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Governmental Affairs News

• ASA, AI, ASFMRA, NAIFA Urges Treasury Department Not to Use BPOs When Valuing Short Sales Under Home Affordable Foreclosure Alternatives Program

  3/9/2010 12:00:00 AM

  ASA, along with the Appraisal Institute (AI), the Association of Farm Managers and Rural Appraisers (ASFMRA), and the National Association of Independent Fee Appraisers (NAIFA), sent a letter to Treasury Secretary Timothy Geithner expressing “deepest concern” over the use of broker price opinions (BPOs) in valuing porpoerties to be short sold under the forthcoming Home Affordable Foreclosure Alternatives (HAFA) program.

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  NAIFA BPO ASFMRA AI short sale Real Property

• IRS Agrees To Meet With ASA To Discuss Concerns Over An IRS Art Advisory Panel Directive That Appraisals Include Photographs Of Comps Sold By Dealers and Other Private Parties

  3/8/2010 12:00:00 AM

  On March 5, ASA sent a letter to the IRS Art Advisory Panel requesting a meeting to discuss concerns regarding a June 2009 policy directive that appraisals submitted to the Panel for review include images of comparable sales – even when those sales are made by art dealers and other private parties who often are unwilling to provide photographs or even details about the items sold.

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  Art Advisory Panel IRS PP Regulatory

• New Mexico Gov. Richardson Signs AMC Registration Bill Into Law

  3/3/2010 12:00:00 AM

  A bill requiring AMC’s to be registered with and regulated by the state of New Mexico was signed into law by Governor Bill Richardson on March 1. The bill not only requires AMC’s to be registered with the state, but also requires that internal appraisal review staff meet significant competency thresholds and requires AMC’s to only hire licensed or certified appraisers.

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  AMC Legislative New Mexico Real Property

• ASA, Other Organizations, Express Serious Concerns to IRS Office of Servicewide Penalties Regarding IRC 6695A Valuation Misstatement Penalty Process; Suspension of Enforcement Actions Urged Until Problems Are Fixed

  2/19/2010 12:00:00 AM

  In a meeting arranged by ASA on Feb. 18, ASA along with seven other professional associations met with members of IRS’ Office of Servicewide Penalties to express concerns regarding how IRS implemented the valuation misstatement civil money penalty assessment process called for under Code section 6695A.

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  NAIFA 6695A IRS PPA ASFMRA AI Regulatory