Organization Seeks to Implement New Standardization Process

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Is this a good idea as it will guarantee standardization and professionalism within the apprising industry or is it just a gimmick to produce a boatload of revenue for the Appraisal Institute? For a more detailed look at this subject please read the article below.

The FHA Condos Approval Company, Inc.

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The Appraisal Institute recently announced three major strategic initiatives that have the potential to significantly impact the valuation profession.

The Appraisal Institute will: Issue proposed standards of valuation practice that could serve as an alternative for valuation professionals where national or other standards are not required; expand delivery of Appraisal Institute education, becoming more proactive in identifying and pursuing appraisal educational opportunities; and create a new certification organization to establish a future generation of cross-disciplinary valuation professionals and to enhance their marketability in a competitive job environment.

“These strategic initiatives are creative and comprehensive. They will have a huge impact on the future of the global valuation profession,” said Richard L. Borges II, President of the Appraisal Institute.

The Appraisal Institute plans to issue proposed standards of valuation practice that could serve as an alternative for valuation professionals when current national or other standards are not required. These standards could be used when Uniform Standards of Professional Appraisal Practice (USPAP), International Valuation Standards (IVS), or other standards are not required and the use of the proposed standards would be appropriate.

These standards would serve as an alternative set that could be used independently, and are not intended to supplant USPAP or other national standards. As a part of the implementation the Appraisal Institute also will issue a proposed comprehensive revision of its code of professional ethics.

To read the complete article please use the link below.

Standardization Process

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