10B — January 17 - 30, 2014 — New Jersey — Mid Atlantic Real Estate Journal


Southern New Jersey Chapter www.ai-snj.org Telephone 856-415-0281 • Fax 856-415-1952

New Designations in 2014!

Southern NJ Chapter Appraisal Institute 2014 Chapter Officers President Jacob Ramage, MAI jake.ramage@cushwake.com


he Appraisal Institute has announced it will begin issuing two review designations in 2014. The AI-GRS (General Review Specialist) and AI-RRS (Residential Review Special- ist) designations will be the first new designations in more than 20 years. “Research shows that individuals who hold professional designations have enhanced earning potential compared to non-designated individuals,” saidAI President Richard L. Borges II, MAI, SRA. “This is especially true for individuals in the real estate valuation profession who hold a designation from a recognized professional association such as the Appraisal Institute.” They adopted the review designation program after years of research, responding in part to the growing and important role that appraisal review plays in risk management & mitigation for many clients and users of appraisal services. According to their research, there were about 12,500 review appraisers in the United States in 2012. As of June 30, 2013, the total U.S. ap- praiser population stood at 82,250 individuals, reflecting all active state-licensed and -certified appraisers. Beginning in 2014, the Appraisal Institute will offer four new courses to address review des- ignations: Review Theory — Residential; and Review Theory — General are scheduled to be released in the first quarter 2014. Review Case Studies — Residential and Review Case Studies — General, are scheduled to premiere in July 2014. Designated members soon will be able to fulfill the requirements for the review designations. Those who are not already AI Designated members can become candidates for the review des- ignations and begin the journey to designation, although some of the requirements that those individuals must fulfill are not yet available. The Appraisal Institute also confers the MAI designation on commercial & general apprais- ers, and the SRA designation on residential appraisers, who meet certain standards. AI also recognizes the SRPA, SREA and RM designations conferred by its predecessor organizations. “The Appraisal Institute confers designated membership on real estate appraisal profession- als demonstrating the highest standards of education, expertise and ethics,” Borges said. “In its continuing mission to elevate the real estate valuation profession, the Appraisal Institute specifies rigorous requirements for designated membership regarding experience, education and moral character.” He added: “Brokers, bankers, lenders, buyers and sellers working with appraisers who are Appraisal Institute designated members can know that Appraisal Institute designated members agree to adhere to the organization’s strict code of professional ethics.”

VP Michael S. Sapio, MAI

Treasurer Albert Crosby

Secretary Edward T. Molinari, SRA

Director (Term through ’16) Michael Descano

Director (Term through ’16) Samuel Levi, MAI

Director (Term through ’15) Errett Vielehr

Director (Term through ’15) Robert Kirwan, SRA

Director (Term through ’15) Jackie Marmur

Director (Term through ’15) Timothy W. Sheehan, MAI, SRI

Another successful, informative class held by the SNJAI

TheAppraisal Institute is a global association of real estate appraisers, with more than 23,000 valuation professionals in nearly 60 countries throughout the world. Its mission is to advance professionalism and ethics, global standards, methodologies and practices through the profes- sional development of property economics worldwide. Organized in 1932, theAppraisal Institute advocates equal opportunity and nondiscrimination in the appraisal profession and conducts its activities in accordance with applicable federal, state and local laws. Appraisal Institute profes- sionals benefit from an array of education and advocacy programs, and may hold the prestigious MAI, SRPA and SRA designations. Learn more at www.appraisalinstitute.org. The Southern NJ Chapter holds 4 dinner meetings a year: January, April, September and November. All except the January meeting include 2-3 continuing education credits. This is a wonderful way to meet your CE requirement and talk to new and old friends and colleagues. The next chapter meeting will be the festive Installation Dinner on January 28th at the Adelphia Restaurant in Deptford. For more on the Southern NJ Chapter, email lisamayweiss@ hotmail.com.

Director (Term through ’14) James Carr

Director (Term through ’14) Joshua Garretson

President Ex Officio Jerome McHale, MAI

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