This month, I encourage you to think about your colleagues, peers and mentors who have guided you throughout your career. For me, my career as an appraiser began in my final semester of college, where I took a real estate appraisal course that was taught by an MAI, Ph.D., using “The Appraisal of Real Estate,” 7th edition. On the first day of class, the students were tasked with completing a narrative residential real estate appraisal that was due on the last day of class. We were provided with a list of local SRA designated appraisers, so we’d have access to a mentor and the necessary data found in an appraisal office.
While there are many pathways to becoming an appraiser, the common thread among all of us is that we probably once had an appraiser who served as a mentor. Whether that’s someone you met before you got your first designation, or someone you met during your career. For me, there have been several mentors who were influential and directly responsible for my success. Some became close friends while others were simply awesome colleagues. At the time, I did not recognize how important they were to my career. My goal is to be the same positive influence and mentor to those with whom I have worked.
This month, I’d encourage you to think about your mentors and how they’ve given back to the profession and consider nominating them for one of the Appraisal Institute’s annual awards. Learn more about that nomination process and other important updates from the Appraisal Institute in this month’s President’s Message.
PAVE Action Plan Released, AI Provided Input
As you might be aware, the Biden administration on Wednesday released the Property Appraisal and Valuation Equity (PAVE) Task Force Action Plan, which targets solutions to several challenging issues in appraisal and valuation, outlines appraiser and consumer education goals, and highlights programs aimed at diversifying the appraisal profession.
The Appraisal Institute was pleased to have had the opportunity to provide input to the PAVE Task Force. I’m also scheduled to testify at a House Committee on Financial Services hearing, March 29, 10 a.m. eastern (Watch the hearing here.)
We look forward to reviewing and providing feedback on additional legislative proposals in this area. The Action Plan calls for significant regulatory and oversight changes but does not outline specific plans. Transparency and accountability are important, but these goals should be balanced with maintaining industry independence and promoting entry into the profession.
I’m also pleased to share that we’ve created a website landing page that includes some great information, including our media statement, letter to President Biden and more. Check out the website: www.appraisalinstitute.org/advocacy/paveresources/
The Appraisal Institute will continue to have a seat at the table as these important issues are addressed.
Appraisal Institute Seeks Nominations for Annual Awards; Submissions Due May 31
The Appraisal Institute announced March 9 that it is accepting nominations for its J. Scott Robinson Lifetime Achievement Award, Outstanding Service Award and Women’s Initiative SPOTLIGHT Award, three ways that AI recognizes some of its brightest and most deserving professionals.
Nominations for all three awards are due May 31. The awards will be presented at the Appraisal Institute’s 2022 Annual Conference, Aug. 2-3 in Las Vegas.
The J. Scott Robinson Lifetime Achievement Award is presented to an AI professional who best demonstrates high ethical standards; contributed to the Appraisal Institute at the chapter, regional, national and/or international level(s); provided service to his or her community; and contributed to the appraisal profession. A minimum of 20 years of service is recommended to be eligible for this award.
The Outstanding Service Award is presented to an AI professional who has contributed ideas, service hours and dedication to ensure a specific program or effort is implemented at either the chapter, region, national and/or international level(s). This AI professional must be instrumental to the success of the program or effort, which also must be far enough along to measure and provide proof of success. Additionally, the program or effort must be beneficial to chapters, regions, national, international, designated members, candidates, affiliates, practicing affiliates and/or the profession.
The Women’s Initiative SPOTLIGHT Award was established in 2020 to recognize an Appraisal Institute member who has made an important contribution to fostering the professional growth of women in valuation. All AI professionals are eligible for the Women’s Initiative SPOTLIGHT Award.
Find more information on the awards and the nomination process.
AI Unveils New Seminar on Practical Application of Fundamental Analysis
The Appraisal Institute is premiering the seminar Practical Application of Fundamental Analysis on Friday June 3 in Salt Lake City, Utah. This premiere offering is being sponsored by the Utah Chapter of the Appraisal Institute and is being taught by Kerry M. Jorgenson, MAI, who also developed the program. This 7-hour seminar will especially provide ways for students to strengthen their knowledge of Level C Market Analysis. When market conditions are changing as they are now, an understanding of fundamental demand concepts and the ability to apply them is necessary to do the valuation competently. Visit the AI website to learn more or register for this offering.
AI Seminar Provides Guide to Litigation Support
I’d encourage you to learn more about the Appraisal Institute’s new seminar, which is intended for appraisers who are considering expanding their practices into the area of litigation support, as well as those valuation experts who are already working in litigation. Many who work in a particular intended use fall into the habit of doing the same kind of work over and over without reconsidering how their skills are being communicated.
The biggest difference between litigation support and other intended uses of our reports is how we deliver the message, both in our written reports and in the presentation of oral testimony which, of course, is specific to litigation assignments. However, there are also differences in how opinions might be better developed for use in litigation, and we will consider those differences as well. The information presented in this seminar is equally applicable to appraisers serving as expert witnesses in arbitration matters, as well as those in arbitration matters and other administrative hearings such as tax appeals and zoning.
Learn more about this offering here.
Reminder: Save the Date for the Appraisal Institute Annual Conference
Now’s a good time to mark your calendar for the Appraisal Institute Annual Conference, which will be held in Las Vegas Aug. 2-3 at the Bellagio.
The Annual Conference will offer attendees the opportunity meet colleagues from across the country and around the world, attend interesting education sessions and learn about the latest in valuation products and services.
More will be announced in the coming months, but for now, be sure to save the date!
Other News Around the Appraisal
Institute
And here’s some other important news from the Appraisal
Institute:
- If you haven’t gotten your copy of the “Dictionary of Real Estate Appraisal,” seventh edition, I’d encourage you to get your copy here.
- 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.