July 28, 2023
Dear Appraisal Institute Colleague:
I’ve got some exciting news to share about the AI PAREA program this month and that’s led me to think back to how I got my start as an appraiser. My father was immersed in the real estate business in my teen years as a broker who owned his own firm in South Dakota. I followed in his footsteps in the real estate business and transitioned to full-time appraisal at the start of the state credentialing that was mandated by FIRREA in South Dakota in 1992.
In the years since I’ve made the transition to appraising, I’ve seen new technologies, new regulations and new paperwork, but what hasn’t changed is the trust our clients place in us to develop credible opinions of value. As we look to a new generation of appraisers who are entrusted to do the same, I am incredibly proud of the work the Appraisal Institute is doing to pave the way for those individuals.
Read on to learn more about what we’re doing to make this profession stronger than ever.
AI PAREA Pilot Program for Licensed Residential Launched
After nearly two years of planning, preparation and hard work from a dedicated team, I am proud to announce the AI PAREA pilot program for licensed residential was launched earlier this month. By design, the pilot program is starting small, with 15 individuals who have completed their Qualifying Education and reside in a state which has fully accepted PAREA in lieu of the traditional supervisor/trainee model.
While the initial number of individuals in the pilot program is small, the potential impact is huge. The organization is still on-track to launch AI PAREA broadly and open registration in September, so stay tuned for further details.
University Relations Pilot Program Launching Soon
The Appraisal Institute is excited to announce the launch in the coming weeks of its University Relations pilot program. The goal of the pilot program is to understand how AI may best establish and strengthen relationships with universities and foster the growth of valuation as a profession. Twelve universities have been selected to participate in the pilot program. AI Professionals will serve as university ambassadors for each of the pilot universities.
The pilot universities are: the University of Alabama, Ana G. Mendez University, American University, University of Central Florida, Coastal Carolina University, Drexel University, Florida State University, University of Missouri-KC, Penn State University, and Clark Atlanta University, Morehouse College and Spelman College through the Atlanta University Center Consortium.
The pilot program will include the fall 2023 and spring 2024 semesters. Thank you to the Appraisal Institute University Relations Committee for their work on this important initiative. I look forward to sharing more with you in the future.
Latest Face Value Podcast Dives into the Swamp… and Other Unusual Appraisal Assignments
The latest episode of the Appraisal Institute’s Face Value podcast features Designated Members Betsy Hughes, SRA, AI-RRS, and Bo Bass, MAI, who discuss their most unusual appraisal assignments. Listen to learn about their experiences with swamp-based predators, a close encounter with a wrench and even murder!
Last Chance: Designated Members Called to Volunteer for National Service
If you are interested in further serving the Appraisal Institute at the national level in 2024, please complete the Leadership Resource Registry no later than 5 p.m. CDT, Aug. 2. To be considered for national committees, panels, the Appraisal Institute Insurance Trust or the Appraisal Institute Education & Relief Foundation, if eligible, you must express your interests within the
Leadership Resource Registry (login required).
Even if you submitted your interests last year in the Registry, and there are no changes to your preferences, you will need to log back into the Registry.
I want to thank you in advance for indicating your preferences in the Registry. I look forward to a strong response, which will help to broaden the base of participation in the organization and serve as a source of new ideas and growth.
Deadline Coming: National Award Nominations Open
We would like to recognize some of the brightest, most committed and deserving AI Professionals. If you believe you know an AI Professional who fits the criteria for the J. Scott Robinson Lifetime Achievement Award, Outstanding Service Award, Women’s Initiative SPOTLIGHT Award or the William S. Harps DEI Award, please nominate that person. Submissions for these Awards must be completed by July 31. Announcements of the awards will take place during the Appraisal Institute’s Joint Region and Chapter Leadership Program meetings this October in Louisville, Ky. For more information or to nominate an AI Professional, view the
nomination form on the AI website (login required).
Other News Around the Appraisal Institute
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Appraisal Institute Professionals are invited to view the open session portion of the 3Q 2023 Board Meeting, Aug. 10 at 8 a.m. CDT and Aug. 11 at 1 p.m. CDT. View the meeting at the Appraisal Institute website.
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As you might have seen in my January message, Stephanie Coleman, MAI, SRA, AI-GRS, AI-RRS, stepped away from her duties due to a health issue, and in the interim, Stephen Wagner, MAI, SRA, AI-GRS, who is a past president and on AI’s staff, has been available to answer questions about AI’s Standards and Code of Ethics. Stephanie has elected to permanently step away from her duties to continue focusing on her health and the director of Ethics and Screening position is now posted on the Appraisal Institute website and AI Professionals are eligible to apply. View the job description.
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Are you looking for some excellent exposure, and potential new business opportunities, for yourself and your company? Is there an exciting topic that you think other appraisers need to learn about? There are several opportunities you should consider:
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I’d invite you to submit your ideas for consideration in Valuation, AI’s quarterly magazine; or The Appraisal Journal, our peer-reviewed journal.
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Additionally, subject matter experts are encouraged to submit their new topics and ideas to be considered for education programs. Click here to learn more.
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Practicing appraisers have served as authors and contributors to every book published by the Appraisal Institute. Share your knowledge by making your contributions. To learn more, contact Eliana Munro, senior manager, publications, at emunro@appraisalinstitute.org.
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The Appraiser Diversity Initiative is an important priority for the Appraisal Institute. I’d encourage you to keep updated on AI’s Appraiser Diversity Initiative webpage. If you know an individual who is looking to join the valuation profession, please encourage them to check out the website as well.
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The Appraisal Institute continues to expand its social media activities. Be sure to follow AI on Facebook, Twitter, LinkedIn, YouTube, Face Value Podcast, and its newest channel, Instagram.