Welcome the new 2011 officers and governor
During the past few months, several important events have taken place regarding our organization and industry.
In September, the NYSSREA Board of Governors held its annual meeting at the Hilton Rye Town in conjunction with the NYSAR business meetings. One major topic of discussion during those meetings was the Appraisal Tour. For several years now, the board has been working to compile a list of course offerings to accomodate appraisers across New York State. In 2011, we hope to finally be there! Please visit NYRealEstateAppraisers.com for information to come. You will find full details and minutes from the Board of Governors' meeting within this newsletter.
We would like to congratulate and welcome the new 2011 officers and governors who were elected into office in September:
- President: Steve Roefaro, Utica-Rome
- President-Elect: Anthony P. Girasole, Buffalo Niagara
- Secretary/Treasurer: David Fuller, Northern Adirondack
Governors with terms to expire in 2013:
- Jennifer Dindl-Neff, Jefferson-Lewis
- George Bergleitner, Otsego-Delaware
- Brian Hawley, Greater Rochester
- Carolyn Stiffler, Greater Rochester
- Dorren Ross, Greater Capital
Also in conjunction wtih the NYSAR Fall Business Meetings, NYSSREA offered Mineral Rights Valuation for three hours of appraiser and real estate continuing education taught by Mike Coles of Coles & Coles Associates, Inc. Registrants learned about the Marcellus Shale formation under 28 of New York's 57 counties. NYSSREA always offers continuing education at the NYSAR business meetings, and I urge you to attend these informative seminars.
Last month, NYSSREA held its 58th Annual Fall Appraisal Conference at the Turning Stone Resort and Casino. As usual, we had a great turnout and the attendees thoroughly enjoyed the program. The first day of the conference was reserved for the 2010-2011 USPAP Update, taught by James Murrett. On day two, James Canestaro, a registered architect and certified urban planner, provided "Evaluating Residential Construction." This seminar was intended to improve the appraiser's confidence in describing, analyzing and valuing new or existing residential property. Once completed, this program will allow the appraiser to better identify and characterize the quality and condition of a single-family house that effect its market appeal and value.
Not only did the participants gain knowledge of the appraisal industry, but the conference allowed an opportunity for the attendees to network with one another. The group also raised funds for the Camp Good Days and Special Times charity. Makue sure to keep an eye out next October for the 59th Annual Fall Conference!
I had the opportunity to attend the 2010 REALTORS Conference in New Orleans this month and walked away with some valuable information. Please read the minutes of that meeting below and see what you can look forward to from NAR.
Don't forget to attend Triple Play this December in Atlantic City. There are several courses available to appraisers that carry continuing education. Visit www.REALTORSTriplePlay.com for more information and how to register.
My term as President is nearing an end, but I will be talking to you again later this year. Don't forget to visit NYRealEstateAppraisers.com for all information regarding our organization and to update your service areas so that the public can find you!
George S. Wonica
2011 NYSSREA President
2010 annual meeting of the NYSSREA Board of Governors
The NYSSREA committees and Board of Governors met on Sunday, September 12, 2010 at the Hilton Hotel Rye Town in Rye Brook, NY.
President George S. Wonica opened the meeting by welcoming the Board of Governors. A motion was made, seconded and carried to approve the minutes of the February board meeting.
Secretary/Treasurer Anthony Girasole presented the treasurer's report and reviewed the financials. A motion was made, seconded and carried to accept the financial report as presented.
Chair Joe Whittington provided an overview to the members on the 2010 Fall Conference at the Turning Stone Resort and Casino. USPAP and Evaluating Residential Construction will be offered for continuing education credit.
2010 Spring Conference Chair George K. Wonica spoke on the cancelation of the conference, which was scheduled for May at the Hilton Rye Town. The members believe that the date of the event seemed to be the reason for low attendance and ultimately having to cancel the conference. Staff was asked to research the West Point Hotel and the Hilton Rye Town for the 2011 conference. Offering a green course would be an ideal topic for the attendees.
The group discussed the appraisal tour of the state, which will be offered this fall, and selected a few dates for the kickoff.
The committee reviewed one application and due to the fact that the application came from a board member, it was deemed ineligible.
It was noted that we seem to have diminishing applicants for the scholarship program and promoting it more heavily to the local boards would bring awareness. An idea was brought up to offer the scholarships twice a year, which could bring in more applicants.
A motion was made and approved to allocate the budgeted scholarship funds of $1,000 to offer to applicants with a deadline of January 15, 2011. The application will be reviewed at the February 2011 board meeting.
A motion was made and approved to create a PAG on the examination of the current scholarship program. Appointed were: Walter Messina; Elene Schoeps; Wayne Feinberg; Becky Jones; and Christina Daniello.
Chair Walter Messina discussed the current e-newsletter and the group was pleased with the layout and content provided to the members.
Chair Steve Roefaro reported on the progress of partnering the local boards to provide links on their websites to the NYSSREA site. Staff will send the board members a full board list so that they can reach out and encourage more participation.
Nominating Committee Chair Wayne Feinberg presented the report on the proposed slate of officers and governors for 2011. The slate is as follows:
President: Steve Roefaro, Utica-Rome
President-Elect: Anthony P. Girasole, Buffalo Niagara
Secretary/Treasurer: David Fuller, Northern Adirondack
Governors with terms to expire in 2013:
Jennifer Dindl-Neff, Jefferson-Lewis
George Bergleitner, Otsego-Delaware
Brian Hawley, Greater Rochester
Carolyn Stiffler, Greater Rochester
Dorren Ross, Greater Capital
A motion was made, seconded and carried to approve the slate of officers and governors presented.
A major concern of board members has been the newly created REALTOR Property Resource (RPR). The group strongly opposes participating in the program.
Mandatory licensing is also an extremely important issue that the appraisal society is in favor of.
With no other business to come before the board, the meeting was adjourned.
Deadline to apply for the NYSSREA John J. Noto Scholarship Award extended
In an effort to stimulate interest in the challenging, complex and ever-changing profession of real estate valuation, NYSSREA is offering scholarships of up to $300 to be used for appraisal courses sponsored by NYSSREA, NYSAR and NAR or a local board/association; or for the Appraisal Institute courses. The money can be used toward room and board, books and tuition. The 2010 scholarship funds have now been extended to January 15, 2011
Applicants with main offices in New York must have one year experience in real estate appraisal, brokerage, development or other related disciplines, and/or hold an appraiser assistant license. The applicant must show positive motivation toward real estate appraisal education and must have completed at least one real-estate-related course acceptable to the society within the last five years.
Applicants must send in a completed application, transcript or evidence of satisfactory completion of real estate and/or appraisal course and a brief biography by January 15, 2011 to:
New York State Society of Real Estate Appraisers
130 Washington Avenue
Albany, NY 12210-2220
Click here for an application and additional information.
2010 REALTORS Conference
2010 Appraisal Committee
National Association of REALTORS
2010 REALTORS Conference
November 5, 2010
- The committee approved the minutes from the 2010 Midyear Meetings.
- The committee heard from the Appraisal Foundation Advisory Council Representative, Vic Knight (NC), on their three top issues this year: green appraisals, personal property appraising, and the disagreement with the Appraisal Institute.
- The committee heard from the Appraisal Foundation Board of Trustees Representative, Joe Traynor (IN), who provided an update on the Appraisal Qualifications Board (AQB), the Appraisal Standards Board (ASB), the Appraisal Practices Board (APB) and the disagreement with the Appraisal Institute. The Vice Chair, Francois (Frank) Gregoire, announced that Vic Knight will replace Joe Traynor as NAR's representative to The Appraisal Foundation Board of Trustees. Richard (Dick) Koestner (IA) will be appointed to fill Vic Knight's position on The Appraisal Foundation Advisory Council (TAFAC).
- Staff provided a leglislative and regulatory update to the committee focused on interim final regulations for appraiser independence recently announced by the Federal Reserve Board. NAR staff will draft comments for submission to the Federal Reserve Board with input from the Committee.
- Chair Thomas (Mack) Strickland, provided an update to the Committee on NAR's Valuation Summit held in October.
- Jeffy Young, Marty Frame and Dick Koestner of the REALTORS Property Resource (RPR) provided an update to the committee on their recent activities. RPR is available in 141 markets covering 170,000 REALTORS. The REALTORS Valuation Model (RVM) launched in late October. Specific appraisal tools will be incorporated into RPR in the near future.
- Frank Gregoire informed the committee that the Interpretations and Procedures Subcommittee will recommend to the Professional Standards Committee changes to the Code of Ethics based on feedback from the Appraisal Committee.
- Mack Strickland informed the committe that the Quadrennial Ethics Training Review Work Group is recommending to the AEC and Professional Standards Committee that appraisal content be developed for the existing Quadrennial Ethics Training Course.
- Staff provided an overview of the recently created course on Broker Price Opinions (BPOs). The course debuted on November 4, 2010, in New Orleans. There is a possibility the course will be the basis for a NAR certification.
- The committee discussed a number of important issues that should be a high priority for NAR in the coming year. These issues (in priority order) are:
The committee reviewed the 2011 goals including the importance of obtaining the Residential Accredited Appraiser (RAA)/General Accredited Appraisal (GAA) designations, contributing to RPAC, and increasing the appraiser profile within NAR.
- Geographic/appraiser competency.
- State regulation of Appraisal Management Companies (AMCs).
- Use of BPOs as collateral valuation for loan originiation.
- Full disclosure of appraisal fees.
- Fannie Mae/Freddie Mac appraisal independence standards.
If I have appraised a property multiple times within the previous three years, do I have to disclose the number of appraisal services? (e.g., “I have appraised the subject property three times during the previous three years.”)
Yes. Each prior service must be disclosed to the client and included in the report certification. This disclosure is similar to when an appraiser has any current or prospective interest in the subject property or the parties involved, which requires that each interest be specified. Therefore, each service must be disclosed to the client and appear in the certification.(See lines 231-241 in the 2010-11 edition of USPAP)
If I have performed a service other than appraisal practice, such as acting as a general contractor within the prior three years, do I have to describe the specific service or merely state a service was performed?
img alt="" style="padding-top: 5px; padding-right: 5px; padding-bottom: 5px; padding-left: 5px; float: left;" sfref="[images]ade6b70c-8f0d-4388-9f34-fc34dda9b26c" src="/images/nyssrea/anwser.png" title="anwser" />You must disclose to the client the type of prior service you performed regarding the property and this must be included in the report certification. This disclosure is not limited to services provided as part of appraisal practice. Therefore, each service must be disclosed to the client and appear in the certification.
The Comment to the Conduct section of the ethics rule states, in part: “If an appraiser has agreed with a client not to disclose that he or she has appraised a property, the appraiser must decline all subsequent assignments that fall within the three-year period.” Does this really mean that the appraiser could not be engaged by this same client, on this property, within the three-year period?
Yes. The agreement not to disclose that he or she has appraised the property is between an appraiser and the client. It is possible that a qualified legal opinion might conclude that a confidentiality agreement between an appraiser and a client does not preclude disclosure between the same parties. However, the ASB is not qualified to make such a determination. Without such a legal opinion, the requirement precludes an appraiser from disclosing the prior service and from appraising the property again during this three-year disclosure period.
However, there is nothing that prohibits a client and an appraiser from modifying the prior agreement to allow disclosure. If the confidentiality agreement is amended, the disclosure could be made and an appraisal could be completed for the same client. It must be made clear that if a client releases an appraiser from such a confidentiality agreement, services performed within the previous three-year period must be disclosed in the certification of the subsequent report, even if the client is the same for both assignments.
I am a staff appraiser for a company and only complete appraisals for my employer’s (the company’s) internal use. Am I required to inform the company that I have previously completed an appraisal within the three-year period when the company is already aware of it?
If you consistently correspond with the same person in the company when completing subsequent assignments regarding the same property, the risk of misleading that person is probably minimal. However, your prior services must still be disclosed. When you are working with the same person and they understand your professional responsibilities, it is unlikely this will be a problem.
It is also possible that the specific person you deal with from one instance to the next may change. In this case, the new contact must certainly be informed if you have performed services regarding the subject property within the last three years.
While it is not included in your question, there is also the possibility that you may have performed services regarding that property for a different client within the three-year period, or performed another type of service.
I am aware of the new disclosure requirements in the Conduct section of the ethics rule for the 2010-11 edition of USPAP that requires me to disclose any services I performed regarding the subject property within the prior three years. If I have not performed any such services, am I required to make that disclosure as well?
No. USPAP does not specifically require disclosure when no prior services were performed by the appraiser within the last three years.
Save the date!
2010 Triple Play REALTOR Convention and Trade Expo
December 7-9, 2010
Atlantic City, NY