18A — September 13 - 26, 2013 — Mid Atlantic Real Estate Journal


Southern New Jersey Chapter www.ai-snj.org Telephone 856-415-0281 • Fax 856-415-1952

n Aug. 19, New Jersey Governor Chris Chris- tie vetoed bill S. 2551, NJ Governor Vetoes BPO Legislation, Cites ‘Consumer Confusion’ O

Southern NJ Chapter Appraisal Institute 2013 Chapter Officers President Jacob Ramage, MAI jake.ramage@cushwake.com Vice President Pamela Brodowski, MAI pjbbrb@aol.com Treasurer Al Crosby acrosby@insightnj.com Secretary Jerrold McCarron, MAI jermccarron@gmail.com

legislation that would have significantly expanded the ability of the state’s real estate professionals to provide broker price opinion and comparative market analysis services. In his veto message to the legislature, Christie said, “While I appreciate the desire to facilitate additional busi- ness for real estate licensees in the state of New Jersey, I am concerned about potential consumer confusion.” The Appraisal Institute chapters in New Jersey testi- fied in strong opposition to this bill when it was going through the legislative process earlier this year. As passed by the New Jersey legislature in late June, the bill would have allowed real estate brokers, broker-salespersons and salespersons to perform BPOs for virtually any pur- pose, except for use in the New Jersey Tax Court or for use in eminent domain proceedings. The bill would have allowed for BPOs and CMAs to be performed in conjunction with tax appeals, investor due dili- gence, portfolio valuation and distressed loan workouts and in many legal proceedings. The bill’s only requirement was a clear disclosure that a BPO or CMA was not an ap- praisal but rather “an estimate that details the probable sell- ing price of a particular piece of property.” Under existing New Jersey law, real estate profession- als already are permitted to provide “counsel and advice on pricing, listing, selling and use of real property, directly to a property owner or prospec- tive purchaser if the intended use of the counsel or advice is solely for the individual knowl- edge of or use by the property owner or prospective purchas- er.” Additionally, real estate professionals are permitted to provide appraisals to state or federally chartered financial institutions for use in a feder- ally related transactions where the use of a licensed or certified appraiser is not required by federal law. “Determining the precise value of real estate is a com- plex process, crucial to the

SAVE THESE DATES!!! September 25 @ DOT, Trenton – Appraising the Appraisal: Appraisal Review – General September 26 & 27 @ Adelphia, Deptford – Fundamentals of Separating Real & Personal Property from Real & Tangible Assets September 30 @ Mastori’s, Bordentown – Early Fall Dinner Meeting October 21 @ DOT, Trenton – Appraising Condos, Co-Ops & PUDs October 22 @ DOT, Trenton – Marketability Studies – Members at a recent dinner meeting. Next meeting is scheduled for 9/30. sale of a residential home,” Christie noted in his veto mes- sage. “This bill will unwisely introduce confusion into that process, with sellers struggling to determine when and why to use broker price opinions, comparative market analyses, or appraisals. At a time when New Jersey’s residential home sales are rebounding, and many first-time buyers and sellers are entering the real estate market, upsetting our state’s traditional method of home appraisals demands a clear necessity, and a compel- ling justification. This bill falls short on both…” dinner meetings a year: Janu- ary, April, September and No- vember. All except the January meeting include 2-3 continuing education credits. This is a wonderful way to meet your CE requirement and talk to new and old friends and colleagues. The next chapter meeting will be September 30th at Mastoris in Bordentown. The seminar is titled “NJ Appraiser Law, Rules and Regulations” and will be presented by Joseph Palumbo, SRA. This seminar is designed to be similar to mandated PA and DE classes related to appraiser licensing. The course will provide at- tendees with the information needed to understand and clarify their responsibilities as licensed and certified apprais- ers. The course covers; history of appraiser licensing national- ly and locally, NJ license types, CE requirements and audits, the complaint process, NJ state Appraisal Board procedures, the consumer complaint pro- cess and common deficiencies, misunderstood areas. There is a short Q and A period as well. For more information on this event as well as any others, contact lisamayweiss@hotmail. com, or call (856) 415-0281. n The chief proponents of the legislation, the New Jersey Association of Realtors, made it clear that they will be work- ing with the Governor to draft new legislation that addresses his concerns. The Appraisal Institute’s New Jersey chap- ters will be actively involved in the consideration of any future legislation. The Southern New Jersey Chapter is proud of their Gov- ernment Relations committee, and their efforts to make this a reality. Learn more about the Chapter at an upcoming meeting! The Chapter holds 4

Director (Term through ‘15) Errett Vielehr

Director (Term through ‘15) Robert Kirwan, SRA

Director (Term through ‘15) Jackie Marmur Jackiemarmur@tonykamand.com

Director (Term through ’14) James Carr carrappraisals@aol.com

Director (Term through ’14) John T. Stone, MAI

Director (Term through ’13) Bonnie Longo, MAI , SRA

Director (Term through ’13) Michael S. Sapio, MAI northstarappraisal@msn.com President Ex Officio Jerome McHale, MAI jmchale@jmchaleassoc.com

The 6 step Process & Basic Applications November 22 @ Adelphia, Deptford – 7hr. USPAP Update TBD – Business Practices & Ethics

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