Name: Lawrence “Larry” Colorito, MAI
Title: Chair of the Board of Directors & Senior Managing Director
VPA Office: Valbridge Property Advisors | Hampton Roads, Williamsburg VA, Richmond

What is The Appraisal Foundation and what purpose does the organization serve?

The Appraisal Foundation’s (TAF) mission is to advance the valuation profession by setting standards of excellence, promoting education, and upholding the public trust. TAF was established to implement USPAP as the generally accepted set of appraisal standards in the United States, because of the recognized importance of ensuring that appraisals are based upon established standards. TAF is the nation’s foremost authority on the valuation profession. The work of TAF is accomplished by independent boards: the Appraiser Qualifications Board which sets the criteria for licensure, the Appraisal Standards Board which promulgates USPAP, and the Board of Trustees which is responsible for the governance of the organization. TAF’s boards are responsible for setting congressionally authorized standards and qualifications for real estate appraisers and provide voluntary guidance for all valuation professionals. The Appraisal Subcommittee (ASC) of the Federal Financial Institutions Examination Council monitors and reviews the work of TAF.

What is your role with The Appraisal Foundation?

I am an at-large member of TAF Board of Trustees. The Board of Trustees (BOT) is responsible for the governance of the organization. The BOT appoints members and provides financial support and oversight to two independent Boards: The Appraiser Qualifications Board and the Appraisal Standards Board.

How did you become a board member with TAF? What responsibilities do you have as a board member with TAF?

As an at-large member of the BOT, I applied and was selected from a larger pool of applicants by the other members of the BOT after responding to written questions and three rounds of interviews. I participate in the oversight of TAF’s governance including sitting on various standing committees and single-issue task forces and attending semi-annual face-to-face meetings and periodic other meetings.

Can you share any specific projects or initiatives that you have been actively involved in during your time with The Appraisal Foundation?

 Like all members of the BOT, I’m involved with monitoring TAF staff and their day-to-day operations. Recently, I’ve been specifically involved with filling seats on the Appraisal Qualifications Board, The Appraisal Standards Board, and the BOT, initiatives related to Veterans in the profession, DEI, and anti-bias initiatives, and an internal examination of the governance structure.

Additional information you want to include:  

I’m proud to be able to volunteer and give back to the profession that has given so much to me and my family.