18B — October 16 - 29, 2015 — New Jersey — M id A tlantic
Real Estate Journal
www.marejournal.com
Southern New Jersey Chapter www.ai-snj.org Telephone 856-415-0281 • Fax 856-415-1952
n Thursday, September 10th, the Southern New Jersey Chapter of the Appraisal Institute held its 20th Annual September Symposium. This year’s event, held at the beautiful National conference Center at the Holiday Inn in East Windsor, brought many appraisers from across the region together for a variety of topics from expert presenters. The morning started with the subject Federal, State, and Industry Issues and How They Affect Appraisal Practice . This was presented by Scott Dibiasio of the State & Industry Affairs office of the Appraisal Institute. This session highlighted pertinent information relative 20th Annual September Symposium filled with info and updates O
Southern NJ Chapter Appraisal Institute 2015 Chapter Officers
President Edward T. Molinari, SRA Ed@molinari.us
to the current status of BPO’s, AMC issues, and other state and federal legislation. Dibiasio gave a better understanding relating to local and national legislation, rules and regulations affecting the appraisal business. After, Susanne Curran, MAI , presented Land Analysis Overview: Quick Tips on Best Practices . Curran earned her Mas- ter's Degree in City and Regional Planning from Rutgers Univ. She has 28 years of commercial appraisal experience, and is currently a Senior Commercial Review Appraiser for Susquehanna Bank. Previously, she was employed at a county Planning Commission and a private Planning Consulting Firm. Sue also worked at REIS. com in New York as a Market Analyst. She has been a National Course and Seminar Instructor with the Appraisal Institute since 2007, teaching four qualifying courses for the MAI designation, plus
Vice President Josh Garretson Joshua.Garretson@farmcrediteast.com Treasurer Albert Crosby, MAI AlbertCrosby@outlook.com Secretary Michael S. Sapio, MAI northstarappraisal@msn.com
Susanne Curran, MAI
General Market Analysis/Highest and Best Use course, Conservation Easements course, Gen- eral Appraisal Review Theory course, and the Residential Subdivision and General Appraisal Review seminars, among others.
After lunch, Trevor Hubbard, MAI, SRA , presented Digging into Ground Leases . Ground leases have existed for hundreds of years (originally as a feudal estate). Despite being the bedrock of real estate ownership throughout history, current ground leases in America are somewhat rare. The landowner of larger ground leases is typically the government or institutions (such as municipalities, schools, or religious organizations). The landowner of smaller ground leases typically includes individual "mom-and-pop" investors. The landowner's motivation to create a ground lease is simple: the desire for income while enjoying low risk and retaining ultimate owner- ship of the real estate. Although ground leases are frequently ap- praised, there is surprisingly little academic content on the subject. Participants from this session left enriched on the subject and better equipped to perform ground lease appraisal assignments.
President Ex Officio Jake Ramage, MAI
Trevor Hubbard, MAI, SRA
Directors Michael Descano (Term through ’16) Samuel Levi, MAI (Term through ’16) Errett Vielehr
Trevor Hubbard, MAI, SRA, has been actively engaged in commercial real estate valuation and consulting services for nearly a decade. Prior to joining Jones, Roach & Caringella, Inc., he completed the Master of Science in Real Estate (MSRE) program at the University of San Diego. He has performed appraisals involved in eminent domain actions, title defect cases, easement acquisitions/dispositions, diminution in value matters, hazardous contamination litigation, and ground leases. His most recent accomplishment was shepherding the successful passage of AB-1888, which enhanced the integrity of California's Public Records Act by eliminating the non-disclosure option in the recordation of document transfer taxes. Hubbard is developing curriculum for an undergraduate valuation course that he’s scheduled to teach as an adjunct professor at USD in 2016. NEW SEMINAR!!!! In September 2015, after decades of relying upon multiple sources of guidance to properly develop and report an FHA appraisal assignment (i.e. the HUD 4150.2 Handbook, the 4150.1 REV-1 Handbook, dozens of Mortgagee Letters, and Frequently Asked Questions–Valuation Protocol), HUD-FHA implemented its authoritative source, the 4000.1 Handbook. With the implementation of the 4000.1, some 450 Handbooks, Mortgagee Letters, and other policy documents were superseded and consolidated into this one Handbook, which FHA has described as ‘the consistent source for their Single Family Housing Policy’. Tracking changes in FHA protocol no longer involves scrutinizing multiple publications with sometimes conflicting requirements. This seminar will help appraisers develop an understanding of the FHA Handbook 4000.1 and the accompanying Appraisal Report and Data Delivery Guide. These two documents, used extensively in the seminar, provide all of FHA’s guidance and requirements when completing an appraisal for a mortgage involving FHA insurance. While many of the requirements are specific to appraisals for FHA insured mortgages, the concepts and guidance are applicable to most if not all residential appraisal assignments. There will be 2 offerings in New Jersey of “FHA Appraising for Valuation Professionals: FHA Single Family Housing Appraisal Requirements.” Both will be instructed by Mark V. Smeltzer, SRA. Southern NJ Chapter will offer it on December 15, at the Adelphia Restaurant and Conference Center in Deptford. The Metro NJ Chapter will offer it December 16, at the Days Hotel, 195 Route 18 S. in East Brunswick. Email lisamayweiss@hotmail.com or visit www.ai-snj.org for more information on this and all other events coming up.
(Term through ’15) Robert Kirwan, SRA (Term through ’15) Jackie Marmur (Term through ’15) Timothy W. Sheehan, MAI, SRI (Term through ’15)
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