Newsletter. President s Message. June SCCAI Website Inside this issue:

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1 Newsletter June 2016 President s Message Inside this issue: Russel H. Babbitz, MAI, SRA 2016 SCCAI President Summer Conference All Inclusive Price $125, July 12, Register Now Thanks to our sponsors, Liability Insurance Administrators, CRMLS and Property Sciences we are fortunate to offer this seminar with breakout sessions that will appeal to both commercial and residential appraisers on July 12. Register before it is sold out! Southern Branch Launches a Successful Introduction to Next Gen The Chapter s first introduction to the Next Gen occurred at a social event hosted by the Southern Branch at La Vida Cantina in Costa Mesa on May 26. Matt Moore, in a wellorganized presentation, with the assistance of his wife Jen and John Penner who chairs the Southern Branch, told those assembled of the idea behind organizing a Next Generation group composed of appraisers with less than ten years in the business. The group would allow these appraisers to share information, socialize and, with the help of volunteer mentors, learn more about the appraisal profession and other various opportunities available for specialization. Additional events are planned for the Eastern Branch in Pasadena, July 14th and for the Northwest Branch on September 29th. Those interested in assisting in organizing Next Gen events should contact Jen Moore: jen@moorerealestategroup.com. Additional details inside. Inland Empire Market Trends Seminar Committee Produces a Stellar Event, Again! The seven members of this committee, Jennifer Hafner, Chair, Jacinto Munoz, Christine Santolucito, Robert King, Michael Ader, Nancy Summers and Derrick Washington are a well-oiled Team. Their team, put together a number of years ago, follows through, again, putting together a hugely informative seminar. If you did not attend there is a secret stash of the presentations from the program available on the Chapter s web page under Education / Speaker Presentations. Three Chapter Members Attend LDAC and One Becomes a Discussion Leader LDAC: Leadership Development and Advisory Council The annual event held by the Appraisal Institute in Washington DC was attended by Jacinto Munoz, Charles Baker and Steve Henry. Activities at LDAC include lobbying our congressional representatives on appraisal issues, attending discussion groups that wrestle with difficult issues facing our organization and appraisers in general, and meeting appraisers from across the country and even from other countries. This year Steve Henry, MAI was selected to lead a discussion group at the 2017 event that will be chaired by Trevor Hubbard from the San Diego Chapter. Congratulations to Steve! President s Message 1 Northwestern Branch Meeting 2 Southern Branch Meeting 3 Eastern Branch Meeting 4 Calling all Candidates 5 Education Committee Report 6 Government Relations Report 7 Inland Empire Market Trends Report Next Generation Mixer 9 LDAC Report SCCAI Education Calendar 11 SCCAI Website 8

2 Northwestern Branch Page 2 The Northwestern Branch represents and serves appraisers from West and North Los Angeles County and Ventura and Santa Barbara Counties Tupper W. Lienke, MAI SCCAI Northwestern Branch Chair Tupper W. Lienke, MAI Chair Robert Jordan, MAI Vice Chair Loy Spears, MAI, SRA 1st Advisor J.P LoMonaco, MAI 2nd Advisor Adam Dembowitz, MAI 3rd Advisor The Northwestern Branch of the Southern California Chapter of the Appraisal Institute holds bi-monthly breakfast meetings at the Spitfire Grill restaurant, 3300 Airport Avenue in Santa Monica, near the Santa Monica Airport, generally on the third Thursday of the month. We invite you to meet with us on these mornings to hear talks about real estate trends and other important information concerning the appraisal of real property in Southern California. We a give our heartfelt thanks to Edward Martinez of Marshall & Swift who spoke at our last breakfast meeting about the Marshall & Swift Valuation Service On July 28 th, at 7:30 AM, Douglas Nason, ASA, FRICS, will speak at the breakfast meeting about Current Issues in Real Property Appraisal Review and will touch upon three topics relative to Appraisal Review from a financial institutions perspective: (1) Pertinent excerpts from Interagency Appraisal and Evaluation Guidelines (e.g. FIRREA) (2) Solicited Comments from Review Appraisers, and (3) Examples of current Appraisal Review concerns. Douglas Nason, ASA, FRICS, is a Senior Vice President with Wells Fargo s Real Estate Technical Services Group (RETECHS). As the Regional Appraisal Director of the Southwest Region, he manages a staff of 40 review appraisers and evaluators domiciled in Los Angeles, San Francisco and Phoenix in addition to Agricultural Valuation on a nationwide basis. At present, Doug has direct oversight for all commercial real property valuation services in California, Nevada, Arizona, Hawaii and Asia-Pacific. He oversees valuation services on a wide variety of property types, as well as high dollar/trophy assets, large multi-property portfolios and special-purpose real estate. In conjunction with these services, Doug is also responsible for compliance with government regulatory requirements relative to appraisal, adherence to professional standards and practices, and the Bank s internal policies and procedures. From Left to Right James Finlay, MRICS; Gail Brooks, SRA; Tupper Lienke, MAI; Ed Martinez, Marshall & Swift (Speaker); Valeo Schultz, MAI and Robert (Bob) Abelson, PhD

3 Southern Branch Page 3 The Southern Branch represents and serves appraisers from Orange County and Long Beach John Penner, MAI SCCAI Southern Branch Chair John Penner, MAI Michelle B. Rogers, SRA Michael J. Tidwell, III, SRA Robert M. Contant, Jr., MAI Chair 1st Advisor 2nd Advisor 3rd Advisor May 26 th we had a great kick off Mixer for the Next Generation of appraisers at the La Vida Cantina in Costa Mesa! Forty people joined us for the free appetizers and a night of getting to know other young professionals in the industry. Matt Moore, MAI began the mixer with an introduction of what Next Gen is all about and our current President Russ Babbitz gave away a free pass to the Inland Empire Market Trends seminar. Next Gen is a newly forming organization within the Southern California Chapter that caters to appraisers entering the field, candidates and newly designated members. This mixer was fun and a great way to connect with other appraisers about things going on in the appraisal field. Don t miss the Next Gen Mixer coming up in Pasadena on July 14 th! Matthew Moore, MAI; Jennifer Moore, Russel Babbitz, MAI, SRA 2016 SCCAI President and John Penner, MAI; Southern Branch Chair Michelle Rogers, SRA; and John Penner, MAI

4 Page 4 Eastern Branch The Eastern Branch represents and serves appraisers from East Los Angeles County (excluding Long Beach) and Riverside and San Bernardino Counties Jennifer Hsu, MAI SCCAI Eastern Branch Chair Jennifer Hsu, MAI Ernesto Lopez, MAI, AI-GRS Alexander Liu William E. Jones, MAI, AI-GRS Chair Vice Chair 1st Advisor 3rd Advisor The Eastern Branch will be hosting the second Next Gen Mixer on Thursday July 14 th from 6:00 to 8:00 PM at the Aka Bistro located at 41 Hugus Alley, Pasadena, CA Come join us for free appetizers and network with other young professionals. Mentors from the industry will also be there for an opportunity to share their experiences. Don t miss this! At the Next Gen Mixer in July, the branch will be meeting to vote on the nomination for Charles Thomas, candidate for the vacant 3 rd Advisor position. Charles Thomas is a CCIM and SR/WA member, as well as candidate for the MAI. I had the opportunity to work with Charles in organizing the April Mixer at the City Club in downtown LA for a networking event between the AI, CREW, & CCIM. His proven leadership within other organizations will be a great asset for the Eastern Branch. Lastly, we are working on inviting back Edward Martinez of Marshall & Swift to speak to Eastern Branch members on the nuances of utilizing their data. Look out for this presentation in the late Summer SCCAI Summer Conference July 12, 2016 Sheraton Cerritos Cerritos, CA Thanks to our amazing sponsors we are able to offer this event at a discounted price! $ Includes Breakfast, Lunch, Breaks and Free Parking! Approved for: 8 hrs CE BREA and 8 hrs CE AI Come hear Mike Belote, President / Lobbyist California Advocates, Inc. Mr. Belote will provide an update on current and pending state and federal legislation including Standards for Valuation Practice, energy efficiency valuation, the ASC Advisory Committee and other California and national initiatives and changes that directly impact practicing real estate appraisers. Michael Belote has over 30 years experience in representing a variety of clients before the Legislature and state regulators. Before joining California Advocates, Mike worked as a legislative advocate for the California Society of Certified Public Accountants followed by the California Association of Realtors. He has also served as Vice President and Legislative Counsel for the California Land Title Association. Click HERE to register

5 CALLING ALL CANDIDATES! 2016 MAI CAPSTONE CLASS Schedule Registration for the 2016 Capstone is now open. See schedule below. Capstone Location Webinar #1 Webinar #2 Classroom Dates San Francisco, CA May 27, 2016 Jun 21, 2016 Jul 11-17, 2016 Newark, NJ May 27, 2016 Jun 21, 2016 Jul 11-17, 2016 Nashville, TN May 27, 2016 Jun 21, 2016 Jul 11-17, 2016 Dallas, TX Aug 5, 2016 Aug 30, 2016 Sep 19-25, 2016 Denver, CO Aug 5, 2016 Aug 30, 2016 Sep 19-25, 2016 Synchronous* Aug 5, 2016 Aug 30, 2016 Sep 19-25, 2016 New York, NY Sep 23, 2016 Oct 18, 2016 Nov 7-13, 2016 Charlotte, NC Sep 23, 2016 Oct 18, 2016 Nov 7-13, 2016 Pittsburgh, PA Sep 23, 2016 Oct 18, 2016 Nov 7-13, 2016 *Programs sold out FOR ALL SCCAI CANDIDATES Scholarships are Available for the Capstone Course Scholarships are Available for AI Designation Classes being offered online Scholarships are Available for AI Designation Classes being offered by other Chapters ALL Designations..MAI, SRA, AI-GRS, and AI-RRS Mason Thornton Scholarship information and application is available on the Chapter Website: Comprehensive Exam Prep Gary DeWeese, MAI, and an instructor for the Appraisal Institute for more than 20 years, is offering his Comp Exam prep material for sale. These materials are the same as presented in his live webinars. The cost is $300 for the Income, $150 for the Sales, $150 for the Cost/HBU and $150 for the General module material. If you purchase the first 3 modules, the General module material is free. The material is based on multiple choice type problems with detailed solutions illustrated. The material is electronically delivered the same day as ordered. For more information about the material, to read student reviews, and learn how to order go to or contact Gary directly at garydeweese@comcast.net or The materials were developed by Gary DeWeese and are not sponsored or endorsed by the Appraisal Institute

6 Page 6 Education Committee Report By Robert King, SRA 2016 SCCAI Education Committee Thanks to the committee members who orchestrated the 19 th Annual Inland Empire Market Trends Seminar. The event, which was held in Ontario on June 2 nd, was well attended and continues to be one of our Chapter s marquis events. Our next big event is the 2016 SCCAI Summer Conference on July 12 th in Cerritos. The program this year is outstanding, with multiple panels and choice of break-out sessions. Check our website for details and to register. The Chapter Mixers continue to be well attended also. If you haven t been to one you are missing out. These are great networking opportunities. The next mixer is being held in Los Angeles on June 30 th followed by the Easter Branch mixer is on July 14 th in Pasadena. The Education Committee has completed the proposed 2017 budget which will be submitted to the Board of Directors for approval. As a Chapter this task becomes more challenging each year with the increase in education offerings and methods provided by AI National (synchronous, on demand/online and live classroom). In addition, many of those who signed up when the Candidate Program was implemented have taken most of the required advanced courses. This has decreased the demand resulting in cancellation of certain classes. A few reminders: SCCAI has the Mason Thornton Scholarship program for any of our members that are pursuing a designation. Don t miss out on this benefit for only SCCAI Members! Advanced Spreadsheet Modeling for Valuation Applications: July in La Palma General Appraiser Market Analysis and Highest & Best Use: August in Woodland Hills. Litigation Appraising: Specialized Topics and Applications: August in La Palma. Meet Our Newly Designated Members Marcella N. Pardo, MAI, AI-GRS Larry H. Johnson, MAI Nancy Summers, MAI Lynn A. Dordahl, SRA Kathleen T. Wing, MAI Russell B. Tiv, MAI Loy L. Spears, MAI, SRA Gazelle Raye Wichner, MAI Daniel Lee, AI-GRS Luis E. Lobos, MAI The MAI designation is held by individuals who are experienced in the valuation and evaluation of commercial, industrial, residential and other types of properties, and who advise clients on real estate investment decisions. To pursue MAI Designated membership, one must be a general Candidate for Designation. The SRA designation is held by individuals who are experienced in the analysis and valuation of residential real property. To pursue SRA Designated membership, one must be a residential Candidate for Designation. The AI-GRS designation is a new designation program aimed at providing professional general reviewers with the knowledge and skills needed to satisfy issues related to due diligence and risk management often requested by their employers and clients. The AI-RRS designation is a new designation program aimed at providing professional residential reviewers with the knowledge and skills needed to satisfy issues related to due diligence and risk management often requested by their employers and clients.

7 Page 7 Appraisal Institute State Government Relations Bradford Thompson, MAI, AI-GRS SCCAI Government Relations Chair At the recent meeting of the Committee, held in Sacramento in April, our lobbyist, Mike Belote, President, California Advocates, highlighted ongoing legislative activity. The legislative session timeline for Assembly Bill 624: Real Estate Appraisers Standards of Conduct is fast approaching this summer, but potential passage is not completely out of the question at this point. Existing law provides that the Uniform Standards of Professional Appraisal Practice (USPAP) sets forth the minimum standards of conduct and performance for real estate appraisers in any work or service performed that is addressed by those Standards. This Bill would authorize, if a licensee is performing a non-federally related appraisal activity, a standard of valuation practice other than USPAP, if disclosed, and agreed upon by the client. The portion of this Bill, if passed, which would retain public trust doctrine is the fact that the Bill states that even with passage the licensee shall comply with the Ethics, Record Keeping, Competency, and Scope of Work rules of (USPAP). The other active legislation summarized by Mr. Belote includes Assembly Bill 1381: Real Estate Appraisers Education Sustainable Assets, a bill opposed by the Appraisal Institute which would require education in valuing sustainable real estate assets (i.e. green building) every continuing education cycle. While the Appraisal Institute is not opposed to quality green building education or continuing education, the education topic(s) as deemed relevant to each individual licensee should be at his/her discretion based upon their field of appraisal practice. An addition topic for potential future legislative interest includes the existing Education Credit Blackout Period that occurs during the processing of license renewal periods. Chapter Members interested in these or other legislative issues may contact the Chapter Members of the AICGRC. This article does not represent or set forth the Appraisal Institute s, nor the Southern California Chapter of the Appraisal Institute s official positions, it merely summarizes Mr. Thompson s perception of the activities relevant to the AICGRC. Bradford Thompson, MAI, AI-GRS, SCCAI Vice President, Montrose, California, serves on the California State Government Relations Committee (AICGRC) representing the Southern California Chapter of the Appraisal Institute. Additional Southern California Chapter members serving on the Committee for 2016 include Charles Baker, SRA, Beth Finestone, MAI, AI-GRS, and Steve Henry, MAI. PLEASE NOTE: Mr. Belote will be the lunch speaker at the 2017 SCCAI Summer Conference being held at the Sheraton Cerritos on July 12 th. Registration is now open for the conference. Click HERE to register Save the Date: 49th Annual Litigation Seminar November 4th 2016 Sheraton Cerritos Cerritos, CA More information to follow

8 Page 8 19th Annual Inland Empire Market Trends Seminar By Jennifer Hafner, MAI 2016 IEMTS Chair We experienced another information filled day; networking event and SCCAI General Meeting at the Inland Empire Market Trends Seminar, held this year on Thursday, June 2 nd at the Doubletree Hotel in Ontario. SCCAI 2017 Officers were nominated and elected during the General Meeting. We also honored Market Trends committee member, Nancy Summers, who earned her MAI, Appraisal Institute Designation. We with more than 120 valuation professionals in attendance. The event continues to grow with over 120 people in attendance. Inland Empire real property market trend updates were heard from 12 speakers including: an Economic Update from Dr. Sean Jasso from UC Riverside; Brad Umansky of Progressive Real Estate Partners, on Retail Market Overview; Eric Chen from CBRE, on the Apartment Market; Les Whittlesey with WD Land to discuss the Subdivision Land Sales; Brandon Feighner of CBRE Hotels, on the Hotel/Motel Market; James Breeze with Colliers International discussed the Industrial market; David Mudge with Lee & Associates on Office Market Sales and Leasing; John Mulville of Real Estate Economics, on New Home Sales; and our Keynote Lunch speaker was Bruce Norris of The Norris Group, on Residential Trends. We included a Roundtable on the High Desert, Low Desert, and Temecula/Murrieta Valley, which included Joe Brady of The Bradco Companies, on the Victor Valley/High Desert market, Maggie Montez with Lee & Associates from the Coachella Valley, and Michael Strode with Lee & Associates for the Temecula/Murrieta Valley market. Each of the speakers presented their own unique interpretation of what s happening in their market. Overall, the speakers reported the market s continued improvement in the Inland Empire economy. The speaker presentations will be available in pdf format and posted on the Chapter s website. We ll look forward to seeing you again next year, for an extra special celebration of the 20 th Annual Inland Empire Market Trends Seminar! Left to Right: Michael Jay Ader, MAI, SRA; Robert Kind, SRA; Jacinto A. Munoz, MAI, SRA, AI-RRS, AI-GRS; Christine Santolucito, Jennifer Hafner, MAI; Derrick J. Washington, Nancy Summers, MAI Barry Alperin, MAI, AI-GRS presenting Nancy Summers with her MAI Designation

9 Page 9 Eastern Branch Presents Next Generation Mixer Enjoy free appetizers and get to know the newest Members and Candidates of the Southern California Chapter of the Appraisal Institute! Next Gen is a new effort by the Chapter to promote a social environment where young professionals in real estate appraisal can meet and get to know one another better. You don t want to miss this! Experienced appraisers are welcome as well. Come enjoy the great food and camaraderie! Click HERE to register

10 Page 10 LDAC 2016 REPORT Charles Baker, SRA Along with Steve Henry and Jacinto Munoz, it was an honor to represent the Southern California Chapter in Washington, D.C. at the Appraisal Institute s annual Leadership Development and Advisory Council (LDAC). The event this year was held during the last week in May at the Liaison Hotel, within two blocks of the Capital Complex. With over one hundred Appraisal Institute members from around the country in attendance, members had the opportunity to meet, debate, collaborate and share ideas on how to strengthen the Institute, our designations and the profession as a whole. Discussion group topics included the future of the SRA designation; beyond USPAP; stemming the decline of designated members; next generation outreach; education development and delivery; and the current regulatory environment. Members scheduled meetings with their elected representatives in the House and Senate. The focus this year in our lobbying efforts was to raise the specter of appraisal regulatory modernization; specifically state-by-state portability, leveling the playing field in non -FRT s, improved appraisal quality and enforcement, explore a nationwide platform for appraisers and users, and other related topics. Presently, there is a consensus among key stakeholders involved in the real estate market that the House Financial Services Committee hold hearings on the future of appraisal regulation. Our goal at LDAC was to meet face-to-face with our representatives and deliver our message. Steve, Jay and myself met with Senator Feinstein s and Boxer s staff, as well as staff members at our respective representatives in the House. While this is an election year, everyone took the time to listen and offer constructive feedback. New acquaintances were made, old friendships rekindled and opportunities to chat one-on-one with AI s leadership abounded. Truly a memorable event. Finally, I would be remiss if I didn t congratulate our own Steve Henry for being selected for Discussion Leader for LDAC Way to go Steve! Till next year.... Charles Baker, SRA; Jacinto Munoz, MAI, SRA, AI-RRS, AI-GRS; Steve Henry, MAI

11 SCCAI 2016 CALENDAR Page 11 DATE(S) COURSE / SEMINAR LOCATION June 30, 2016 Business Practices and Ethics Los Angeles, CA June 30, 2016 FREE Mixer at the Takami in Downtown LA Los Angeles, C A July 12, SCCAI Summer Conference Cerritos, CA July 14, 2016 EASTERN BRANCH PRESENTS Next Generation Mixer Pasadena, CA July 18, 2016 Federal and California Statutory and Regulatory Law Course Costa Mesa, CA July 19-20, 2016 Advanced Spreadsheet Modeling for Valuation Applications La Palma, CA August 16-19, 2016 General Appraiser Market Analysis and Highest & Best Use Woodland Hills, CA August 25-26, 2016 Litigation Appraising: Specialized Topics and Applications La Palma, CA September 13, 2016 Introduction to Green Buildings: Principles & Concepts La Palma, CA September 22-28, 2016 Advanced Concepts & Case Studies Ontario, CA October 10-14, 2016 Review Case Studies-General La Palma, CA October 12, Hour National USPAP Update Course Burbank, CA The Southern California Chapter's Mason - Thornton Scholarship Program The Mason - Thornton Scholarship Fund is a Trust Fund sponsored and managed by the Southern California Chapter of the Appraisal Institute. The sole purpose of the Fund is the awarding of financial scholarships to Designated Members and Candidates in good standing for courses presented by the Appraisal Institute leading to a professional designation in the Appraisal Institute. Application and Information Classes eligible for scholarships are listed on the application. Please call us at the Chapter Office if you have questions. (818) 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! Newsletter Editor Linda Zimmer Executive Director Linda@sccai.org Newsletter Contributor and Publisher Lianna Ayala Executive Assistant Lianna@sccai.org