What is the most interesting part of a valuation professional’s job? Appraisal Institute Designated members Terry R. Durkin, MAI, SRPA, SRA, Robert E. Dietrich, MAI, Brenda J. Dohring Hicks, MAI, Mark R. Linne, MAI, SRA, and Eric B. Garfield, MAI, describe what they like most about their work in the valuation profession
The Appraisal Institute, the nation’s largest professional association of real estate appraisers, announced three major strategic initiatives that have the potential to fundamentally reshape the global valuation profession. In the organization’s latest video, AI President Richard L. Borges II, MAI, SRA, discusses this announcement, which includes proposed standards of valuation practice that could serve as an alternative where national or other standards are not required; expand delivery of Appraisal Institute education; and create a new certification organization to establish a future generation of cross-disciplinary valuation professionals. These standards could be used when USPAP, IVS or other standards are not required, and when the use of the proposed standards would be appropriate. They would serve as an alternative set of standards that could be used independently, and not as an additional set of required standards. AI’s new standards would not supplant USPAP or other national standards. The Appraisal Institute also will issue a proposed comprehensive revision of its Code of Professional Ethics.
Appraisal Institute Standards of Valuation Practice The Appraisal Institute has a long history as the leader of the valuation profession and as a developer of valuation standards. In 2013, in keeping with its historic role, as well as in recognition of the limitations of many valuation standards currently in existence, the Appraisal Institute Board of Directors directed the development of high quality, straightforward, principle-based standards that could be used where existing standards are not already required or do not apply. The Board believed that such standards should establish a high level of professional practice, engender public trust, enable valuers and the public to better understand the valuation standards and facilitate the growth and advancement of the valuation profession. The Board also concluded that such standards could help valuers better meet the evolving needs of clients and facilitate the variety of work that clients desire and that valuers now perform. The Appraisal Institute Board of Directors has adopted a final version of the Appraisal Institute Standards of Valuation Practice (SVP). The SVP will become effective on January 1, 2015.
- Standard A establishes requirements for the development of an appraisal.
- Standard B establishes requirements for the development of a review.
- Standard C establishes requirements for the reporting of an appraisal or review.
Source: Standards of Professional Appraisal Practice – Ethics and Standards | Appraisal Institute
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