Appraisal Institute Bestows First Review Designations in its History
January 28, 2014 08:00 AM
CHICAGO (Jan. 28, 2014) –The Appraisal Institute, the nation’s largest professional association of real estate appraisers, today announced it has issued the first appraisal review designations in its more than 80-year history.
Gilbert A. Valdez, MAI, SRA, AI-GRS, of Huntington Beach, Calif., and Jennifer Marshall, SRA, AI-RRS, of Venice, Fla., received the first individual appraisal review designations. Justin Slack, MAI, SRA, AI-GRS, AI-RRS, of Kent, Wash., is the first individual to receive both appraisal review designations. The AI-GRS designation (which stands for Appraisal Institute – General Review Specialist) and the AI-RRS designation (which stands for Appraisal Institute – Residential Review Specialist) are the Appraisal Institute’s first new designations in more than 20 years.
Valdez is owner/president of A. Valdez Appraisals, Inc., in Huntington Beach. Marshall is owner of JHM Appraisals, Inc., in Venice. Slack is vice-president, commercial appraisal manager with HomeStreet Bank in Seattle.
“We recognize the need for quality appraisal reviewers in today’s real estate marketplace and congratulate these three dedicated professionals on this significant achievement,” said Appraisal Institute President Ken P. Wilson, MAI, SRA.
The Appraisal Institute implemented an appraisal review designation program Jan. 1 after years of research, responding in part to the growing and important role that appraisal review plays in risk management and mitigation for many clients and users of appraisal services. According to Appraisal Institute research, there were about 12,500 review appraisers in the United States in 2012. As of Dec. 31, 2013, the total U.S. appraiser population stood at 81,050 individuals, reflecting all active state-licensed and -certified appraisers.
Learn more about the review designations.
The Appraisal Institute also confers the MAI designation on commercial and general appraisers and the SRA designation on residential appraisers who have satisfied rigorous requirements relating to education, experience and demonstration of knowledge, understanding and ability. Appraisal Institute Designated members also may hold the SRPA, SREA and RM designations.
“Though always an important valuation function, review appraisals have become even more prominent within the profession and play a vital role in risk management and mitigation,” Wilson said.
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The Appraisal Institute is a global professional association of real estate appraisers, with nearly 22,000 professionals in almost 60 countries throughout the world. Its mission is to advance professionalism and ethics, global standards, methodologies, and practices through the professional development of property economics worldwide. Organized in 1932, the Appraisal Institute advocates equal opportunity and nondiscrimination in the appraisal profession and conducts its activities in accordance with applicable federal, state and local laws. Individuals of the Appraisal Institute benefit from an array of professional education and advocacy programs, and may hold the prestigious MAI, SRPA, SRA, AI-GRS and AI-RRS designations. Learn more at www.appraisalinstitute.org.