Statement from the Appraisal Institute on its Withdrawal from The Appraisal Foundation
September 7, 2010 08:00 AM
CHICAGO (Sept. 7, 2010) – The decision today by the Appraisal Institute’s Board of Directors to withdraw from The Appraisal Foundation as a sponsor was a difficult but necessary one. As the nation’s largest organization of real estate appraisers, we must preserve our integrity and must act as an independent voice representing the interests of our members, the profession and the public interest before legislative and regulatory bodies.
The Appraisal Foundation’s decision to sanction the Appraisal Institute for conduct said to have violated the Foundation’s Bylaws is simply wrong, and the penalty imposed was unjust and unwarranted. Independence from the Foundation strengthens our position to advocate without constraint on behalf of our members, the profession and the public interest.
For the past nearly 80 years, the Appraisal Institute has been the leader in raising valuation standards and ethics and in protecting the public interest. This will not change. In fact, the Appraisal Institute’s decision will allow it to respond to rapidly changing market forces by providing our members with new education, skills and professional advancement. We look forward to continuing to work with professional associations, legislators, regulators and others in our mission of advancing professionalism and ethics, global standards, methodologies and practices through the development of property economics worldwide.
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The Appraisal Institute is a global membership association of professional real estate appraisers, with more than 25,000 members and 91 chapters 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. Members of the Appraisal Institute benefit from an array of professional education and advocacy programs, and may hold the prestigious MAI, SRPA and SRA designations. For more information regarding the Appraisal Institute, please visit www.appraisalinstitute.org.