Appraisal Institute Last-minute Shakeup

[Non Sequitur]

Hopefully he spills the beans, even though those beans may be all over himself:

 

[Non Sequitur]

How times have changed........

 

[chad hampton]

what a disgusting mess AI is.

Such a shame. What it could have been.

Bunch of narcissistic egomaniacs suing each other. Must suck to lose a mid 6 figure bull**** gig. Hell, I’ll pop some popcorn and watch. I hope they burn it all down.

 

[Non Sequitur]

Here it is. The allegations aren't really a surprise for those who have been paying attention.

 

[Junkyard Dog]

Hopefully he spills the beans, even though those beans may be all over himself:

the same guy that was accused of sexual misconduct. Looks like a PR campaign to save face and make himself look good. SMH. What a mess of an organization.

 

[Non Sequitur]

It’s a dang shame, but people who want to dismiss the lawsuits and corruption at national are pushing the “he said, she said” narrative. They want you to forget that in the summer of 2024 Ms. Adomatis sent a letter as the insta-toot’s then president to the AQB supporting a periodic “recertification” for all licenses, is now serving on the AQB board, and is one of the few active insta-toot course instructors and developers. Yeah I know, I’m just a conspiracy theorist. Never mind all the “alleged” backroom dealing that has happened and has been exposed. All of that’s just coincidence.

 

[RCA]

The Appraisal Institute Leadership needs oversight by an outside agency interested in the "better good." This Appraisal Institute bickering is counter-productive - with no end in sight.

However, the most important thing they need is a set of long term goals that will lead to improvements in the quality of appraisal reports by something close to an order of magnitude:

1. Disallow matched pair analysis, which, even in the worst case, can be replaced by something better.
2. More detailed protocols that will engender more consistent value conclusions from disparate appraisers.
3. Education on the application of MARS, GLR, and GAM regression for market analysis.
4. Protocols on the use of LLMs and related AI tools for analysis and report creation.
5. Education on Data Collection and management.
6. Education on QGIS mapping: Creation of maps in different CRS, creating vector and raster layers to represent different sets of data, such as SFR, condos/townhouses, 2-4 unit, multi-family, mixed-use, commercial, land/lots.
7. Education on R, Python, and Quarto.
8. Special education on Neighborhood and Market Area Analysis methods that involve the use of the most important area definition algorithms, such as SKATER, REDCAP, Max-P, GWR+Clustering, Network-based clustering, and Sales-comparable Clustering.
9. Multi-tier regulations.

 

[Non Sequitur]

Post from LinkedIn by someone who cares about the insta-too. Re-posting for reach.

"This week, Craig Steinley, the former President of The Appraisal Institute, sued both The AI and fired CEO Cindy Chance. Google the lawsuit. There are several awesome ChatGPT synopses of the whole mess.

One of the interesting aspects of the lawsuit focuses on The Audit Committee at The Appraisal Institute, which has compiled a secret cache of files on members of The AI who have been investigated for “wrong-doing”. It’s the Epstein Files of The AI! Steinley claims that even when he was Chair of Audit before becoming President, he was blocked from seeing what was in these secret files. I. have. so. many. many. questions.

But, I digress.

The Audit Committee’s REAL mission is “assessing and advising on operational and reputational risk to the organization as set forth in the Appraisal Institute Bylaws”. More specifically it is supposed to “ Inquire of management and the independent auditors about significant risks or exposures facing the organization” and:

"a. Assess the steps management has taken or proposes to take to minimize such risks to the organization and periodically review compliance with such steps;

b. Assess the “tone at the top” ensuring that the commitment of the officers and directors to ethical practices and that compliance with such practices is understood throughout the organization; andc. Assess the steps management has taken or proposes to establish a succession plan for senior management.”

Currently, we have an organization that is rumored to be losing $500,000 per MONTH, has an accounting system that doesn’t work correctly, and has executives that have been accused of corruption in MULTIPLE lawsuits. The current CEO has stepped away, the acting CEO is not qualified to lead, and there is no CEO search team in place or any plan in place at all to address a succession plan.

The Audit Committee has the power to hire an outside auditor/consultant/crisis manager to deal with the mess going on at The AI. It has not. They have the power to get a forensic analysis to understand why the organization is losing so much money. They have not.

Instead, Audit’s current focus is spending $30,000 investigating internal leaks of the BOD. So they can add the results of their current investigation into their CREEPY, CREEPY secret internal files. Somehow they think this is more important than saving the organization.Every member of the Audit Committee needs to be removed from the committee. Board of Directors, you should be calling for an emergency meeting and act accordingly.

Every member of The AI should be calling their representative on the Nominating Committee, to make sure the current Vice Chair of Audit is not “elected” to be the newest member of The Executive Committee. Failure to do so opens the organization even more lawsuits. And don’t forget in all of this that Mike Mignogna, the current President of The AI, is a former Chair of Audit.

There is still time to save The Appraisal Institute."

For the lurkers in Chicago: At the end of the month I am officially suspended and done. Nothing has changed and nothing will change until the insta-toot has burned through the FNC reserves, then it's time for some truth or go bankrupt. While there is still time to save the ship, there is no will to save it.

 

[glenn walker]

Would anybody notice if the Institute closed shop ? In my opinion it wouldn't have any noticeable impact and very few would hope it came back.

 

[Mile High Trout]

XXXXXXXXXXXX

Not watching video references either.

Was there a point?