AI Board of Directors Adopts Valuers Code of Professional Ethics

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With great pride, I am pleased to report that the Appraisal Institute has taken an important step in expanding its leadership regarding ethics in the valuation profession.

AI Board of Directors Adopts Valuers Code of Professional Ethics

The Appraisal Institute Board of Directors, at its July 30-31 meeting in Dallas, adopted the Valuers Code of Professional Ethics as a model code and approved making the VCPE available for use by non-AI professionals as a companion document to the existing Appraisal Institute Standards of Valuation Practice.

The Board also approved all three 45-Day Notice items on the agenda. The items addressed the honorary member category of the Appraisal Institute, related entities referenced in the Bylaws and revisions to admissions regulations to reflect a new standards definition.

Read about other action the Board took at its meeting.

AI Testifies on ‘Fiduciary’ Definition

The Appraisal Institute, on August 13, testified before the U.S. Department of Labor’s Employee Benefits Security Administration in Washington, D.C., about the ESBA’s rule proposing a new definition of “fiduciary.”

AI President-Elect Scott Robinson, MAI, SRA, AI-GRS, said in his testimony that, “Real estate appraisals play an important role in protecting pension plans that invest in real estate.” He added, “While we agree with the general intent of the proposed rule, we remain deeply concerned that the proposal will unnecessarily increase costs on consumers and users of appraisal services in important buy and sell decisions relative to plan investments.”

Read Scott’s testimony (AI log-in required).

AI Enhances Thought Leadership, Attends Key Industry Events

In keeping with the Appraisal Institute’s commitment to convey its thought leadership to valuation professionals and others, I was joined by AI Vice President Jim Amorin, MAI, SRA, AI-GRS, and Chief Executive Officer Fred Grubbe, MBA, CAE, at the Appraisal Institute-Zhidi Alliance Bilateral Cooperation Agreement Signing Ceremony on August 19 in Shanghai, China, at which I also addressed current joint initiatives; Zhidi is a broad alliance of Chinese appraisers. Jim and Fred also attended the Hong Kong Institute of Surveyors Continuing Professional Development event on August 21, where I presented on valuation in the U.S. We also represented AI at the Japanese Association of Real Estate Appraisers Meeting on August 27 in Tokyo, where I discussed U.S. regulations that impact appraisers.

Along with our speaking opportunities, Jim, Fred and I also had the opportunity to meet with the China Association of Appraisers, Fudan University, Beijing Real Estate Appraisal Association, China Institute of Real Estate Appraisers and Agents, Renmin University, Tsinghua University, The Ministry of Land, Infrastructure, Transport and Tourism (Japan), Daiwa Real Estate Appraisal Company Ltd. and the Japan Real Estate Institute. These meetings provide AI with important, face-to-face opportunities to strengthen relationships, develop closer business ties and firmly establish AI as the global leader in real property valuation education and thought leadership.

Other News Around AI

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

  • The Appraisal Institute received an Award of Distinction in the Association of Marketing and Communication Professionals’ Videographer Awards for AI’s video, “What Should Appraisers Know About Right-of-Way Valuation Assignments?” Watch the video and check out other videos on AI’s YouTube channel.
  • AI posted a new video to its YouTube channel that encourages viewers to save the date for the Appraisal Institute 2016 Annual Conference, set for July 25-27 in Charlotte, North Carolina.
  • The Appraisal Institute continues to grow its social media presence. Be sure to follow AI on Facebook, Twitter, LinkedIn and YouTube.

Best wishes for a prosperous month!