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August 05, 2015

AI Board of Directors Adopts Valuers Code of Professional Ethics

The Appraisal Institute Board of Directors at its July 30-31 meeting in Dallas adopted the proposed Valuers Code of Professional Ethics as a model code and approved making the VCPE available for use by non-AI professionals as a companion document to the Appraisal Institute Standards of Valuation Practice. 

The Board also approved all three 45-Day Notice items on the agenda. The items addressed the honorary member category of the Appraisal Institute, related entities referenced in the Bylaws and revisions to admissions regulations to reflect a new standards definition.

In other action, the Board of Directors:

  • Voted to distribute to Appraisal Institute professionals an exposure draft of a proposed Guide Note concerning assumptions and hypothetical conditions.
  • Adopted the Body of Knowledge Project Team’s recommendations to newly define the formal Appraisal Institute body of knowledge; the Board will consider amendments to Regulation 7 at its November 2015 meeting to create a Body of Knowledge Committee.
  • Expressed support of the Executive Committee’s efforts in implementing the Board’s direction related to The Appraisal Foundation.
  • Revised the Appraisal Institute’s Statement of Investment Policy.
  • Approved a third term for the Wyoming and Western South Dakota Chapter president.
  • Elected Craig Steinley, SRA, AI-RRS, and Val K. Chiasson, MAI, SRA, to the Audit Committee for the remainder of 2015.
  • Re-elected Charles T. (Tom) Cowart, MAI, as chair of the Strategic Planning Committee for 2016 and 2017.
  • Decided not to create a committee of regional executive directors.

The AI Board of Directors’ next scheduled meeting is Nov. 19-20 in Chicago.

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