The Appraisal Institute has issued the first appraisal review designations in its more than 80-year history. Gilbert A. Valdez, MAI, SRA, AI-GRS, of Huntington Beach, Calif., and Jennifer Marshall, SRA, AI-RRS, of Venice, Fla., received the first individual appraisal review designations. Justin Slack, MAI, SRA, AI-GRS, AI-RRS, of Kent, Wash., is the first individual to receive both appraisal review designations. The AI-GRS designation (which stands for Appraisal Institute – General Review Specialist) and the AI-RRS designation (which stands for Appraisal Institute – Residential Review Specialist) are the Appraisal Institute’s first new designations in more than 20 years.
Valdez is owner/president of A. Valdez Appraisals Inc., in Huntington Beach. Marshall is owner of JHM Appraisals Inc., in Venice. Slack is vice-president, commercial appraisal manager with HomeStreet Bank in Seattle.
“We recognize the need for quality appraisal reviewers in today’s real estate marketplace and congratulate these three dedicated professionals on this significant achievement,” said Appraisal Institute President Ken P. Wilson, MAI, SRA.
The Appraisal Institute implemented an appraisal review designation program Jan. 1 after years of research, responding in part to the growing and important role that appraisal review plays in risk management and mitigation for many clients and users of appraisal services. According to Appraisal Institute research, there were about 12,500 review appraisers in the U.S. in 2012. As of Dec. 31, 2013, the total U.S. appraiser population stood at 81,050 individuals, reflecting all active state-licensed and -certified appraisers.
The Appraisal Institute also confers the MAI designation on commercial and general appraisers and the SRA designation on residential appraisers who have satisfied rigorous requirements relating to education, experience and demonstration of knowledge, understanding and ability. Appraisal Institute Designated members also may hold the SRPA, SREA and RM designations.
“Though always an important valuation function, review appraisals have become even more prominent within the profession and play a vital role in risk management and mitigation,” Wilson said.