Originally published on May 18, 2023, by the Appraisal Institute.
The Appraisal Institute announced today that the Appraiser Qualifications Board has provided approval of AI’s Practical Applications of Real Estate Appraisal program for the licensed residential path.
Originally published on February 17, 2023 by the Appraisal Institute.
The Appraisal Institute on Feb. 17 premiered season 2 of its monthly podcast series, Face Value. Hosts Warren Boizot, SRA, AI-RRS, and Tonia Vailas, MAI, AI-GRS, talk with President Craig Steinley, MAI, SRA, AI-GRS, AI-RRS, and President-Elect Sandy Adomatis, SRA, about the year ahead, project updates and how AI is helping residential appraisers.
The Appraisal Institute on Dec. 1 released its latest episode of the Face Value podcast, “AI PAREA: Opportunities for Future Appraisers and Mentors.” Host Warren Boizot, SRA, AI-RRS, talks with AI Vice President Sandy Adomatis, SRA, about how AI professionals with an MAI or SRA designation can get involved as mentors and the many opportunities available to aspiring appraisers.
Originally published on November 17, 2022 by th Appraisal Institute.
The Appraisal Institute announced today that CEO Jim Amorin, MAI, SRA, AI-GRS, will resign effective Feb. 14, 2023. He will conclude five years of service as the organization’s CEO and is moving on to pursue other opportunities.
Originally published on August 11, 2022, for the Appraisal Foundation.
On August 11, 2022, The Appraisal Foundation’s Appraisal Standards Board (ASB) announced that the current edition of the Uniform Standards of Professional Appraisal Practice (USPAP) would be extended by one additional year. The 2020-2021 USPAP will now be effective until December 31, 2023.
Originally published on August 10, 2022, by the Appraisal Institute.
The Appraisal Institute Board of Directors voted to adopt two 45-Day Notice items during its Aug. 4-5 meeting in Las Vegas. The 45-Day Notice items address the removal of officers, directors, and committee members, and regional elections and voting. The Board also adopted the proposed Regional Election Policy as set forth in the Exposure Draft distributed to Designated Members, Candidates, Practicing Affiliates and Affiliates on June 20.
Originally published on May 18, 2022, by the Appraisal Institute.
The Appraisal Institute Board of Directors voted to adopt four 45-Day Notice items during its May 12-13 meeting in Chicago. The 45-Day Notice items address Bylaws modernization, the Candidate for Designation program, alternate chapter representatives to regional committees and proposed amendments to the Appraisal Institute Code of Professional Ethics and Explanatory Comments to the Code of Professional Ethics.
Listen to Face Value, the official podcast of the Appraisal Institute. Join rotating hosts Warren Boizot, SRA, AI-RRS, and Tonia Vailas, MAI, AI-GRS, each month as they share appraiser experiences, insights, and stories with other credible experts in the valuation profession. Tune in as they dive into the latest trends, news, association updates, and more. Don't miss out on appraisal news you won’t find anywhere else, all delivered at face value.
Originally published on March 2, 2022 by the Appraisal Institute.
The Appraisal Institute announced March 9 that it is accepting nominations for its J. Scott Robinson Lifetime Achievement, Outstanding Service Award and Women’s Initiative SPOTLIGHT Award, three ways that AI recognizes some of its brightest and most deserving professionals.
Originally published on March 18, 2021, by Erin Osgood for Redfin Press Center.
SEATTLE, March 18, 2021 /PRNewswire/ -- (NASDAQ: RDFN) — The national median home-sale price rose 14.4% year over year to $336,200 in February, the largest increase seen since July 2013, according to a new report from Redfin (www.redfin.com), the technology-powered real estate brokerage. Closed home sales were up 5% from a year earlier and pending sales were up 21%. New listings fell 16%—the second-largest decline on record since Redfin's data began in 2012, only passed by the drop in April 2020.
AI Answers, with Jeff Sherman, Steve Roach, Leslie Sellers, and Bill Garber, spotlights the newly released “The Appraisal of Real Estate,” 15th edition, a peer-reviewed Appraisal Institute text and an authoritative source of recognized methods and techniques for valuation practitioners.
Originally published by Fannie Mae on February 18, 2021.
WASHINGTON, DC – The U.S. economy is expected to grow 6.7 percent in 2021, an improvement not only from last year’s 2.5 percent contraction but up, too, compared to last month’s forecast of 5.3 percent, according to the February 2021 commentary from the Fannie Mae (FNMA/OTCQB) Economic and Strategic Research (ESR) Group. The latest forecast upgrade of full-year 2021 real GDP growth reflects greater-than-expected consumer spending in the winter months, slowing COVID-19 case rates and hospitalizations, and the likelihood of an impending fiscal stimulus package. However, the ESR Group notes that some of the expected growth quickenings stem from a pull-forward of growth that was previously expected to take place in 2022; subsequently, its forecast of full-year growth in 2022 decreased 0.8 percentage points this month to 2.8 percent. The ESR Group’s updated forecast also highlights greater uncertainty and downside risks, including stronger inflation and higher interest rates, as well as potentially weaker growth if COVID-related restrictions persist beyond the spring.
As you’re probably aware, the topic of diversity and alleged bias in the valuation profession has been covered in the media recently, and it’s an issue that AI continues to take very seriously.
As the nation’s largest professional association of real estate appraisers with over 17,000 professionals, and with more than 73,000 appraisers in the U.S., there’s no way we, or anyone else, can categorically say that no bias exists in the profession and that no individual appraiser has any bias. “Good” appraisals are credible and well supported – as you know, value is not a fact to be found. Attempting to find a non-appraiser’s opinion of the “correct” value sends us quickly down a rabbit’s hole. Instead, we are springing into action with a range of programs meant to attack whatever unconscious individual biases may exist; addressing matters of diversity within the profession; and developing policy solutions relating to mortgage financing and community and economic development.
The Appraisal Institute, the American Society of Appraisers, the American Society of Farm Managers and Rural Appraisers and the Massachusetts Board of Real Estate Appraisers today announced their collective support for the development of additional training that addresses unconscious bias in valuation, and for each organization to individually review its Code of Ethics and other governing documents to further ensure awareness and compliance among its membership and the valuation profession as a whole.
“During this important time in our nation’s history, our organizations stand together to enhance existing training and ethics initiatives and work even harder to ensure that the appraisal process is free of bias or discrimination of any kind,” said Appraisal Institute President Jefferson L. Sherman, MAI, AI-GRS.
Specifically, the professional organizations pledge to develop training programs for appraisers covering unconscious bias issues, helping to increase awareness by connecting the appraisal community with thought leaders on bias and discrimination.
“Acknowledging that bias exists is but one small step. Together with our partners, we commit to doing the hard work of educating our members about the various ways bias can affect their work, and provide them the tools necessary to overcome bias. By doing this as a profession, and not merely as individual organizations, we hope to underscore to our members and the public just how important this issue is to all of us,” stated American Society of Appraisers International President Lorrie Beaumont, ASA.
Each of the organizations also commit to take steps to enhance their respective Code of Ethics to more firmly or overtly address bias and discrimination issues with protected classes.
For more than 50 years, the Appraisal Institute Education Trust (AIET) fostered the advancement of the real estate appraisal profession and played a critical role in supporting valuation education. AIET supported a vast range of initiatives, from world-renowned resources such as the Y.T. and Louise Lee Lum Library, to programs that will help secure the future of the valuation industry, including research grants and scholarships.
Since the formation of the Appraisal Institute Relief Foundation (AIRF) following the 2005 Gulf Coast hurricanes, more than $300,000 in emergency financial assistance has been provided to appraisers and other individuals in need.
Looking to the future, the AI Education and Relief Foundation will continue to seek opportunities to support and promote the profession of real estate valuation and the individuals who comprise the profession.
If you or someone you know has experienced a disaster or emergency causing financial, physical, or emotional distress, please encourage them apply today.
The Appraisal Institute Education and Relief Foundation offers scholarships for AI professionals pursuing designations and state certification. Specific offerings are available for minorities and women. Candidates for Designation and Practicing Affiliates should apply by the October 1 deadline.
The NCAI Scholarship Committee is available to answer any of your questions and guide you through the application process. Contact Scholarship Committee Chair Kelli Mayhew.
As our nation continues reflecting on important matters of racial justice, the nation’s largest professional association of real estate appraisers today reiterated its efforts to expand opportunities for aspiring appraisers and help combat alleged bias in valuation.
The Appraisal Institute has several existing programs concentrating on this issue, including the Appraiser Diversity Pipeline Initiative with Fannie Mae and the National Urban League, along with the Minorities and Women Course Scholarship Program from the Appraisal Institute Education and Relief Foundation.
In the midst of a global pandemic and social justice concerns, the Appraisal Institute published “The Appraisal of Real Estate,” 15th edition. The textbook long has been recognized as the valuation profession’s most comprehensive source of information for appraisers and other real estate professionals.
“We find ourselves in a situation much like 2008 today, with a global pandemic and social justice concerns affecting all areas of the economy—and many other aspects of daily life—in the United States and around the world,” Appraisal Institute President Jefferson L. Sherman, MAI, AI-GRS, wrote in the book’s foreword. “Today, appraisers and users of appraisal services do not know what the future will look like.”
