The Appraisal Institute, one of the nation's largest professional association of real estate appraisers, has expanded its Valuation of Sustainable Buildings Professional Development Program's online registries of residential and commercial appraisers.
The registries, found on the Appraisal Institute's website, now list the names of AI Designated members, Candidates for Designation, Practicing Affiliates, Affiliates and non-AI professionals who have completed the courses in the program.
"The Appraisal Institute is excited to expand these 'green' registries and continue to help educate appraisers and other professionals interested in the valuation of energy-efficient residential and commercial properties," said Appraisal Institute president Ken Wilson, MAI, SRA.
Placement on the registries shows potential clients and employers that these individuals have obtained knowledge on this specialized topic. The Appraisal Institute expanded the list of those eligible to be listed in the online registries in response to requests from clients seeking to hire commercial and residential appraisers who had taken AI's green and energy-efficient valuation education.
The National Association of Home Builders encourages lenders to consider requiring the use of an appropriately qualified appraiser to value green properties, citing the Appraisal Institute as a solution for training on valuing green properties and in finding an appraiser who is qualified to understand its real market value.
Expanding its Valuation of Sustainable Buildings Professional Development Program's registries is the most recent example of the Appraisal Institute's leadership in green valuation efforts:
Since June 2008, the Appraisal Institute has offered more than 400 individual programs on green and energy-efficient valuation, and nearly 5,600 attendees have participated.
The Appraisal Institute is scheduled to release a new book, "Residential Green Valuation Tools," by Sandra Adomatis, SRA, this month. AI previously published "An Introduction to Green Homes," by Alan Simmons, SRPA, in 2010.
The Appraisal Institute and the Institute for Market Transformation issued guidance January 9 on valuing green and energy-efficient buildings.
In October 2013, the Appraisal Institute partnered with the Colorado Energy Office to provide an analysis of the impact of solar PV systems on the home-buying process. The study sought to better understand the impact, if any, that solar PV has on the sales transaction process.
In March 2013, the Appraisal Institute released an update to the Residential Green and Energy Efficient Addendum, the first form of its kind intended for appraisers' use. It is an optional addendum to Fannie Mae Form 1004, the appraisal profession's most widely used form for mortgage lending purposes. The Appraisal Institute's addendum allows appraisers to identify and describe a home's green features, from solar panels to energy-saving appliances.
In February 2013, the Appraisal Institute added a new solar course to its Valuation of Sustainable Buildings Professional Development Program, which educates appraisers on the intricacies of valuing high-performance residential and commercial buildings, and consists of four courses: "Introduction to Green Buildings: Principles & Concepts;" "Case Studies in Appraising Residential Green Buildings;" "Case Studies in Appraising Commercial Green Buildings;" and "Residential and Commercial Value of Solar."
* In January 2012, the Appraisal Institute announced its support for PV Value, a spreadsheet developed by Solar Power Electric and Sandia National Laboratories that assists appraisers and others seeking to establish the value of a property's solar-powered features.
* The Appraisal Institute in October 2011 sponsored a report that outlined ways to finance $150 billion per year in energy efficiency projects that yield double-digit financial returns. "Energy Efficiency Financing: Models and Strategies" by Capital-E and partner organizations found that within 10 years, investment at this level would save U.S. businesses and households $200 billion annually and would create more than 1 million new full-time jobs.
* In October 2011, the Appraisal Institute endorsed the federal Sensible Accounting to Value Energy (SAVE) Act, which would improve the mortgage underwriting process by ensuring energy costs are included. Sponsored by Sens. Michael Bennet, D-Colo., and Johnny Isakson, R-Ga., the SAVE Act would instruct federal loan agencies to assess a borrower's expected energy costs when financing a house. IMT also is among the bill's supporters.
The Appraisal Institute contributed to the Green MLS Tool Kit, issued in April 2010. The tool kit was created to help Realtors add a green initiative to their local multiple listing service. The tool kit provides guidance on enhancing data in the MLS, empowering appraisers to make well-supported comparisons, analyses and adjustments. Tags: