FTC vs LREAB Update The Supreme Court has denied the Louisiana Real Estate Appraisers Board’s petition to intervene in the administrative case for price fixing by the FTC. The FTC trial is scheduled to proceed on April 20, 2021. VaCAP is closely following this case and will update you as it proceeds. To view all the activity for this case, go to the FTC’s webpage here. Working RE Appraisal Survey Let your voice be heard on what is customary and reasonable fees for your services. Working RE is conducting the annual fee survey. We have been asked to help distribute...
The Appraisal Foundation has issued an exposure draft for Advisory Opinion (AO) 16. Advisory Opinion 16 is Fair Housing Laws: Avoiding Bias in Real Property Appraisal and Appraisal Review Development and Reporting. Unlike other exposure drafts, the text of the AO opinion has been rewritten. The traditional strike through of word or phrase changes is nonexistent. The Appraisal Foundation acknowledges “the Advisory Opinion was extensively rewritten”. Comments on the changes are due to The Appraisal Foundation by March 31, 2021 via SurveyMonkey or email, asb@appraisalfoundation.org. Although an Advisory Opinion is not a standard of practice, it does express what is...
2020-21 USPAP Extension – Does this mean USPAP will be on a three-year cycle going forward? USPAP has been extended for one year, effective through December, 31, 2022. This is the Appraisal Foundation news release, issued on Feb. 19, 2021: Media Contact: Amy Timmerman (202) 624-3048 amy@appraisalfoundation.org BREAKING: 2020-21 USPAP Extended for One Year (Washington, DC) February 19, 2021 – The Appraisal Foundation’s Appraisal Standards Board (ASB) announced today that the current edition of the Uniform Standards of Professional Appraisal Practice (USPAP) will be extended by one year. The 2020-2021 USPAP will now be effective until December 31, 2022. “USPAP...
…laying bricks today, putting up a wall, or are you building a cathedral?… If you have been doing appraising for any time at all, you have likely experienced some of the more irritating aspects of our profession: the AMCs, the call backs, or one of my personal favorites, a Realtor’s protest “the idiot appraiser doesn’t know it’s supply and demand! I have a buyer!” An old folk story helps me through days like these, and it goes like this: A traveler came upon three men working. He asked the first man what he was doing, and the man said he...
Why FHFA thinks the GSE’s should be even discussing appraisal processes is a question that needs to be asked of FHFA… Appraisers have let others dictate many things in our profession. It is time to stop the trend… How about 20 questions? The Federal Housing Finance Agency (FHFA) has 20 questions for you. Well, actually it is only 19 questions. The FHFA is the organization of the Federal Government that oversees Fannie and Freddie. They want feedback on how the GSE’s should move forward with appraisal policy, risk and appraisal processes. Now why FHFA thinks the GSE’s should be even discussing appraisal processes...
The Appraisal Foundation / Appraisal Standards Board have released the 4th Exposure Draft to the FUTURE version (2022-23) of USPAP. I, like so many other ‘stakeholders’ and appraisers, have grown weary of the incessant Exposure Drafts and updates to our mandated PROTOCOL MANUAL, which for many years has been massaged and modified in various ways every 2 years. Largely because new members cycle onto the ASB every year or two. The constant updates has resulted into a continuing cash cow for the Appraisal Foundation / Appraisal Standards Board. But in actual use, that should not happen because USPAP is codified...
The first case about real estate appraisers to reach the U.S. Supreme Court in almost 60 years may concern the Federal Trade Commission’s price-fixing claims against the Louisiana Real Estate Appraisers Board. Would that be a good thing for appraisers? Well, maybe it’s not the best timing. Filed in 2017, the FTC’s administrative complaint asserts that the Louisiana appraiser board, “a state agency controlled by licensed real estate appraisers, has unreasonably restrained price competition for real estate appraisal services.” The FTC contends that the board carried out this price-fixing through its regulation of fees paid to appraisers by appraisal management...
End the constant ‘busy work’ USPAP updates. End the catering to lenders or ‘advisory’ councils. Appraisers are NOT supposed to be any of the things being demanded of us today EXCEPT good appraisers!… Return to a USPAP version (any version) that actually protected the Public Trust. That would be any version PRIOR to the revision of the terms appraisers and appraisals to “valuation & evaluators” (a term used only or at least primarily by the accounting profession historically). Dissolve The Appraisal Foundation (TAF). They effectively achieved the congressional objective mandated in ’89 long ago. Everything since has been the administrative...
As most are well aware Jan Bellas is a very important executive member of the American Guild of Appraisers (AGA). She works tirelessly for our members to help get them the results they need without a great deal of compensation for her efforts. Recently Jan suffered the loss of her husband due to COVID and cancer. With that loss, comes the financial burden associated with it as well as having to take time off from performing her duties at the AGA for all members. I am starting this fundraiser in the hopes that we all can give back and help...
To counteract low appraisals in minority neighborhoods, Biden says he’ll push for training to address racial bias among appraisers… Appraisers, you might want to “take a gander” at this article in the link below, because it indicates possible/probable changes coming. I especially like the ‘extra training for appraisers’ to avoid discrimination/racial bias. Not. In other words, appraisers are at fault for lower values in certain neighborhoods which are not as highly valued as others, and so we must be indoctrinated to be more sensitive. Buckle up folks, as it’s going to be an interesting ride. Excerpt from Biden Admin and...
