Catch up on what's happening in appraising

June 14, 2022

This Issue's Reading

Are We Facing Another

Housing Market Bubble? (Video)

How an Art Exhibit Led to a Housing Discrimination Complaint

Top Questions Lenders Have About the New Desktop Appraisal Rules

Salem Man Found Guilty on All Counts in Decade-Long Mortgage Fraud Scheme

Facing up to uncertainty

How Common Is Appraiser Racial Bias—an Update

1 big thing: The Fed ate the housing boom

All value is socially constructed

Editor's note: This Issue's Reading is drawn from a variety of sources and does not reflect the opinion of the MBREA. Stories concerning appraisals and appraisal techniques are only for informational and not educational purposes.

What you said

Responses to the poll questions about ANSI in our last newsletter:

71% of respondents use ANSI on 100% of their applicable assignments.

57% replied that their clients had communicated with them about ANSI while 20% said their clients don't seem to know about ANSI.

Greetings!

PAREA on the horizon

The licensing authorities of the New England states are investing time to learn about and adopt PAREA, the Practical Applications of Real Estate Appraising.

The Appraiser Qualifications Board approved new criteria in October 2020, including the establishment of PAREA. Here's what it does, from the AQB website:

It provides an alternative to the traditional supervisor/trainee model.
Participants complete all Qualifying Education prior to beginning program.
Initially available for Licensed Residential and Certified Residential experience credits. Partial experience credit for the Certified General credential can also be awarded.
When complete the participant is eligible for up to 100% of experience credit for Licensed and Certified Residential credentials.
Providers and participants must complete training on all topics listed in the detailed content outline.
Participants will receive periodic mentoring throughout, ensuring sufficient demonstration of experience and understanding prior to moving forward in the program.
Participants will be required to produce USPAP-compliant appraisals within the program.
Participants, successfully completing PAREA must also pass the national licensing and certification exam for the appropriate credential level.

As an alternative to traditional supervisor/trainee arrangements, the hope is more individuals will gain access to the appraisal profession.

A PAREA program is expensive to develop -- some estimates are in excess of $1 million. A program receives conceptual approval by the AQB and final approval as well. Presently, there are about six PAREA programs under development with the first to be available late in 2022.

MBREA's Online Education Expands

Trainee courses
Qualifying education to upgrade a license
Residential and General qualifying education
Continuing education

Available for licensing or renewal in MA and many other states

The MBREA recently entered into an arrangement with McKissock to provide appraisers with an expanded catalogue of self-paced online and live-web CE & QE opportunities in MA and across the country.

Check it all out here.

And, as always, MBREA members enjoy a discount when purchasing online classes through the MBREA's website.

ANSI Measuring Standards Seminar

July 28, 2022

The ANSI Standard for Measuring Single Family Dwellings seminar is designed to enable appraisers to become familiar with and consistently apply a recognized method when calculating Square Footage for above-grade finished and below-grade finished areas so that it is possible to obtain accurate and reproducible measurements.

While versions of this Standard have been utilized by those associated with housing organizations and individuals for years, a recent announcement by Fannie Mae mandates this method of calculating square footage for all single family detached and attached residential buildings effective April 1, 2022.

Credit info: This program is approved in CT, MA (R & NR), RI, & VT for 7-hours of continuing education credit.

Instructor: Anthony Federico, RA

$195 MBREA member price

$235 Regular price

Registration fee includes a digital copy of the ANSI Standard -- a $25 value.

Upcoming classes

We're trying something new with some of our live-streaming classes -- offering them over two half-days instead of one full day. A two day class starts at 8:30 a.m. both days and ends at 12:00 p.m. Attendance both days is required to receive CE approval.

June 21, 2022 – June 22, 2022

2 Half Days Distressed (Non-Stabilized) Properties Valuation - Virtual

July 12, 2022 – July 13, 2022 8:30 AM to 12:00 PM 2 Half -Days Appraising Historic Properties - Virtual

July 20, 2022 8:30 AM - 12:30 PM Virtual Avoiding Disciplinary Actions For Residential Appraisers (4 Hour CE seminar))

July 28, 2022 8:30 AM - 4:30 PM ANSI Standard for Measuring Single Family Dwellings - Virtual

August 11, 2022 – August 12, 2022 8:30 AM to 12:00 PM 2-Half Day Financial Institutions Guide to Commercial Appraisal Review -- Virtual

Check our calendar for additional locations and dates.

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Disclaimer of Endorsement

Unless otherwise specifically stated, any reference to a product, service, hypertext link to a third party, or other information by trade name, trademark, supplier, or otherwise in any advertisement or publication by MBREA does not constitute or imply endorsement, sponsorship, or recommendation by MBREA.