Appraisal Institute and TEGoVA sign Mutual Recognition Agreement
Chicago, Brussels, 26 October 2016
The Appraisal Institute, the US largest professional association of real estate appraisers and The European Group of Valuers' Associations announced they have sign a landmark agreement to mutually recognize the professional excellence of each other's standards, ethics and qualifications.
The Appraisal Institute, based in Chicago, has nearly 20,000 professionals in almost 60 countries on six continents. TEGoVA, based in Brussels, Belgium, unites 64 national valuers' associations from 35 countries representing 70,000 qualified valuers.
"This is an important and significant milestone for both organizations," said Appraisal Institute President Scott Robinson, MAI, SRA, AI-GRS. "We're proud to partner with an organization as respected and influential as TEGoVA to mutually recognize the high levels of achievement and professional excellence in one another's respective standards, ethics and qualifications."
"This historic agreement with the Appraisal Institute is indicative of the growing status of the valuation profession worldwide and the commitment of European and American appraisers to enter into a continuous dialogue on valuation issues which are common on both sides of the Atlantic," said Krzysztof Grzesik REV, chairman of the TEGoVA Board of Directors. "TEGoVA's REV and TRV designated valuers are recognized as leading professionals throughout Europe. The same is true of the Appraisal Institute's MAI and SRA designations in the U.S. and beyond. Our mutual recognition of each other's designations will provide investors in the European and U.S. real estate markets with the assurance that our valuation professionals work to the highest standards."
The Appraisal Institute has been an active Observer Member of TEGoVA since 1996. As two of the leading global organizations in real property valuation, AI and TEGoVA had been exploring for the last year how best to acknowledge and document their shared commitment to professionalism. This agreement is the result of that dialogue.
TEGoVA signed a similar mutual recognition agreement earlier this year with the Appraisal Institute of Canada.
The Appraisal Institute promulgates the Standards of Valuation Practice, known as SVP, and the Valuers Code of Professional Ethics, known as VCPE. The SVP is a set of high quality, straightforward, principles-based standards available for use by appraisers around the world where existing standards are not already required or do not apply. The VCPE, the companion document to the SVP, is a model code for ethical practice. Read the SVP and the VCPE.
TEGoVA produces the European Valuations Standards, known as EVS, which is recognized throughout the continent.
The one-year agreement, which automatically renews annually, was signed by M.Lance Coyle, MAI, SRA, Immediate Past President, on behalf of AI and Krzysztof Grzesik REV, Chairman, on behalf of TEGoVA, on Oct. 21 in Malahide, County Dublin, Ireland, during the TEGoVA Fall Meeting.