New Statement from IOSCO Bridges Valuation and Financial Reporting
In this issue:
- 2025 and 2026 VP Updates
- IOSCO Statement: Recent engagement with the IVSC may improve financial reporting
- Paul-Adams Quarry Trust, LLC v. Commissioner: Tax Court rejects quarry easement valuation
- Now Available: 2026–27 7-Hour National USPAP® Continuing Education Course
Announcements
Ashley Johnson, MAI, SRA Elected as 2025 Appraisal Institute V.P.
At a Special Board Meeting held on November 5, the Appraisal Institute Board of Directors elected Ashley Johnson, MAI, SRA, of Bloomington, Indiana, as the organization’s 2025 Vice President.
Johnson will serve a one-year term as President-Elect in 2026, President in 2027, and Immediate Past President in 2028.
A dedicated member of the Appraisal Institute, Johnson has contributed extensively through leadership roles at both the chapter and national levels. Her election reflects the organization’s continued commitment to advancing professionalism, education, and advocacy within the valuation profession.
One Candidate Seeking to Become 2026 Appraisal Institute V.P.
Please join us in congratulating Ashley Johnson on this well-deserved achievement!
The process for nomination and election of the Appraisal Institute’s 2026 vice president has begun. The following individual has announced their candidacy and will come before the National Nominating Committee at its December 4 meeting in Chicago:
- Smedmore Bernard, Jr., MAI
AI Members may view the the candidate's biography and questionnaire (log-in required) and provide letters of recommendation by 5 p.m. CT November 24. Correspondence should be addressed to Sandy Adomatis, SRA, chair, 2025 National Nominating Committee, and emailed to Joan Barngrover, board secretary and special assistant to the CEO, at jbarngrover@appraisalinstitute.org.
Insights
Appraisal Institute Underscores Oversight, Professional Standards, and Innovation Balance at EGRPRA Hearing
Representing the Appraisal Institute at the Oct. 30 Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA) public hearing on safety and soundness issues, Deb Clark, MAI, Vice Chair of the Appraisal Institute’s Government Relations Committee, urged federal banking regulators to strengthen oversight of evaluations, clarify state and federal requirements, and ensure that valuation technology is developed and applied responsibly.
Clark emphasized that any changes to appraisal exemption thresholds must be grounded in data and paired with strong quality controls to protect public trust. She called for regulators to reopen the Interagency Appraisal and Evaluation Guidelines to reinforce expectations for evaluation quality and proposed that banks periodically test internal evaluations through independent validation, a model like new quality-control standards for automated valuation models (AVMs).
She also reaffirmed that professional appraisers remain central to credible collateral valuation, urging regulators to clarify that appraisers are uniquely situated to provide evaluation services. On technology, Clark said innovation should “enhance, not replace, human expertise,” and encouraged clear federal standards for model validation, data governance, and oversight.
The hearing concluded on a constructive note: when regulators invited panelists to share additional concerns about appraisals or appraisers, no witnesses chose to weigh in, underscoring broad recognition of the profession’s continued importance to safety and soundness.
The Appraisal Institute will continue to engage actively throughout the EGRPRA review process and will share updates, including regulatory developments tied to evaluations and technology, at the 2026 Appraisal Institute Annual Conference.
Your Benefits
Appraisal Institute Members Can Save up to 65% Off!
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Commercial Real Estate in Transition: Market Insights and Valuation Perspectives
The Appraisal Institute hosts an in-depth discussion on current commercial real estate market dynamics and their implications for valuation, featuring experts from the Commercial Real Estate Finance Council (CREFC). CREFC research professionals will share a data-driven overview of national and sector-specific trends, while an appraisal expert will offer insights on how shifting fundamentals are shaping property values and underwriting assumptions across markets.
Date: Thursday, Nov. 20, 2025
Time: 11:00 a.m. – 12:00 p.m. CT
Panelists:
- Jan Sternin, Senior Vice President and Managing Director, Berkadia
- Raj Aidasani, Managing Director, Research, CRE Finance Council
Advocacy Updates
New York State Board Advances PAREA and Education Rulemakings
The Appraisal Institute applauds the New York State Board of Real Estate Appraisal and the New York Department of State for advancing two major rulemakings that modernize the state’s appraiser qualification and education framework.
PAREA: A Modern Pathway to Licensure
The first proposal adopts Practical Applications of Real Estate Appraisal (PAREA) regulations, marking a major step in expanding access to licensure while maintaining competency standards. Under the proposal, applicants who complete an Appraiser Qualifications Board (AQB)-approved PAREA program could apply those certificates toward experience requirements for licensure and certification.
Completion of a Licensed Residential (LR) PAREA program would count for 100% of the required experience for the Licensed Residential credential, 67% toward Certified Residential, and 33% toward Certified General. A Certified Residential (CR) PAREA program would count for 100% of the Licensed and Certified Residential requirements, and 50% toward Certified General.
This alternative pathway is especially meaningful because New York currently requires two years of experience for all credentials, which is stricter than AQB’s national criteria. PAREA offers a structured, technology-driven route to gain qualifying experience through virtual and mentored exercises that remain fully USPAP compliant.
Education Rulemaking: Aligning with National Standards
The Department of State also proposes updates to both qualifying and continuing education requirements for appraiser assistants, licensed appraisers, and certified appraisers.
Key changes include revising the RE-2 and GE-1 courses—currently combining fair housing, fair lending, and environmental issues—into standardized 15-hour “Environmental Issues” courses (down from 20 hours for GE-1). Fair housing and fair lending content will be removed to avoid duplication with the new AQB-required Fair Housing and Valuation Bias courses, which become mandatory for all new applicants and renewals starting January 1, 2026.
This approach ensures national consistency and alignment with federal expectations while giving education providers greater flexibility to deliver current, practical instruction.
Appraisal Institute’s Recommendations
The Appraisal Institute supports the department’s modernization goals but will recommend revising the prescriptive nature of the RE-2 and GE-1 outlines related to environmental content. The current drafts include overly detailed requirements that could limit providers’ ability to address emerging environmental standards and valuation practices.
AI will also suggest applying a more flexible approach to other elective courses, including RE-1 “Introduction to Residential Income Properties,” GE-2 “Specialty Appraisals,” and GE-3 “Using the HP12c Financial Calculator.”
A Forward Step for the Profession
Together, these proposals represent a significant modernization of New York’s appraisal regulatory framework, strengthening entry pathways, aligning education with national standards, and promoting professionalism and public trust.
The Appraisal Institute will submit formal comments in the coming weeks and continue engaging with the Board and regulators as these proposals advance toward adoption.
Real Estate Horizons
Stay updated and check out links to the latest major real estate industry stories!
More Opportunities to Learn
Search the latest educational offerings! Find National and Chapter-sponsored classroom, synchronous, and online opportunities.
Your Community
AI Awards – Nominations Due December 1, 2025
There’s still time to recognize and honor the remarkable members who make a difference in our community. The 2026 Appraisal Institute Annual Conference will serve as the stage for our national awards, where we recognize members whose contributions elevate our profession.
We invite you to take a moment to reflect on colleagues who demonstrate leadership, service, and dedication to our profession. If someone comes to mind who meets the criteria for the J. Scott Robinson Lifetime Achievement Award, Outstanding Service Award, William S. Harps DEI Award, or the Women’s Initiative SPOTLIGHT Award, we warmly encourage you to submit a nomination by December 1, 2025.
Thank you for helping us honor those who make a lasting impact on the Appraisal Institute and the valuation profession.
Pathways to Success Scholarship
Applications for 4th Quarter 2025 are open through December 8th.
Applicants must first complete a PAREA readiness checklist to confirm eligibility for the Scholarship.
The Appraisal Foundation Pathways to Success Scholarship, funded by The Appraisal Foundation, covers 100% of enrollment costs for any AQB-approved PAREA program, including the Appraisal Institute's Licensed Residential and Commercial Residential PAREA Programs. This scholarship is designed to support aspiring appraisers who have completed the prerequisite education in their state where PAREA is approved.
Until Next week
Team Appraisal Institute
