Capital Update

December, 2008
http://www.appraisalinstitutedc.org

Spotlight
Ready for the New Year, AIDC Installs 2009 Board

AIDC News
A Few Words from the Outgoing President
Welcome New Members

AI News
State Laws Affecting the Performance of BPOs
Stay Current with Appraiser News Online

Continuing Education
Mark your calendar for these 2009 Seminars
Historic Easements Certificate Program – New Date
Green Residential Properties Seminar – Online version now available

Spotlight

Ready for the New Year, AIDC Installs 2009 Board

The 2009 Officers, Directors and Regional Representatives kicked of the new year with a swearing-in on Wednesday, December 3 at Dave & Buster’s in North Bethesda. The ceremony was the opening act for the annual holiday party. Outgoing president, Dave Lamb thanked the 2008 Board for serving in what has been a transitional year for the Chapter in which they set the groundwork for an exciting year ahead. Join us in thanking these outgoing board members: Regional Representatives Jacob M. Adler, Harold R. Gearhart MAI, SRA, William R. O'Neill MAI, Roy L. Relph MAI, and D. Eric Spears MAI.

And welcoming the 2009 leadership:

Chapter Officers:
President: John C. Reyle MAI
Vice President: John M. Lansbury MAI
Secretary: Donald S. Boucher SRA
Treasurer: Stephen M. Santora MAI
Past President: David N. Lamb MAI

Directors: Jerry R. Adkins MAI, Donald S. Boucher SRA, James D. Donnelly SRA, David Fuller MAI, W. Scott Gudely, Jerrold Harvey MAI, Thomas J. O'Halloran SRA, Betty J. Phifer SRA, Thomas J. Shields MAI

Education Chair: William W. Moroney MAI

Regional Representatives: Linda S. Braley SRA, Judith A. deLeon SRA, Byron H. Howe SRA, Arthur Y. Smail MAI, Teresa S. Tenney

Following the installation, AIDC members, spouses and guests gathered for a bit of networking, lots of food, and hilarious entertainment supplied by Last Ham Standing.

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AIDC News

A Few Words from the Outgoing President

I am happy to leave the post as President with a stronger Chapter that communicates better with membership and has tailored events to what most members desire. At the same time, we awarded six new designations to members, making us #2 for new designees in our region.

I owe much of this success to our Board of Directors, Directors and others who have served our Chapter in such a positive manner. Another group that deserves a lot of credit is our new Executive Director, Peter Houstle, Peggy Hoffman and their company Mariner Management. Their expertise and hard work is evident in many facets of our Chapter.

While performing the duties of President I had the opportunity to meet appraisers from around the country. While in Chicago at the incoming President’s training sessions I met some of our leaders at HQ. I only spoke with them for a short while but I discovered that we clearly have a group of dedicated professionals whose hearts are in the Appraisal Institute. They make some difficult decisions but what they decide is what they feel will benefit our organization in the long run.

Our worldwide presence is growing as well. I met with a group of eight appraisers from Vietnam earlier in the year and they are very interested in our appraisal techniques and organization. Their economy is now market-driven and they need to track sales and learn how to analyze the data. I’m sure that the Appraisal Institute will continue a relationship with the Vietnam Valuation Association and perhaps provide some education in this evolving country. By the way, I really like Pho, anything with lemongrass in it and I love to travel.

I am also aware of several incidents where members or a family member needed help, both in spirit and financially, and members came through with help. The average age of a designated member continues to climb and what I’ve realized as I age, and do more volunteer work with my Lions Club, is that we need friends even more. It is great to have friends from a pool of such caring and intelligent people like real estate appraisers.

This has been a tumultuous year in the U.S. economy and appraisers continue to offer tremendous value to those in real estate, probably more so now than ever. As we enter 2009 the economy has many market participants, and lenders, in a hold pattern. This can only last for so long, especially with a change in the political environment in Washington coupled with low interest rates and some real opportunities in the market. I enjoyed my tenure serving our Chapter and I am proud to be a real estate appraiser and a member of the Appraisal Institute.

Respectfully,

David N. Lamb, MAI 

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Welcome New Members

Stephen Body
Gregory Atienza Naing

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AI News

State Laws Affecting the Performance of BPOs

Do you know what the law in your state is regarding the performance of BPOs by Real Estate brokers and salespersons? See below for important information concerning Maryland and Virginia laws:

MD - Limited authority – A real estate broker or salesperson may only perform a broker’s price opinion, competitive market analysis, etc. as part of the real estate listing process. In some cases, brokers and sales people are prohibited from charging a fee or receiving any form of compensation

Maryland - Business & Occupations Article 16-101 (3)“Appraisal” does not include an opinion to a potential seller or third party by a person licensed under Title 17 of this article about the recommended listing price or recommended purchase price of real estate, provided that the opinion is not referred to as an appraisal.

VA - Broad authority – Real estate brokers and sales people may perform broker’s price opinions, competitive market analysis, etc. as part of the listing process, and for other purposes. The broker or sales person may, or may not, be permitted to charge a fee for their services.

Virginia - § 54.1-2010
A. The provisions of this chapter shall not apply to:
1. A real estate broker or salesperson licensed in the Commonwealth who, in the ordinary course of business, provides a valuation or analysis of real estate for a fee; however, such person shall not hold himself out as a real estate appraiser, and the valuation shall not be referred to as an appraisal and shall not be used in lieu of an appraisal performed by a licensed appraiser.

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Stay Current with Appraiser News Online

Be sure to stay current on government, industry, and Appraisal Institute news through the Appraisal Institute’s free online news system: Appraiser News Online. The electronic newsletter is delivered weekly and provides continuing updates on industry trends, legislative issues, and regulatory developments as well as information on membership and educational opportunities.

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Continuing Education

Mark your calendar for these 2009 Seminars

**You can always keep up to date on upcoming training classes and seminars by visiting the DC Metro Area Chapter Website.

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Historic Easements Certificate Program – New Date
The Appraisal Institute has rescheduled its Alexandria, Va., premiere of the Appraising Historic Preservation Easements certificate program for January 14-16, 2009. Intensive training and discussion on the valuation of historic preservation easements donated as charitable gifts under the Internal Revenue Code is provided. The course also will cover a recent tax court ruling on the subject that was filed on October 30, 2008. For more information, click here.

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Green Residential Properties Seminar – Online version now available
In this new 7-hour online seminar, participants will learn how to recognize the principles of green building as they apply to residential construction and receive training on the appraisal of green residential properties – a market expected to value between $19 billion and $38 billion by 2010. For more information, click here.

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As always…if you have a story to share … send it to capitalupdate@appraisalinstitutedc.org!

Appraisal Institute – DC Metro Chapter

c/o Mariner Management - P.O. Box 1046 - Laurel, MD 20725-1046

301-924-1020