Capital Update
October 29, 2010
Upcoming Education

December 9, 2010 - 7 Hour USPAP, Rockville, MD
Click
here for details.

December 10, 2010 - Business Practices & Ethics, Rockville, MD
Click
here for details.

Welcome New Members

Ahmad Khreshi

Paul Webster 

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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.

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In This Issue

USPAP and Business Practices - December 9-10  
Share Your Suggestions re 2011 Residential Webinar/Seminar Topics
Real Estate Market Update - Event Re-Cap - "The Future Looks Brighter!" 
Expand Your Professional Network - Join an AI Community
New Members

Want to Boost Your Income? Become a Designated Member!

USPAP and Business Practices 

USPAP 7-Hour Update - December 9: This one-day update course, copyrighted by The Appraisal Foundation, focuses on recent changes to USPAP requirements for ethical behavior and competent performance by appraisers. The course, which clarifies several commonly misunderstood aspects of USPAP, will aid appraisers in all areas of appraisal practice seeking updated competency in USPAP, including those subject to state licensing or certification and continuing education requirements imposed by professional organizations, client groups, or employers. Click here for details.

Business Practices & Ethics - December 10: This course addresses topics that were not included in the older version such as International Standards, diversity, and Regulation No. 5. The examples and case studies address real-life, up-to-date matters such as mortgage fraud and advocacy. The course contains relevant and much-needed information for members. The content emphasizes

  • which standards apply to Appraisal Institute members and when they apply
  • the key principles of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute
  • how to identify and avoid behavior that violates the Code of Professional Ethics
  • the correct way for Associate and Designated Members to use the Appraisal Institute's designations, emblems, and logo
  • how the Appraisal Institute's enforcement process works and what it means to an individual member
  • the importance of diversity as business strategy
  • business practices that are unacceptable in a customer service industry such as appraisal practice and ways to avoid unacceptable practices

Click here for details.

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AI 2011 Residential Webinar/Seminar Survey

 

AI is seeking input from residential appraisers nationwide re topics on which to build webinars and seminars for 2011. If there is a particular hot topic or issue wou think should be covered, please email Tamora Papas SRA. Thank you!  

 

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Real Estate Market Update

Though "irrational exhuberance" could not be found, over 60 appraisal professionals heard real estate experts share a uniformly positive (though somewhat cautious) outlook for the DC metro area at the AIDC Real Estate Update on Tuesday, October 26. Panelists included (also lists pdf of each presenter's presentation where available):

Kevin Thorpe - Vice President and Director of Research, Cassidy & Pinkard – General Economic Outlook Handout
Grant Montgomery – Vice President, Delta Associates – Multi-Family/Condo Market Handout
R. William Kent - Executive Vice President, CB Richard Ellis – Retail Market Handout
Andrew Asbill - Associate Vice President, Grubb & Ellis Company – Office Market
Marc Magazine - Principal of the Humboldt Group Hotel Market Handout

Here's a sampling of their comments:

  • Corporate profits are up and there is nearly $1 trillion in cash looking for a place to invest. It appears that only uncertainty about potential near-term changes tax policy is keeping this cash out of the market.
  • The debt markets have started to open up and interest rates remain low; this will expand the pool of buyers moving forward.
  • The area has seen good private sector job growth and worker productivity has peaked – which could lead the way to even stronger job growth in 2011.
  • By nearly every economic measure, the DC region is outperforming the rest of the country.  Stronger job growth, lower unemployment rate, better confidence and healthier consumer spending, though VA/DC are generally doing better than MD.
  • Office sales up in 2010. Trophy office properties are selling for record prices but class B properties are languishing.
  • Investment sales volume in the DC metro region in year-to-date 2010 has already doubled the volume of sales in 2009.
  • Values are clearly rising and cap rates compressing especially in core markets for stabilized assets.
  • Apartment vacancy rates are down and absorption is up.
  • Top retail shopping centers are selling at low cap rates but fringe centers are struggling.
  • Insatiable demand for core office buildings – pricing for this product back to pre-recession levels
  •  Washington DC and Manhattan, NY are leading the way for recovery in the hotel Industry.  Most of the rest of the country lags far behind
  • 3rd quarter statistics are up in Rate and Occupancy but these increases are off of record drops.
  • Hotel buyers are back in the market and have plenty of cash behind them
  • With banks allowing loans to extend, the inventory of hotels on the market is low at this time.

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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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