A Letter To Our Members

By John A. Meyer, SRA, 2007 MiCREA Chairman

As I am writing this, the sun is shining through the window and it is approaching 70 degrees outside. Can this really be October in Michigan? What a wonderful year this has been to enjoy being outside, whether working, playing, or just relaxing. If only the economy in Michigan was as good as the weather, we would be all set.

Well, the MAR Convention last month was a great success. The two sessions I attended on Wednesday were filled to standing room only, and 35 or so people typically attended the ones on Thursday. What a great opportunity to pick up some new ideas, get some continuing education credits, and meet your competition and appraisers from all over the state to talk about what they are dealing with, etc. Plan on attending next year, which I understand will be at the Renaissance Center in Detroit.

Speaking of dealing with things, I just got a letter from the Michigan Department of Labor & Economic Growth addressed to “Dear Certified Real Estate Appraiser”, reminding me that beginning January 1, 2008 certified real estate appraisers can only supervise a maximum of three limited appraisers at a time. They then inquired as to whether I was currently supervising any limited appraisers, and if so, to provide their names and license numbers. They plan on staying on top of this so be sure to be in compliance with the 2008 AQB Criteria.

All this brings up the point that you have until December 31, 2007 to complete the requirements for upgrading your license, or you will need to meet the new, much more stringent requirements. If you are planning to upgrade, this should be at the top of your priority list at this time.

That’s all for now. Have a great month, and hope for a busy fall.

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Common Flaws in Residential Appraisals

1. Unclear neighborhood boundaries. Use specific street names, subdivision names, or price/age ranges to define the parameters of the neighborhood.

2. Omitted or incorrect site dimensions. Be sure that an appropriate plat is attached.

3. Insufficient allowances for improvements. Take updating and remodeling into account, especially in older properties.

4. Incorrect or inaccurate calculations of gross livable area. Be sure an accurate floor plan is attached.

5. Over- or underestimate of construction quality. Consider the quality of materials; they have a major impact on estimating replacement costs.

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Lohmeier Earns Coveted FASA Designation

Micheal R. Lohmeier, Senior Manager with Virchow Krause’s Dispute Resolution team, was recently elected into the College of Fellows of the American Society of Appraisers, and was awarded the coveted Fellow Accredited Senior Appraiser (FASA) designation. Fellowship is the highest honor bestowed by the Society on a member and recognizes the professionalism and invaluable contributions the member has made.

Earning the FASA makes Micheal one of only 53 Members that currently hold this honor. Micheal had been previously designated as an Accredited Senior Appraiser (ASA) with the Society having earned a specialty in Ad Valorem (valuation for property tax).

He is also a former assessing officer and Michigan Tax Tribunal Judge, holds the MAI and SRA designations of the Appraisal Institute, and is a Michigan Certified General Real Estate Appraiser, the highest license level. Micheal’s extracurricular activities include serving as Chair of Oakland University’s Appraisal Program (Rochester, MI), where he led the creation of their Multi-Discipline Appraisal Certificate Program.

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MiCREA Member to Serve on NAR Committee

MiCREA is pleased to announce that Dave Deverman, a current member of the MiCREA board, has been selected for the NAR 2008 Appraisal Committee. Dave is of Deverman Realty in Wyoming, MI.

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NAR Offers Appraisal Course at Vegas Conference

Combating Mortgage And Valuation Fraud: Industry Updates

11/13/2007 |11:00 AM - 12:30 PM

Location: The Venetian Resort Hotel Casino, Venetian Ballroom G, Level 2

Protect yourself and your clients! Learn the latest discourse on mortgage and valuation fraud. You will learn and be able to identify the new mortgage fraud schemes, how and why appraisers commit fraud, understand the industry and legislative initiatives being developed to combat fraud and how appraisers and real estate professionals can work together to protect consumers. Related mortgage lending issues will also be discussed on Tuesday, November 13 in the following sessions: - Member Information Services Forum 9:00-11:00am - Risk Management and License Law Forum: Short Sales And Other High Risk Transactions 1:00-3:00pm - Regulatory Issues Forum: Mortgage Lending Issues: Subprime Mess and What’s Next – 3:30-5:00pm

Meet the Speaker(s): Frank Gregoire • Rachel M. Dollar

Learn More about the NAR Conference

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MiCREA Monthly
October 2007

• Chairman's Letter

• Common Flaws in Residential Appraisals

• Lohmeier Earns Coveted FASA Designation

• MiCREA Member to Serve on NAR Committee

• NAR Offers Appraisal Course at Vegas Conference