9/11/2010

Appraisal Foundation News

Although not personal property related, the Appraisal Foundation has announced the withdraw of the Appraisal Institute as a sponsor.  The withdraw comes after the Appraisal Foundation sanctioned AI.  The sanctions included a suspension from Sept 15, 2010 to April 15, 2010 and revocation of the AI ability to reproduce USPAP and discounts on the purchase price of USPAP.

According to the information, the Appraisal Institute was disclosing legislation or regulatory proposals that might effect the Appraisal Foundation.  According to the AF this is not the first time the AI has violated disclosure rules, hence the sanction.

The AF states that without its knowledge or approval, the Appraisal Institute approached three other organizations with the proposed revisions to the federal law (FIRREA) which grants authority to The Appraisal Foundation:


Question: Why did the Appraisal Institute choose to withdraw as a Sponsoring Organization of The Appraisal Foundation?

Answer: Obviously, only the Appraisal Institute can provide their full reasoning for this decision. However, the simple response to this question is the Appraisal Institute was unwilling to accept sanctions imposed by The Appraisal Foundation as a result of their conduct as a Sponsoring Organization.

Question: What did the Appraisal Institute do or not do that The Appraisal Foundation objected to?

Answer: In simplest terms, The Appraisal Foundation expects its Sponsoring Organizations to communicate with it first regarding any matters that have a direct or indirect impact on our organization. The Appraisal Institute failed to comply with this expectation.

To read an Appraisal Foundation Q&A about the sanctions and withdraw, click HERE.

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