The Appraisal Institute board of directors passed four 45-Day Notice items at its May 7-8 meeting in Chicago, including adding a comprehensive examination requirement for the SRA designation, applicable to residential Candidates admitted or readmitted on or after Jan. 1, 2016.
The proposed new requirement was part of the 45-Day Notice distributed to AI professionals Jan. 6; however, the board had postponed action at its February meeting.
The AI board of directors also passed all three 45-Day Notice items distributed to AI professionals March 23. One approved item will allow individuals who were Associate Members on Dec. 31, 2012, to become Practicing Affiliates. Another approved item eliminated the chapter meeting attendance requirement for Candidates. The final approved 45-Day Notice item addressed succession of members of the AI board of directors.
The AI board of directors also approved sending to 45-Day Notice three items: Updating the admissions regulations to reflect the new definition of Standards of Professional Appraisal Practice; cleanup of language in the bylaws regarding AI-related entities; and refining the definition of honorary membership.
In other action, the AI board:
- Approved distribution of an exposure draft to AI professionals of the proposed Valuers Code of Professional Ethics, which could be used where national or international ethical rules do not apply;
- Directed the CEO to automatically transfer to the Practicing Affiliate category those Candidates who otherwise would be terminated for failure to meet 2014 minimum progress requirements and who are newly eligible for the Practicing Affiliate category;
- Decided to no longer offer member pricing to certain non-AI professionals for AI qualifying education courses;
- Voted to pursue a proposed Property Use Classification System, including establishing a project team to maintain and advance PUCS;
- Decided that the AI board will elect the 2016-17 international Designated member on the board no later than the board’s fourth regular meeting in 2015;
- Addressed procedures for excused absences at regional committee meetings;
- Approved revised basic membership designation descriptions;
- Adopted proposed qualifications for members of the board of directors of the International Center for Valuation Certification, an affiliate of the Appraisal Institute;
- Reaffirmed AI’s strategic plan; and
- Transferred some operating funds (consisting of the 2014 audited surplus, adjusted) to the reserve fund.
The AI board’s next scheduled meeting is July 30-31 in Dallas.