Appraisal Institute 2015 Annual Meeting

Earlier this week, Ed Cline, SRA, AI-RRS and I were fortunate enough to attend the AI’s national conference in Dallas, TX.  The event featured more than 50 different education sessions, along with an exhibit hall, networking opportunities and awards dinner.  The education seminars covered a broad range of topics such as collateral underwriter, fractional interests, conservation easements, and going-concern analysis, and several seminars addressed current issues such as appraisal challenges of green buildings, on-site and off-site real estate valuation issues surrounding fracking, and drone technology and its impact on the appraisal industry.

The program started bright and early Sunday morning with the Regional meetings.  For me, the highlight of the combined region meeting was the summary of the historical and on-going issues with The Appraisal Foundation given by the national president, M. Lance Coyle, MAI, SRA.  There have been several meetings at the highest level of both institutions and at this point, have agreed to disagree.  There does not appear to be any form of reconciliation in the foreseeable future.  To read all about the history of the issues and where we stand currently, click here.

At the afternoon Region VI breakout meeting, Michael Mignogna was named 3rd director of our region for 2016.  Also, three people are rolling off the Region VI nominating committee at the end of this year. Please let me know if you are interested in serving on the region nominating committee for 2016-2017. Keep in mind that if you serve on the committee you cannot run for the positions to be elected.

Please join me in congratulating Jennifer Domnitz, SRA from our chapter who was awarded the Noeline Fuller Scholarship. Noeline Fuller, MAI, SRA was a chapter president who served on regional and national committees throughout her career. The Noeline Fuller Region VI Scholarship is a $500 voucher for Qualifying Education or Advanced Education, which can be used for any QE or AE course offered in Region VI.

The national conference officially began Monday morning with award-winning National Geographic magazine photographer and Academy Award-nominated motion picture director Dewitt Jones.  An amazing speaker, Mr. Jones spoke about his belief that we should celebrate what’s right with the world. He told a story that his father told him when he was a young boy.  A priest came upon two men both hunched over and working hard.  He asked the first man what he was doing and the worker barely looked up and gruffly said “I’m cutting stone.”  The priest moved on to the second worker, asked him again what he was doing and the worker looked the priest in the eyes and with a huge smile said, “I’m building a cathedral.”  It’s all about your perspective.

The other general session speakers were Edward J. Pinto, American Enterprise Institute resident fellow and co-director of AEI's International Center on Housing Risk; and Susan G. Talley, an attorney at Stone Pigman Walther Wittman L.L.C. in New Orleans and co-chair of the firm's Real Estate, Finance and Construction Practice Group.  Additionally, eight appraisers were honored during the awards dinner : John P. Fredrickson, MAI, SRA; Jerome Haims, MAI, SRA; and Richard A. Stephens, MAI, SRA, AI-GRS, were honored with the Lifetime Achievement Award and Michael V. Tankersley, MAI, SRA, AI-RRS, received the Outstanding Service Award. President's Award recipients were Kerry M. Jorgensen, MAI; Ruth A. Kelton; R. Wayne Pugh, MAI; and Ken P. Wilson, MAI, SRA. Read more about the award winners.

Next year’s conference will be held in Charlotte, NC, July 25-27, 2016.  I would highly recommend attending!

Author: Sara Gaskill, MAI, AI-GRS, President, Pittsburgh Metropolitan Chapter of the Appraisal Insitute

Longtime AI Member, Terry Camburn, Passed Away

Our condolences to the Camburn family on the passing of Terry. He was a longtime member of the Appraisal Institute and owner of Omni Evaluation Services, Inc. His family is in our thoughts.

New Appraisal Institute Form Helps Analyze 'Green' Commercial Real Estate Features

The nation's largest professional association of real estate appraisers today released a form intended to help analyze values of commercial buildings' energy efficient features. It is the first of its kind intended for appraisers' use.

The Appraisal Institute's Commercial Green and Energy Efficient Addendum offers a communication tool that lenders can use as part of the scope of work. The addendum also assists investors in communicating the construction features of the property that impact income. Appraisers, builders, energy modelers, green certifiers, architects and investors should use the addendum even if a property is not certified green by a formal certifying organization but does possess green features. The water and energy efficient features are key to a higher net income and appraisers should take care to identify these features.

"The market has many different ideas of what makes a property green, and this addendum will assist in understanding actual green features," said Appraisal Institute President M. Lance Coyle, MAI, SRA. "After the construction of a building, the construction features are often forgotten and the blueprints and specifications are often misplaced or overlooked."

The addendum can be completed in its entirety, or qualified individuals can use only the pages that apply. Appraisers are required to have sufficient knowledge of these features to review the addendum completed by others and deem it credible to meet Uniform Standards of Professional Appraisal Practice standards for work relied upon by others.

The Appraisal Institute long has been the leader in green valuation. In addition to its Commercial Green and Energy Efficient Addendum, the Appraisal Institute has demonstrated its leadership in green and energy efficient valuation in many other ways.

• Since June 2008, the Appraisal Institute has offered nearly 450 individual education programs on green and energy efficient valuation, and more than 6,200 attendees have participated. 
• Two Appraisal Institute members contributed to a landmark study released in January 2015 by the U.S. Department of Energy's Lawrence Berkeley National Laboratory that found that home buyers consistently have been willing to pay more for homes with host-owned solar photovoltaic energy systems. The eight-state, 12-year study produced the most authoritative estimates to date of price premiums for U.S. homes with PV systems.
• At the request of appraisers' clients, in April 2014 the Appraisal Institute expanded its Valuation of Sustainable Buildings Professional Development Program's online registries of residential and commercial appraisers to include everyone who has completed the course.
• The Appraisal Institute released a new book, "Residential Green Valuation Tools" by Sandra K. Adomatis, SRA, in April 2014. AI previously published "An Introduction to Green Homes" by Alan Simmons, SRPA, in 2010.
• The Appraisal Institute and the Institute for Market Transformation issued guidance in January 2014 on valuing green and energy efficient buildings.
• In October 2013, the Appraisal Institute partnered with the Colorado Energy Office to provide an analysis of the impact of solar PV systems on the home-buying process. The study sought to better understand the impact, if any, that solar PV has on the sales transaction process.
• In March 2013, the Appraisal Institute released an update to the Residential Green and Energy Efficient Addendum, the first form of its kind intended for appraisers' use. It is an optional addendum to Fannie Mae Form 1004, the appraisal profession's most widely used form for mortgage lending purposes that allows appraisers to identify and describe a home's green features, from solar panels to energy-saving appliances.
• In February 2013, the Appraisal Institute added a new solar course to its Valuation of Sustainable Buildings Professional Development Program, which educates appraisers on the intricacies of valuing high-performance residential and commercial buildings, and consists of four courses: "Introduction to Green Buildings: Principles & Concepts;" "Case Studies in Appraising Residential Green Buildings;"  "Case Studies in Appraising Commercial Green Buildings;" and "Residential and Commercial Value of Solar."
• In January 2012, the Appraisal Institute announced its support for PV Value, a spreadsheet developed by Solar Power Electric and Sandia National Laboratories that assists appraisers and others seeking to establish the value of a property's solar-powered features.
• The Appraisal Institute in October 2011 sponsored a report that outlined ways to finance $150 billion per year in energy efficiency projects that yield double-digit financial returns. "Energy Efficiency Financing: Models and Strategies" by Capital-E and partner organizations found that within 10 years, investment at this level would save U.S. businesses and households $200 billion annually and would create more than 1 million new full-time jobs.
• In October 2011, the Appraisal Institute endorsed the federal Sensible Accounting to Value Energy (SAVE) Act, which would improve the mortgage underwriting process by ensuring energy costs are included. Sponsored by Sens. Michael Bennet, D-Colo., and Johnny Isakson, R-Ga., the SAVE Act would instruct federal loan agencies to assess a borrower's expected energy costs when financing a house. IMT also is among the bill's supporters.
• The Appraisal Institute contributed to the Green MLS Tool Kit, issued in April 2010. The tool kit was created to help Realtors add a green initiative to their local multiple listing service. The tool kit provides guidance on enhancing data in the MLS, empowering appraisers to make well-supported comparisons, analyses and adjustments.

Download the Appraisal Institute's 10-page Commercial Green and Energy Efficient Addendum.

The Appraisal Institute is a global professional association of real estate appraisers, with nearly 21,000 professionals in almost 60 countries throughout the world. Its mission is to advance professionalism and ethics, global standards, methodologies, and practices through the professional development of property economics worldwide. Organized in 1932, the Appraisal Institute advocates equal opportunity and nondiscrimination in the appraisal profession and conducts its activities in accordance with applicable federal, state and local laws. Individuals of the Appraisal Institute benefit from an array of professional education and advocacy programs, and may hold the prestigious MAI, SRPA, SRA, AI-GRS and AI-RRS designations. Learn more at www.appraisalinstitute.org.

SOURCE Appraisal Institute

Representative Stevenson Honored at 2015 Installation Banquet

The Pittsburgh Metropolitan Chapter of the Appraisal Institute presented Representative Dick Stevenson with Honorary Membership to the Appraisal Institute for his commitment to the profession. Representative Stevenson, a Pennsylvania Certified General Appraiser, was a champion for the appraisal profession during his tenure in the Pennsylvania House of Representatives.

“Representative Stevenson has been an advocate for the appraisal profession, and his Honorary Membership to the Appraisal Institute stands as a testament to his commitment to maintaining the integrity of the profession,” said Sara Gaskill, chapter President.

As a member of the House of Representatives, Representative Stevenson was instrumental in defeating a bill that would have allowed real estate brokers and salespeople to provide BPOs (Broker Price Opinions) outside of the real estate brokerage context, and he was the author and prime sponsor of the appraisal management legislation that is now law in Pennsylvania. He also authored and sponsored House Bill 1600 which was designed to bring Pennsylvania into compliance with the 2015 minimum criteria for the Appraiser Qualification Board.

Representative Stevenson retired from the 8^th Legislative District at the end of session in 2014. 

Dan Bradley, SRA Receives Barone-Berman President's Award

Congratulations to Dan Bradley, SRA! He was named the 2015 Barone-Berman President's Awardee.

Dan served on the Pennsylvania State Board of Certified Real Estate Appraisers in 2004 and was reappointed in 2008. During his tenure on the board, he was instrumental in several board regulatory actions, including revising the Board's regulations to adopt the 2008 AQB Criteria, changing the old requirement that mandated that supervising appraisers had to accompany assistants on all inspections, and implementing the appraisal trainee license. 

Dan is a AQB-certified USPAP Instructor and holds the SRA and CDEI (Certified Distance Education Instructor) designations. He is director of online curriculum at McKissock Education. 

2015 Officers for the Pittsburgh Metropolitan Chapter of the Appraisal Institute

Congratulations to the 2015 Chapter Officers! 

Sara M. Gaskill, MAI, AI-GRS - President

Ed Cline, SRA - First Vice President

Terri Kulzer-Love, SRA - Second Vice President

Thomas R. Frederick, CREA, SRA - Secretary/Treasurer

Congratulations!

Several members of the Pittsburgh Metro Chapter of the Appraisal Institute recently earned the MAI and AI-GRS designations. These achievements require rigorous requirements relating to education, testing, experience, and demonstration of knowledge, understanding, and ability.

MAI Designations:

Michele Allerton

Mickey Droney

• Michele Allerton - Director, Integra Realty Resources
• Mickey Droney - Director, Integra Realty Resources
• John Dudash, SRA - Certified Pennsylvania General Appraiser, Howard Hanna Appraisal Services

The MAI designation is earned upon the successful completion of a graduate-level curriculum, which includes a written demonstration appraisal report and attaining 4,500 hours of qualifying experience beyond state certification requirements. Designees must abide by both the appraisal profession’s Uniform Standards of Professional Appraisal Practice (USPAP) and the Appraisal Institute’s Standards of Professional Practice and Code of Ethics. 

AI-GRS (Appraisal Institute – General Review Specialist)

• Sara M. Gaskill, MAI - Principal, Gaskill Review Services, LLC

The AI-GRS designation is for professionals who recognize the critically important role that appraisal review plays in risk management and mitigation for many clients/users of appraisal services. This designation is earned upon the successful completion of course work, examinations and specialized experience requirements.

Please congratulate these individuals on their spectacular achievements! 

Save the Date - 2015 Annual Installation Banquet

2015 New Year celebration (christmasstockimages.com) / CC BY 3.0

Save the date for the 2015 Annual Installation Banquet! The banquet will be held at the Circuit Center on January 16.

For information or to register, please contact Kari at 412-563-1900 or karib@realtorspgh.com.

CALL FOR PRESENTATIONS

Appraisal Institute Annual Meeting
July 27-29, 2015
Sheraton Dallas | Dallas, Texas

The Appraisal Institute is seeking proposals for presentations for its 2015 Annual Meeting in Dallas.

AI Connect is looking for highly skilled speakers who can address issues and topics of interest to the valuation profession. The Appraisal Institute highly values as presenters appraisal client representatives, government agency officials or leaders of real estate industry organizations.

Submissions must include bios, photos and contact information for all presenters and must include presentation title and abstract. All presentations will be assigned to one or more of the following tracks:
  
COMMERCIAL RESIDENTIAL GENERAL INSTITUTIONAL CLIENT ATTORNEY CLIENT  
For more information on the types of sessions selected for previous AI Connect conferences, please go to: http://www.appraisalinstitute.org/about/appraisal-institute-annual-meeting-archives/

Preference will be given to proposed presentations that highlight achievements or opportunities for the profession, address client issues or concerns, raise awareness about best practices or attempt to address a pressing issue or problem facing the profession. Presentations can be local, national or international in scope.

Presenters will receive complimentary registration for the day of their presentation. Presenters who plan to attend the entire 2015 AI Annual Meeting will receive a discount on registration; travel expenses will not be covered. 

All applications must be received by Wednesday, December 31, 2014. 

Questions? Contact Jasmina Nuhbegovic; 312-335-4184; aimeetings@appraisalinstitute.org. 

New Appraisal Institute Book Addresses Latest Methods for Valuing Contaminated Properties

A news release from the Appraisal Institute

Properties impacted by contamination raise challenging appraisal issues, according to a new book from the nation’s largest professional association of real estate appraisers.

 “Valuing Contaminated Properties: An Appraisal Institute Anthology, Volume II” published this week by the Appraisal Institute helps appraisers understand the history and development of widely recognized and generally accepted methods for handling assignments involving contaminated properties.

 “This book is a definitive compilation of accepted appraisal knowledge on an important topic,” Appraisal Institute President Ken P. Wilson, MAI, SRA, wrote in the book’s foreword. “This updated anthology will help appraisers stay current and look toward a future of evolving strategies for dealing with environmental contamination.”

 “Valuing Contaminated Properties: An Appraisal Institute Anthology, Volume II,” edited by Richard J. Roddewig, MAI, CRE, is divided into chapters covering 10 different topics related to contamination. Practitioners will learn about recent trends in contaminated properties including:

• the accepted understanding that contamination’s impact on value is largely temporary;
• the shifting focus from appraising industrial and commercial source sites to appraising residential properties affected by contamination; and
• the increased availability of online sales data and the new emphasis on using more market data in contamination assignments.

“Valuing Contaminated Properties: An Appraisal Institute Anthology, Volume II” (ISBN: 978-1-935328-58-2) is a 503-page softcover book. It is available for $75 ($60 for Appraisal Institute professionals). Call 888-756-4624 or order online.

Take me out the ballgame

Earning your SRA or MAI designation is a process that requires extensive coursework, a number of exams and hours of specialized experience. For those candidates seeking designation, your advisor may quickly rise to the number one position in your phone. Advisors help the candidates keep the process in perspective, answers questions and provide support during the journey to designation.

Last week, advisors and SRA and MAI candidates met up for the Pittsburgh Pirates game. It was a great night with wonderful food, fantastic people and a win by the Pirates!

Thanks to Chapter President, Dennis Cestra, SRA, IFA, Howard Hanna Real Estate Services, and John Dudash, SRA, Howard Hanna Real Estate Services, and Clay Cassidy, MAI, Integra Realty Resources, for planning and hosting the event.

The next meeting for advisors and candidates is October 14, 2014 at the Club at Nevillewood. For information, please contact Kari at (412) 563-1900.

Appraisal Institute Unveils Standards of Valuation Practice

CHICAGO (Aug. 26, 2014) – The nation’s largest professional association of real estate appraisers today announced to global users of real estate valuation services the availability of its Standards of Valuation Practice. The SVP can serve as an alternative for valuation professionals where national or other standards are not required.

“This is a huge step forward for the real estate valuation profession,” said Appraisal Institute President Ken P. Wilson, MAI, SRA. “The Standards of Valuation Practice will provide a high-quality, straight-forward option for appraisers that is principles-based and not rules-based.”

The Appraisal Institute’s policy-making Board of Directors adopted the proposed Standards of Valuation Practice at its Aug. 7-8 meeting in Austin, Texas. The Appraisal Institute had sought input on the proposed Standards of Valuation Practice during three comment periods in the preceding nine months.

The Standards of Valuation Practice:

• Can be used as an alternative to the Uniform Standards of Professional Appraisal Practice or the International Valuation Standards when the use of USPAP or IVS is not required and the use of the SVP would be appropriate;
• Will serve as an alternative set of standards that could be used, not an additional set of required standards; and
• Will not supplant USPAP or other national standards.

“The SVP will establish a higher level of professional practice, engender public trust and facilitate the growth and advancement of the valuation profession,” said Wilson. “The SVP will recognize the broad area of practice of valuation professionals and the diverse needs of users of valuation services.”

Effective Jan. 1, 2015, Appraisal Institute Designated members, Candidates for Designation and Practicing Affiliates will be required to comply with either:

• The Standards of Valuation Practice, promulgated by the Appraisal Institute, and the Certification Standard of the Appraisal Institute; or
• Applicable national or international standards, and the Certification Standard of the Appraisal Institute.

The Appraisal Institute is the historic leader in establishing standards for the valuation profession. The Appraisal Institute’s two predecessor organizations, which unified in 1991, were among the first to establish standards for the valuation profession; the American Institute of Real Estate Appraisers created standards in 1932 and the Society of Real Estate Appraisers did so in 1936. AIREA and the Society regularly revised and strengthened their Standards over the decades that followed.

The Standards of Valuation Practice are one of three strategic initiatives the Appraisal Institute announced in October 2013. The Appraisal Institute said then that it would:

• issue proposed standards of valuation practice that could serve as an alternative for valuation professionals where national or other standards are not required;
• expand delivery of Appraisal Institute education, becoming more proactive in identifying and pursuing appraisal educational opportunities; and
• create a new certification organization to establish a future generation of cross-disciplinary valuation professionals and to enhance their marketability in a competitive job environment (which was accomplished with the May 2014 introduction of the International Center for Valuation Certification).

Read the Standards of Valuation Practice here.

Hitting the sticks

Thirty-six appraisers hit the sticks for the annual Appraisal Institute Golf Outing on July 28. It was a great outing despite the overcast sky and rain. Many thanks to Tom Frederick for organizing the outing. 

Understanding the New Role of the Appraisal in Commercial Banking and Going Concern Allocations - Buffalo, NY Program

Our neighboring chapter, Western NY/Ontario Intl, is hosting a one-day seminar and social in Buffalo. All are welcome. Details below. 

Date: 
Wednesday, August 6th, 2014 
Registration (Pastries/Coffee): 8:00 AM to 8:30 AM 
Seminar Begins: 8:30 AM 

Location: 
Larkin at Exchange Building 
726 Exchange Street – Suite 804 
Barton Room 
Buffalo, New York 14210 

Cost: (Includes Lunch) 

$175 (AI/State CE Credit w/Certificate) 

$40 USE PROMO CODE: No CE Credit 

(Bankers, Lawyers, Real Estate Agents, etc. OR Appraisers not requiring AI or State CE Credit – NO CERTIFICATE) 

REGISTER

Part I – Appraisal in an Evolving Banking Environment: 3 Hours 

Presenter: Adam A. Alessi, MAI, MRICS 

Chief Appraiser, First Niagara Bank, N.A. 

• A look at the post-2008 timeline for appraisal-related regulatory mandates and the response of the lending and appraisal communities; 
• Case studies of valuation and compliance issues impacted or ignored by the regulatory environment 
• First-hand accounts and perspectives of the realities of serving a borrowing base in this climate. 

Part II – Complex Properties: A Risk-Based Approach to Allocations and Investment: 4 Hours 

Presenter: Franz H. Ross, CBA, CVA, MRICS, 

Complex Asset Specialist, First Niagara Bank, N.A.

What are the unique characteristics of each complex property type? Discussion will include hotels, C-stores, healthcare properties, power plants, restaurant/banquet facilities, tank farms, data centers, golf courses, and other recreational properties. What special industry knowledge 

is needed to appraise each property type, and what unique metrics are applicable? 

• The premise for giving the greatest weight to a risk based/cost based asset allocation methodology;
• Attendees will receive the new ETEEM model, and be given instruction in its use; 
• Understanding the importance of asset allocation metrics such as cost approach data, market rents, lease coverage ratios, management fees and others; 
• Best practices in an income analysis that is universal to all income properties. 
• How to prove cap rates of “going-concerns” and of intangible assets using available BV data. 

Continuing Education
Approved for 7 Hours of Continuing Education by:

• The Appraisal Institute

Pending Approval for 7 Hours of Continuing Education by: 

• NYS Continuing Education 
• Pennsylvania CE 

Post Class Gathering/Social, hosted by the WNY/Ontario Chapter of the Appraisal Institute: 

Larkin Square – Filling Station 

Hors d’oeuvres and Cash Bar 

Live at Larkin featuring 

The Steam Donkeys and Shaky Stage

For more information please contact Yolanda Perez, Executive Secretary at 716-544-0497.

FORE! Pittsburgh Metro Chapter's Annual Golf Outing is July 28

Don’t miss the Pittsburgh Metro Chapter Appraisal Institute Annual Golf Outing!


Monday, July 28, 2014

12:30 p.m. Shotgun Start

South Hills Country Club
4305 Brownsville Road
Pittsburgh, PA 15236

Cost: $135.00/person (includes green fees, riding cart, driving range, locker room facilities, dinner buffet and prizes).  Lunch is not included.

Send reservations and payment to:
Pittsburgh Metropolitan Chapter Appraisal Institute
1427 W. Liberty Avenue
Pittsburgh, PA 15226

DINNER ONLY:  $40.00

Questions: Contact Tom Frederick at 412-244-7700 or trf@frederickandco.com  

Pittsburgh Real Estate Appraisers meet with Congressman Tim Murphy (PA-18)

On July 3, 2014, a group of appraisers from the chapter meet with Congressman Tim Murphy (PA-18) at Pub & Pizza. The discussion centered on legislation that may have a negative impact on the appraisal profession, including recent actions taken by the Small Business Administration (SBA) regarding Standard Operating Procedure 50-10F relating to appraisals of special purpose properties ("Collateral," Part II (C) (5)).

Members of the Pittsburgh Metropolitan Chapter of the Appraisal Institute also talked to Congressman Murphy about two major bills that were introduced to address housing finance reform:

• Senate Bill 1217, the Housing Finance Reform and Taxpayer Protection Act, known as "Johnson-Crapo," and 
• House Bill 2767, the Protecting American Taxpayers and Homeowners Act or "PATH Act." 

Johnson-Crapo authorizes Federal Mortgage Insurance Corporate (FMIC), the proposed entity which would replace the GSEs, to establish, operate and maintain a database for the collection, public use and dissemination of mortgage loan information. This provision would allow the FMIC to build upon the Uniform Appraisal dataset initiative established by Fannie Mae and Freddie Mac, and allow information contained in all appraisals for loans sold to the FMIC to be made available to consumers, financial institutions, appraisers, appraisal management companies and automated valuation companies, among others.

The PATH Act contains a similar and less specific database. 

The Appraisal Institute is concerned about how this information might be used by those interacting with appraisals, or those with a vested interest in the transaction. 

Congressman Murphy addressed the group's concerns and asked that they keep him apprised of other legislation that would impact the appraisal profession. He also encouraged the group to send emails to their legislators that specifically state how they would like to see the legislation written, noting that that's often how legislation is drafted. 

We invite you to contact your Senators and Representatives about protecting the integrity of the appraisal by not allowing appraisal information in the repository to be made publicly available. Find your legislator: 

Senate
Congress

Learn more about the issues on the Appraisal Institute's website. 

Meet Congressman Tim Murphy - July 3 at Pub and Pizza

Member will have the opportunity to meet with Congressman Tim Murphy (PA-18) on July 3 at Pub and Pizza. Pub and Pizza is located at 329 Castle Shannon Blvd, Pittsburgh, PA. 

Congressman Murphy represents the 18th District of Pennsylvania. 

For more information, please call Kari at 412-563-1900.

Noeline Fuller Region VI Scholarship

Don't miss out on the opportunity to get $500 for an upcoming course in Region VI!

Noeline Fuller Region VI Scholarship

Noeline Fuller, MAI, SRA was a chapter president who served on regional and national committees throughout her career.  The Noeline Fuller Region VI Scholarship is a $500 voucher for Qualifying Education or Advanced Education, which can be used for any QE or AE course offered in Region VI.Click here for Scholarship information and application.

The $500 scholarship can be used for a Qualifying or Advanced Education Course at a Region VI chapter offering.

Chapters Included in Region VI:
Central PA
Delaware
Maryland
Metro New Jersey
Northeast New Jersey
Northeast PA
Northwest PA
Philadelphia Metropolitan
Pittsburgh
Southern New Jersey
Washington DC Metropolitan


Click here for the AI Education course list.

Contact Debra Miller at appraisal.institute@verizon.net for more information about the Noeline Fuller Scholarship.

Leadership Development and Advisory Council (LDAC), 2014 by Michael Leahy, PR Chair of the Pittsburgh Metropolitan Chapter of the Appraisal Institute

LDAC 2014

The 2014 Leadership Development and Advisory Council (LDAC) took place last month (May 19^th-21^st).  I was honored to be among the 100 appraisers from around the United States and Puerto Rico to be in attendance for this three day think tank and lobbying event.  This year’s discussions developed by the Appraisal Institute Steering Committee were as follows:

1. Defining and Promoting the AI Designated Member Difference
2. Embracing and Using Technology – Becoming a Technology Savvy Real Estate Appraiser
3. Defusing the Succession Time Bomb - Solving the Trainee/Supervisor Dilemma
4. Create New and Expand Existing Client Relationships (through unique, value added enhancements and market diversification that cause AI Designated members to stand out from other appraisers)

The discussions were lively, informative and provided a lot of interesting perspectives from appraisers working in various fields and locals.  The resulting discussions, led by a panel of capable discussion leaders, will be distilled and presented to the Appraisal Institute’s Steering Committee to help shape the focus and direction of the Appraisal Institute in the future.

Michael Leahy and U.S. Representative Tom Murphy

In addition to the internal discussions, the Appraisal Institute turned the LDAC attendees loose on Capitol Hill where we broke into regional groups to lobby our respective Congressmen on the following issues impacting the appraisal profession.  This year, we focused to on two issues:

1. Small Business Administration (SBA) “Going Concern” Appraisal Policy Change
2. “Protecting the Integrity of the Appraisal” through Government Sponsored Entity (GSE) reform bills addressing the proposed Uniform Mortgage Database.

The first issue addressed a loophole that currently exists in SBA policy regarding the valuation of special purpose properties, i.e. loans that fall under the 7(a) program, which currently prevent appraisers from providing going concern valuations for special purpose properties (hotels, car washes, etc.) thus requiring small businesses to hire two separate valuation professionals.  This loophole increases costs and is a particular burden to small business. 

The second issue relates to bills that are in the respective Chambers of Congress, the “Corker-Warner” bill in the Senate and the “Path Act” in the house, both of which contain language related to and allowing for appraisal data to be collected in a publically accessible database.  This is problematic for a myriad of reasons ranging from personal privacy to the misappropriation of data.  In both bodies we urged our Congressman to address that language to ensure that the database is not open to public and private entities outside of the GSE.

Impromptu Bike Tour

While the LDAC experience is and endurance test at times, all work and no play would make “Jack” a dull, dull boy.  Needless to say, everyone, including the Appraisal Institute staff, does everything in their power to make the event as enjoyable as possible.  I strongly encourage everyone to participate in this event if the opportunity arises. 

Pennsylvania Lobby Team

I cannot thank the staff of the Appraisal Institute as well as my fellow LDAC participants for a wonderful, enlightening and fulfilling experience, particularly the excellent group of professionals from the PA lobbying team, (left to right): Erin Hannan, MAI; Susanne Curran, MAI and Michele Glower, MAI.

  

Mark Smeltzer Honored as Appraisal Institute’s ‘Volunteer of Distinction’

Mark V. Smeltzer, SRA, was recognized as the Appraisal Institute’s June “Volunteer of Distinction” for Region VI. 

Smeltzer has been Pittsburgh Metropolitan Chapter Education chair since 2005. He was alternate regional representative from 2012-13. He served as chapter president in 2004, vice president in 2003, second vice president in 2002, and secretary and treasurer in 2001. 

Smeltzer has been director of operations at Ditio, Inc., in Pittsburgh since 2011. He has been involved in the real estate valuation profession for 39 years. He holds a master’s of business administration from the Katz Graduate School of Business, University of Pittsburgh, and a bachelor’s degree in economics and business from Slippery Rock University in Slippery Rock, Pa. He joined the Appraisal Institute in 1987, and received his SRA designation in 1989. 

Thank you for all of your work for the chapter and congratulations on this prestigious honor!