Capital Update
October 2011 
Upcoming Education

November 15 - Real Estate Update - Arlington, VA - Click here for details.

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

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

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

William Walker Drummond
Jeffrey Robert Koenig

Want to Boost Your Income? Become a Designated Member!

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."

2012-13 USPAP Released

The Appraisal Foundation, a congressionally-authorized nonprofit organization dedicated to the advancement of professional valuation, announced that the 2012-13 edition of the Uniform Standards of Professional Appraisal Practice (USPAP) has been released. USPAP is the generally accepted standards of practice for the appraisal profession in the United States.
 
The 2012-13 edition of USPAP will be valid for two years, effective January 1, 2012 through December 31, 2013. As with the prior edition, the new edition includes the standards of professional practice for all appraisal disciplines as well as guidance from the Appraisal Standards Board (ASB) in the form of USPAP Advisory Opinions and USPAP Frequently Asked Questions (FAQs).
 
While the effective date for this publication is January 1, 2012, The Appraisal Foundation is encouraging appraisers to familiarize themselves with the changes now. To assist appraisers in this regard, earlier this summer the Foundation released a video featuring the Chair and Vice-Chair of the ASB discussing the changes to USPAP. The video, A Preview of Changes to the 2012-13 Uniform Standards of Professional Appraisal Practice (USPAP), is a 23-minute interview with the 2011 Chair and Vice-Chair of the Appraisal Standards Board, J. Carl Schultz, Jr. and Barry Shea, respectively.  Please visit the following link to access the video on the Foundation’s eLibrary:
 
CLICK HERE TO VIEW THE VIDEO ON 2012-13 USPAP CHANGES
 
Copies of the 2012-13 edition of USPAP are now available for purchase via the
Foundation Store at http://www.appraisalfoundation.org/.   The 2012-13 edition of USPAP is available in printed, spiral bound copy for $75 and the electronic PDF download for $60.   
 
In the coming weeks, USPAP will be available in Flipbook format and for eReaders including the iPad, Kindle, Nook and the Sony Reader.

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In This Issue

Real Estate Market Update - November 15
AIDC Legislative Update & Chapter Meeting - Re-Cap
Residential & General Curriculum Update - November 17-18
New Members
Want to Boost Your Income? Become a Designated Member!
2012-13 Edition of USPAP Released

Real Estate Market Update - November 15 

ECONOMIC OUTLOOK FOR METRO DC REAL ESTATE
2012 AND BEYOND

Tuesday, November 15, 2011 * 4:00pm – 8:00 pm

Sheraton National Hotel
900 South Orme Street
 Arlington, VA 22204
(703) 521-1900

Join the DC Metro Area Chapter of the Appraisal Institute for an update on the economic outlook for real estate in the Metro DC area. Attendees will receive an overall economic review as well as individual reports for the multi-family/condo, retail and office segments of the real estate market. Presenters will address current inventory, projected supply and demand and investment dynamics for each market segment.

Don't miss this unique opportunity to hear from these key players, meet appraisal professionals from all around the region and enjoy a great meal!

Speakers:
Kevin Thorpe - Vice President and Director of Research, Cassidy & Pinkard – General Economic Outlook
Grant Montgomery – Vice President, Delta Associates – Multi-Family/Condo Market
R. William Kent - Executive Vice President, CB Richard Ellis – Retail Market
Eric Berkman – Executive Director, Capital Markets Group, Cushman & Wakefield – Office Market

Schedule
3:30pm: Registration opens
4:00 – 6:00pm: Presentations
6:00 – 8:00pm: Dinner & Networking

Registration Fee (includes dinner):
$45 – AIDC Members (Paid by November 11; $55 thereafter)
$60 – Non-Members (Paid by November 11; $70 thereafter)

Click here for additional details and registration.

N.B. This program was developed and is administered by the Appraisal Institute – DC Metro Chapter. Attendees are eligible to receive 2.0 hours of Appraisal Institute continuing education credit.

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AIDC Legislative Update & Chapter Meeting - Re-Cap

On Thursday, October 6, a sold-out room of metro DC appraisers heard from Bill Garber, Director of Government and External Relations for the Appraisal Institute; Scott DiBiasio, Manager of State & Industry Affairs for the Appraisal Institute; Eric Schwartz, MAI, SRA, Chief Appraiser, CapitalSource Bank and Appraisal Institute President, Joseph C. Magdziarz, MAI, SRA.

Garber reported on the Dodd-Frank financial reform bill and its implementation as well as other Federal legislation, rules or regulations affecting the valuation industry.

DiBiasio brought attendees up to date on laws being enacted in the various states including AMC legislation, BPO legislation and attempts by some states to require appraisers not to consider and analyze distressed sales as comparables.

 

Schwartz then looked at the impact on banks and appraisers of the new interagency appraisal and evaluation guidelines. Click the links below to view copies of their presentations.

    Presentations:

    After dinner, Appraisal Institute President, Joseph C. Magdziarz, MAI, SRA, shared news from AI on a varitety of topics including the latest 45-Day notice and presentation of a freshly minted SRA Certificate to newly designated member, David K. Kasunic, SRA. Congratulations to David!

    Overall, the event was a great success as acknowledged by attendee Stephen Rochkind, SRA. "I could not be any happier that Joe Mags our AI national president came to our event. The dinner meeting was absolutely packed with members. It was an amazing turnout. Also Bill Garber gave us good news on the residential front. Things are finally turning against the AMCs with the large law suits for poor quality appraisal."

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    Residential & General Curriculum Update - November 17-18

    November 17 - Residential Curriculum Update - Rockville, MD

    (Practicing SRA, RM Designated and residential Associate Members must take this course.)

    In addition to familiarizing you with the rigorous content and recent developments of residential applications covered in the new qualifying education courses required by the AQB, you will apply market analysis and highest and best use concepts and procedures to residential examples and problems. A self-assessment at the end of the day evaluates your appraisal strengths as well as determines skill areas in which to seek further knowledge.

    To receive 15 credit hours, we encourage you to attend the Appraisal Curriculum Overview (2-day General) which includes both residential and general content. See below for a description of the 15-hour, Appraisal Curriculum Overview (2-day General) course. The instructor for both courses will be Richard L. Parli, MAI.

    Click here for additional details and registration for the Residential Curriculum Update on November 17.


    November 17-18 - General Curriculum Update - Rockville, MD

    (Practicing MAI, SRPA, SREA Designated and general Associate Members must take this course. SRA, RM members welcome to attend.)

    In addition to familiarizing you with the rigorous content and recent developments of residential and general applications covered in the new qualifying education courses required by the AQB, you will apply market analysis and highest and best use concepts and procedures to residential and general examples and problems. Also, cash flow tools, statistical analysis applications, and the breakdown method are applied. A self-assessment at the end of the day evaluates your appraisal strengths as well as determined skill areas in which to seek further knowledge.

    Click here for additional details and registration for the General Curriculum Update on November 17-18

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