AI Responds to Appraisal Foundation Letter

Special Announcement

September 25, 2015

To AI professionals and others in the real estate valuation profession: The Appraisal Institute is proud of its many decades of service to the appraisal profession and to the public.  As the largest professional real property valuation association in the world, we understand and accept our responsibilities in upholding high standards and ethics, while creating and sharing a body of knowledge that is unrivaled.

In recent years, the Appraisal Institute’s calls for modernization of the regulatory framework for real estate appraisers have upset some very powerful interests that, until recently, have gone unchecked. The AI – and, frankly, all appraisers – recently received yet another hostile communication from The Appraisal Foundation. This latest salvo unfairly and irresponsibly attacks the Appraisal Institute, and is one of a series of incursions that are unprofessional, misleading and harmful to the profession. Further, this September 9, 2015, letter clearly illustrates poor stewardship of critical responsibilities granted to TAF by the United States Congress. Sadly, these attacks are designed to protect TAF’s interests rather than the appraisal profession and those who work in it. We are dismayed!

TAF’s repeated attacks on the Appraisal Institute are purposefully designed to confuse appraisers, clients and users of appraisal services and, most importantly, the public. To help clarify fact from fiction, AI is providing several background documents that provide additional detail on the issues.

The Appraisal Institute encourages you to review these documents and to share them with others who may have an interest in understanding these issues further.

Finally, one central theme in TAF’s attacks is that AI’s officers operate independently of the AI Board of Directors. Nothing could be further from the truth, as evidenced by this Board motion.

The Appraisal Institute is under no illusions; we do not expect AI and TAF to agree on every issue. In fact, each organization has its own mission, and there is room in the valuation profession for both organizations. Regardless, AI will continue to vigorously defend our organization and our professionals from TAF’s ongoing misleading statements, as we endeavor to further serve the public trust.

M. Lance Coyle, MAI, SRA

2015 President

Appraisal Institute