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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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Jun
28
A stronger economy, wage growth and an improving job market are expected to march home sales and prices higher in 2018, but low supply and weakening affordability will tamper the rate of increases, according to speakers at a residential real estate forum during the 2018 REALTORS® Legislative Meetings & Trade Expo.
Lawrence Yun, chief economist of the National Association of Realtors®, presented his 2018 midyear forecast and said despite headwinds a moderate and multiyear increase in home sales is likely ahead. After accelerating 3.8 percent in 2016, existing home sales rose only 1.1 percent to 5.5 million in 2017 and are forecast to finish 2018 at a pace of around 5.6 million (up 1.8 percent). He projects 5.7 million sales for 2019.
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Jun
28
NCAI remains committed to keeping you informed of recent legal issues affecting the appraisal industry in North Carolina. The NC Court of Appeals issued a decision this week that may impact appraisers and their clients. According to David Ferrell, our legislative consultant, the case is about the potential liability of a bank for providing an inaccurate appraisal value to its borrower in connection with a residential loan. The Court ultimately ruled that the borrower’s complaint failed to sufficiently plead a contractual duty owed to him by the bank with regard to the appraisal – so the Court upheld the trial court’s dismissal of the case.
Click here to view a copy of the court opinion. We will also have a copy on our website for future reference. NCAI will continue to keep track of these issues.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.
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.
Jun
28
Congratulations to our newest designees:
- Claire M. Aufrance, MAI, SRA
- Brian Crowder, MAI, SRA
- Rusty C. King, MAI
- C. Thomas Kirby, SRA, AI-RRS
- Andy E. Piner, MAI
- B. Kyle Saylors, MAI
NCAI Announces New Management
Category: Chapter News
Jun
28
The North Carolina Chapter of the Appraisal Institute (NCAI) is pleased to announce our new partnership with TH Mgmt., Inc. The Executive Committee and the Board of Directors are confident that this exciting organizational change will help us further the mission of the Chapter and stay true to the professional growth of our members.
TH Mgmt., Inc. is a full-service, accredited association management company and has delivered high-quality management to professional associations like ours since 1991. Among their clients are the Charlotte Region Commercial Board of REALTORS® (CRCBR), Urban Land Institute (ULI) of Charlotte, National Association for Industrial and Office Parks (NAIOP) of Charlotte, and CoreNet Carolinas. Their professionalism, experience, and marketing prowess were major factors to which the Chapter leadership was drawn.
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.