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Tag Archives: Appraisal Institute

Jim Murrett Becomes President of Appraisal Institute

James L. Murrett, MAI, SRA, of Hamburg, New York, began his one-year term as president of the Appraisal Institute on January 1, 2018. The Appraisal Institute is the nation’s largest professional association of real estate appraisers with nearly 19,000 professionals ...

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The Industry Pulse

Which companies are merging, and what professionals are moving? See some highlights in this update of the housing and mortgage industries. Freddie Mac has announced an expansion of its Agency Credit Insurance Structure (ACIS) program with ACIS Forward Risk Mitigation ...

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Appraisal Institute Announces 2018 VP

The Appraisal Institute, the nation’s largest professional association of real estate appraisers, recently announced Jefferson L. Sherman of Ohio as its 2018 VP.

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Appraisal Institute CEO Announces Resignation

After 10 years of service, the Appraisal Institute recently accepted the resignation of CEO Frederick H. Grubbe, MBA, CAE, through their Board of Directors.

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Survey: Appraisers Confident Demand for Their Services Will Grow

A large percentage of appraisers are confident their future is bound to look brighter, according to a recent survey from the Appraisal Institute. Among the residential appraisers surveyed, 80 percent said their business outlook is either ""somewhat"" or ""very"" positive for the next one or two years, while 78 percent of commercial appraisers said the same. Additionally, 86 percent of residential appraisers and 55 percent of commercial appraisers said demand for their services is strong.

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Appraisal Institute Offers Guidance on Distressed Comparables

The Appraisal Institute has released guidelines to instruct its members on how to deal with distressed sales and foreclosures when seeking comparables. According to the organization, some homeowners claim appraisers have undervalued their homes by relying on nearby foreclosed and distressed homes to assess a property's value. The Appraisal Institute stresses that qualified appraisers know what adjustments to make when using distressed sales as comparables, but because the issue is ""particularly crucial"" in the current market, it's offering additional guidance.

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Industry Groups Join Forces to Change Hawaii’s BPO Law

The state of Hawaii has enacted House Bill 320, a statute that permits a licensed real estate broker or real estate salesperson to prepare broker price opinions (BPOs) and charge a fee for their service. Under previous legislation, if a real estate licensee charged a fee for a BPO other than the commission involved in the normal sale of a property, then the licensee was in violation of the state's legal code for real estate appraisals. The change, which took effect in July, came about through a unified effort by a number of industry groups, and it's been a long time coming.

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Three States Move to Ban Foreclosure Sales From Appraisal Values

With foreclosure sales steadily rising, four states are concerned that the use of the foreclosure sale prices in appraisals of neighboring homes is distorting the market. Legislators in Illinois, Nevada, and Missouri have all proposed separate bills that would exclude or restrict foreclosure sales from being used as comparisons to determine the value of homes around them. Maryland had proposed a similar bill, but withdrew the legislation on Tuesday.

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