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South Carolina Chapter Appraisal Institute
Spring 2017 Newsletter
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President's Message 
Allen McCravy, MAI
South Carolina Chapter President
Hope all is well and the first few months of 2017 have been good to everyone! We are moving into spring quickly, with summer right around the corner. I want to first thank the Chapter Nominating Committee for their hard work in selecting members to serve in the upcoming vacant positions; please refer to the list below, as well as within the body of this newsletter, for information on those individuals and the nominating process:
2018 Officers
Robert R. Elliott, Jr., MAI, SRA - President
James H. Martin, MAI - Vice President
Eric D. Goodwin, MAI - Treasurer
Sarah G. Guthrie, MAI - Secretary
Director
H. LeGette "Lee" Parker, Jr., MAI (2018-2020)
Regional Representative
Christina Harjehausen, MAI (2018-2019)
Alternate Regional Representatives
Jody Odom, MAI, AI-GRS
Shaun C. Payne, MAI
Keith Batson, MAI
On a national level, we are still in the midst of the de minimis appraisal threshold. The federal banking agencies are developing a proposal to increase from $250,000 to $400,000 the threshold for commercial real estate transactions. Our Appraisal Institute President Jim Amorin, MAI, SRA, AI-GRS and the Appraisal Institute as a whole are working to caution the regulators on this change. We need to stay informed and active in these issues, as the results of this type of legislation could be significant to our industry and individual businesses.
The Education Committee has continued to put together a slate of educational offerings for the 2017 year, including the second installment of the Forest Valuation for Non-Foresters, which is available this week at our Spring Meeting. We are back at the Pine Island Club for our summer meeting; please check out the education available and support our local chapter! Another exciting opportunity for a new seminar is Parking and its Impact on South Carolina Properties, which will be offered at our fall meeting.
Just as an aside and an encouragement (for myself as well), we have several new members in our midst that may not know many people. One of the things that has always impressed me about our local chapter, is the comradery that exists within the membership, and the fact that we have a close knit group that enjoys working, learning, hanging out together. Take a few moments at the meeting/class/social hour, to introduce yourself to new members or others you may not have had an opportunity to meet. This is not only a chance for networking, but also for fellowship within the larger chapter.
One final thought, I believe as a chapter we need to continue to pursue opportunities to educate the public, as well as the professional world, the skills and services we can provide as individuals and as a chapter body. With changing legislation, as well as potential alterations to USPAP requirements, we should always keep our eyes open to the wider world of valuation and consulting. Let's continue to work together seeking new and impactful ways to position ourselves in the center of all those potential opportunities in the marketplace. This may present itself as a more formal Public Relations task, or more grass roots in nature; I'm open to all suggestions!
As always, please let myself or the board know if we can be of assistance, and feel free to contact me anytime. I look forward to seeing all of you at the spring meeting.
Sincerely,
Allen D. McCravy, MAI
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South Carolina Chapter Spring Meeting & Education
Thursday, April 20-21, 2017
Location:
The Inn at USC Wyndham Garden, 1619 Pendleton St., Columbia, SC, 29201
Schedule
April 20, 2017
11:00 a.m. - 1:00 p.m. - Chapter Board of Officers and Directors Meeting
1:00 p.m. - 1:30 p.m. - Candidates Meeting
5:30 p.m. - 6:15 p.m. - Chapter Business Meeting
6:15 p.m. - 7:45 p.m. - Reception & Installation of 2017 Officers & Directors
April 21, 2017
Continuing Education
The Appraisal Institute and the South Carolina Real Estate Appraisers Board have approved 4 hours of continuing education credit for the "
Forest Valuation for Non-Foresters, Part II
"
seminar. 100% attendance of classroom time is required to receive credit.
About the Seminar
The purpose of this seminar is to enable the appraiser who has no forestry background to be able to comply with the Competency Rule of USPAP. The information contained in this seminar should help the appraiser to understand the issues he/she will be exposed to when valuing forestland. It will also allow the appraiser to converse intelligently with a forester in case the project requires the assistance of a professional with forestry expertise.
A breif overview on important concepts from part 1 will include additional material covering new forestry terms important to forest valuation work, the importance of the forest management plan, and how the three approaches to value can be used appropriately in forestland valuation. We will also employ two case studies to demonstrate the techniques involved in appraising a foresterd property with a HBU of timber production and a forested property with a HBU of residential development
Instructor / Developer
Morgan Mellette, MAI, ACF, Mellette Forestry Group, LLC, Gainesville, GA
South Carolina Chapter Summer Meeting
Thursday, July 20, 2017
Location
Pine Island Club, 150 Pine Island Road, Columbia, SC, 29212
Preliminary Schedule
11:00 a.m. - 12:30 p.m. - Chapter Board of Officers & Directors Meeting
1:00 p.m. - 5:00 p.m. - Seminar TBA
5:00 p.m. - 5:30 p.m. - Candidates Meeting
5:30 p.m. - 6:00 p.m. - Chapter Business Meeting
6:00 p.m. - 7:30 p.m. - Reception
Continuing Education
We will apply for 4 hours of continuing education credit with the Appraisal Institute and the South Carolina Real Estate Appraisers Board.
South Carolina Chapter Fall Meeting
Friday, November 3, 2017
Location
Francis Marion Hotel, 387 King Street, Charleston, SC, 29403
Schedule
Friday, November 3, 2017
10:30 a.m. - 12:30 p.m. - Chapter Board of Officers and Directors Meeting
12:30 p.m. - 1:00 p.m. - Candidate's Meeting
1:00 p.m. - 4:00 p.m. - "Parking and its Impact on South Carolina Properties"
Instructor: Ted Anglyn, MAI
4:00 p.m. - 5:00 p.m. - Chapter Business Meeting
6:00 p.m. - 8:00 p.m. - Reception & Installation of 2018 Officers and Directors
Master of Ceremony: James L. Murrett, MAI, SRA, 2018 AI President
Saturday, November 4, 2017
Social Event To Be Determined
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- Forest Valuation for Non-Foresters, Part II (4 hours) - April 20
- Real Estate Finance, Value, and Investment Performance (7 hours) - April 21
- National USPAP Update (7 hours) - May 18
- Business Practices & Ethics (7 hours AI / 4 hours State) - May 19
- Seminar TBA (4 hours) - July 20
- Parking & its Impact on Value on SC Properties (3 hours) - November 3
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Nominating Committee Report
(Originally Distributed on 3/24/17)
The South Carolina Chapter Nominating Committee met by conference call on Mach 14, 2017, at 2:00 p.m. The following committee members were present: Marshall Vann, MAI, SRA, Chair; Mike Dodds, MAI; Corbin Haskell, MAI; Jake Knight, MAI; and Joe Rosen, MAI, SRA
The committee has nominated the following members for these vacant positions:
2018 Officers
Robert R. Elliott, Jr., MAI, SRA - President
James H. Martin, MAI - Vice President
Eric D. Goodwin, MAI - Treasurer
Sarah G. Guthrie, MAI - Secretary
Director
H. LeGette "Lee" Parker, Jr., MAI (2018-2020)
Regional Representative
Christina Harjehausen, MAI (2018-2019)
Alternate Regional Representatives
Jody Odom, MAI, AI-GRS
Shaun C. Payne, MAI
Keith Batson, MAI
Additional nominations may be made by a timely filing of a written petition signed by at least five (5) percent of the total number of Designated Members, Candidates, Practicing Affiliates, and Affiliates in the Chapter. Such petition may be in electronic form. To be effective, each nominating petition must be delivered in writing to the Chapter Secretary at least fifteen (15) days before the regular Chapter meeting, at which the elections are to be held. The Chapter Secretary shall deliver in writing a copy of any petition filed to each Designated Member, Candidate, Practicing Affiliate, and Affiliate belonging to the Chapter at least ten (10) days before the date on which elections are scheduled to be held. Designated members, Candidates, Practicing Affiliates, and Affiliates, eligible to vote, must attend the Chapter meeting on April 22, 2017, to participate in the election. No additional nominations may be made from the floor.
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Welcome New AI Professionals!
Quinton Rushi Brown, Charleston, SC - Residential Candidate
David Frost, Charleston, SC - Practicing Affiliate
Marcia Lynn Hallman, Organgburg, SC - Practicing Affiliate
James A. Norman, Mount Pleasant, SC - Practicing Affiliate
Paul Thebo, Columbia, SC - Residential Candidate
Victoria Lynn Willamson, Columbia, SC, Candidate for AI-GRS
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Appraisal Institute Urges Caution on
Appraisal Thresholds
CHICAGO (March 21, 2017) - The nation's largest professional association of real estate appraisers cautioned federal regulators over increasing the transaction values requiring an appraisal, also known as the appraisal threshold.
The Appraisal Institute was responding to the Federal Financial Institutions Examination Council's Joint Report to Congress issued today, which said the federal banking agencies are developing a proposal to increase from $250,000 to $400,000 the threshold for commercial real estate transactions. The report did not propose changes to the current residential real estate threshold of $250,000. The agencies continue to review the $1 million business loan threshold for owner-occupied real estate.
The nation's banking regulatory agencies - the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Federal Reserve - are required every 10 years by the federal Economic Growth and Regulatory Paperwork Reduction Act of 1996 to review federal banking regulations.
"The Appraisal Institute urges federal regulators to exercise great care with regard totheir proposed commercial threshold increase and potential business loan increase, particularly when the Federal Reserve has cited concerns over the commercial real estate market, and when concerns recently have been raised about the use of evaluations over appraisals by regulated institutions," said Appraisal Institute President Jim Amorin, MAI, SRA, AI-GRS. "We also applaud the agencies' prudent decision to maintain the current residential threshold."
Amorin noted that, as part of its mission to serve the public interest, the Appraisal Institute believes that appraisals serve a vital role in risk mitigation, and that lenders and borrowers benefit from the role appraisals play.
He also noted that the Appraisal Institute has provided its recommendations to the regulatory agencies, including:
· Cautioning against an increase of the appraisal threshold levels to the federal bank regulatory agencies during the
official EGRPRA comment period in 2014.
· Attending all of the Economic Growth and Regulatory Paperwork Reduction Act
outreach meetings held in 2015, encouraging bank regulatory agencies to maintain the current threshold levels and putting more resources toward educating examined banks about existing exemptions to appraisal requirements.
· Helping coordinate a
joint industry letter in 2015 signed by nine real estate organizations in support of maintaining the current appraisal threshold levels.
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AI Board of Directors Approves 45-Day Notice Items
The Appraisal Institute Board of Directors approved two 45-Day Notice items at its Feb. 23-24 meeting in Chicago. The 45-Day Notice had been distributed to AI professionals on Jan. 9. The AI Board of Directors adopted proposed amendments to Regulation Nos. 1, 2 and 3 regarding the college degree requirement and regarding harmonization of those three regulations. The Board postponed action on the third 45-Day Notice item, which would have amended Regulation Nos. 1 and 2 regarding how experience is defined, until its next regularly scheduled meeting.
In other action, the AI Board of Directors: * Approved the Appraisal Institute sponsoring a two-day property rights symposium in Chicago or Washington, D.C., on a date to be determined; * Approved allowing Education Committee members to attend one national AI education program annually to help assess whether the program fulfills educational strategies and qualifications specifications; * Authorized staff to negotiate and execute a hotel contract for the 2018 AI Annual Conference; * Approved the AI Board of Directors' attendance at the 2017 International Valuation Conference to be jointly hosted June 8-11 by the Appraisal Institute and the Appraisal Institute of Canada; * Elected Claire M. Aufrance, MAI, and Heather M. Placer, MAI, SRA, to three-year terms, effective immediately, to the Board of Directors of AI Holdings (the Appraisal Institute's wholly owned for-profit corporation); and * Elected Stephen S. Wagner, MAI, SRA, AI-GRS, to the Appraisal Institute Relief Foundation's Board of Directors, effective immediately, through 2017; The AI Board of Directors is next scheduled to meet, June 6-7, in Ottawa, Ontario, Canada.
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AI Annual Conference in Ottawa, Ontario
The Appraisal Institute (AI) and its Canadian counterpart, the Appraisal Institute of Canada (AIC), are proud to announce a joint annual conference that will be held in Ottawa, Ontario, June 8-11, 2017.
You won't want to miss the following:
- Hundreds of AI and AIC members and valuation partners
- Noteworthy speakers
- Exceptional educational sessions with the opportunity to earn up to 80 AI CE points and 10.5 state CE
- Exhibits of cutting-edge valuation products and services
- An awards reception
- A gala dinner
- Networking with peers
- Opportunities for exploring Canada's capital city, Ottawa, as Canada celebrates 150 years as a nation
- And more!
Click here for a tourism overview of what to expect in Ottawa.
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Photo Gallery
Highlights from the 1st Quarter Chapter Meeting
January 19, 2017
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Allen McCravy, MAI,
Chapter President presided the
1st Quarter Chapter Meeting
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2017 SCCAI Board of Officers & Directors
Adam Whitfield (Director); Marshall Vann, MAI, SRA, (Immediate Past President); Allen McCravy, MAI (President); Rob Elliott, MAI, SRA (Vice President), Eric Goodwin, MAI (Secretary); James Martin, MAI (Treasurer), Jody Bish
op, MAI, SRA (Director), and Joe Woods, SRA (Director)
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Chapter Scholarship Program
The South Carolina Chapter of the Appraisal Institute will be awarding a scholarship for Candidates for Designation or outside interested parties. It is our intent to focus on retention/development of Candidates for Designation and recruitment of new members through Appraisal Institute courses (excluding any USPAP courses). A total of four $125 awards will be presented.
The selection criteria for awards are as outlined below:
- Chapter meeting attendance
- Chapter committee participation including future willingness to commit time and effort
- Pursuit of designation
- The Why? Why are you asking for consideration of this award? The applicant is encouraged to write a paragraph or two on the application as to why they should be selected for the award.
- Each recipient is entitled to one award per year.
Applications for scholarship monies must be received in the Chapter office no later than six weeks prior to the course's being offered.
Please contact the Chapter office at (770) 803-0024 or e-mail us at [email protected] should you have any questions.
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AI Education Trust Scholarship Program
The Appraisal Institute Education Trust offers Candidates for Designation options to assist them in completing their education deadlines.
Upcoming scholarship deadline:
July 1
* Appraisal Institute Education Trust AI Course Scholarship
* Appraisal Institute Education Trust Minorities and Women AI Course Scholarship
* Appraisal Institute Education Trust Candidate for Designation Scholarship
Note: While the other scholarships only pay for one course, this scholarship pays for ALL advanced-level education needed for Candidacy.
Candidates are eligible to receive one scholarship per calendar year.
Please note: It is recommended that, prior to submitting a scholarship application, applicants attend a minimum of two Appraisal Institute chapter meetings annually.
Learn more about the Appraisal Institute Scholarship Program
here.
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2017 South Carolina Chapter Leadership
OFFICERS
Allen McCravy, MAI - President
Rob Elliott, MAI, SRA - Vice President
James Martin, MAI - Treasurer
Eric Goodwin, MAI - Secretary
DIRECTORS
Marshall Vann, MAI, SRA - Immediate Past President
Keith Batson, MAI
Adam Whitfield
Joe Woods, SRA
Pledger "Jody" Bishop, III, MAI, SRA (Ex-officio), Non-voting member
REGIONAL REPRESENTATIVES
Chapter Regional Representatives
Rob Elliott, MAI, SRA
Anton "Trey" Sedalik, MAI
Follin Smith, MAI, SRA
Alternate Regional Representatives
Tara Cox-Setzler, MAI, Sarah Guthrie, MAI; Shaun Payne, MAI; Andrea White, MAI
COMMITTEES
Candidate Guidance
Trey Sedalik, MAI, Chair; Scott Johnstone, MAI; and Shaun Payne, MAI
Candidate Council
Adam Whitfield, Chair
Education
Sarah Guthrie, MAI, Chair; Clark Truluck, Vice Chair; and Andrea White, MAI
Finance
James Martin, MAI, Chair; Rob Elliott, MAI, SRA; Paul Hilton, SRA; and Jody Odom, MAI, AI-GRS
Government Relations
Eric Goodwin, MAI, Chair; Steve Anderson; Cole Morris; and Joe Woods, SRA
Public Relations
Follin Smith, MAI, SRA, Chair; Christina Harjehausen, MAI; and Tara Cox Setzler, MAI
Scholarship Panel
Kit Dodds McIntyre, MAI, Chair
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The AI Relief Foundation is here to help AI professionals. AIRF also can help individuals who may be facing another type of crisis and need financial assistance.
Please visit www.airelief-foundation.org for more information.
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Data Sharing & Employment Opportunities Forums
Visit the Chapter's website for recent data sharing requests and employment opportunities.
CHECK IT OUT HERE.
Please note that utilizing the forums requires the user to setup an account by creating a User ID and Password.
Join Us On Our Private Facebook Group!
Go to your Facebook account and search for SCAI and click on "Join Group." Facebook provides a great place to share photos, meeting information, ideas, data sharing, and comments!
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The articles in this newsletter represent the authors' opinions and do not represent the opinions of the South Carolina Chapter Appraisal Institute.
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Online Education:
Learn at your own pace anytime, anywhere. Top-notch Appraisal Institute courses and seminars come straight to your desktop with online education! Learn from any computer anywhere, whenever you have time. It's easy, convenient and a great way to get the education you want.
Check out the current course listing now!
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