Statement from the Appraisal Institute on its Withdrawal from The Appraisal Foundation
The following statement may be attributed
to Appraisal Institute President Leslie Sellers, MAI, SRA
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.