16A — August 14 - 27, 2020 — Financial Digest — M id A tlantic Real Estate Journal
www.marej.com
F inancial D igest Southern New Jersey Chapter www.ai-snj.org Telephone 856-415-0281 • Fax 856-415-1952 24th ANNUAL SEPTEMBER SYMPOSIUM GOES VIRTUAL! The 24th Annual September Symposium will be held over 2 days, September 29 & 30, via Zoom. This is the first time that the 7-hour seminar will be held virtually. On Tuesday, September 29, the seminar is scheduled from 1pm-5pm (4 CE hours.) The topic is “Smart Risk Management for Appraisers.“ This seminar covers current liability trends affecting appraisers and dispels common myths and misunderstandings. The seminar concentrates on basic liability issues concerning lending assignments, and the best ways for appraisers to prevent claims and avoid liability. Real-world lawsuits and claims form the foundation of the course. Lessons are drawn from each case and specific suggestions for how to implement the lessons in daily appraisal work are discussed. The primary learning objectives of the course are to provide practicing real estate appraisers with an ability to do the following: •
Understand the key legal elements of a professional negligence claim and, based on that knowledge, identify the main liability risks in appraisal work. • Recognize the most common parties who file lawsuits against appraisers in relation to appraisals for lending. • Understand why and how the USPAP concepts of client/intended user and intended use relate to legal claims against appraisers. • Critically evaluate intended use and user language and develop intended use and user language that reduces liability risk. • Critically evaluate appraisal report forms for liability risks they may create. • Understand the most common problems in appraisals raised in claims. • How to make effective disclosures in appraisal reports. • Handle common liability threats and actual claims properly. • Understand the importance of the appraiser’s work file to liability prevention. • Know how the statute of limitations works for common claims against appraisers. • Spot and address key liability issues in new forms of appraisal work (“hybrid appraisals”). • Understand supervisor and trainee risk. •
OUR NEW NORMAL. Thirty-one people were registered for NJ Regs on June 30th, with instructor Mary Fox, MAI. Another successful class! Note: we are approved to hold seminars via Zoom through the end of the calendar year, so keep your desk tidy & be ready to log in soon to meet your CE requirements!
Understand how limited liability entities relate to individual professional liability. An emphasis is placed on teaching students how to apply the lessons in their daily work. On Wednesday, September 30, the seminar is scheduled from 2pm-5pm (3 CE hours.) The topic is “Legal Issues for Non- Lending and Litigation Appraisal Assignments. “Most discussion of appraiser liability focuses on lawsuits and claims relating to appraisals performed for mortgage lending. However, appraisal assignments for litigation and other non-lending purposes actually present a greater liability risk to the appraiser on a per assignment basis. This seminar addresses the specific liability risks and additional key legal issues associated with appraisals for litigation, divorce, estate, tax, conservation easements and other non-lending purposes. It also addresses liability considerations for review appraisers. Actual lawsuits against appraisers form the foundation of the seminar. These are the kinds of questions that appraisers get answered in this seminar: Who sues appraisers serving as expert witnesses? Who sues appraisers performing appraisals for tax purposes? What’s the surest way for an appraiser to be sued for non-lending work? What’s the likelihood of being sued about a retrospective review appraisal? How does potential liability for a retrospective review compare with potential liability for a contemporaneous review? What are the statutes of limitation for claims? What special provisions should I consider putting in an engagement letter for different types of non-lending assignments? The objectives of the seminar are to educate appraisers about: • The most common sources and causes of professional negligence lawsuits against appraisers in connection with non- lending appraisal assignments. • The unique liability risks imposed by certain non-lending work. • What appraisers can do to minimize liability risk for non-lending work (the emphasis is on better and clearer disclosure and using appropriate provisions in reports and engagement letters). • How to deal with common liability threat situations. • The role of professional liability insurance. This year’s presenter is Peter Christensen. He is an attorney, licensed in California and Washington. His legal practice primarily serves the real estate valuation community -Valuation Legal. He’s the author of Risk Management for Real Estate Appraisers and Appraisal Firms, published by the Appraisal Institute. LIA Administrators & Insurance Services is the sponsor of this educational event. LIA is the Appraisal Institute’s endorsed provider of professional liability insurance for appraisers. There will be pricing for taking either session, or taking both at a huge discount. Visit www.ai-snj.org for more information, or email lisamayweiss@hotmail.com.
Made with FlippingBook - professional solution for displaying marketing and sales documents online