May 9-10 meeting in Chicago. Board members may file petitions for additional nominees in accordance with the Appraisal Institute Bylaws. The AI Board of Directors is expected to elect the 2020 vice president at its July 25-26 meeting in Denver.

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Appraisal Institute Leaders Address Key Issues at Major Real Estate Events

The Appraisal Institute announced April 24 that its elected officers and others represented the organization at major industry events during the past month. 
 
Chief Executive Officer Jim Amorin, MAI, SRA, AI-GRS, served on a panel at the American Real Estate Society (commonly known as ARES) Annual Meeting on April 9-13 in Scottsdale, Arizona, on the relationship between universities and associations, and attracting new individuals into the valuation profession. AI also exhibited at this event. 
 
Immediate Past President James L. Murrett, MAI, SRA, represented AI at the Risk Management Association (commonly known as RMA) CRE Appraisal Manager Forum on April 11-12 in Las Vegas, where he led a discussion on the appraisal regulatory environment.
 
President Stephen S. Wagner, MAI, SRA, AI-GRS, attended the Residential Energy Services Network (commonly known as RESNET) board meeting on April 17 in Olympic Valley, California, where he discussed the AI-RESNET partnership.
 
Wagner also participated in a media tour on April 3-4 in New York, where he met with reporters at The Wall Street Journal, National Mortgage News, Money magazine, Realtor.com and The Mortgage Leader. 

Appraisal Institute Releases Annual Report Highlighting 2018 Accomplishments

The Appraisal Institute on April 17 announced that its 2018 Annual Report is available. The report highlights AI's accomplishments during the previous year in education, professional services, international activities, government relations, meetings, financial performance, professional practice and other areas.

View the report.

2 Candidates Seeking to Become 2020 Appraisal Institute Vice President

The Appraisal Institute’s National Nominating Committee is scheduled to interview two candidates for 2020 AI vice president in Chicago May 8, and the committee is expected to nominate one or more individuals for 2020 vice president at the Board of Directors’ May 9-10 meeting.

The candidates are, in alphabetical order, Pledger M. Bishop III, MAI, SRA, AI-GRS and Eric Schwartz, MAI, SRA, AI-GRS.

AI professionals may view the candidate biographies and questionnaires (login required) and provide input by 5 p.m. CDT May 6. Correspondence should be addressed to Jim Murrett, MAI, SRA, chair, 2019 National Nominating Committee, and emailed to Joan Barngrover, board secretary and special assistant to the CEO, at [email protected].

25 Members Received Designations from the Appraisal Institute in March

The Appraisal Institute designated 25 members in March, including 11 who received their MAI designations, five who received their SRA designations, four who received their AI-GRS designations and five who received their AI-RRS designations. 

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AI Distributes 45-Day Notice on Proposed Amendments to Bylaws and Regulations

The Appraisal Institute on March 25 sent to 45-Day Notice proposed amendments to Bylaws and Regulation Nos. 8, 9 and 10.
 
The proposal concerns removing “Past President Designated Member” as a member status while maintaining “Past President” as a title and as an individual who doesn’t pay membership dues, and eliminating the Temporarily Non-Practicing Designated Member status and Temporarily Non-Practicing Candidate status.
 
AI’s Board of Directors will consider the proposed amendments at its May 9-10 meeting in Chicago.
 
Comments should be sent to [email protected].

AI, Freddie Mac to Teach Valuation of Manufactured Homes

On March 6, the Appraisal Institute and Freddie Mac announced a partnership targeted to help real estate appraisers when valuing manufactured housing, meeting an important need for homebuyers, lenders, appraisers and homebuilders.

The Appraisal Institute’s partnership with Freddie Mac will provide practical appraisal training to all appraisers, as well as specifically-targeted training and case studies to address manufactured housing valuation assignments for Freddie Mac’s CHOICEHomeSM. CHOICEHome brings conventional mortgage financing to factory-built homes to help increase the availability of quality affordable homes that borrowers want while providing lenders with the innovative financing options they need.  

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Help AI Support Real Estate Appraisers Everywhere - Survey

AI periodically surveys real estate appraisers to capture the current state of the real estate appraisal profession. We welcome you to take part in this important survey. Your answers will help AI serve all real estate appraisers, and increase public awareness of the appraisal profession.

This survey is anonymous and will take about 4-5 minutes to complete.

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Registration Opens for 2019 LDAC Conference; Sponsorship Opportunities Available

The Appraisal Institute opens registration Feb. 12 for its 2019 Leadership Development and Advisory Council conference, which will take place May 15-17 at the Washington Marriott at Metro Center.
 
LDAC is an innovative approach to valuation leadership development, and serves as an incubator of new ideas and helps to establish an appraiser presence in Congress with a day of lobbying on Capitol Hill. Registered attendees who participate in the complete LDAC program will receive Appraisal Institute continuing education credit.
 
Learn more about the 2019 LDAC conference and find registration information.
 
The Appraisal Institute also announced that it is offering sponsorship opportunities for LDAC. All money raised will be used to sponsor one of the numerous activities at the 2019 conference. A complete sponsor list will be published at the event and online.
 
Find more information on sponsorship opportunities.

Appraisal Institute President Outlines 2019 Goals

2019 Appraisal Institute President Stephen Wagner, MAI, SRA, AI-GRS, outlines the Appraisal Institute’s priorities for the year in the organization’s latest video.

As the Appraisal Institute continues to serve as the global valuation profession’s thought leader, the organization remains at the forefront of the most pressing issues facing appraisers today.

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