Appraisal Institute signs memorandum of understanding wth Italian apraisal goupsMortgagePress.comappraisers, Appraisal Institute, Istituto Italiano di Valutazione Immobiliare, OSMI-Borsa Immobiliare di Milano, MIPIM Congress
The United State' largest organization of professional
appraisers has entered into a Memorandum of Understanding with two
of the premiere Italian appraisal and economic development groups
in a mutual effort to harmonize international valuation standards.
The Appraisal Institute, the Istituto Italiano di Valutazione
Immobiliare (IsIVI) and OSMI-Borsa Immobiliare di Milano have
jointly signed the cooperative agreement earlier this month during
the MIPIM Congress held in Cannes, France.
"As global borders and business markets continue to shrink, we
are excited to join together with our Italian counterparts to
explore the issue of improving international valuation and
financial reporting standards," said Terry Dunkin, MAI, SRA,
International Relations Chairman, who represented the Appraisal
Institute at the signing. "As an organization committed to
expanding our international relations efforts, we look forward to
the growth of these new relationships."
The memorandum marks a first for the Appraisal Institute with an
Italian appraisal organization and is reflective of the Appraisal
Institutes continued development of key agreements with valuation
groups around the globe. In addition to IsIVI and OSMI-Borsa, the
Appraisal Institute has established relationships with valuation
organizations in China, Egypt, Germany, Korea, Mexico, Russia,
Ukraineand Vietnam, among other countries.
"The financial crisis has highlighted the need for harmonized
global criteria for the assessment of value of real properties,"
noted Dunkin. "A recognized valuation standard, combined with
accurate valuations, provides investors with confidence to put
money into financial markets. It is the goal of our organization to
ensure that we collaborate with like-minded appraisal groups to
ultimately protect the interests of lenders, investors, the
government and consumers."
The Appraisal Institute and IsIVI are principal members of the
International Real Estate Federation (FIABCI). Both organizations
will participate in FIABCI's World Congress in May in Beijing,
China, to address the current economic crisis. The recommendations
from these conversations will then be presented to the United
Nations as suggestions for reducing the financial impact on global
For more information, visit www.appraisalinstitute.org.