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Give Back by Serving as an AI PAREA Mentor

November 23, 2022 by Appraisal Institute Staff

As we prepare to give thanks tomorrow, I hope you’re finding time to relax and celebrate the holiday with friends, family and your community. My family kicks off our Thanksgiving celebrations by participating in the Knights of Columbus Turkey Day Run. We’ve done this as a family for decades, with one of us pushing a stroller and then as walkers and runners. At the end of the race, we enjoy some cold beers while re-connecting with old and new friends participating in the event. When the race was shut down for the pandemic, we ran a 3.2-mile loop around the neighborhood in solidarity with beverages in our driveway which included Bloody Marys.   

[Read more…]

Filed Under: The Appraisal Institute

Make an Impact on the Valuation Profession

October 28, 2022 by Appraisal Institute Staff

Dear Appraisal Institute Colleague:

This month, I call on each of you to think about ways you can contribute to the Appraisal Institute’s in a way that also increases your visibility and sets you apart from your peers. In addition to serving on the Appraisal Institute’s Executive Committee, I have been proud to prepare and present seminars to my chapter over the years, and I have served as a reviewer for each of the Capstone case study offerings. I’ve also spent significant time in the general demonstration report grading area, where I was chair for three years and had the opportunity to collaborate with the Body of Knowledge Committee members as they considered changes and additions to the 15th Edition of The Appraisal of Real Estate.

After 90 years, the Appraisal Institute is still an organization that relies on volunteer service to continue its stellar reputation around the world. I encourage you to think about what expertise you have to give back to this organization, while building your own reputation in the process.

Read on to learn more about ways that you can add your expertise for the benefit of our membership.

Contribute to AI Publications and Education
There are numerous ways for appraisers to make their expertise known throughout the Appraisal Institute, including in AI publications and education offerings.

  • Education Programs: Subject matter experts are encouraged to submit their new topics and ideas to be considered for education programs. Click here to learn more. 
  • The Appraisal Journal: The Appraisal Institute’s quarterly journal has been the leading peer-reviewed forum for appraisal professionals since 1932. Learn more about contributing your ideas by clicking here.
  • Valuation Magazine: The Appraisal Institute’s quarterly magazine is an excellent way to gain recognition and share your experiences and expertise with your colleagues. Click here to view the submission guidelines.
  • Book Authorship: Practicing appraisers have served as authors and contributors to every book published by the Appraisal Institute. Share your knowledge by making your contributions. To learn more, contact Tep Shea-Joyce, senior manager, Publications , tshea-joyce@appraisalinstitute.org.
  • Practical Applications of Real Estate Appraisal (PAREA): AI PAREA is an online program covering appraisal theory and methodology in real-world simulations, with mentoring from expert appraisers like you! Mentor applications are now being accepted. Click here to learn more. 

While these contributions go a long way to expand the organization’s content, I have heard from numerous individuals over the years that their contributions helped expand their book of business as well. You have an opportunity to make an impact on the profession and to set yourself apart.

Don’t Forget to Meet Continuing Education Credits in 2022
With only two months left in the year, I want to take this opportunity to remind you to check your CE off your to-do list before the Dec. 31 deadline. Visit the Appraisal Institute’s Continuing Education page to learn more.

New Book Provides Advice on Residential Market Analysis
The latest book from the Appraisal Institute is Residential Market Analysis and Highest and Best Use, by Mark R. Ratterman, MAI, SRA. The book presents practical advice and real-world examples that demonstrate:
• How to determine the appropriate level of market analysis;
• The dos and don’ts of market area delineation;
• Productivity analysis;
• Supply and demand relationships in residential markets; and
• Researching data sources and applying statistical tools.

Readers of this new text will learn how to plan and perform appropriately detailed market and highest and best use analyses that lead to credible and supportable value conclusions and convincing appraisal reports. Get your copy today!

Stay Tuned for Next Episode of Face Value
Join host Tonia Vailas, MAI, AI-GRS, for a discussion on the Appraiser Diversity Initiative (ADI) program, personal experiences and advice from employers, past participants and more. Plus, learn how you can get involved.

Click here to listen and subscribe.

New Seminar on Data Inconsistencies Premieres Dec. 2
I’d encourage you to check out a new seminar from the Appraisal Institute, titled, Inconsistency: It’s Hiding in Plain Sight in Your Residential Appraisal – Non-lender examples—Next level analysis. This seminar focuses on significant inconsistencies that can affect categories like the definition of market value, market analysis and highest and best use, the three approaches, functional and external obsolescence, and reconciliation. Visit the AI website to find an offering near you.

Other News Around the Appraisal Institute
And here’s some other important news from the Appraisal Institute:

  •  The Appraiser Diversity Initiative is an important priority for the Appraisal Institute. I’d encourage you to keep updated on this initiative on AI’s Appraiser Diversity Initiative webpage. If you know an individual who is looking to join the valuation profession, please encourage them to check out the website as well.
  •  The Appraisal Institute continues to expand its social media activities. Be sure to follow AI on Facebook, Twitter, LinkedIn, YouTube, and its blog, Opinions of Value.

Filed Under: The Appraisal Institute

Appraisal Bias: Taking Action, Leading the Conversation

September 30, 2022 by Appraisal Institute Staff

As the summer ends, I hope you’ve had time to do the things you enjoy with friends and family. One of my favorite things I look forward to this time of year is the start of college football. As a life-long suffering South Carolina Gamecock fan, it is difficult experiencing annual renewed optimism and then watching reality set in with yet another disappointment. However, I would not trade the fellowship and love of the school and game for simply winning. As the adage goes, “There is always next year.”

[Read more…]

Filed Under: The Appraisal Institute

AI Taking Big Steps Toward Achieving Strategic Plan Goals

August 26, 2022 by Appraisal Institute Staff

One thing you might notice about me is my affinity for bow ties. I was required to wear a tie and blazer every day during middle and high school, so I became accustomed to a more formal look day-to-day. About 10 years or so ago, I noticed more folks wearing a bow tie and got interested in them. It took a few years to get bow ties worked into my wardrobe and they are now the standard. Tying a bow tie is an art and when properly tied (it should not look perfect), a bow tie adds more personality to my look and sets me apart from the traditional tie wearers.

FWIW, earlier this year, I was required to wear a traditional necktie for an event and chose one from about 20 years ago. It took me four or five tries to properly tie it. Funny how quickly I forgot something I have done hundreds of times. There is no substitute for repetitive learning.

Whether it’s in your attire, your work life, your home life, or your hobbies, I’d encourage each of you to find a way to stand out and make a difference. They say the squeaky wheel gets the grease, so make sure to make yourself – and your priorities – known by standing out and setting yourself apart in a meaningful way.

This month, I’m pleased to share with you some updates about the Appraisal Institute’s priorities and the work we’re doing to ensure that our organization continues to stand out in the valuation profession.

AI Taking Big Steps Toward Achieving Strategic Plan Goals
I am proud to share that the Appraisal Institute has worked hard toward achieving the goals outlined in the Strategic Plan adopted by the AI Board of Directors in August 2021. We have taken some key steps over the past few months, and I’m pleased to share these updates with you.

  • Modernize AI’s education delivery system and products. Outside consultants with significant expertise in this area have completed studies, and their recommendations for processes and delivery are being evaluated. Implementation is expected to begin soon and will initially focus on the AI website, the event registration process and the overall user experience.
  • Modernize technology, such as social media and communication methods, and a review of the website. These efforts will focus on a campaign to refresh the AI brand, social media, communications and the website. We have identified an outside firm to handle the rebranding campaign and website redesign. Changes to the website will include an updated look and feel and, equally important, an enhanced user experience. AI’s Communications Department has already implemented changes to its social media and communications efforts, and will continue to focus on generating more visual content and enhanced interaction to appeal to a wider audience.
  • Develop a plan to recruit and retain AI professionals. A recruitment and retention plan will follow AI’s new branding and messaging, and will involve input from the Residential Appraiser Project Team, among others.
  • Implement PAREA. Development and testing are underway and will continue for the next several months.
  • Develop a DE&I action plan. A DE&I statement was adopted last year, and I have more exciting news to share below on the DE&I front.

I’m very proud of the excellent work that’s been done so far and excited about what it all means for the future of the Appraisal Institute and the valuation profession as a whole. Read more in the latest issue of Valuation magazine.

DE&I Action Plan Recommendations
As you’ve likely heard, the Appraisal Institute Board of Directors at its Nov. 11-12 meeting approved the Strategic Plan strategies that will guide the organization’s efforts in 2022, and beyond. The organization will pursue those goals with a focus on five Board-approved strategies, including development of a DE&I Action Plan.

A Project Team comprised of AI Designated Members, in collaboration with an outside consultant, spent several months developing a DE&I Action Plan, including recommendations, that the Board reviewed and discussed during its third quarter meeting. The Action Plan and recommendations include input from AI membership, which was provided via survey responses and stakeholder interviews.

The Appraisal Institute’s Strategic Plan includes goals to provide leadership toward a unified and inclusive profession with diverse perspectives and to improve the diversity of its affiliated professionals. The approved recommendations represent a significant step forward as the Appraisal Institute continues to pursue these important goals.

As these recommendations are investigated and components of the plan implemented, we’ll continue to keep membership informed accordingly.

Check out other updates from the Board meeting.

Paula Konikoff Elected 2023 AI Vice President
Congratulations to Paula K. Konikoff, JD, MAI, AI-GRS, who was elected 2023 Appraisal Institute vice president by its Board of Directors during the Board’s Aug. 4-5 meeting in Las Vegas.

Konikoff’s one-year term as vice president will begin Jan. 1, when she’ll also serve for one year as chair of the Finance Committee. She’ll serve as president-elect in 2024, president in 2025 and immediate past president in 2026.

Learn more about Paula Konikoff.

Appraisal Institute Honors 15 of the Best and Brightest in the Profession
It was my privilege to celebrate and honor the contributions of 15 individuals who make a big difference in our profession during the Appraisal Institute Annual Conference earlier this month. Attendees celebrated the award winners at an Aug. 3 luncheon sponsored by Appraisal Institute Education and Relief Foundation. Congratulations to the following individuals:

Appraisal Institute awards:

  • J. Scott Robinson Lifetime Achievement Award – Steven L. Marshall, MAI, SRA, AI-GRS
  • Outstanding Service Award – Arthur “Rocky” McElhannon, MAI, SRA, AI-GRS
  • Outstanding Service Award – Jacinto “Jay” Munoz, MAI, SRA, AI-GRS, AI-RRS
  • Women’s Initiative SPOTLIGHT Award – Claire M. Aufrance, MAI, SRA
  • President’s Award – Elaine Liz-Ramirez, MAI, AI-GRS
  • President’s Award – Mark E. Verrett, SRA
  • President’s Award – Claire M. Aufrance, MAI, SRA
  • President’s Award – Rodman Schley, MAI, SRA
  • President’s Award – Suzanne Brockway

AI Education and Relief Foundation awards:

  • George L. Schmutz Award – Brad Carter, MAI, and Tyler Leard
  • Dr. William N. Kinnard Jr. Award – Larry Wright, MAI, SRA, AI-GRS
  • James H. Pritchett Award – Henry J. Wise, MAI

The Appraisal Journal awards:

  • Armstrong/Kahn Award – Richard J. Roddewig, JD, MAI
  • Swango Award – Sandra K. Adomatis, SRA
  • Richard U. Ratcliff Award – Stanley D. Longhofer, Ph.D

Latest Face Value Podcast Highlights DE&I Efforts
In episode four of the Face Value podcast, host Warren Boizot, SRA, AI-RRS, is joined by Ayako Marsh Miranda, SRA, Claire Aufrance, MAI, SRA, and Elaine Liz-Ramirez, MAI, AI-GRS. The group covers leadership, Diversity, Equity and Inclusion and the Appraisal Institute’s current and ongoing efforts in this space. You aren’t going to want to miss this episode.

Click here to listen and subscribe.

  • If you haven’t already heard, The Appraisal Foundation’s Appraisal Standards Board announced that the current edition of USPAP will be extended by another year and will now be effective until Dec. 31, 2023. This change will not impact the current qualifying and continuing education courses on appraisal standards required for all appraisers. Learn more about the Appraisal Institute’s “15-Hour National USPAP” classroom course here.
  • Do you have expertise you’d like to share with your peers? I’d welcome you to submit your ideas for consideration in Valuation, AI’s quarterly magazine, or The Appraisal Journal, our peer-reviewed journal. 
  • Don’t forget to subscribe to Face Value, the Appraisal Institute’s monthly podcast. 
  • The Appraisal Institute continues to expand its social media activities. Be sure to follow AI on Facebook, Twitter,LinkedIn, YouTube, and its blog, Opinions of Value.

Other News Around the Appraisal Institute
And here’s some other important news from the Appraisal Institute:

Filed Under: The Appraisal Institute

Highlights from the 2022 Annual Conference

August 4, 2022 by Cady Stokes

The Appraisal Institute’s 2022 Annual Conference took place last week in Las Vegas! Below are some highlights from this year’s event.

Keynote Ryan Leak: Chasing Failure

Ryan Leak kicked off this year’s event as our keynote speaker and did not disappoint!

What has fear ultimately cost you, your team, your organization? In times of challenge and great uncertainty it’s easy to feel paralyzed by fear, but what if you could stand in the face of fear and know that these are the exact moments in life where you can rise to be your best self? These are the real and deeply human conversations that leadership expert Ryan Leak is addressing with global C-Suite audiences in Fortune 500s, All-Stars in the NBA and over 50,000 people that he reaches monthly through his keynotes.

Over the past decade, Ryan has become a sought-after speaker, coach and consultant with deep domain expertise in empowering leaders to reclaim a new self-awareness that enables them to connect with their people more effectively. Rooted in the idea of Chasing Failure, and not being afraid of stretching further, Ryan has been hired to work internally with specialized teams, add value for leaders and their customers, and create new initiatives for the business to better connect with the broader world. Ryan trains 15,000+ entrepreneurial leaders and speaks to over 200,000 people each year as a curator of relevant leadership content and transformational storytelling.

Seen as a deeply aware coach and connector who can seamlessly operate across the spectrum of a business, Ryan helps leaders better understand where their teams are capable of going by addressing the friction of where teams stand today. Using humorous wisdom and poignant narrative, he inspires audiences to recognize the value in chasing failure to become even more than they are – to become the best version of themselves.

2022 AI Awards Luncheon

15 accomplished professionals were recognized for their contributions to better our organization and profession. Congratulations to this year’s winners, and thank you to the AI Education and Relief Foundation for sponsoring the Awards Luncheon!

For anyone who’s ever taken Appraisal Institute educational offerings, you know that the offerings are rigorously researched, developed and reviewed by practicing appraisers using real-world experience in the residential and commercial space. Today I am joined by Alan Hummel, SRA, and one of our past presidents of the Appraisal Institute, to discuss the Desktop (Bifurcated, Hybrid) and Evaluation seminar. Alan was one of the reviewers for the seminar, and I am so excited that he’s here today. Before I turn it over to Alan, I’d like to give you a little overview of the seminar.

2023 AI Vice President Announced

Following the AC on Aug. 2-3, the 3Q Board Meeting took place at the Bellagio Hotel in Las Vegas. AI is happy to announce that Paula Konikoff, JD, MAI, AI-GRS, was elected 2023 Appraisal Institute vice president. Konikoff’s term begins Jan. 1. Congratulations, Paula!

Thank You!

AI sends a huge thank you to all who attended, presented, participated, volunteered and, of course, staff for making this year’s annual conference a success!

Special thanks to our sponsors: Valcre,

Filed Under: Appraisal Institute, Appraisal Institute Annual Meeting, Appraisal Institute blog, Appraisers, The Appraisal Institute Tagged With: 2022 Annual Conference, 2022 Appraisal Institute Annual Conference, AI, Annual Conference, Appraisal Institute, Awards, Las Vegas

Appraisal Institute Annual Conference Kicks Off Next Week

July 29, 2022 by Appraisal Institute Staff

Summer is usually an opportunity to spend a little extra time with our families and that’s no different for me. Like most of us, I also enjoy sharing some of my family’s successes. My wife holds a Ph.D. in Pharmacology and works with the Roper Hospital system. My daughter, Nora, is entering her second year of practice as a physician’s assistant with a local urology group and my daughter Grace is entering her third year as a registered nurse at Roper Hospital working the Cardio Step Down floor. Grace is also finishing her first year at the Medical University of South Carolina, where she is in the Nurse Practitioner program. My son, Mason, will soon begin his senior year of college at Clemson University and his interests are in distillery.

[Read more…]

Filed Under: The Appraisal Institute

Online Registration Closes Soon for 2022 Annual Conference

June 24, 2022 by Appraisal Institute Staff

Some of my proudest moments as an Appraisal Institute Designated Member have been working with Candidates and Practicing Affiliates to help them achieve their Demonstration of Knowledge portion of the designation process. Over the years it has brought me great pride when former Candidates or Practicing Affiliates find me at an event to show me the designation behind their name.    

[Read more…]

Filed Under: The Appraisal Institute

Annual Conference Registration Now Open

May 27, 2022 by Appraisal Institute Staff

Dear Appraisal Institute Colleague:

Dick Clark once said, “Music is the soundtrack of your life,” which is more true for many of us as we get into the hot summer months and listen to our favorite tunes with the windows down. My favorite artists are Garth Brooks and Alan Jackson, so you’ll catch me listening to them from time to time when I have an opportunity to unwind. While driving, I get funny looks while singing and wiggling around to the beat. The sound of my song is likely causing nearby dogs to bark. Like most folks, a car is a highly public personal space providing comedy for those around me. Nothing beats singing along to “Papa Loved Mama” or “Chasin’ that Neon Rainbow.”

[Read more…]

Filed Under: 2022 Presidents Messages

Keynote Speaker Announced for 2022 Annual Conference

April 29, 2022 by Appraisal Institute Staff

In my 37 years in the valuation profession, I’ve learned just how important it is to make valuable, meaningful connections with others in the profession. I started that journey many years ago with the South Carolina Chapter of AIREA (now AI) and The Society of Real Estate Appraisers. I continued it at LDAC and after that, chapter, region and national leadership events, including the Appraisal Institute Annual Conference. The connections made over the years have resulted in close friendships, collegial relationships and professional connections throughout AI and the appraisal profession.

[Read more…]

Filed Under: The Appraisal Institute

A Look Inside AI Education: Desktop Appraisals (Bifurcated, Hybrid) and Evaluations Seminar Preview

April 21, 2022 by Appraisal Institute Staff

As developers and reviewers of the upcoming “Desktop Appraisals (Bifurcated, Hybrid) and Evaluations” education seminar, Appraisal Institute Vice President Sandra K. Adomatis, SRA, and AI Past President Alan Hummel, SRA, provide an overview of what attendees can expect to take away in this seminar preview. The pair also dive into the value and relevancy of desktop appraisals to residential and commercial appraisers right now.

Check out the video discussion below!

Sandra K. Adomatis, SRA (SA): Hello everyone, thank you for joining us today as we explore some of the upcoming Appraisal Institute educational offerings that you may be interested in. As you may know, my name is Sandy Adomatis, SRA, and vice president of the Appraisal Institute. I must admit, I’m very excited to bring this information to you today because I’m the developer of the seminar!

For anyone who’s ever taken Appraisal Institute educational offerings, you know that the offerings are rigorously researched, developed and reviewed by practicing appraisers using real-world experience in the residential and commercial space. Today I am joined by Alan Hummel, SRA, and one of our past presidents of the Appraisal Institute, to discuss the Desktop (Bifurcated, Hybrid) and Evaluation seminar. Alan was one of the reviewers for the seminar, and I am so excited that he’s here today. Before I turn it over to Alan, I’d like to give you a little overview of the seminar.

According to a recent news release from Fannie Mae, desktop appraisals are going to be growing in the numbers requested. It’s not going away, so residential appraisers need to have all the information they can to develop a credible report. Desktops are also valuable on the commercial side as well. Appraisers have many questions about them that are addressed in this seminar to provide more information and clarity about this business service…The seminar gives the pros and cons that were voiced by appraisers we interviewed before developing the seminar.

At the end, you’ll have all the information you need to make a good business decision. We’ll review the expectations of alternative appraisal services, their potential uses of appraisal standards as they apply scopes of work and liability concerns that we hear from many appraisers around the country on the residential and the commercial side.

Alan helped significantly in the development of the seminar, so let’s hear from him. Alan, could you share your views on the relevancy of desktop appraisals and evaluations as it applies to appraisers today?

Alan Hummel, SRA (AH): Absolutely. Thank you so much, Sandy. The principle of change is a concept that we as appraisers deal with on a daily basis. We’re providing our services, and as the world changes, so do the process of methods used by so many businesses, including our own appraisal profession.

This seminar is designed for both residential and commercial appraisers to understand…  the relevant assignment characteristics. What do they have to do in order to make that decision? You indicated to participate in desktop appraisals and or evaluations — it’s interesting because part of what we have to understand are those significant federal and state laws that govern the desktops and evaluations used by our clients and all kinds of lending decisions.

SA: That’s great information, but how did how does it become valuable to the everyday appraiser?

AH: First, it helps the appraiser understand the “how” and “why” lenders use these types of assignments within their lending processes for us to better understand what the lender is trying to accomplish. We can make certain that we are providing our services in a manner that’s beneficial to them.

Secondly, learning to identify the appraisal standards, the banking guidelines, the lender requirements, the state requirements… in order to develop a report that meets our USPAP in Appraisal Institute standards for development and reporting. It helps to differentiate between traditional appraisals from evaluations and desktop valuation services.

SA: That’s great information. You’ve touched on some excellent points here, Alan. I’d like to… tell you a couple things that I’m excited about when I was developing this seminar and when I’ve taught the seminar. What I’ve learned from this is that the seminar provides information that is necessary for an appraiser to make that informed decision like you’ve talked about and be able to produce a credible report with confidence that we’ve done the job right. I think this seminar offers that informed information. For us, it’s a big takeaway I see when offering this class as an instructor.

Secondly, the questions and the feedback that you’ll receive from other appraisers in the classroom that are already offering these services that can add valuable information to the text material in the seminar. I’d highly recommend this seminar to appraisers on [both] the residential and the commercial side.

I’m curious — what excites you about this class?

AH: Very similar to what you’ve mentioned, Sandy. The seminar does not advocate for or dissuade appraisers from doing these types of services. It provides examples. It provides the acknowledgement of the rules and regulations that, if an appraiser decides to provide these types of services, they can make a professional and business decision… and maybe, what times they wish to provide these services for what type of clients. But especially, it helps them gain the knowledge necessary to keep them safe and to mitigate liability when providing these types of services.

SA: Wow, what an important point to leave this video on. Yes, that is our goal. We’re not advocating for, or against. We’re just giving you the facts and letting you make the decision that’s best for you.

More about AI education offerings:

See seminar details and registration offerings here.

Learn about other education offerings from the Appraisal Institute here.

Don’t forget to subscribe to the Appraisal Institute’s YouTube channel for future videos on AI education and other association updates you don’t want to miss.

Filed Under: Appraisal Institute, Appraisal Institute blog, Appraisers, Bifurcated, Bifurcated Appraisal, desktop appraisals, testimony, The Appraisal Institute, USPAP Tagged With: AI, AI professionals, AI Vice President, appraisal career, appraisal information, Appraisal Institute, Appraisal Institute blog, appraisal institute education, appraisal services, appraisal standards, appraiser education, Appraisers, bifurcated, commercial appraisal, desktop, desktop appraisals, hybrid, lender requirments, residential appraisal, traditional appraisals, Valuation

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Latest Posts

  • Give Back by Serving as an AI PAREA Mentor November 23, 2022
  • Make an Impact on the Valuation Profession October 28, 2022
  • Appraisal Bias: Taking Action, Leading the Conversation September 30, 2022
  • AI Taking Big Steps Toward Achieving Strategic Plan Goals August 26, 2022
  • Highlights from the 2022 Annual Conference August 4, 2022
  • Appraisal Institute Annual Conference Kicks Off Next Week July 29, 2022
  • Online Registration Closes Soon for 2022 Annual Conference June 24, 2022
  • Annual Conference Registration Now Open May 27, 2022
  • Keynote Speaker Announced for 2022 Annual Conference April 29, 2022
  • A Look Inside AI Education: Desktop Appraisals (Bifurcated, Hybrid) and Evaluations Seminar Preview April 21, 2022

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