The Increasing Importance of Appraisal Reviews

Since the bubble burst, appraisals have been under what many would call unfair scrutiny. Appraisers for years have reminded anyone who would listen that they reflect what’s happening in the market; nevertheless, economic uncertainty and a fluctuating real estate market leave more room for concern.

realtor workThough always an important valuation function, review appraisals in the current climate have become even more prominent within the profession and play a vital role in risk management and mitigation.

The Uniform Standards of Professional Appraisal Practice defines an appraisal reviews as “the act or process of developing and communicating an opinion about the quality of another appraiser’s work that was performed as part of an appraisal, appraisal review, or appraisal consulting assignment.”

In their July 2007 research report, “Appraisal Reviews and Their Importance,” James R. MacCrate, MAI, and Noreen Whysel explain that a number of things could cause issues in an appraisal report, often requiring an appraisal review. These include the following: [Read more…]

AI Board Approves Continuing Education Revisions

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I’m excited to share some important information about AI’s review designations program, which is a significant milestone in our organization’s history.

AI Selects Names for Review Designations

The Appraisal Institute’s Board of Directors voted October 30 to approve the review designations to be AI-GRS (Appraisal Institute – General Review Specialist) and AI-RRS (Appraisal Institute –Residential Review Specialist), and for the review designation program to
commence January 1, 2014. The AI-GRS and AI-RRS designations will be the Appraisal Institute’s first new designations in more than 20 years.

Beginning in 2014, AI will offer four new courses to address review designations. Review Theory — Residential and Review Theory — Generalare scheduled to be released in first quarter 2014. Review Case Studies — Residential and Review Case Studies — General are scheduled to premiere in July 2014.

Learn more about this terrific program and how our Designated members and others can get involved. [Read more…]

AI Officials Meet with Asian Leaders

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AI takes great pride in its role as a thought leader in the real estate valuation profession, and I’m pleased to let you know that the organization recently released the latest addition to its body of knowledge: “The Appraisal of Real Estate, 14th Edition!” [Read more…]

Appraisal Institute Review Designations Education Now Available

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As AI continues its leadership role in the valuation profession, I’m pleased to let you know that the organization’s Review Designations program is progressing nicely!

Registration Open for Review Courses

The Appraisal Institute soon will begin offering two Review Designations. Designated members in good standing pursuing an Appraisal Institute review designation will be able to fulfill certain education requirements beginning in October (for residential) and December (for general) by completing one or more of these review courses, depending on which designation they are pursuing (residential or general) and which Appraisal Institute designation they already hold, if any. [Read more…]

Appraisal Institute Discusses Goals for 2013 in Latest YouTube Video

President Richard L. Borges II, MAI, SRA, discusses the Appraisal Institute’s goals and priorities for 2013, including implementing the Candidate for Designation program; addressing changing appraiser demographics; enhancing appraiser education; instituting the Review Designations program; and combating unwarranted regulation in the appraisal profession.

Watch the latest YouTube video to learn more.

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