Daily Archives: August 13, 2013
The 340+ appraisers and friends of ICAP who attended the July 29th ICAP seminar in Lisle were treated to a day of “what’s happening!” within the profession here in Illinois and as well as items of interest to all appraisers.
On the legislative side of things, Jim Blaydes TJ McCarthy, reminded ICAP members of how their calls, e-mails and letters to their IL legislators voicing opposition to HB2857 (where municipalities wanted the same exemption that the IL Dept. of Transportation has for waiver valuations) was instrumental in the bill being stopped in committee and not reaching the House for a vote.
Though not totally successful in the effort to repeal the current exemption that IDOT has for waiver valuations, ICAP’s efforts were successful in requiring that where IL certified appraisers conduct waiver valuations, the product must be USPAP compliant.
Brian Weaver, Appraisal Coordinator, IDFPR, shared information regarding the upcoming AMC Law which goes into effect on Aug. 30, 2013. Beginning 8/30/2013, at the time of engaging the appraiser registered AMCs are required–Administrative Code, aka “rules”; Sec. 1452.120; b), 1)–to provide (among other things) the appraiser with “The registrant’s IL registration number and expiration date.” In the separate “Administrative Code” (the “rules” which accompany “Appraisal Law”) for appraisers, appraisers are required—Sec. 1455.250, b)—to “not provide appraisal practice to an appraisal management company unless the appraisal management company is lawfully registered in Illinois…”.
For more information, you may go to http://www.ICAPweb.com (or, http://www.ICAPweb.org) and, once you sign-in, go to the home page where you will find links to AMC Law and AMC Rules in addition to Appraiser Law and Appraiser Rules. A current list of registered AMCs is available at the IDFPR website.
Leading the way in the afternoon session, Maureen Sweeney presented “Identify the Property; Identify the Comps, an examination of condominiums, PUDs, and cooperatives in the Chicago-land Market.”
It was a lively discussion of all-things condominium and a reminder to all that there is much to be aware of and employ in developing a credible appraisal of condos, PUDs and co-ops. Maureen is a national instructor of a 7-hr. CE seminar—“Appraising Condos, Co-ops & PUDs”—which she developed and is a recognized authority on the topic.
The morning session featured Dustin Harris, an appraiser and “appraiser coach” from Idaho. Dustin shared the many ways in which appraisers may increase their efficiencies via the technological tools available to them.
Bringing important information to attendees outside of the seminar were the many vendors and professional associations who were present throughout the day in the lobby. Much thanks to…
Real Valuation Services
The Shumaker Technology Group
Software For R.E. Professionals (SFREP)
Midwest Real Estate Data, LLC
LIA Administrators & Insurance Services
Landy Insurance Agency
The Appraisal Coach
Lee Lansford, IFA, ASA