The Institute has been harshly critical of the Appraisal Foundation. Most recently, the Appraisal Institute, in a Dec. 12 comment letter, reiterated its concern to the Appraisal Foundation’s Appraisal Practices Board regarding an exposure draft that the Institute alleges contains numerous errors. It alleges that it could damage the appraisal process and impose additional burdens on appraisers. AI noted in its letter that the APB has no statutory authority and is strongly opposed to the Appraisal Foundation encouraging regulators to consider utilizing information in the materials for enforcement purposes. It ends the letter by stating, “As you know, the Appraisal Institute has many objections to the existence of the Appraisal Practices Board and its functions. Should The Appraisal Foundation continue with this effort we certainly hope that it will ensure, at a minimum, that appraisers receive accurate, proper and competent guidance.”
It is truly amazing that these two important bodies can’t get along.