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NCAI Members Participate in LDAC & AI Legislative Day in DC

The first annual Appraisal Institute Legislative Day was held in conjunction with the Leadership Development and Advisory Council (LDAC) meeting May 14-16, in Washington, DC.


(L-R): Keith Bolte, Erica Butler, Richard Earley, Brian Crowder and Laura Gourlay

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Trending Topics Thursdays: Free AI Webinar on May 22

Appraising the Profession: Chief Appraisers on Trends,
Performance, and the Road Ahead

Thursday, May 22, 2025
11:00 AM - 12:00 PM (CT)

Join AI for a candid conversation with two leading chief appraisers—one in commercial real estate and one in residential—as they share what they’re seeing across the profession today.


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A Message from NCAI Chapter President Kelli Kline Mayhew, MAI, SRA

The Main Point
The Appraisal Institute is facing a crisis. In this message, you will learn about the events that have occurred to date, how the fallout has impacted us, and what we can do to move forward.

Background
On Thursday, May 8th, the New York Times published an article titled “Appraisal Trade Group Accused of Covering Up Sexual Harassment and Test Flaws.” You can read it here. Many disturbing allegations were made in the article including wrongful termination and sexual harassment claims by a former employee.

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National Nominating Committee Nominates Byron Miller as 2026 AI Vice President

Byron Miller, SRA, AI-RRS, was nominated for 2026 Appraisal Institute vice president by the AI National Nominating Committee at its May 7 meeting in Chicago.

National Nominating Committee Chair Sandy Adomatis, SRA, submitted the committee’s nomination to the AI Board of Directors. Board members may file petitions for additional nominees in accordance with the Appraisal Institute Bylaws. The AI Board of Directors is expected to elect the 2026 vice president at its August 14-15 meeting.

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NCAB Meeting Update

NCAI Government Relations Committee Chair Shepherd Overton, MAI, attended the North Carolina Appraisal Board meeting on April 22, 2025.

The highlight of the meeting was a presentation by John Russell and Peter Fontana representing the Appraisal Foundation. The theme of their presentation was alternative experience, and the ways the Appraisal Qualification Board was exploring to allow for experience outside of the traditional appraisal writing route. The main thrust was the experience assessors have around the country, the classes they must take, and what their output looks like, i.e., a mass appraisal. The presenters spoke about a possible path for these types of alternative valuation professionals and how their experience, plus appropriate state testing, could be a pathway toward appraisal licensing. They noted some discussion is underway regarding whether assessors who might qualify for their experience would be required to submit sample reports to state boards prior to licensure. The presenters addressed how this aligns with the current problems facing the traditional path and finding supervisors.

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North Carolina Chapter Attends REVCO Joint Regional Meetings

By Erica Butler, MAI, and Keith Bolte, MAI, AI-GRS

The North Carolina Chapter of the Appraisal Institute was well represented at the recent REVCO joint regional meeting, with Kelli Mayhew, MAI, SRA; Erica Butler, MAI; Greyson Morgan, MAI; and Keith Bolte, MAI, AI-GRS in attendance. The meeting brought together professionals from multiple regions to collaborate, share insights, and discuss key developments shaping the appraisal profession.

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AI Legislative Day in Washington, DC

The first annual Appraisal Institute Legislative Day will be held in conjunction with the Leadership Development and Advisory Committee (LDAC) meeting on May 14-15. This is an opportunity for all appraisers to help shape the future of the appraisal profession by engaging in grassroots advocacy on Capitol Hill:

Your Voice. Your Advocacy. Your Impact.

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Appraisal Institute Advocacy Updates

Tough Questions on Appraisal Bias Deserve Real Answers

During recent Fair Housing Month forums hosted by the Maryland and New Jersey Civil Rights Commissions, Scott DiBiasio, the Appraisal Institute’s Director of Government Relations, delivered a series of pointed, public questions challenging ongoing claims about appraisal bias. His remarks, made during two separate events on April 11 and April 14, raised critical concerns that continue to go unanswered.

Speaking during both sessions - each focused on equity in valuation - DiBiasio challenged the narrative that appraisers are the root cause of racial disparities in property values:

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Three (3) Candidates Seeking to Become 2026 AI Vice President

The process for nomination and election of the Appraisal Institute’s 2026 vice president has begun. The following individuals (listed alphabetically) have announced their candidacies and will come before the National Nominating Committee at its May 7 meeting in Chicago:

  • Ryan Hlubb, MAI, SRA
  • Byron Miller, SRA, AI-RRS
  • Steve Stiloski, MAI

AI Members may view the candidate biographies and questionnaires (log-in required) and provide letters of recommendation by 5:00 PM CT on May 2.

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North Carolina’s REVC Featured in Valuation Magazine

North Carolina's Virtual REVC Centers on Timely Topics

The 2024 virtual Real Estate Valuation Conference hosted by the North Carolina Chapter of the Appraisal Institute in September "was a resounding success, offering appraisers valuable continuing education on essential and timely topics," says 2025 NCAI Chapter Treasurer and 2024 REVC Committee Chair Brian Crowder, MAI, SRA. "Attendees left quipped with actionable insights and a deeper understanding of the evolving real estate landscape, enhancing their ability to provide accurate and informed appraisals in a rapidly changing industry."

REVC organizers like Rocky McElhannon, MAI, SRA, AI-GRS, were pleased with the sessions and the turnout. "Our 2024 conference offered a Residential segment that attracted more than 45 participants, followed by a Commercial segment two days later that was attended by more than 90," he says. 

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Charlotte Plays Host to Successful Symposium and Q1 Business Meeting

“It’s great to be back in person,” said several of the attendees of the NCAI 2025 Valuation Law Symposium, held March 12-13 at Canopy Realtor® Association building in Charlotte. Chapter members came from across North Carolina for two days of continuing education on crucial legal and theoretical valuation aspects.


(L-R): NCAI Vice President Erica Butler, MAI; Valuation Law Symposium speaker Josh Wood, JD, MAI, AI-GRS; and Appraisal Institute President Paula Konikoff, JD, MAI, AI-GRS

Josh Wood, JD, MAI, AI-GRS, a valuation expert, educator, and adjudicator whose practice centers on the intersection of appraisal theory and the law, led both days of study. Day 1 featured sessions on the “Unit Rule” and its misapplications; expert reports on federal civil procedure; and "The Calling," examining the profession's history and significance. Day 2 tackled the complex distinctions between “Fair Value, Market Value, and Fair Market Value” across different professional contexts, using case studies and practical examples to clarify these often-misinterpreted terms.


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Celebrating Women in Appraisal: Honoring Leadership & Empowerment

NCAI Honors Leaders for International Women's Day

Saturday, March 8, 2025

In honor of International Women’s Day, the North Carolina Chapter of the Appraisal Institute would like to recognize the women in past and present leadership.

As a Chapter, expanding our inclusion of women and encouraging leadership makes us stronger. We would like to highlight those that are currently serving in Chapter leadership positions along with the NCAI Presidents that came before us.

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Appraisal Institute Seeks 2026 Vice President Nominations

The National Nominating Committee seeks the names of members interested in serving as the 2026 Vice President of the Appraisal Institute. The 2026 Vice President succeeds to the offices of 2027 President-Elect, 2028 President, and 2029 Immediate Past President.

If you are interested in serving or would like to recommend an individual who meets the qualifications for the position, please email your written recommendation to Sandra Adomatis, SRA, who will serve as Chair of the 2025 National Nominating Committee, c/o Joan Barngrover at [email protected]. All recommendations must be received by February 6, 2025, 5:00 p.m. CT. The National Nominating Committee will contact potential candidates with the requirements for continuing the process.

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Time Adjustment Research Contains Multiple Flaws

Originally published on December 13, 2024 by The Appraisal Institute.

A study on the use of time adjustments by appraisers conducted by two researchers at the Federal Housing Finance Agency in November contains serious flaws that misrepresent the appraisal process and further demonize the appraisal profession regarding racial bias.

The study, Underappraisal Disparities and Time Adjustments to Comparable Sales Prices in Mortgage Appraisals, contends that appraised values often fail to reflect rapidly increasing home prices in competitive markets. It further raises housing equity concerns, claiming that time adjustments are used less to cure “underappraisal” in majority Black and Hispanic neighborhoods than in major White neighborhoods. The study suggests appraisers should use automated valuation models, and lenders should randomly assign appraisal orders to mitigate bias.

For one, the assumption that appraisals should ideally mirror the pace of rising market prices oversimplifies the role of appraisers and the appraisal process. The study does not sufficiently account for the complexity of making time adjustments in markets with uneven price growth or where transaction volumes are low, limiting the availability of comparable sales.

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Appraisal Institute Releases Comprehensive Guide to Valuing Religious Properties

Originally published on November 19, 2024 by The Appraisal Institute.

The Appraisal Institute is pleased to announce the release of A Guide to Appraising Religious Properties by Bradley R. Carter, MAI, a leading authority in the field of property valuation. This pivotal new book offers a comprehensive look into the field of appraising religious properties, providing invaluable insights amid the evolving landscape of real estate and religious institutions.

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Appraisal Institute Announces Key Elements of Second Quarter Board Meetings

Originally published on May 10, 2024, by the Appraisal Institute. 

The Appraisal Institute, the leading association of real estate appraisers, released highlights of its Second Quarter Board Meetings, May 9-10, 2024. Chief Executive Cindy Chance, PhD, updated the Board on organizational change, progress and challenges since the first quarter meeting in late February. President Sandy Adomatis, SRA, chaired the meeting at which the Board deliberated on a number of topics with the goal of serving its mission and members’ interests.

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Appraisal Institute Releases Book on Senior Housing and Other Healthcare Properties

Originally published in December 2023, by the Appraisal Institute.

This comprehensive text explores senior housing, nursing home, and hospital properties from physical and economic perspectives, providing appraisers with an up-to-date set of tools for determining the productivity, marketability, feasibility, and value of these facilities. Readers will become familiarized with the forces affecting earnings and valuation and will gain knowledge of the techniques needed to assist in the acquisition, lending, investing, developing, and assessment of these properties. Because of the broad scope of topics covered, many nonappraisers—including lenders, equity investors, operators, developers, industry analysts, assessors, and attorneys—will find this book useful.
 
All three traditional approaches to value are closely examined in this book, and Medicare and Medicaid are also discussed in detail. The main focus of the book is the valuation of the going concern assuming a fee simple interest in the real property. In addition, techniques for the allocation of the value of the real property, personal property, and intangible property are covered along with specialized topics such as leased fee and leasehold interests and life plan communities.
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Annual Urban Land Institute, PwC Trends Report Highlights New Era in Real Estate

Originally published on October 31, 2023, by Ella Fertitta for ULI Americas.

The Urban Land Institute (ULI) and PwC US today released Emerging Trends in Real Estate® 2024, the annual industry-leading report unveiling critical data and trends in the real estate sector. In its 45th edition, the report’s overarching theme is “The Great Reset,” determining that the industry must form new ‘norms’ and can no longer rely on past benchmarks to determine how the market will function in the future.

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NAR Survey Reveals Some Concerns About Data Collectors

Originally published in May 2023 by the National Association of Realtors.

In May 2023, NAR surveyed its members pertaining to data collectors in the appraisal process. The findings are as follows:

  • Sales agents accounted for the largest proportion, with 45% of participants holding this license. Brokers followed with 24%, and appraisal-certified professionals comprised 14% of the respondents. Broker-Associates and Appraisal Licensees accounted for 13% and two percent, respectively, while the remaining two percent reported holding other types of real estate licenses.
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AI Releases Podcast Addressing Appraiser Diversity Initiative, New DEI Award

Originally published on September 15, 2023, by the Face Value Appraisal Insitute Podcast.

The Appraisal Institute on Aug. 31 released its latest episode of the Face Value podcast, “Dedication to Diversity: A Conversation About the Appraiser Diversity Initiative.” Hosts Tonia Vailas, MAI, AI-GRS, and Warren Boizot, SRA, AI-RRS, are joined by Smedmore Bernard Jr., MAI, Brent Quashie and Elana Wroten to share their experiences and the advice they have for others. Additionally, they talk about the new William S. Harps DEI Award.

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