The Alabama Appraiser

Transcription

1 The Alabama Appraiser Announcements: Alabama Chapter of the Appraisal Institute Third Quarter 2015 Chapter Meeting Birmingham December 4th Region IX Meeting-Dallas TX July 26 Christmas Party Installation of Officers For More Information Go To: Inside this issue: Message From the 2015 President 2 August Seminars 3 Region IX Report 4 Eminent Domain Seminar Report from Annual Meeting 6 8 Huntsville Chapter Meeting 9 The Alabama Chapter was well represented at the Region IX meeting that took place before the national annual meeting on July 26th in Dallas Texas Education 10 Events & 2016 Education 11 New Members 12 Those in attendance from left to right:. Dennis Key, SRA (Government Relations Committee, Region IX); Lew Watson, SRA (Alabama Chapter Vice President and Regional Representative); Tim Rau, MAI (Alabama Chapter President), Melanie Housh, (Alabama Chapter Alternate Regional Representative); Richard Maloy, MAI, SRA (Region IX Chair) and Roger Ball, MAI (Alabama Chapter Secretary).

2 Page 2 The Alabama Appraiser Message From The 2015 President: Tim Rau, MAI Alabama Chapter President Hello all! The third quarter is behind us and the chapter continues to perform above our expectations. The economy continues to improve and unemployment rates continue their downward trend. Hopefully, this is translating into more work for our respective businesses. Congratulations to Josh Hall, MAI and Frank Reed, MAI on receiving their designations this quarter. Both men are seasoned appraisers that I know personally and I know they re glad to finally get this behind them. Please welcome our new Candidates, Practicing Affiliates and Affiliate Students. They are listed individually on the last page of this newsletter. Our Education Program continues to thrive beyond our expectations. This quarter was no different. We had 32 attendees for the USPAP Update class and 31 attendees for the Best Practices for the Real Estate Appraiser seminar, both of which had over budget profits. While our license renewal period is behind us, please continue to support the chapter and attend our last seminar of the year, Eminent Domain for Alabama Appraisers. It will be taught by Warren Herlong, Jr. Esq. and J. Casey Pipes, Esq along with Richard Maloy, MAI, SRA at the Birmingham Country Club the afternoon before the Chapter Christmas party on December 4. Our Public Relations Committee will finish out the year with participation in the ACRE Student Outreach Program organized by the Alabama Center for Real Estate. A member of our chapter will attend panel discussions with other real estate organizations at UAB, USA or University of Mobile, Tuskegee and UAH. This will give the Appraisal Institute excellent exposure to college students exploring a career path in real estate or real estate related fields. Lastly, Lance Coyle, President of the Appraisal Institute (AI) spent 45 minutes at the General Meeting in Dallas in July communicating to the membership about the disconnect between The Appraisal Foundation (TAF) and the Appraisal Institute. TAF continues to further stray down a path that in no way parallels the goals of AI. It is quite obvious that after reading the let- ter( s) that TAF has submitted that they are attempting to divide the AI membership with information that is simply not true. If any of you have questions about some of the issues, I urge you to contact me, our Regional Representatives and our Region IX Chair, Richard Maloy, MAI, SRA. Thank you for your continued support in I look forward to seeing you all at the chapter Christmas party on December 4. If anyone has any questions or suggestions on how we can better serve you and/or our chapter, please don t hesitate to contact me. Tim Rau, MAI President, Alabama Chapter The AI Relief Foundation is seeking donations to further its mission. The Appraisal Institute Relief Foundation (AIRF) is a not-for-profit organization that provides emergency financial assistance to those who have experienced a disaster or emergency that has left the recipient in a state of financial, physical or emotional distress. AIRF has provided assistance for the following disasters: 2005 Hurricane Katrina 2011 Mississippi River floods 2011 Joplin, Missouri tornado 2012 Hurricane Sandy 2012 West Coast wildfires 2013 Moore, Oklahoma tornado 2013 Colorado wildfires

3 Third Quarter 2015 Page 3 Best Practices for the Real Estate Appraiser Birmingham August 28 Wayne Pugh, MAI from Baton Rouge, Louisiana brought his seminar on Best Practices for The Real Estate Appraisers to Birmingham. The seminar was full of all the tools and techniques that Wayne has learned over the years to make the appraiser more productive and effective. The class included the use of analysis instead of just being a form filler, using Excel for analysis and adjustments and the new requirements with Fannie Mae s Collateral Underwriting. As the author of the Cool Tools articles for the Appraisal Institute for over ten years Wayne shared many of the technologies that he has learned about and used. Wayne is a past President of the Appraisal Institute and owner of an appraisal business along with a software company. The Alabama Chapter is very grateful to have Wayne come and teach for us and appreciate the information that was shared with those in attendance USPAP Huntsville August 7th Mark Smeltzer, SRA again taught the USPAP Update seminar in Huntsville for those who needed the class before the renewal period ended in September. Again Mark brought his knowledge and speaking skills to get high marks for his teaching of USPAP. The class was well attended and made our educational year a great success. The new USPAP Update is to be offered twice next year. It is good to attend the education in the year the changes become effective so mark your calendars.

4 Page 4 The Alabama Appraiser Region IX Meeting-Dallas July 26 A few weeks ago, I took a break from the heavy li ing of appraisal work and joined Lew Watson, Tim Rau, Richard Malloy, Dennis Key, and Roger Ball at the regional mee ng in Dallas. Having never been to a regional mee ng, I eagerly accepted the invita on but halfway expected the trip to be a live rendi on of the sta s cs we ve all read. There was some of that, but there was also really good BBQ! A few things I learned that might be interes ng to you: So far this year, there have been 399 new designa ons and 527 new candidates/affiliates. The high number of new designa ons is likely due, in part, to pent-up demand sa sfied by the Capstone Program. A endance to the advanced level courses is down which suggests the rapid growth of designated members is not sustainable. There is a big push to come up with fresh ways to feed the pipeline of new appraisers entering the profession. Eligible Candidates who did not meet their 2014 annual minimum progress had their categories updated to Prac cing Affiliates on June 15, This was a one- me deal for all of you who were associate members before the change to a professional society model in early Lance Coyle, president of the Appraisal Ins tute, spoke at length about the problems we face with The Appraisal Founda on (TAF) and the over-regula on of our profession. He explained how TAF is seen as self-dealing, ac ng as both regulator and compe tor. AI has come up with a few sugges ons for improvement including fewer updates to USPAP, a na onal portal for renewing or applying for state licenses, and transparency where public money is involved. He encourages all of us to donate to the PAC fund. Appraisers in Louisiana and Georgia had the opportunity to par cipate in a survey to establish reasonable and customary fees for AMC regula ons. The LA survey focused on five types of residen al appraisals: Forms 1004, 1004 FHA, 1025, 1073 and Alabama will likely develop a similar 5-10 minute survey to support reasonable and customary fees here. It is important to par cipate, and don t worry- it will be completely confiden al. And lastly, if you are ever in Dallas, you need to have dinner at the Pecan Lodge at the corner of Main and Pryor Streets. Bring a group and skip the line around the building by ordering the family special or meat by the pound in the express line. The beef ribs were the best I ve ever had. Melanie House, Alternate Regional Representa ve

5 Page 5 T h i r d Qu art er Pictures From Dallas Not Texas without Bar-B-Que Before After Way to Go Tim and Richard!

6 Page 6 The Alabama Appraiser Eminent Domain for Alabama Appraisers Birmingham-December 4th-(Before the Christmas Party) 1:00pm-5:00pm(4 hrs Seminar) Two of Alabama s foremost Eminent Domain attorneys, Warren C., Herlong, Jr. Esq. and J. Casey Pipes, Esq., team up with appraiser Richard A. Maloy, MAI, SRA, JD to present an in depth lecture on the Alabama Code that controls Eminent Domain procedures in the State. Understanding of Title 18 of the Alabama Code is essential for appraisers who desire to improve their skills in appraising property for agencies and property owners in condemnation. Code compliance as well as case studies and tips for appraisers will be discussed. Overview of the Alabama Eminent Domain Code Overview of Discovery Rules in Condemnation Actions Key Appraisal Issues Attorney Instructions/Assumptions Appraisal of Contaminated Property USPAP Jurisdictional Exception Deposition Tips Courtroom Presentation Tips Real World Examples Appraisal Institute Fee: $90 Standard Fee: $90 Approved For: 4-Hrs Alabama Appraisal Board-Pending Topics Include: Location: Birmingham Country Club 3325 Country Club Drive Birmingham, AL Mark Your Calendars for the 2015 Christmas Party Friday Night-December 4 Birmingham Country Club Watch for RSVP mid- November

7 Third Quarter 2015 Page 7 Instructors for the Eminent Domain Seminar December 4th Casey Pipes Since 1996, Casey has practiced extensively in the fields of eminent domain, municipal law, land use law, general civil litigation, and corporate and property transactions. He has served as a Co-Chair of the American Bar Association Section of Litigation s Condemnation, Zoning and Land Use Committee ( ) and as the Chairman of the American Bar Association Section of Real Property, Trust and Estate Law s Condemnation Committee. Casey holds a B.A. degree from Washington & Lee University (1993) and a J.D. degree from The University of Alabama School of Law (1996). Casey has authored several publications, including the Alabama Chapter of The Law of Eminent Domain, a Fifty State Survey. Casey is also a frequent speaker at state and national continuing legal education seminars on issues relating to eminent domain and real property litigation. Warren C. Herlong, Jr. Warren has vast teaching experience with CLE International devoted to Alabama eminent domain and condemnation practice for right of way professionals, real estate appraisers and attorneys from throughout Alabama. He previously taught these topics for The Appraisal Institute in its CE seminars. He is an Instructor for The International Right of Way Association: Course 803, Eminent Domain Law Basics for Right-of-Way Professionals and has served as instructor for The Alabama Real Estate Commission: Courses, 158 Eminent Domain and 191 Law of Easements. Warren holds a B.A. degree from The University of Alabama where he served as President of the SGA. He holds a Diploma of Roman Law from The University of Edinburgh, Scotland and a Juris Doctor degree from The University of Virginia School of Law. Mr. Herlong has published numerous articles related to Eminent Domain and has given a long list of speeches in the area of Eminent Domain. Richard A. Maloy, MAI, SRA Richard Maloy has practiced as a professional real estate appraiser for over 40 years. His trial experience in Eminent Domain began in 1977 where his first trial testimony was sustained by The Alabama Supreme Court. Since then, he has testified at over 250 Federal Land Commission hearings, State Probate Court hearings, State Circuit Court depositions and Trials, U.S. Federal Court Trials and U.S. Tax Court Trials. Richard holds a B.S. degree from the University of Alabama and Juris Doctor Degree from The Birmingham School of Law. He has, over the years, taught numerous CE seminars for The Appraisal Institute and its predecessor The Society of Real Estate Appraisers. For five years, he was on the undergraduate and graduate school faculties of the University of Alabama in its School of Finance, Economics and Legal Studies, teaching Real Estate Appraisal. Entertainment by Lee Yankie

8 Page 8 The Alabama Appraiser Annual Conference Dallas July I recently had the great pleasure of attending the 2015 Appraisal Institute Annual Conference in Dallas, Texas. This is the third year in a row that I have attended the conference and I am continually impressed with all aspects of the symposium. This conference is the premiere valuation conference in the world and was attended by over 700 real estate professionals. The 2016 Annual Conference will take place in Charlotte, North Carolina from July 25-27, and will be preceded by the Region IX meeting on July 24 th. I strongly encourage every member of the Alabama Chapter to attend these meetings and assure you that you will leave Charlotte with a new appreciation for our profession and the Appraisal Institute. Roger Ball, MAI Congratulations To Our Newest Designated Members John E. Hall, MAI Vallbridge Property Advisors Montgomery, AL Franklin L. Reed, MAI Heron Valuation Group, LLC Foley, AL

9 Third Quarter 2015 Page 9 Chapter Meeting August 6th In Huntsville Tim Rau, MAI conducted the chapter meeting in Huntsville in August giving updates from the Region IX meeting in Dallas. He also gave a Chapter Membership update with the chapter having 212 members broken down by 118 Designated Members, 42 candidates and 52 practicing Affiliates. Robert Wombwell, MAI gave an update on the Public Relations Committee stating that the ACRE Outreach Program would began again this fall with a visit to three or more colleges. The special program "Today's Economic & Investment Climate" was given by R. Gary Saliba, CFA, CFP Principal and Co-Founder of Pretium Valuation Group. Enjoying networking and a great buffet dinner Speaker Gary Saliba

10 Page 10 The Alabama Appraiser 2016 Educational Offering Mark Your Calendars Montgomery-Instructor: Chuck Crider, MAI February 18th- Understanding & Applying Litigation Skills This seminar is intended as an overview for, the new and seasoned appraiser, as well as those that find themselves having to testify out of necessity, not choice. The seminar will examine the historical evolution of the judicial system and consider the differences in state and federal courts. What should an appraiser anticipate as an expert witness or as the defendant, during the course of the trial? February 19th USPAP Update 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 that go into effect January 1, Birmingham-Instructor: Steve Roach, MAI, SRA, AI-GRS March The Appraiser as an Expert Witness Part of AI Professional Development Program This two-day course introduces the basic concepts and strategies needed to engage in litigation valuation. It explores the scope of activities appraisers can expect in a legal action, including assessing the status of a case, developing a USPAP-compliant appraisal without preparing a written report, and understanding legal terminology and jargon. The course addresses how litigation assignments differ from lender assignments and how to market appraisal services to litigation clients. Participants work in small groups to practice effective deposition and direct testimony techniques and a mock trial with a residential case study gives them the opportunity to experience a realistic courtroom environment in which to polish their skills. Huntsville-Instructor: James Atwood, SRA April USPAP Update 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 that go into effect January 1, Birmingham Instructor: Mark Smeltzer, SRA May 13th- Residential Applications: Using Technology to Measure & Support Assignment Results This seminar provides easy-to-use, highly efficient tools to supplement and enhance the traditional methods of adjustment and support through the use of technology. You will gain practical, hands-on, step-by-step training on how to use charts, graphs, spreadsheets, and pivot tables to support residential assignment results for market conditions; days on market; sales-to-list price ratio; adjustments for location, design, quality of construction, and other property amenities; market extraction for cost and depreciation estimates; and market extraction for market rent and gross rent multipliers.

11 Third Quarter 2015 Page 11 December 4th-Christmas Party 2015 Upcoming Meetings and Events October 20-Orientation & Planning Meeting October 20-Board of Directors Meeting December 4th- Eminent Domain for the Alabama Appraiser Educational Offerings-Continued 3rd Annual Fun In The Sun Seminar Orange Beach June 17- Reviewing the Appraisal, Professionals Providing Appropriate Solutions Instructor: Leslie Sellers, MAI-Past President Appraisal Institute Appraisal Practice: What, When and How. Seminar includes an appraisal practice overview, the three pillars of Credible (scope of work, Highest and Best Use, Market Analysis), lending appraisals how they differ, income and reconciliation key points. Case studies taken from the authors personal assignments. Seminar intended to review basic concepts for the experienced appraiser. Montgomery Instructor: Morgan Mellette, MAI October 7th- Forest Valuation for Non-Foresters The purpose of the seminar is to help appraisers understand that it is essential to have a fundamental knowledge of the timber market in order to perform competent forestland appraisal assignments (even if working with a consulting forester). The target market for the seminar is real estate appraisers with no forestry background who want to know how to perform competently when taking on forestland appraisal assignments. Registration Opening Soon All Seminars Approved for Continuing Education Credit By: Alabama Appraisal Board & Alabama Real Estate Commission

12 Alabama Appraiser 2015 Board of Directors Alabama Chapter Appraisal Institute 270 Doug Baker Blvd. Suite Birmingham, Alabama Phone: Newsletter Designed By Pam Paulk, Executive Director President: Tim Rau, MAI Vice President: Lew Watson, SRA Treasurer: Laura Leigh Stephens, MAI Secretary: Roger Ball, MAI Past President: Greg Hartley, SRA Board Member: Adam Cowart, MAI Board Member: Jennifer McDade, MAI Board Member: Mark Haller, MAI, SRA Regional Representative: Rusty Rich, MAI Regional Representative: Lew Watson, SRA Welcome New Practicing Affiliates Third Quarter 2015 Practicing Affiliate: Alexander McCall-Mobile Lyle Reed-Foley Welcome to these New Members We look forward to making you feel welcome. Online Education: Learn at your own pace anytime, anywhere. Top-notch Appraisal Institute courses and seminars come straight to your desktop with online education! Learn from any computer anywhere, whenever you have time. It s easy, convenient and a great way to get the education you want. Check out the current course listing now!