The Appraisal Institute, the global professional association of real estate appraisers
, announced the formation of a new certification organization called the International Center for Valuation Certification (ICVC).
The ICVC will issue cross-disciplinary valuation certifications to individuals who meet select criteria. The organization will help to address current market needs and opportunities, advance industry professionals and serve the public and its clients. In addition, the ICVC will seek to be recognized as the foremost organization for cross-disciplinary valuation professionals in the U.S. and around the world who wish to enter, continue and advance in a valuation profession.
“The new entity will establish a future generation of cross-disciplinary valuation professionals and will enhance their marketability in a competitive job environment,” said Appraisal Institute President Ken Wilson. “Creating a certification organization will allow the new entity to demonstrate leadership in cross-disciplinary valuation principles, standards, methods and ethics.”
The ICVC is a not-for-profit organization. Its first board of directors consists of:
- Richard Borges II, MAI, SRA;
- Charles Cowart, MAI;
- Jeffrey Enright, MAI;
- James Murrett, MAI, SRA;
- Misty Ray, MAI;
- Faith Roland, SR/WA; and
- Sara Stephens, MAI.
In October 2013, the Appraisal Institute announced three major strategic initiatives that have the potential to fundamentally reshape the global valuation profession:
- Proposed Standards of Valuation Practice that could serve as an alternative for valuation professionals where national or other standards are not required;
- Expanded delivery of Appraisal Institute education, which helps appraisers become more proactive in identifying and pursuing appraisal educational opportunities; and
- A new certification organization to establish a future generation of cross-disciplinary valuation professionals to enhance their marketability in a competitive job environment.
The Appraisal Institute already has issued two exposure drafts of the proposed Standards of Valuation Practice that are available for comment. The proposed standards 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 or other standards are not required and the use of the proposed standards would be appropriate.
Further, they would serve as an alternative set of standards that could be used independently, and not as an additional set of required standards. The proposed standards would not supplant USPAP or other national standards. The Appraisal Institute also has issued two exposure drafts of proposed revisions of its Code of Professional Ethics.
The Appraisal Institute also is expanding its delivery of Appraisal Institute education through a wider number and scope of providers and becoming more proactive in identifying and pursuing educational opportunities. By expanding its education delivery, the Appraisal Institute is strengthening its position in appraiser education, expanding the recognition of AI and its professionals, increasing awareness and interest in the valuation profession and strengthening AI’s relationships with other organizations.