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AI Distributes 45-Day Notice

by: NCAI
Category: Legislative
Tags
Oct
12
The Appraisal Institute on Oct. 1 sent to 45-Day Notice an item pertaining to amendments to the organization’s bylaws and regulations 8 and 9. AI’s Board of Directors will consider the proposed amendments at its Nov. 15-16 meeting in Chicago. 
 
Read about the proposed admendments. AI professionals need to sign in to read the notice.
 
AI professionals need to sign in to read the notice. Comments should be sent to [email protected].

National Asking Rents For Office Space Rise Again

by: NCAI
Category: Legislative
Tags
Sep
04

Written by Michael Tucker

The national office market continues to improve, largely due to a strong job market with just a 3.9 percent unemployment rate, reported Transwestern, Houston.

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Jim Amorin Named Appraisal Institute CEO

by: NCAI
Category: Membership
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Aug
22

The Appraisal Institute, the nation’s largest professional association of real estate appraisers, today announced it has hired Jim Amorin, MAI, SRA, AI-GRS, of Austin, Texas, as its chief executive officer after a nearly year-long search.

“Jim did an outstanding job as acting CEO, and we’re fortunate to have his leadership going forward,” Appraisal Institute President James L. Murrett, MAI, SRA said. “His experience in many Appraisal Institute leadership roles makes him highly qualified for this position, and I look forward to continuing to work with him.”

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FHFA Extends Comment Period for Proposed GSE Capital Requirements

by: NCAI
Category: Legislative
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Aug
17

The Federal Housing Finance Agency extended the public comment period for the Agency's proposed rule on Enterprise Capital Requirements by an additional 60 days, citing "high level of interest in the proposed rule and requests from multiple stakeholders for more time to evaluate it."

The previous deadline for comments was September 17; the new deadline is November 16.

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President Signs Bill Authorizing 4-month Extension of Flood Insurance Program

by: NCAI
Category: Legislative
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Aug
13

President Trump on July 31 signed legislation that extends the National Flood Insurance Program by four months — until Nov. 30, the White House reported. The extension gives lawmakers a small window to craft a longer-term extension for the program, which is underfunded by about $20 billion.

Click here to read more.

IRS Final Rules Define Qualified Appraisers, Standards Flexibility

by: NCAI
Category: Legislative
Tags
Aug
06
The IRS on July 30 finalized rules for substantiating and reporting cash and noncash charitable deductions, stating that any tax deduction of more than $500,000 requires a qualified appraisal conducted in accordance with generally accepted appraisal standards. The rules take immediate effect.
 
“The final rules confirm that professionally designated appraisers, such as those conferred by the Appraisal Institute, are well positioned to satisfy the qualified appraiser requirements of the IRS,” said AI President James L. Murrett, MAI, SRA. “This is a highly contested area of tax law and appraisal practice, and users of appraisal services can remove doubt by turning to competent Appraisal Institute Designated Members.”  
 
“We also are pleased to see the agency provide for standards flexibility to appraisers, recognizing generally recognized appraisal standards as opposed to strict adherence to one particular standard,” said Murrett. “This protects taxpayers and the public interest, while providing more flexibility to appraisers and taxpayers procuring real estate appraisals for conservation and historic preservation easement purposes.”
 
The IRS received mixed feedback about the standards issue, but ultimately sided with the Appraisal Institute’s position on standards flexibility, noting in the final rule: 
 
Several commenters recommended that the final regulations require appraisal documents to be prepared “in accordance with USPAP” and not merely in accordance with the “substance and principles of USPAP.” Other commenters indicated that strict compliance with USPAP would eliminate use of all other appraisal standards, including some that are generally accepted in the appraisal industry. The Treasury Department and the IRS agree that it is beneficial to provide some flexibility by requiring conformity with appraisal standards that are consistent with the substance and principles of USPAP rather than requiring that all appraisals be prepared strictly in accordance with USPAP. Accordingly, the final regulations do not adopt the recommendation to require strict compliance with USPAP and retain the requirement of consistency with the substance and principles of USPAP.
 
Review the final rule.

Appraisal Institute Honors 13 National Award Winners

by: NCAI
Category: Programs
Tags
Aug
06

Craig M. Harrington, SRA, AI-RRS, of Prior Lake, Minnesota; and Leslie P. Sellers, MAI, SRA, AI-GRS, of Clinton, Tennessee, were honored Tuesday with the Appraisal Institute’s Lifetime Achievement Award and Timothy P. Runde, MAI, of San Francisco, was named the recipient of the Outstanding Service Award during the Appraisal Institute Annual Conference in Nashville, Tennessee.

Two individuals also were announced as winners of the annual President’s Award from the Appraisal Institute, the nation’s largest professional association of real estate appraisers with nearly 18,000 professionals in almost 50 countries. Additionally, eight individuals were honored by the Appraisal Institute Education and Relief Foundation, the Appraisal Institute’s charitable organization that offers education scholarships and disaster assistance to appraisers.

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More than 550 Attend AI Annual Conference in Nashville, Tennessee

by: NCAI
Category: Programs
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Aug
06

NASHVILLE, Tennessee (July 30, 2018) – More than 550 real estate professionals from around the world today attended the opening session of the valuation profession’s most important annual event, hosted by the Appraisal Institute, the nation’s largest professional association of real estate appraisers.

The 2018 Appraisal Institute Annual Conference, being held at the downtown JW Marriott Nashville today through Wednesday, features world-renowned keynote speakers, nearly 30 breakout sessions on trend-setting valuation topics, networking opportunities for industry professionals, an exhibit hall featuring cutting-edge products and services, and an awards ceremony honoring the valuation profession’s best and brightest.

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Appraisal Institute Opposes Effort to Reduce Risk Management for SBA Loans

by: NCAI
Category: Legislative
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Jul
26

The Appraisal Institute today announced its opposition to proposed federal legislation that would reduce the requirements for appraisals in major Small Business Administration loan programs.

The Appraisal Institute objects to the provisions of H.R. 6347, the 7(a) Real Estate Appraisal Harmonization Act, and H.R. 6348, the Small Business Access to Capital and Efficiency Act, both of which would adjust upward the real estate appraisal thresholds for SBA loan programs. An appraisal threshold is the amount of a real estate transaction above which an appraisal is required.

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New AI videos: Unusual Challenges and USPAP Optimization

by: NCAI
Category: Industry
Tags
Jul
13

The Appraisal Institute has posted new videos to its YouTube channel. 

You can see the related blog posts on AI’s “Opinions of Value” blog.

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Appraisal Institute Contributes at Major Industry Events in June

by: NCAI
Category: Industry
Tags
Jun
28
The Appraisal Institute announced June 27 that its elected officers and others represented the organization at various events throughout the month.
 
AI President James L. Murrett, MAI, SRA, was joined by President-Elect Stephen S. Wagner, MAI, SRA, AI-GRS; Vice President Jefferson L. Sherman, MAI, AI-GRS; and Immediate Past President and Acting CEO Jim Amorin, MAI, SRA, AI-GRS, at the Appraisal Institute of Canada Annual Conference, June 13-16, in Quebec City.
 
Sherman also addressed the Ohio Coalition of Appraisal Professionals Real Estate Appraiser Seminar, June 19, in Columbus, Ohio, where he presented “Issues Affecting the Appraisal Community.”
 
Amorin attended the National Council of Real Estate Investment Fiduciaries Summer Conference, June 19-22, in Charlotte, North Carolina; Sherman represented AI at the International Right of Way Association Education Conference, June 24-27, in Edmonton, Alberta, where AI also exhibited; and Wagner joined Murrett at the Institute for Professionals in Taxation Annual Conference, June 24-27, in Vancouver, British Columbia.
 
AI 2016 President Scott Robinson, MAI, SRA, AI-GRS, AI-RRS, addressed the World Association of Valuation Organizations’ and International Valuation Standards Council’s Global Valuation Conference, June 25-26, in Singapore where he presented “Fundamentals of Separating Real Property, Personal Property and Intangible Business Assets.”
 
AI exhibited at the CRE Finance Council June Conference, June 11-13, in New York.

Court Finds Tax Appeal Attorneys Not Engaged in Appraisal Practice

by: NCAI
Category: Legislative
Tags
Jun
28
The Circuit Court of Cook County, Illinois (Chancery Division) on June 20 ruled that attorneys who referenced comparable property valuations and market values based on an income approach as part of tax appeal proceedings were simply engaged in the traditional practice of law and not in appraisal practice.
 
The case, Illinois State Bar Association vs. Illinois Department of Financial and Professional Regulation, was filed in July 2017 after two Illinois attorneys were accused by the IDFPR of engaging in unlicensed appraisal practice after they submitted comparable property valuations, income approach information and market value opinions as part of two tax assessment appeals in DuPage County and McHenry County. 
 
ISBA filed a complaint seeking a declaration that the IDFPR lacked authority to prosecute, discipline or sanction lawyers for engaging in the practice of law for advocating on behalf of clients in real estate tax assessment proceedings. The case also sought to enjoin the IDFPR from initiating, maintaining or threatening prosecution of attorneys for engaging in that activity.
 
The main question before the court was whether an attorney representing a client in a tax proceeding violated the state’s Appraisal Act and functioned as an unlicensed appraiser when providing an analysis of comparable property valuations or developing an opinion of market value utilizing the income approach in a legal brief supporting a tax appeal. 
 
ISBA issued a statement when it filed suit noting, “Arguments based on property valuation are common in many legal fields and have long been typical of real estate tax assessment practice. The ISBA believes that making such arguments on behalf of clients clearly constitutes the practice of law, does not entail the submission of an appraisal, and is well beyond the authority of the IDFPR to regulate.”
Click here to read more.

Appraisal Institute Releases Guide to "Residential Green" Addendum

by: NCAI
Category: Industry
Tags
Jun
26

The Appraisal Institute, the nation’s largest professional association of real estate appraisers, today released a guide to complete and use the organization’s “Residential Green and Energy Efficient Addendum.”

This guide helps appraisers, real estate agents, energy and green raters, lenders, builders, the secondary mortgage market and sustainability organizations understand how each section of the addendum applies to valuation and marketing of the property.

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