The Appraisal Institute Board of Directors adopted both 45-Day Notice items on its agenda during its May 7 meeting, which was conducted via videoconference due to the coronavirus pandemic.
The Board of Directors adopted a 45-Day Notice item regarding proposed amendments to Appraisal Institute Regulation No. 5 regarding use of Appraisal Institute designations by non-practicing Designated Members. The Board also adopted the other 45-Day Notice item on its agenda, addressing proposed amendments to the Appraisal Institute Code of Professional Ethics and relevant governing documents relating to the deletion of “Service” as a defined term, the addition of the term "Valuation Practice” and the resultant conforming changes to other terms.
The 45-Day Notice including both items was distributed to Appraisal Institute professionals March 23.
The Board also approved two items for inclusion in an upcoming 45-Day Notice. The first item addressed proposed amendments to Regulation No. 4 regarding streamlining requirements for readmission to designated membership. The second item addressed proposed amendments to Regulation Nos. 1, 2 and 3 regarding the college degree requirement for the Appraisal Institute’s MAI, SRA, AI-GRS and AI-RRS designations.
AI professionals are currently scheduled to receive the 45-Day Notice in mid-June.
In other actions, the AI Board of Directors:
- Approved appointments to the recently created University Relations Committee;
- Approved an appointment to fill a vacancy on the Women’s Initiative Committee; and
- Approved the transfer of funds from AI’s reserve fund to its operating fund.
The Appraisal Institute Board of Directors is next scheduled to meet Aug. 5-6.
