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Governmental Affairs News

• ASA, Other Real Estate Appraisal Groups Release “Appraiser and Management Company Statement of Principles” and Invite Public Comment

  3/18/2010 12:00:00 AM

  The American Society of Appraisers (ASA), together with the Appraisal Institute (AI), the American Society of Farm Managers and Rural Appraisals (ASFMRA), and the National Association of Independent Fee Appraisers (NAIFA), has released for public comment a draft of the “Appraiser and Management Company Statement of Practice.” These 4 largest national professional real estate appraiser organizations are engaging stakeholders in the process, inviting comment and discussion regarding these proposed principles.

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  AMC NAIFA ASFMRA AI Statement of Principles Real Property

• IRS Publishes “Dirty Dozen” Tax Scams; Points to Abuse of Charitable Deductions and Highlights Increased Appraisal Misstatement Penalties

  3/17/2010 12:00:00 AM

  The IRS released its annual “Dirty Dozen” tax scam alert on March 16, and identified as part of its release abuse of charitable contributions as an area for potential fraud.

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  tax return preparation IRS PPA Regulatory

• Senator Dodd Releases Draft Financial Reform Bill; Vests Consumer Protection Function, Including Mortgage-Related Appraisals, Within Federal Reserve; House Appraisal Reform Provisions Not Included; Calls for GAO Study

  3/16/2010 12:00:00 AM

  Senator Christopher Dodd (D-CT) released his long-awaited version of financial regulatory reform on March 15, and in doing so broke from the House version by deciding to place the Consumer Financial Protection Agency (CFPA) within the Federal Reserve.

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  CFPA GAO Legislative HVCC

• 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