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ASA Norcal Chapter Exhibits at 2019 Hillsborough Concours d’Elegance Car Show

By Jim Brown, ASA

American Society of Appraisers (ASA) Business Valuation appraiser Jim Brown, ASA, Partner, Perisho Tombor Brown, Certified Public Accountants, Campbell, CA, attended the 2019 Hillsborough Concours d’Elegance as an ASA Exhibit Booth staff member on July 21, 2019. Held at Crystal Springs Golf Course in Burlingame, CA, the 64th annual event features a forum and contest for vintage car owners to display their notably high-end vehicles.

Jim Brown wrote the following blog article reflecting on the experience.

“I participated in staffing the ASA Exhibit Booth at the 2019 Hillsborough Concourse d’Elegance, held on a golf course fairway, along with Brendan Ryan, ASA candidate; and Andrea Roth Ph. D., ASA. This was organized by Louise Allrich, ASA, past ASA Norcal Chapter President; and Brendan Ryan.

This annual event attracts around 200 cars, with some worth several million dollars. Hillsborough is an extremely wealthy town with two-story mansions and large lots, representing old money. Bing Crosby lived there. The attendees and contestants at this event tend to be people with a car or car collection and have wealth that likely also includes fine art and private businesses. At some point in their life, many of these people will need appraisals. The most common reason for asking about car appraisals at the booth today seemed to be insurance.

“Best of Show” Winner
1933 Chrysler Imperial LeBaron CL
Photo credit: Kimball Photostock

Attendance at the booth was strong and consistent all day. To each visitor at the booth we were able to “tell the ASA story” and inform them about ASA’s Norcal Chapter, which opened a lot of eyes. We handed out ASA Z-fold flyers, ASA pens and business cards. 

This was a fine example of the entrepreneurship of a Chapter along with cooperation between disciplines. We discussed how the Business Valuation Marketing Committee might help the Personal Property Committee with its marketing and service differentiation.

Someday ‘Elmer,’ my 1939 Pontiac 4-door touring sedan will be ready for car shows–but probably not this one. This was very high class.”

Photo credit: Kimball Photostock
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8th Annual Equipment Valuation Conference Recap

CLEVELAND, OH–The American Society of Appraisers (ASA) held its 8th Annual Equipment Valuation Conference on June 3-5, 2019 in Cleveland, Ohio at the Metropolitan at The 9.

Johnny White, CEO, Executive Vice President,
American Society of Appraisers

Sponsored by ASA’s Machinery and Technical Specialties Committee, this annual event has grown to become the definitive source for the latest insights into equipment valuation. From its informative educational sessions on current market conditions and trends from experts in the field to hands-on equipment inspections, combined with ASA continuing education credits, valuable networking opportunities and a variety of entertainment options in the beautiful city of Cleveland, the Conference has garnered attention from appraisers, equipment management professionals, remarketers and industry service providers who have recognized the ROI provided.

Conference attendees enjoyed an exciting evening of Indians Baseball! Located above the first-base line, Club Seats were provided, enabling excellent views and amenities.

Mekael Teshome, Vice President and Senior Regional Officer, The Federal Reserve Bank of Cleveland

The conference featured sessions on the latest trends and issues impacting the machinery and equipment market presented by leading professionals. Guest speakers provided insight of the industry and its trends. This year’s lineup included: Mekael Teshome, Vice President & Senior Regional Officer, Federal Reserve Bank of Cleveland, who presented an Economic Update; John Russell, Senior Director of Government Relations and Business Development, ASA, with an ASA Update; and Kenneth M. Heyse, ASA, President and Managing Director, Plastics One Asset Advisors, LLC, with a Plastics Update.

John Russell, Senior Director of Government Relations and Business Development, ASA

Next, Brian Ferritto, Partner and Digital Marketing Strategist, 42connect, discussed: “How to Grow Your Business and Get More Leads Using Digital Marketing;” Otto Cuyler, President, Cuyler Food Pro, spoke on “Food Industry Trends and Machinery Value Insights;” followed by Kevin Sensenbrenner, ASA, Senior Vice President, Senior Managing Director, Asset Management, Stonebriar Commercial Finance, who delivered a presentation entitled: “It’s More Than Just a Number.”

Presenters also included Rob Slavin, Senior Valuation Analyst, Ritchie Bros. Auctioneers, who discussed Transportation; Brad Hartsburg, ASA, President, Fortress Machinery Appraisals and Consulting Inc., on: “The Only Thing That Matters is Yellow Iron;” and Joseph Joyce, Senior Sales and Purchasing Account Manager Russell Equipment Company, on: “How to Have Fun Appraising Forklifts.”

The American Society of Appraisers would like to thank Ritchie Bros. Auctioneers; Hilco Global; Appraisals for Industry; The Book, Machinery & Equipment Pricing Guides; Fleet Evaluator; Newmark Knight Frank; Asset Appraisal Corporation; Maynards; irontrax; Russell Equipment Company; Sencer Appraisal Associates; Taylor & Martin, Inc. Auctioneers; and Iron Solutions for their support.

To view additional photos from the event click here.

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Reflections on Teaching a Gems & Jewelry Appraisal Course in China

by Teri Brossmer, ASA MGA

SHANGHAI, CHINA–Theresa Brossmer, ASA, MGA, ARM-GJ and Mary B. Reich, ASA, MGA traveled to Shanghai, China in May 2019 to teach ASA GJ216 (ASA’s 10-day International Gems & Jewelry appraisal training class) to Chinese students at the Shanghai Better Jewelry Institute.

Here’s a blog post by Teri Brossmer, ASA MGA, on their trip:

This was our 4th successful class in the last 2 ½ years. The students comprised diverse facets of the jewelry industry, from gemology students to retailers, manufacturers, dealers, attorneys and other professionals. We keep a map of Southeast Asia in our classroom and asked students to place a sticker to mark where they traveled from.

We have had students from most of the provinces in China, as well as Taiwan, Thailand, and Canada.

The 10-day course covers appraisal methodology and walks students through development as well as report writing. One of the highlights seems to be the day we spend covering a brief history of Western jewelry with plenty of hands-on opportunities. Many of our students understand basic English but do not feel comfortable conversing in English. The textbook and PowerPoint slides have been translated to Mandarin Chinese.

We deliver our lectures in concert with a translator who has become a dear friend. Since our teaching style is based largely on personal experience and practical application, our translator’s Western education and GIA GG diploma are invaluable. The final grade is based on a written examination and presentation of appraisal reports completed in small groups of 2 to 4 students.

Upon arriving in May, Mary and I spent a day working at the ASA China booth set up by our host at the Shanghai Jewelry Show. We talked with potential future students and posed for lots of photos. Beyond serving as instructors for ASA GJ216, we also serve as ambassadors for ASA as we travel throughout the country where we are welcomed warmly and treated royally.

During the May trip we visited Hong Kong and Shenzhen, major jewelry cities where our host is working to hold ASA GJ216 classes in the future.

In our opinion, China is a huge opportunity for ASA-GJ, thanks to seeds planted over 20 years ago by Nancy Stacy and Larry Phillips.

SEE MORE PHOTOS by clicking here.

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Embry-Riddle Aeronautical University/ASA News Update

By Sharon Reed

DAYTONA BEACH, FL – The Embry-Riddle Aeronautical University (ERAU)/American Society of Appraisers (ASA) joint aircraft valuation certification program is continuing its exponential growth both in the United States and overseas.

A new class of 25 students completed a special session of the program in June and are now eligible for certification. Johnnie White, CEO, American Society of Appraisers, traveled to Daytona Beach, FL to congratulate the graduates and award their certificates.

“I am proud of these men and women that took the time to take this two week course. A number of the individuals were members of the National Aircraft Appraisers Association (NAAA), but unfortunately NAAA has closed their doors. Knowing these individuals now needed a home we were able to find a solution to allow them to become members of ASA and obtain an ASA designation,” according to White.

“We are currently working on reaching out to all NAAA members to invite them to be part of ASA,” White added.

“We had a very successful transition from NAAA to ASA,” Richard Berkemeier, ASA, agreed. “We welcome them with open arms.”

Richard Berkemeier, ASA, Education Chair for MTS and ARM Senior Appraiser, of Pegasus Aircraft Appraisal Group, and Dr. Vitaly Guzhva, a professor at ERAU, developed and teach courses in the program.

SEE: ASA Training for Aviation Appraisal Certification Affiliate SELLS OUT

Launched in 2015, the ASA/ERAU Aviation Appraisal program is open to anyone interested in pursuing a professional designation as an Aircraft Appraiser. Program participants are required to take a series of 4 courses for professional aircraft appraisers: (ME201ACS – ME204ACS). Successful completion of these courses provides students with the necessary fundamental appraisal coursework to apply for professional accreditation through ASA in the Machinery and Technical Specialties (MTS) discipline with a specialty in aircraft appraisal.

A new round of classes at ERAU in Daytona Beach begins this Fall:

ME201- ACS- Introduction to Machinery and Equipment Valuation (Aviation Specific) Sept. 26-29, 2019

ME202-ACS – Machinery and Equipment Valuation Methodology (Aviation Specific), Oct. 31-Nov. 3, 2019

ME203-ACS – Advanced Topics in Aircraft Appraisals I, Jan. 16-19, 2020

ME204-ACS – Machinery and Equipment Valuation – Advanced Topics in Aircraft Appraisals II, March 19-22, 2020

ERAU/ASA’s joint program also continues to expand internationally. The Aircraft Valuation courses will also be held in Farnborough, England in November 2019 and Dublin, Ireland in early 2020. For questions about this program, please contact Richard Berkemeier, ASA at richardberkemeier@gmail.com. For registration information, please click here.

In Australia, 10 people recently completed the four appraisal courses, according to Berkemeier. Additional global offerings are currently under development and will be announced.

SEE: ASA/Embry-Riddle Aircraft Valuation Certification Program Expanding Due to Global Demand

SEE ALSO: Q&A: Germany-based Appraiser Completes Aircraft Valuation Program at Embry-Riddle Aeronautical University in Florida

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Sir David Tweedie, IVSC Chairman, Comments on the Future of International Valuation Standards

Q&A: Sir David Tweedie, Keynote Speaker at ASA’s Joint 2019 Advanced Business Valuation & International Appraisers Conference

New York, NY– Sir David Tweedie, Chairman, International Valuation Standards Committee (IVSC), will headline as Keynote Speaker at the American Society of Appraisers Joint ASA 2019 Advanced Business Valuation & International Appraisers Conference in New York, NY on August 25-27, 2019. As a preview for his presentation, Sir David kindly agreed to answer a few questions about International Valuation Standards, including his predictions for significant future changes, and how adoption of the standards will impact appraisers in the U.S.

Sir David is the former chairman of the International Accounting Standards Board (2001-11) and the ninetieth member of The Accounting Hall of Fame. He was knighted in 1994 and has received many other honors and awards in recognition of his for service to the accounting profession. Sir David became President of The Institute of Chartered Accountants of Scotland, the world’s oldest professional accountancy body, in April 2012. He chairs the Royal Household Audit Committee for the Sovereign Grant.

Please check out his insightful comments here:

ASA: What significant changes to International Valuation Standards do you foresee coming over the next 5 years?

Sir David Tweedie: Depending on how you look at it, the IVS will change significantly and profoundly over the next five years, or it will largely stay the same. That is because, for the most part, the IVS which exists today will remain in place with only a few tweaks over time – the technical boards have spent many years drafting and consulting widely on the high-level ‘general standards’ which apply to all valuations. There is a genuine sense that the current version of IVS is close to being a lasting framework for global valuation.

However, we will also see new, high-profile chapters introduced across all of the asset-specific chapters during the next five years. Our technical boards are looking at issues as broad as social value, biological assets, cryptocurrency, valuation models, non-financial liabilities and inventory, to test the need for new or revised standards. Additionally, they are geared up to respond quickly to emerging issues which may require valuation standards or guidance, such as the replacement of Inter-Bank Offered Rates (IBOR), which is a hot topic in financial markets right now.

One asset class that we expect to see grow significantly within the IVS over the next five years is financial instruments. These assets are pervasive and often extremely complex, including things like bonds, loans and structured derivatives, they pose significant valuation challenges and they have an enormous bearing on financial stability. Earlier this year we launched our new Financial Instruments Board, chaired by HSBC’s Group Chief Accountant, Gavin Francis. This board includes leaders from global banks, prudential regulators, professional bodies and valuation and data providers. Collectively, the board if looking to build and enhance the chapter (IVS 500) which covers these assets today.

ASA: How would the adoption of International Valuation Standards impact appraisers in the US?

Sir David Tweedie: As the IVS become increasingly established in markets around the world, the benefits of their adoption by appraisers in the U.S. become more and more apparent. Investors, businesses and all stakeholders in the valuation process are eager for greater levels of transparency brought about through high-level and internationally applied standards. U.S. appraisers are already recognized throughout the world for their levels of professionalism; respected for their high-quality designations and their commitment to lifelong learning. The adoption of IVS by US appraisers will only stand to enhance this regard, both on the international stage and domestically as more and more clients find themselves investing in, and managing assets across multiple jurisdictions.

The IVSC is working in partnership with US standards setters to make the process of IVS adoption more straight forward. This includes efforts on all sides to modify and adopt existing standards so that they are consistent and increasingly using the same language and definitions for core areas of valuation work.

Ultimately, for appraisers in the US, the journey to adopting IVS shouldn’t be seen as an overly burdensome exercise. IVS are high-level and principles based, they draw on best practice from many markets around the world, including the US. In fact, it is likely to be the case that most US appraisers are already applying much of the IVS today, whether they know it or not. 

ASA: As you look forward to turning the reins of the International Valuation Standards Council over to your successor in the near term, what advice will you give and hopes will you share?

Sir David Tweedie: With the support of the valuation professional organizations, and in particular that of my old friend Lee Hackett, IVSC has changed considerably over the last seven years.

From having a single standards board wrestling with the problem of trying to deal with the unique specialisms of tangible asset valuation, business valuation and valuing financial instruments, IVSC now has three specialist boards. It has also created a board (the standards recognition and membership board) to promote IVSC throughout the world and to check the suitability of applicants to become members of IVSC. We don’t want the ‘cowboys’!

These changes reflect the increasing professionalism of the valuation profession. This profession should be sitting up there with the accountants recognized globally as a huge force for good in the public interest. The accountants realize just how important valuation is for financial reporting and its influence will increase. The internationalization of the accountants has come through having global standards. IVSC is going to create the same for the appraisers worldwide – this is the key to greater recognition of the profession. It will come as we partner with our members to agree the gold valuation standard for use globally. The infrastructure is there, the support from our members is there. IVSC is ready for take-off.

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Message from the CEO

May marks my first full month with ASA and I must say it is exciting to be part of a great organization and profession. This past month and a half I have had the opportunity to visit with some amazing members and worked on partnerships that will strengthen ASA for the future. Below is a brief summary of my travels.

In New York City with ASA Fair Value Conference attendees

My first week I was in NY attending the IVSC – Member VPO meeting where I was able to meet other CEO’s from other Appraiser organizations and share ideas and determine where we could collaborate even more. The next week I was back in NY attending our very popular Fair Values Conference. Our conference had over 100 attendees and provided me the opportunity to talk to our members and nonmembers. I was able to gain some great insights from the program. The following week I was back in NY attending the RICS Built Environment Forum where I learned a lot from the hot topics that were discussed throughout the program.

In Daytona, FL with ASA/ERAU
program graduates

End of that week I was in Daytona Beach, FL congratulating the class of graduates that passed our ASA/EmbryRiddle two week “Aircraft Valuation” course. I am proud of these men and women that took the time to take this two week course. A number of the individuals were members of the National Aircraft Appraisers Association (NAAA), but unfortunately NAAA has closed their doors. Knowing these individuals now needed a home we were able to find a solution to allow them to become members of ASA and obtain an ASA designation. We are currently working on reaching out to all NAAA members to invite them to be part of ASA.

In Reston, VA with
Kazuo Wakayama and Lee Hackett

The next week in our headquarters in Reston I met with our good friend Kazuo Wakayama who leads JaSIA organization in Japan. We have done a lot of work with JaSIA and as result of our meeting we are looking to enhance our relationship to provide even more programs in the future in Japan. The following week I was back in NY to start the process of developing the details for our collaboration with RICS. This collaboration will help in simplifying the appraisal landscape and build public trust in professional valuations. Immediately after this meeting I visited our Oklahoma chapter to observe one of the many successful chapter courses they do and sit down with the members. Had a wonderful time visiting with them and listening how we can provide better services to our chapters. This is an area we will make some changes to better serve our chapters. On a side note, if you are ever in Oklahoma you must stop by Cattlemen’s Steakhouse and try the steak of course and their lamb fries. It was a first for me.

In Collingwood, Canada to execute our agreement with CNAREA

My last trip of the month was up to Collingwood, Canada where it was a very interesting ride from a very interesting driver from the airport to the hotel, so if you ever see me please ask me to tell you the stories about this ride. But more importantly I was able to participate in the signing ceremony to execute our partnership agreement with CNAREA at their annual meeting. This partnership will help both of our Real Property members.

I have had a very busy start with the organization, which is allowing me to learn quickly about the profession in order to lead ASA in the right direction. The future is bright for ASA.

I invite you to follow and engage me on social media at JohnnieWhiteCEO.

Johnnie White, CEO

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ASA NJ RP Chapter Donates Funds to the Memorial Sloan Kettering Cancer Center

ATLANTIC CITY, NJ–The American Society of Appraisers (ASA) New Jersey Real Property Chapter selected the Memorial Sloan Kettering Cancer Center in New York, NY, as the recipient of a charitable donation following Its annual NJ Mid-Atlantic Real Property Education Conference, held this year in Atlantic City on April 10-11, 2019.

“Each year the NJ ASA NAIFA selects a charity to be the recipient of donations made by our organization, our sponsors, and attendees at our annual NJ Mid-Atlantic Real Property Education Conference in Atlantic City,” said Conference Chair Robert Solotist, ASA, IFA, of R.A.S. Appraisal Associates in Parsippany, NJ. “This year’s recipient was the renowned Memorial Sloan Kettering Cancer Center, having 25+ locations throughout New York and New Jersey.”

“Funds were provided by Sponsors, attendees, and hotel wait staff,” Solotist added.

Jane St. Lifer, ASA and Ellen Espstein, ASA manning the ASA Membership table while encouraging people to fill the bowl on the left side for Memorial Sloan Kettering Cancer Center

In a note of appreciation, Kenneth Manotti, Senior Vice President, Development, Memorial Sloan Kettering Cancer wrote: “MSK is pioneering breakthrough cancer care and research—bringing new hope to patients worldwide. Our physicians and scientists are working tirelessly to diagnose cancer earlier—and develop novel and individualized treatments.”

“Please know that your generosity makes substantial progress possible. You are seeding innovation and speeding translation of discoveries from the laboratory to the clinic,” he added.

To find out more about Memorial Sloan Kettering Cancer Center or to make a donation, please click here.

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2019 AAM MuseumExpo Recap

New Orleans, LA–More than 5,000 museum professionals attended this year’s American Alliance of Museum Annual Meeting and MuseumExpo in New Orleans, LA on May 19-22, 2019.  ASA was represented by Connecticut-based personal property appraiser John A. Woods, ASA and Cindy Hinton, Director of Membership from ASA’s National Office. The American Alliance of Museums represents more than 35,000 museum professionals and volunteers, institutions, and corporate partners serving the museum field.

The MuseumExpo kicked off with extensive networking opportunities. Attendees were then redirected to meeting areas where numerous seminars and demonstrations took place.

The keynote speakers were:

  • Carol Bebelle, (a.k.a. Akua Wambui), Co-founder and Executive Director of the Ashé Cultural Arts Center
  • Mitch Landrieu, Mayor, City of New Orleans (2010 – 2018)
  • Rick Lowe, Social Practice Artist, Community Organizer
  • Kimberly Drew, Writer, Curator, Activist
  • Jose Antonio Vargas, Pulitzer Prize-winning Journalist, Filmmaker, Human Rights Activist
Cindy Hinton, Director of Membership, ASA; John A. Woods, ASA

“I was thrilled to represent ASA this year at the 2019 Museum Expo,” said Cindy Hinton, ASA’s Director of Membership. “I met so many wonderful museum professionals at our booth and had the opportunity to communicate face-to-face with attendees what ASA has to offer, answer any questions, and share information about ASA’s free ‘Find an Appraiser’ tool on www.appraisers.org. “

John A. Woods, who has volunteered on behalf of ASA at the AAM MuseumExpo since 2004, added: “We had quite a number of museum people pass by, I would guesstimate over 200 people,  during the open period of the Expo. People had specific questions about items for valuation and I was happy to direct them with Cindy Hinton to the website.”

More than 270 exhibitors from across the region, both new and seasoned, participated in AAM, many offering hands-on interactions with their products and services. Attendees were able to try virtual reality headsets or watch live art being created.

ASA volunteers and staff spent the majority of their time speaking to attendees about the criteria needed to become an appraiser, and the importance of having an accredited appraiser when valuing pieces. Our exhibit’s main attraction was the “Find an Appraiser” tool that is featured on ASA’s homepage. This tool, which is open to the public, can help anyone searching for an appraiser with ASA membership by discipline and location.

“The conference was a huge success—well-organized and filled with informative presentations and networking opportunities,” Hinton said.

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ASA Remembers Richard Kaufman, FASA

Past American Society of Appraisers International President (’94-’95), Richard A. Kaufman, FASA, passed away on Monday, May 20, 2019. Dick was a career machinery and equipment appraiser and member of the Society for 42 years. He was a true supporter and active volunteer, holding numerous leadership positions, including: Chair of the International Activities, Public Relations and Colloquium Committees; Director of the CAPPS Committee; Region Governor; International Treasurer; International Vice President and International President.

During his tenure as President, he oversaw advocacy efforts to protect profession and consumer interests; technology advancements to better prepare members to meet challenges more effectively and efficiently; and branding outreach to help members become better recognized by clients, the banking system, the courts, attorneys, insurance companies and the general public.

As testament to his dedication and service, Dick was inducted into ASA’s College of Fellows in 1997 and was conferred the prestigious grade of “Fellow”, ASA’s highest honor.

Dick is survived by wife Mary; his son Matt, also a designated and active member of ASA, and his two other children Amy and Mark. Dick has six grandchildren.

The Kaufman family has expressed thanks for the condolences and support from fellow ASA members. They have asked in lieu of flowers, or other well-wishes, a donation be made in Dick’s name to the ASA Educational Foundation. Donations may be made online or by mail. For more information, visit www.appraisers.org/donate.

ASA’s RP-NAIFA Committee Meets to Discuss Future Plans, Addressing Needs of Real Property Appraisers

Back row (left to right) – Robert J. Luciani, ASA, IFA; Ernest A. Demba, FASA, IFAS, ARM-RP; William P. Wilson, III; Johnnie White, CEO, American Society of Appraisers; David R. Doering, ASA, IFA; Robert A. Solotist, ASA, IFA; Michael J. Lange, Sr., ASA, IFAC;
and Margaret “Molly” C. Orman, ASA, IFA. Front row – (left to right) —
Anita Luciani, Administrative Assistant, ASA Philadelphia Chapter; Paul D. Roberts, ASA; and Mike Pratt, ASA, IFA.

RESTON, VA–On April 26th, ASA’s RP-NAIFA Committee met at ASA’s offices in Reston, VA, for a daylong conversation around the ongoing activities of the committee, as well as to discuss growth opportunities for ASA in Real Property education and membership. Participating in the meeting were members of the RP-NAIFA Committee, as well as key staff from ASA Headquarters.

Throughout the meeting, the committee discussed its work on collaborative efforts in the educational arena, as well as finding new ways to ensure timely delivery of courses to interested students. The committee also talked about ways to grow engagement with ASA by Real Property appraisers who currently do not belong to any professional organization, and ways in which the needs of these individuals can be met by ASA. ASA’s RP-NAIFA Committee remains committed to providing best in class education and finding ways to serve the needs of the professional Real Property appraiser. If you have ideas or feedback for the Committee, please contact John D. Russell, staff liaison to the Committee, at jrussell@appraisers.org.

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