WASHINGTON, Feb. 1, 2024 /PRNewswire/ — Appraisal Institute Board President Sandra Adomatis, SRA provided expert testimony before the House Natural Resources Committee Subcommittee on Federal Lands in support of H.R. 5443, the Accelerating Appraisals and Conservation Efforts (AACE) Act. Representing the leading association of real estate appraisers, Adomatis expressed support for the legislation and the ways it would increase the pool of available appraisers to the Department of the Interior by allowing certified general appraisers credentialed in one state to preform appraisals or other valuation services in any other State working under the authority of the Department of Interior (DOI).
Adomatis also emphasized the importance of the legislation making clear the DOI should look first within the state where the appraisal is taking place before they seek appraisers from other states, and she highlighted the value of local appraiser expertise.
The 2024 Appraisal Institute Board President also discussed the investment the Appraisal Institute is making to recruit and train new generations of professional appraisers, including the Appraisal Diversity Initiative (ADI), the Practical Applications of Real Estate Appraisal (PAREA) program and growing collaborations with colleges and universities. Also noted was other pro appraiser legislation the Appraisal Institute is supporting such as the H.R. 2771, the Portal for Appraisal Licensing Act.
Members of the Committee, including the AACE Act’s sponsor Rep. Susie Lee, D-NV, thanked Adomatis and the Appraisal Institute for their work in support of the AACE Act and discussed how the legislation would help speed up conservation and economic development and ease an appraisal bottleneck at the DOI. Rep. Lee also emphasized how important it was for DOI to continue to work with local appraisers first.
Adomatis commented, “I was delighted to speak on behalf of our members in support of this common-sense legislation that both expands opportunities for professional appraisers and assists the Department of the Interior in its Federal Land Management and Conservation efforts. And I always welcome the chance to highlight our commitment to recruiting new and diverse generations of appraisers, one of our highest priorities and efforts backed by significant investment in time and Appraisal Institute resources.”
The Appraisal Institute is the leading professional association of real estate appraisers. The Appraisal Institute’s Code of Professional Ethics and Standards of Professional Practice comprise requirements for ethical and competent practice, and advance equal opportunity and nondiscrimination in the appraisal profession. The Appraisal Institute’s work includes an array of professional education and advocacy programs, and stewardship of the highest level professional credentials in residential and commercial real estate appraisal.
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SOURCE Appraisal Institute
