AIDC News

Meet Member Linda Vincent, MAI

What prompted you to this profession?  
I was working in a residential real estate office during college. Graduation was nearing. I had a mathematics degree and no idea what to do with it. A broker at the office I worked suggested I look into appraising and the rest is history.
 
What keeps you motivated in this profession? 
A career that allows me flexibility and the opportunity to earn a good living.
 
Please share a story or item of which you are proud?
I just obtained my MAI!!!! 
 
What is one word or phrase that best describes this chapter? 
Rebuilding  
 
What is the biggest issue facing you in the profession or the profession as a whole?
There are many issues facing our profession right now - the impact of AVM's, appraisal management companies, mortgage fraud and its impact, the recent turn in the market, just to name a few. However, I think making sure that appraisers are allowed to do their work without undue influence from the client/lender can encompass many of these other issues. To me, it is (and has been) one of the biggest issues facing appraisers in this profession.

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Appraisal Institute's DC Office Presents Free Legislative and Regulatory Update Presentation

To update appraisers on the latest legislative and regulatory developments impacting the appraisal profession, the Appraisal Institute Washington office has developed a LiveMeeting presentation now available for download and viewing on your desktop.
 
Presented by Bill Garber, Director of Government and External Relations, and Brian Rodgers, Manager of Federal Affairs, the presentation walks appraisers through policy issues impacting real estate appraisers, including the Home Valuation Code of Conduct, appraisal regulatory reform, foreclosure prevention legislation, FHA appraisal reforms, federal agency briefs and state legislative developments.
 
The presentation is approximately 30 minutes in length, and it is best heard through external speakers to your computer. Future updates to the legislative and regulatory update presentation are also planned by the Appraisal Institute Washington office. In the interim, keep abreast of the latest news via Appraiser News Online.
 
For the download, visit https://www.livemeeting.com/lrs/1100000905/MeetingEntry.aspx?ConfNo=s6gcbs7z9v7xldtw

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Welcome New Members

John M. Gogarty - Metropolitan Appraisals, Inc.
In Chul Kim
Brian Andrew Korach - CB Richard Ellis
Kenneth A. Pels, Jr. - U.S. Appraisal/Pels & Associates Inc.

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Continuing Education

Mark your Calendar:

• November 14, 2008 - Supporting Capitalization Rates Seminar
• December 12, 2008 - 7-Hour National USPAP Update Course

Industry News

MAI designation requirements set to be reduced under new proposed amendments

Attention Associates. If you have completed all requirements and only need to write the demo, there may be an online option with advisor. If you aren’t writing your demo because you don't want to write a fundamental market analysis, there may be an alternative to that in the new requirements as well. The Appraisal Institute Board of Directors will consider proposed amendments to Appraisal Institute Regulation No. 1 during its meeting on August 14-15, 2008 in Chicago, Illinois. The full text of the proposed changes is available on the "My Appraisal Institute" page of the Appraisal Institute's Web site at www.appraisalinstitute.org. (You will need to enter your username and password on the home page to reach the "My Appraisal Institute" page.)

The proposed changes presented by the ADQC include providing for an Online General Demonstration Appraisal Alternative to the traditional demonstration appraisal report. The online option will combine the goals of the traditional report with an online format which will consist of an ‘Advisor’ and other resources. ADQC believes this will offer more flexibility to those seeking a MAI designation while taking advantage of advanced technology. ADQC also recommends amending the requirement for inclusion of a detailed supply and demand study for the subject property type within the traditional general demonstration appraisal report and allow for the option of including an analysis of either functional obsolescence or external obsolescence instead. The ADQC recognizes that many AI members are encountering obsolescence in the market and that this option is a viable alternative to the usual detailed study.

AI requests that if you have any comments on the proposed changes, please contact your elected Directors and/or send your comments via email to 45daynotice@appraisalinstitute.org.  Comments sent to this email address will be compiled for distribution to the Board of Directors prior to the Board meeting.

We'll post the results in the Capital Update when available.

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Proposed IRS Regulations May Have Substantial Impact on Appraisers

(From Appraisal Institute website)
Appraisers who provide their services in connection with the filing of federal tax returns may be affected by recently proposed regulations. Under a proposed rule released in June by the Internal Revenue Service, appraisers could be considered "nonsigning tax return preparers" under certain circumstances, making them subject to new IRS penalties.

The proposed rule (REG-129243-07, published June 17 in the Federal Register) revises standards of conduct tax return preparers must meet in order to avoid penalties by the IRS. The proposed rule also address the circumstances and manner in which penalties will be assessed against tax preparers, including referrals to IRS' Office of Professional Responsibility pursuant to Circular 230; and, they apply the new penalty regime to preparers of tax returns for income, estate, gift taxes and for generation-skipping transfer tax returns, employment tax returns, excise tax returns and the returns of exempt organizations. Treasury and IRS have announced that the new preparer penalty provisions will govern returns filed after final regulations are published in the Federal Register, but no sooner than Dec. 31, 2008.

The regulations include a list of "persons who are not tax return preparers" and appraisers are not on this list. While the inclusion of appraisers within the "nonsigning" definition is not explicitly stated, it is implied, which is a cause for concern. The Appraisal Institute is reviewing the proposed rule and coordinating with other professional appraisal organizations to prepare an industry response, as well as present testimony at a public hearing the IRS is hosting on August 18th. If you have any questions, please contact Bill Garber, Director of Government and External Relations at 202-298-5586, bgarber@appraisalinstitute.org.

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Appraisal Institute - DC Metro Chapter
c/o Mariner Management - PO Box 1046 - Laurel, MD 20725
301-924-1020