Devember 28, 2011

7 Hours CE

Course Fee: $250.00 (Non- Members) $225.00 (Members)

9:00 AM – 5:00 PM

This seminar has been developed for the real property appraiser who is interested in reviewing how to correctly develop and report the sales comparison approach in appraising real property. It includes the analysis and selection of comparables sales, making supportable adjustments and a review of the appropriate level of information to be included in the appraisal report. The seminar utilizes residential, commercial and agricultural case studies to strengthen appraisal skills while developing and reporting the sales comparison approach.

The Appraisal Standards Board meeting was held in Scottsdale, AZ. All members were present plus David Bunton, Executive Director of The Appraisal Foundation and John Brennan, Director of Appraisal Issues for TAF.

I spoke on behalf of Mid-West Appraisers Association with our concerns regarding the Fourth Exposure Draft of proposed changes for the 2012-2013 edition of USPAP.

The adjustment to the definition of Client is good and hopefully will clear up confusion with AMCs who are only an agent of the lender, who is the client. Changes to Extraordinary Assumption and Hypothetical Condition makes the concept of hypothetical more clear. Most everyone is disclosing Exposure Time already in their reports. This change just clarifies when it is required.

The three year disclosure of any services provided to a property which an appraiser is asked to appraise, caused several comments. Mr. Brennan stated that the disclosure is already in USPAP and there will be no changes in the requirement to address it. The proposed change puts a statement in the certification for ease of appraiser compliance.

Two items that will continue to be reviewed by the ASB are:
 removal of Recording Keeping from the Ethics Rule
 retiring of Standards 4 & 5 (Consulting)

Most audience participants did not feel retiring Standards 4 & 5 was a good thing fearing abuse in using consulting to avoid compliance with USPAP. It would be more appropriate to retire only when the ASB develops a Scope of Work Reporting Rule or a Communication Rule.

The next ASB meeting will be held in San Antonio, TX April 8, 2011. Please review the next proposed draft and respond either to the ASBComments@appraisalfoundation.org or me.