Capital Update
May 2011
Upcoming Education

June 8 - Real Property Assessments in Fractured Markets Click here for details..

June 8-9 - Adv. Residential Applications & Case Studies, Pt. I - Linthicum, MD - Click here for details. (Co-Sponsored with the MD Chapter)

June 10-14 - Advanced Residential Report Writing, Pt. II - Linthicum, MD - Click here for details. (Co-Sponsored with the MD Chapter)

June 20 - The Uniform Appraisal Dataset from Fannie Mae and Freddie Mac - Silver Spring, MD - Click here for details.

June 21 - The Uniform Appraisal Dataset from Fannie Mae and Freddie Mac - McLean, VA - Click here for details.

Coming this Fall!

September 16 - Analytics with the Site To Do Business - Rockville, MD Click here for details.

October - Dodd-Frank Regulatory Update Details to come

October 21 - Introduction to Conservation Easement Valuation - Herndon, VA Click here for details.

November - Real Estate Update - Tyson's Corner, VA

November 17 - Residential Curriculum Update - Rockville, MD Click here for details.

November 17-18 - General Curriculum Update - Rockville, MD Click here for details.

December - Appraisers Roundtable - TBD

December 15 - 7-Hour USPAP Update - Herndon, VA Click here for details.

December 16 - Business Practices & Ethics - Herndon, VA Click here for details.

Welcome New Members

Elizabeth I. Benard
John W. Ross
Richard L. Sanderson

Job Opportunities

Commercial Review Appraiser w/Freddie Mac

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A statistically significant higher proportion of designated members earn more than $100,000 per year compared to associate members and nonmember appraisers. Click here for a salary comparison.

Click here to see how you can move from "Associate" to "Designated."

 

In This Issue
Real Property Assessments in Fractured Markets  

Wednesday, June 8, 2011 
4:30pm – 8:30 pm
Sheraton National Hotel
900 South Orme Street • Arlington, Virginia 22204

Join us for a panel discussion regarding real property assessments featuring representatives from several jurisdictions in the metro DC area followed by a delicious buffet in the Galaxy Ballroom on the 16th floor of the Sheraton National Hotel overlooking Washington, DC. You’ll hear about:

  • Recent policy or procedural changes (by jurisdiction).
  • Assessment methodologies.
  • Assessment Challenges.
  • Property taxes are by far the largest single operating expense for commercial properties.
  • Petitioner Arguments.
  • Appraisal Report Weaknesses.
  • Where Appeal Board of Court Decisions Are Going.
  • Assessor Recommendations.
  • Discussion of a “Calculated Tax Rate” versus a “Legislated Tax Rate”.

Panelists to date include:

  • David Fitzgibbons or Jeremy Chitlik - Washington, DC. Department of Assessment & Taxation
  • Thomas L. Rice - Director. Department of Real Estate Assessments, Arlington, VA
  • Dan. Puma - Assessor Manager, Prince George's County Assessment Office

N.B. Attendees are eligible to receive 2.0 hours of Appraisal Institute continuing education credit.

Then comes time to relax, eat and catch up with appraisal colleagues around town … Dine on hors d’oeuvres, hear the latest chapter and appraisal news, and meet colleagues. In a brief membership meeting, we’ll bring you up-to-date of what AI is doing for you. Cash bar available.

Schedule:
4:00 pm: Registration opens
4:30 – 6:30pm: Panel Presentation
6:30 – 8:30pm: Networking Dinner & Membership Meeting

Click here online registration
or
Click here for a form you can print and mail or fax.

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Maryland Governor Signs AMC Registration and Commission “Special Fund” Bill Into Law

Maryland became the 26th state to enact a comprehensive appraisal management company law when Governor Martin O’Malley signed SB 658/HB 1181 into law on May 10.  The legislation also grants “special fund” status to the state’s Commission of Real Estate Appraisers and Home Inspectors. As enacted, the legislation will require AMCs operating in Maryland to register with, and be overseen by, the Commission as of July 1.

One provision unique to the Maryland law is the creation of an “Appraisal Management Company Hearing Board” which will consist of three members of the Commission, in particular the financial institution representative, the consumer member and the new member of the Commission representing the AMC industry.  Every complaint that comes into the Commission regarding an AMC will be forwarded to the Hearing Board, which will review the complaint and decide whether or not to forward the complaint to the full Commission for its consideration.  Any member of the Commission can resurrect a complaint that is considered by the Hearing Board and not forwarded to the Commission. 

Very importantly, the bill also grants “special fund” status to the Commission.   This means that the Commission will no longer be required to deposit all of its revenue in the state’s general fund and then be subject to an annual appropriation by the legislature which is usually substantially less than the revenue collected by the Commission.  Now, the Commission will have the ability to set its own fees and to retain all of its revenue for use in the administration and enforcement of the state’s appraiser licensing and AMC registration programs.  The appraiser commission was the first commission in many years to be granted “special fund” status by the legislature despite repeated attempts by many of the state’s other professional regulatory boards. 

Bills with AMC registration provisions that are similar to the new Maryland law are currently pending in AL, HI, IL, MA, NH, NJ, OH, PA, SC, and TX. 

To view a copy of the new Maryland law, go to http://mlis.state.md.us/2011rs/billfile/sb0658.htm

Note: Special thanks go out again to AI Maryland Chapter members Tom Weigand, Chapter Government Relations Chair, and Michael Dalnekoff who spent countless hours in meetings in Annapolis and elsewhere helping to make this important legislation a reality.   I want to also say a big “Thanks” to Commission Chair Pat Murphy, SRA.  Without the Commission’s blessing this legislation would have been a no-go.  There are many others that should also be thanked for their efforts:  Bill and Beth Reidel, Lisa Alvarez, Steve McAdams, Sen. Delores Kelley (Balt. County), Delegate Aisha Braveboy (PG County), the Maryland Bankers Association, the Maryland Association of Realtors, Harry Loleas and Patty Schott with DLLR, and many, many others. 

While the AMC portion of the bill is vitally important, I think we scored a tremendous coup in getting the legislature to agree to give the Commission “Special Fund” status.  Many other occupations and professions have tried over the last several years and none have been successful.   Way back when we made the decision that this was an “all or nothing” kind of deal which really could have backfired if not meticulously executed.    The “Special Fund” status means that the Commission will (hopefully) now have the staff and resources to adequately enforce and oversee the appraiser licensing program as well as the new AMC registration program. 

Scott DiBiasio, Manager, State and Industry Affairs for the Appraisal Institute

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The Uniform Appraisal Dataset from Fannie Mae & Freddie Mac

COMPLIANCE REQUIRED by SEPTEMBER 1 !!! 

Do you realize that on September 1, 2011, you will need to change the way you “think” when developing and reporting a residential appraisal assignment? Every appraisal report used in a transaction that involves Fannie Mae, Freddie Mac, the Federal Housing Administration or Department of Veterans Affairs must comply with the Uniform Appraisal Dataset (UAD)!

The UAD entails learning new definitions for condition and quality, updating and remodeling and many other “standardized” responses to provide your client with a UAD-compliant appraisal report! Not to mention understanding the USPAP and liability ramifications of the standardization. Don’t be fooled, there is much to learn about the new UAD; so come and attend this one-day seminar to successfully transition to the new way of thinking.

These questions and more will be answered:

  • What are the key FAQs released from Fannie and Freddie on April 12, 2011?
  • What are the most critical and controversial UAD data fields?
  • How do you determine the most appropriate standardized response to use?
  • How do you interpret and apply the new quality and condition ratings within the context of properly reporting assignment results?
  • What real world appraisal challenges may the UAD create and how do you deal with them in your appraisal practice?
  • How do you handle potential conflicts between UAD compliance and USPAP compliance issues?
  • How do you avoid potential liability issues created by the UAD?
  • What are the recent key appraisal-related Fannie Mae and Freddie Mac Selling Guide changes and how are they connected to the UAD requirements? 

AIDC has contracted with top-rated instructor, Mark Smeltzer, SRA to present this course in two metro DC locations on June.

June 20 - Crowne Plaza in Silver Spring, MD - Click here for details and registration.

June 21 - Crowne Plaza in Mclean, VA - Click here for details and registration.

Remember - Compliance is required by September 1.
Don't Delay - Register TODAY!

P.S. The Maryland Chapter is also offering this essential course at several Maryland locations in June. Click here for details.

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Expand Your Professional Network - Join an AI Community

The AI Communities of Practice is a new member benefit available to all Appraisal Institute members. The AI Communities serve as a convenient, online meeting place for AI members with shared interests. As long as you have Internet access, you can login from any computer and:

  • Exchange news and share information with your colleagues.
  • Check the AI Communities' calendar to stay abreast of upcoming events.
  • Participate in online discussion boards.
  • Suggest a poll to your community facilitator.
  • Chat online – in real time – with other members of your Community.

Click here to get started.

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Associate Members: Please note that the Appraisal Institute is adhering strictly to the Regulation Nos. 1 and 2 requirement that all Associate members must complete the Appraisal Institute course Business Practices and Ethics as a part of their Standards and Ethics cycle requirements.

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