Appraisal Institute Adopts 2015 Budget

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Appraisal Institute Adopts 2015 Budget

The Appraisal Institute adopted its budget for next year among other actions taken during the Board of Directors’ November 20-21 meeting in Chicago.

The Board voted to amend existing policy to allow eligible Practicing Affiliates, upon application for admission to the Candidate for Designation program, to receive a credit for one previously-taken designation education course under certain conditions. Those individuals also would be granted a monetary credit applied toward Candidate fees in some situations. Additionally, the Board voted to maintain the 2015 chapter funding of Candidates for Designation and Practicing Affiliates at 2014 levels.

The Board also approved the 45-Day Notice shared with Appraisal Institute professionals October 6, which included proposed amendments to Regulation No. 2 regarding requirements for the SRA designation. The 45-Day Notice also included further amendments to the preamble to the AI Standards of Professional Appraisal Practice and the preamble to the AI Code of Professional Ethics, in addition to various amendments to other documents. The changes to the Code of Professional Ethics and Standards of Professional Appraisal Practice are effective January 1.

The Board also voted to send to 45-Day Notice proposed revisions of SRA designation requirements and proposed amendments to Regulations Nos. 1, 2 and 3 to make certain language in these Regulations consistent. Additionally, the Board voted to send to 45-Day Notice a proposal to eliminate the minimum length of candidacy required for general and review Candidates for Designation who do not already hold an Appraisal Institute designation. The Board also voted to send to 45-Day Notice a proposal to eliminate AI continuing education requirements for Candidates for Designation.

The Appraisal Institute’s Board of Directors is next scheduled to meet February 19-20 in Chicago. [Read more…]

AI Seeks Proposals for 2015 Annual Meeting Educational Sessions

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AI Seeks Proposals for 2015 Annual Meeting Educational Sessions

The Appraisal Institute is seeking proposals by December 31 for panel sessions and presentations for its 2015 Annual Meeting. AI Connect is looking for highly skilled speakers who can address issues and topics of interest to the valuation profession. All panels/presentations will be assigned to one or more of the following tracks:

  • Commercial
  • Residential
  • General
  • Institutional Client
  • Attorney Client

Learn more about submitting a presentation. [Read more…]

AI Tells Bank Regulators To Address Evaluation, Competency Issues

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AI Tells Bank Regulators To Address Evaluation, Competency Issues

The Appraisal Institute and the American Society of Farm Managers and Rural Appraisers urged federal bank regulatory agencies in a September 2 letter to re-evaluate policies related to appraisal exemptions established under Financial Institutions Reform, Recovery, and Enforcement Act regulations.

AI and ASFMRA urged the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation and the Board of Governors of the Federal Reserve to align their regulations with Dodd-Frank requirements, which allow financial institutions to use professional designations and other competency tests when hiring appraisers.

The organizations also asked the agencies to resist any calls for increasing loan appraisal thresholds ($250,000 for residential, $1 million for commercial), citing appraisals as a “gold standard” in real estate risk assessment. The organizations further asked that the agencies review their regulations in light of recent changes to appraisal standards, such as the Scope of Work rule that provides more client flexibility.

Read the joint AI, ASFMRA letter. [Read more…]

AI Board of Directors Adopts Standards of Valuation Practice

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AI Annual Meeting Highlighted by Speakers, Awards

The 2014 Appraisal Institute Annual Meeting drew nearly 500 attendees to Austin, Texas, August 4-6. The event featured four engaging general session speakers, more than 50 different education sessions and up to 90 hours of AI continuing education credit points and up to 14 hours of state continuing education credit, in addition to exhibits, awards and networking events.

The slate of speakers included former astronaut Eugene A. “Gene” Cernan, the last man on the moon; Mark G. Dotzour, Ph.D., chief economist and director of research at the Real Estate Center at Texas A&M University; Brian Olasov, managing director of McKenna Long & Aldridge LLP; and Texas Commissioner of Agriculture Todd Staples.

Eight appraisers were honored during an awards dinner August 6. Peter D. Bowes, MAI, of Denver and Reaves C. Lukens Jr., MAI, SRA, of Gladwyne, Pennsylvania, were honored with the Lifetime Achievement Award and Michael G. Miller, MAI, SRA, AI-GRS, of Richmond, Virginia, and Charles J. Lentz, MAI, of Orlando, Florida, were named the recipients of the Outstanding Service Award. President’s Award recipients were Craig M. Harrington, SRA, AI-RRS, of Chaska, Minnesota; Paula K. Konikoff, JD, MAI, AI-GRS, of New York; Richard L. Borges II, MAI, SRA, AI-RRS, of Seymour, Indiana; and Leslie P. Sellers, MAI, SRA, of Clinton, Tennessee. Read more about the award winners. [Read more…]

AI Premieres Latest Review Designation Education

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AI Premieres Latest Review Designation Education

On July 14, AI premiered its Review Case Studies-General course, which is part of the organization’s Review Designation program. Participants will put into practice the concepts presented in Review Theory-General by applying the review process to three case studies that present challenges reviewers face every day. Participants will gain confidence in their review techniques by evaluating appraisal errors; developing and communicating opinions of completeness, accuracy, adequacy, relevance, reasonableness, appropriateness, credibility, and reasons for disagreement; and preparing written review reports.

The Review Theory-General and Review Theory-Residential courses also are available. Review Case Studies-Residential is scheduled to premiere in first quarter 2015.

Learn more about AI’s education requirements for designation.  [Read more…]

AI Supports Proposed AMC Minimum Requirements

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It gives me great pride to share that AI has taken another important step in its nationwide advocacy efforts on behalf of its professionals, this time related to appraisal management companies.

AI Supports Proposed AMC Minimum Requirements

On June 9, the Appraisal Institute and the American Society of Farm Managers and Rural Appraisers submitted joint written comments to the federal bank regulatory agencies expressing their support for proposed minimum requirements for appraisal management companies.

The rulemaking was required by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. Once the rules are finalized, states will have up to 36 months to enact laws that are consistent with the federal minimum requirements regarding the registration and oversight of AMCs.

Learn more about the AMC Minimum Requirements, check out the AI-ASFMRA comment letter and view all the comments that have been submitted to the regulatory agencies.

Top CRE, Advisory Firms Tackle Valuation Issues at AI Event

The Appraisal Institute recently hosted nearly two dozen representatives of some of the world’s largest commercial real estate valuation and advisory firms to discuss with AI’s national officers possible solutions to issues facing the valuation profession. The June 16 meeting in Chicago kicked off the inaugural Appraisal Institute President’s Council, a forum for bringing together valuation industry leaders to discuss timely and topical issues of concern.

Topics covered included: lack of awareness of 2015 supervisory appraiser requirements that could inhibit development of the valuation profession; the significant compliance costs and obligations of state licensing; global market demand and opportunities in markets such as India and Brazil; concerns about appraisers’ and firms’ liability issues; integration into the profession of the Appraisal Institute’s proposed Standards of Valuation Practice; and issues related to valuation for financial reporting.

AI Enhances Thought Leadership, Attends Key Industry Events

In keeping with the Appraisal Institute’s commitment to convey AI’s thought leadership to valuation professionals and others interested in appraisals, I recently was joined by President-Elect Lance Coyle, MAI, SRA; Vice President Scott Robinson, MAI, SRA, AI-GRS; Immediate Past President Rick Borges, MAI, SRA, AI-RRS; and Chief Executive Officer Fred Grubbe, MBA, CAE, at the Appraisal Institute of Canada’s Annual Conference, June 4-8, in Halifax, Nova Scotia. Then, I spoke at the FBI Advanced Mortgage Fraud Conference, June 17, in Arlington, Virginia. Scott Robinson attended the International Right of Way Association’s Annual Conference, June 22-25, in Hartford, Connecticut, and Rick Borges represented AI on the Regulatory Compliance Panel at Valuation Expo, June 23-25, in Las Vegas.

Advance Registration for AI Annual Meeting Ends July 14

Advance registration for the 2014 AI Annual Meeting will end on July 14. After that date, registration will take place onsite only (at an increased rate). Learn more about the 2014 Annual Meeting, which will take place, August 4-6, at the Hilton Austin hotel in Austin, Texas. View the session descriptions and speakers and register today. Network with your colleagues and clients, earn AI and state continuing education credit, see exhibits from vendors and attend the annual AI awards dinner.

AI Board to Consider 2 Candidates for 2015 Vice President in August

The Appraisal Institute Board of Directors will consider two candidates for the position of 2015 vice president at its August 7-8 meeting in Austin, Texas. The two nominees are Jim Amorin, MAI, SRA, AI-GRS; and Kern G. Slucter, MAI, SRA.

In May, the National Nominating Committee nominated Amorin. Slucter was nominated by petition pursuant to the Bylaws, which permit additional nominations by written petition signed by at least twenty (20) percent of the Directors delivered in writing to the Chief Executive Officer no later than forty-five (45) days after the NNC nomination is submitted to the Board. The Board now will evaluate and elect one of these two candidates as 2015 vice president at its August meeting in Austin.

AI professionals may see information on the candidates’ backgrounds and views (log-in required). Written recommendations and comment letters regarding the nominees may be submitted to the Secretary to the Board ataielection@appraisalinstitute.org no later than one week prior to the election to guarantee distribution to the Board prior to the election.

Other News Around AI

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

  • The U.S. Trade & Commerce Institute recognized the Appraisal Institute June 16 as a 2013 Illinois Excellence Award recipient. Honorees are recognized as having enhanced the commitment and contribution of small businesses through service to their customers and community. USTCI determined the Appraisal Institute has consistently demonstrated a high regard for upholding business ethics and company values. Learn more about the Illinois Excellence Awards.
  • The Appraisal Institute posted a new video to its YouTube channel this month, featuring Sandy Adomatis, SRA, discussing why green valuation matters to appraisers.
  • If you haven’t already done so, I encourage you to check out the latest quarterly editions of Valuation magazine and The Appraisal Journal, both of which contain timely and informative articles about relevant topics.
  • The Appraisal Institute continues to grow its social media presence. Be sure to follow AI on Facebook, Twitter, LinkedIn and YouTube.

Have a great month!

AI Expands International Education Offerings

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I’m very pleased to share that the Appraisal Institute has taken another critical step to help enhance the future of the organization and the valuation profession as a whole.
AI Unveils New Certification Organization
The Appraisal Institute on May 8 announced the formation of a new certification organization: the International Center for Valuation Certification. The ICVC will confer cross-disciplinary valuation certifications to individuals who meet select criteria, while addressing current market needs and opportunities, advancing professionals and serving the public and clients.

The ICVC is an Illinois not-for-profit organization. Its first Board of Directors consists of:

  • Richard L. Borges II, MAI, SRA, AI-RRS;
  • Charles T. Cowart, MAI;
  • Jeffrey S. Enright, MAI;
  • James L. Murrett, MAI, SRA;
  • Misty K. Ray, MAI;
  • Faith A. Roland, SR/WA; and
  • Sara W. Stephens, MAI.

Additional information about the ICVC will be shared in the near future. [Read more…]

AI Secures Annual Meeting Speaker

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I’m excited to share that the Appraisal Institute has secured another exciting general session speaker for its 2014 Annual Meeting, taking place August 4-6 at the Hilton Austin in Texas! Discounted early registration closes June 1, so be sure to sign up today.

AI Announces Annual Meeting Speaker

Brian Olasav, managing director, McKenna Long & Aldridge LLP, has accepted AI’s invitation to speak at the closing general session of its 2014 Annual Meeting. Olasav will address “A $19 Trillion Education: Are We Smarter Now than in 2008?” According to the U.S. Treasury Department, household net worth plunged by more than $19 trillion during the financial crisis. A large component of this arose from an unforeseen national depression in residential and commercial real estate values. Olasav will discuss what real estate markets and professionals, particularly appraisers, can learn and apply.

Attendees at this year’s AI Annual Meeting will experience first-class education and extensive networking options, the opportunity to earn Appraisal Institute CE credit and state credit, cutting-edge exhibits from valuation profession vendors, an awards dinner honoring top valuation professionals and the chance to explore numerous social and recreational activities in Austin.

Learn more about the 2014 Annual Meeting, view the recently posted session descriptions and speakers and register today. [Read more…]

AI Addresses ‘Green’ Issues at White House Roundtable

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I’m excited to share that the Appraisal Institute has secured a terrific general session speaker for its 2014 Annual Meeting, taking place August 4-6 at the Hilton Austin in Texas! Registration is now open, so be sure to sign up today.

AI Announces Annual Meeting Speaker

Mark G. Dotzour, Ph.D., chief economist and director of research for the Real Estate Center at Texas A&M University in College Station, Texas, has accepted our invitation to speak at a general session of the 2014 Annual Meeting. As chief economist, he is currently doing market research to monitor how global and national trends are likely to impact residential and commercial real estate markets, and he will share his insights with Annual Meeting attendees.

Attendees will experience first-class education and extensive networking options, the opportunity to earn Appraisal Institute CE credit and state credit, cutting-edge exhibits from valuation profession vendors, an awards dinner honoring top valuation professionals and the chance to explore numerous social and recreational activities in Austin.

Learn more about the 2014 Annual Meeting and register today. [Read more…]