the alabama appraiser...2016/04/01 · the alabama commercial real es-tate conference put on by the...
TRANSCRIPT
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Alabama Chapter of the Appraisal Institute
First Quarter 2014
The Alabama Appra iser Announcements:
Chapter Meeting
Orange Beach June 20
Fun In The Sun Fish Fry Dinner
For More Information
Go To:
www.aialabama.com
Inside this issue:
Message From the 2014 President
2
Sponsorship ACRE Conference
4
Region IX Meeting & Mini LDAC
6
2014 Education 8
Fun In The Sun Seminars
9
Members Speaking Realtor®Meeting
10
Meetings & Events 11
New Members 12
Volunteer of Dis-tinction
3
The First Chapter Meeting of 2014 was February 6th
In Montgomery
The speaker for the first meeting of 2014
was Mr. Chris Smith, State Land Manager
for the Department of Conservation and
Natural Resources for the State of Alabama.
Mr. Smith manages the Forever Wild pro-
gram and other State Land Division pro-
grams. He spoke about the Forever Wild
program, how land was acquired and man-
aged for public use as recreational areas. He
spoke of the recreational trails that were
available especially at Oak Mountain. Thank
you Mr. Smith for a very interesting and in-
formative presentation.
Congratulations To Our Newest Designated Members
John William Kidd, Jr, SRA
Shane T. Lovelady, MAI
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Greetings fellow appraisers. We
have now completed the first
quarter of 2014 and I hope it has
been a busy and profitable quar-
ter for you. The economy is
trying its best to pick up the pace
and some markets are seeing
modest increases in median pric-
es, both in the commercial and
residential sectors. As in the
past, uncertainty by market par-
ticipants appears to be the driving
force behind the sluggish recov-
ery from the recession. Interest
rates are good and credit require-
ments have been slightly loos-
ened, but the engine of recovery
has not quite reached cruising
speed. We should remain opti-
mistic and continue to do the
good job we’ve been doing in
helping our clients become com-
fortable with the level of uncer-
tainty we all face.
Our last chapter meeting in
Montgomery was held in the face
of a potential blizzard. The snow
did not materialize but many chap-
ter members did. As usual, the
food at the Capital City Club was
top notch. Our speaker was
Chris Smith who is the State
Land Manager for the Department
of Conservation and Natural re-
sources and the director of Ala-
bama’s “Forever Wild Land Trust”
program. His presentation was
informative and entertaining. Our
state enjoys a vast array of natural
resources and a great deal of pub-
lic land. We are fortunate to have
a program such as this in our
state.
We had a great turnout for our
early offering of USPAP. This was
the first year that we’ve offered
USPAP this early in the year and it
was so successful that we are
offering another USPAP course in
May. This class will again be taught
by Mark Smeltzer, SRA, and
will be coupled with the UAD
class. The UAD class, “UAD Af-
tereffects: Efficiency vs Obliga-
tion”, also taught by Mark, should
be of special interest to our resi-
dential members since FNMA and
FHLMC have implemented their
hard stop rules for UAD errors.
This is here to stay and I encour-
age all our residential members to
be up to date on what is required
to meet the agencies guidelines for
UAD submission for lenders.
Both the USPAP and the UAD
class are open for enrollment
now, so don’t delay. Mark is a
great teacher and a friend of our
chapter.
The 2014 Appraisal Institute An-
nual Meeting is fast approaching.
The meeting will be held in Austin,
TX this year and there will be a
Regional meeting on Sunday, Au-
gust 3. The Annual Meeting will be
held August 4 – 6. Both meetings
are open to chapter members,
with mandatory attendance at the
Regional meeting by Regional offic-
ers and chapter presidents and
vice presidents. I was fortunate to
attend last year and also attended
the leadership training session
held after the Regional meeting.
Both were very well attended and
informative. I had no idea of the
amount of work that it takes to
run a chapter, we are very fortu-
nate to have Pam Paulk to han-
dle the vast majority of the day-to-
day activities that are not visible
to most of us.
Please keep an eye out for our
education offerings. We will have
three other offerings besides the
UAD and the USPAP classes. We
will have Shawn Wilson, MAI,
teaching the “Complex Litigation
Appraisal Case Studies” class on
April 11, our Fun in the Sun Semi-
nars will be in Orange Beach on
June 20 and will feature Peter
Christensen of Liability Insur-
ance Administrators leading “Loss
Message From The 2014 President:
Page 2 The Alabama Appra iser
Gregory Hartley, SRA-2014
Alabama Chapter President
Prevention for Real Estate Ap-
praisers” and “Staying Out of the
Courtroom Unless You are Paid
to Be There”. Finally, “Valuation
by Comparison: Residential Analy-
sis & Logic” will be offered in
Huntsville on October 10. Our
educational offerings have been
very successful this year and we
hope to continue that trend.
Finally, if you are a candidate for
designation, please make sure you
meet your attendance require-
ments. Our chapter meetings are
not nearly as stuffy and boring as
they sound, the food is good, and
it is always wonderful to see old
friends and fellow appraisers.
Please contact your advisor if you
have any questions about your
designation requirements.
I hope to see you all soon at a
chapter meeting or an educational
offering. As always, please do not
hesitate to contact me if I may be
of service to you.
Greg Hartley, SRA
President, Alabama Chapter
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Page 3 First Quarter 2014
The Appraisal Institute’s member recognition pro-gram honors one member in good standing in each region each month for their service to the organiza-
tion, the profession and their community.
CHICAGO (Feb. 5, 2014) – Philip E. Paulk, MAI, SRA, of Birmingham, Ala., was recognized today
as the Appraisal Institute’s February “Volunteer of Distinction” for Region IX.
The Appraisal Institute is the nation’s largest professional association of real estate appraisers; Re-
gion IX consists of Alabama, Arkansas, Georgia, Louisiana, Mississippi, South Carolina and Tennes-
see. Paulk is a member of the Alabama Chapter.
“Philip Paulk is an exceptional ambassador for the Appraisal Institute,” said Appraisal Institute Presi-
dent Ken P. Wilson, MAI, SRA. “We’re proud to be represented by individuals like Philip, who faith-
fully serve our organization and the real estate valuation profession, as well as their local communi-
ties.”
Paulk was Alabama Chapter Admissions chair in 2010 and 2008, and Public Relations chair in 2006.
He has also served on a variety of chapter committees.
Paulk has been president and managing partner at The Paulk Group in Chelsea, Ala. since 1990.
He has been involved in the real estate valuation profession for 39 years. He joined a predecessor
organization of the Appraisal institute in 1976, and he received his SRA designation in 1979 and MAI
designation in 1984.
He is an elder at Oak Mountain Presbyterian Church, and he is also a member of the church’s Hole
in the Wall Gang, which does repairs for those who cannot afford them.
He is married with one daughter and one granddaughter.
Philip E. Paulk was recognized as
Volunteer of Distinction for February 2014
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Page 4
The Alabama Appra iser
The Alabama Chapter was
proud to again be a sponsor of
the Alabama Commercial Real Es-
tate Conference put on by the Uni-
versity of Alabama Center for Real
Estate on February 7th.
The chapter had a display table and pro-
moted the benefit of working with a designat-
ed appraiser.
On Friday, February 7, 2014, The Alabama Center for Real Estate (ACRE) held their annu-al conference at the Cahaba Grand Conference Center in Birmingham. Addressing the Real Estate Economic Outlook was Lawrence Yun, National Association of Realtors Chief Economist and Senior Vice President of Research. Mr. Yun presented the following points:
Recession has ended but consumer confidence is low.
Rents are going up. Small builders are not building due to banks uncertainty about federal law, and therefore not making loans.
Builders not getting loans will result in a shortage of new homes. Alabama home market is better than most, but many homebuyers will have trouble in ob-taining loans due to stringent debt to income ratios.
Finally, inflation will remain low because other countries are purchasing the dollar.
Representing the Appraisal Institute Alabama Chapter on the podium was Tim Rau, MAI.
Presented by Camille Posey, SRA
Public Relations Chairman
Congratulations
To Candidate for Designation Laura Burnett of Dothan who received
the AIET Women and Minorities Scholarship to attend Advanced In-
come Capitalization in Atlanta this February.
The Appraisal Institute Education Trust fund is a non-profit organi-
zation that has several scholarships available for those who quality in the
field of real estate appraising.
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Page 5 First Quarter 2014
First Seminar of 2014 “The 2014-2015 USPAP Update”
February 7, Montogmery-Sold Out!
You Ask For It, You Got It and You Supported It!!!!
The Education Committee had numerous request to offer the USPAP Course in the year that the changes went into effect. In the past the committee has been reluctant to offer the course that year as it was not a recertifica-tion year in Alabama and the concern was that the attendance would not be good. However, you proved us wrong. Not only was this seminar sold out but the Board of Directors voted to put on another course in Bir-mingham on May 16th and the registration for that course has been good. If you want to take the Birmingham course I would suggest that you sign up. Some of the reasoning behind taking the course this year is that you are responsible for changes starting January 1, 2014 whether you have taken the course or not, if you are an expert witness it is a favorite question to be asked as to whether you are up-to-date and taken the course and the US-PAP book is good for 2 years not just a few months.
Mark Smeltzer, SRA has taught for the chapter several times and is always well received and liked by those in attendance. He taught the Montgomery Couse with great reviews and is also going to teach the Birmingham Couse. He invites you to come to his “USPAP Party” as he likes to make USPAP fun.
Mark works as an Appraiser in the southwest Pennsylvania area where he does FHA Appraisals, Foreclosure / REOs, Litigation / Litigation Support, Real Estate Tax Valuation and Consulting, and VA Appraisals. He has over 25 years of teaching Appraisal Institute Courses and Seminars and is an AQB certified USPAP instructor.
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Page 6 The Alabama Appra iser
Region IX Meeting and Mini LDAC Atlanta January 31 and February 1
I was privileged to attend the mini LDAC Jan 31 and Region IX meeting the following day. I gained a greater appreciation of
what our chapter and national leaders are doing to improve our profession.
The title of this year’s Mini LDAC was Standing Strong in a Changing Appraisal Environment.
It’s no surprise that the appraisal profession is changing. Some of the changes may have been for the greater good but changes
that affect our profession require changes in us. If we are to continue to be successful we need to initiate some of that change
ourselves and not just allow ourselves to be dragged along. This year’s mini LDAC was devoted to how we, as appraisers, can
embrace change and work it to our advantage.
Dan Fries, SRA, told how that he uses his knowledge as an appraiser, to renovate houses and, as a consultant, advise home
owners in making renovation decisions. Dan advises talking with Realtors and HOA’s about emerging trends in specific com-
munities. Expand your knowledge and practice.
Aaron Carone, MAI, revealed insight about International Valuation Standards (IVS). Not interested? Don’t tune out yet. Aaron
pointed out some advantages for the individual appraiser becoming involved with this standard and with the necessity that our
national organization be at the forefront of developing and teaching this standard: 1) our organization is shrinking, as each year
sees fewer appraisers paying dues. This puts an ever-increasing burden on those of us who remain and expect quality services
from the AL. The greatest potential for growth is on the international level. 2) Multinational corporations, whether headquar-
tered in the US or in other countries are increasingly expecting appraisal services on their property, including US properties,
and are using IVS instead of USPAP for consistency over all of their properties. Therefore, according to Aaron, we should en-
courage AI to be heavily involved with IVS and we may, ourselves, want take advantages to this opportunity.
Our own Denny Key, SRA, spoke about how we can encourage members to be more active in their chapters—this includes
attending chapter meetings. One of Denny’s suggestions was to make the younger members feel wanted and appreciated.
More experienced members might let the newer members know that they can call on them help and guidance. Another sug-
gestion: just be friendly—associate with them. Be more personal in invitations to chapter meetings. We want to be the best
and attract the best without being snobbish about it. Change is definite. We can fight it or get involved and help shape it.
Bill Grimmett, SRA, Alternate Regional Representative
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Page 7 First Quarter 2014
The theme of change carried over into the committee meeting that was held on February 1. AI President, Ken
Wilson, put forward some things our organization is doing to help members deal with change and to help us, as
members, grow professionally. Advanced education offerings are one way to knock out the point requirements of
a five-year cycle (except for USPAP) in one class. The new review designations are also ways to advance and these,
have thus far generated several designees with more candidates on the way. This provides additional opportunities
for commercial and residential appraisers who do review work. Ken also encouraged immediate action as the
qualifications for these designations are slated to increase over time.
Our own Richard Maloy spoke about the 45-day notice. This has since passed but is essentially an effort by our
leadership to increase standards for designation members by requiring an undergraduate degree; but, it also leaves
a window for those without a degree who are already on a path to designation.
Denny Key spoke on government affairs. If there is one universal characteristic true of all appraisers, it probably is
disdain for politics. However, we are in a profession that is integral to an industry that is subject to intense regula-
tion—and change—both at the state and national levels. We ignore this only at our peril. To further paraphrase
Denny on this point, much of the change comes from well-meaning legislators that are less-than-well informed
about the appraisal industry. These legislators are influenced by stakeholders, some of which may not have the
best interests of appraisers at heart. Denny’s main point is that we appraisers need to get more involved in the
legislative process. As individuals, we can have influence by letting our legislators know what we expect. Collec-
tively, we can contribute to APAC so that we appraisers and members of AI can get a knowledgeable person in
front of our law makers. One further point made by Denny: legislators listen to people who show willingness to
help them—that means money at election times.
The members of our chapter who have invested time and effort, both on local and national levels are to be com-
mended. Appraisers face many challenges but a well-equipped organization will also help us take advantage of op-
portunities as they present themselves.
Bill Grimmett, SRA, Alternate Regional Representative
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Page 8 The Alabama Appra iser
2014 Educational Offerings Great Classroom Education-Sign Up Today
Birmingham-May 16 -”The New 7-Hr USPAP Update”
Instructor: Mark Smeltzer, SRA
This one-day update course, copyrighted by The Appraisal Foundation, focuses on recent changes to USPAP requirements for ethical be-
havior and competent performance by appraisers. The course will aid appraisers in all areas of appraisal practice seeking updated competen-
cy in USPAP, including those subject to state licensing or certification and continuing education requirements imposed by professional or-
ganizations, client groups, or employers. (AI Price-$195 Full Price-$215) Course price does not include a copy of the 2014-2015 USPAP
book, you must bring your own copy. Find it at www.appraisalfoundation.org
Birmingham-April 11-”Complex Litigation Case Studies” NEW SEMINAR Instructor: Shawn Wilson, MAI
Based on the Appraisal Institute’s new textbook Applications in Litigation Valuation: A Pragmatist’s Guide, this one-day seminar discusses
in detail three of the book’s case studies that provide an overview of litigation strategies to appraisers who are new to litigation work, as well
as a reinforcement of litigation skills to more experienced appraisers. (AI Price-$195 Full Price-$215) Book Required: Applications in Liti-
gation Valuation: A Pragmatist’s Guide is required for this seminar and is not included in the registration price.
Still A Few Places Left-Call Pam 205-835-0808
Orange Beach– June 20th
Fun In The Sun Summer Seminars
Birmingham-May 15
“UAD Aftereffects: Efficiency vs Obligation”-taught by: Mark Smeltzer, SRA Attend this seminar and learn everything about avoiding “hardstop” errors, UAD callbacks, and “stips” due to non-compliance. Fannie Mae
and Freddie Mac are tightening up on reports sent through the Uniform Collateral Data Portal. (If you don’t understand the definition of a
“hardstop” or “rules” you really need to attend this seminar). You may think this seminar is a rehash of the Appraisal Institute's first Uni-
form Appraisal Dataset (UAD) seminar, but it’s not! You may think you’re too busy to attend, but really, you can't afford to miss it! (AI
Price-$195 Full Price-$215) Take this and Stay for USPAP Next Day!!
Huntsville-October 10th-”Valuation by Comparison: Residen-
tial Appraisal and Logic”-Instructor: James Atwood, SRA
Through thoughtful debate on such topics as market value of actual sales, pending sales, new construction sales, expired listings and rejected
offers; this seminar will also explore the techniques used by appraisers to interpret, and then anticipate, the actions of buyers and sellers in
today’s market. (AI Price-$195 Full Price-$215) The Valuation by Comparison: Residential Analysis and Logic book is included in
the seminar registration cost.
All Seminars Approved for Continuing Education Credit By: Alabama Appraisal Board & Alabama
Real Estate Commission
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Page 9 First Quarter 2014
Fun In The Sun Summer Seminars
Orange Beach- June 20, 2014
“Loss Prevention for Real Estate Appraisers”
4 Hrs-AI Price-$80, Regular Price-$90
8:30am-12:30pm Who makes claims against appraisers? What do they sue for? When does the FDIC file a lawsuit? Can an
appraiser be sued more than five years after the appraisal – i.e., what are the relevant statutes of limitation?
How long should an appraiser keep a work file? Do residential or commercial appraisers face more risk?
What about review appraisers? What does E&O insurance cover? These are the types of questions an-
swered by the seminar. (4 Hrs CE Credit Alabama Appraisers Board, 3 Hrs. CE Credit Alabama
Real Estate Commission)
“Staying Out of the Courtroom Unless You are Paid to Be There: Liabil-
ity Issues for Appraisers Performing Litigation & Other Non-Lending
Work”
3 Hrs-AI Price-$75, Regular Price-$85
1:30pm-4:30pm Who sues appraisers serving as expert witnesses? Who sues appraisers performing appraisals for tax pur-
poses? What’s the surest way for an appraiser to be sued for non-lending work? What’s the likelihood of
being sued about a retrospective review appraisal? How does potential liability for a retrospective review
compare with potential liability for a contemporaneous review? What are the statutes of limitation for
claims? What special provisions should I consider putting in an engagement letter for different types of non
-lending assignments? These are the types of questions answered by the seminar. (3 Hrs CE Credit Ala-
bama Appraisers Board, 3 Hrs. CE Credit Alabama Real Estate Commission)
Package Deal:
Both Seminars: “Loss Prevention for Real Estate Appraisers” + “Staying Out of the Courtroom
Unless You Are Paid To Be There”: AI Price: $119, Regular Price: $129
Package Registration includes dinner for two at Fish Fry Dinner starting at 5:30pm at the seminar
location. (Extra guest $10 a person or $20 for family)
Dinner catered by Chet’s Seafood of Pensacola-Winner of Best of the Coast for the last 3 years
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Page 10 The Alabama Appra iser
Thomas C. Horn, SRA, and Mark E. Barrs, MAI, CCIM, led a discussion panel regarding REAL-
TORS®/Appraiser relationships at the Alabama REALTORS® Winter Conference on January 22, 2014.
Among other topics the Panel discussions focused on the selection of comparable sales, the requirement to
analyze the current sales agreement, and how to communicate and provide data for the appraiser’s consid-
eration. Also discussed were different types of products the appraiser can provide such as pre-listing ap-
praisals and building area calculations for marketing purposes. Thanks to Phillip E. Horton, Alabama REAL-
TORS® VP of Meetings & Events for choosing Appraisal Institute members to sit on the panel.
Residential Candidate Important Notice-Window of Opportunity
Four-Year College Degree Requirement for SRA Designation Starting Jan. 1, 2015 Individuals who are admitted as residential Candidates on or before December 31, 2014, and who continuously maintain residential Candidacy, can satisfy the College Degree re-quirement with an Associate’s Degree. In effect, the change gives residential Candidates who do not have a four-year undergraduate degree, or higher, a definitive window within which they can satisfy the College Degree Requirement through an Associate’s Degree. Those individuals admitted (or re-admitted) to residential Candidacy on or after January 1, 2015, can satisfy the College Degree Requirement only by holding a four-year under-graduate degree, or higher. If you know of someone who would benefit by this window of opportunity please give them this information and encourage them to become a candidate before the end of the year.
January 22, 2014
Thomas C. Horn, SRA
Mark E. Barrs, MAI, CCIM Led a Discussion Panel At The
Alabama REALTORS®
Winter Conference
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Page 11 First Quarter 2014
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!
2014 Upcoming Meetings and Events
April 11th-Birmingham-”Complex Litigation”-Seminar
May 15th– Birmingham-“UAD Aftereffects”-Seminar
May 16th– Birmingham-“2014-2015 USPAP Update”
May 19-21-LDAC-Washington DC
June 20th-Fun In The Sun Seminars-Orange Beach with Family Style So-
cial– Fish Fry Dinner Chapter Meeting
August 3rd-Region IX Meeting-Austin
August 4-6-AI Annual Meeting-Austin
September 18-19-Chapter Leadership Meeting-Chicago
October 9th– Chapter Meeting– Huntsville
October 10th-Huntsville-”Valuation By Comparison” Seminar
December 5th-Christmas Party
There will be a Candidate Guidance Meeting before the Chapter Meeting in Huntsville
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270 Doug Baker Blvd.
Suite 700-354
Birmingham, Alabama 35242
Phone: 205-835-0808
Fax: 205-437-0311
E-mail:
Alabama Chapter Appraisal Institute
Alabama Appraiser
Welcome New Members First Quarter 2014
2013 Board of Directors
Newsletter Designed By
Pam Paulk, Executive Director
Matt R. Rowan-Birmingham and Erica Thompson( Student)-Prattville
President: Greg Hartley, SRA 205-823-5150 Vice President: Tim Rau, MAI 205-314-5565 Treasurer: Lew Watson, SRA 256-362-1800 Secretary: Laura Leigh Stephens, MAI 256-533-7878 Past President: Stephen Hasha, MAI 205-987-2824
Board Member: Ed Tillman, MAI, SRA 334-361-5422 Board Member: Roger Ball, MAI 205-252-8697 Board Member: Mark Haller, MAI, SRA 256-4587793 Regional Representative: Josh Tanner, SRA 251-259-5297 Regional Representative: Tim Rau, MAI 205-314-5565
Candidates are reminded that they need to attend at least one chapter meeting or
Appraisal Institute event (National, Regional, Chapter) approved by ADQC in
2014. Candidates who hold an Appraisal Institute Designation are not subject to
this requirement.
Did you know Designated members, Candidates, and Practicing Affiliates can now log in their own CE
hours—which now includes Hours of Service to the Appraisal Institute?
You no longer have to submit a Service Verification for AI CE Credit form! You can now directly record your
service hours online through your CE log!
According to Regulation No. 10: Continuing Education, Designated members, Candidates for Designation, and Prac-
ticing Affiliates may earn Appraisal Institute continuing education (CE) hours for service on chapter, regional, nation-
al committees, or other service to AI. A Designated member , Candidate for Designation, and Practicing Affili-
ate may earn up to 25 hours of Appraisal Institute CE credit per five-year cycle for the following related activities :
• Chapter Board of Directors
• Standing Chapter Committees
• Regional Committees
• Candidate Advisor