The Appraisal Institute, the nation's largest professional association of real estate appraisers, has issued the first appraisal review designations in its more than 80-year history.
Gilbert 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 United States 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.