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Real estate briefs for the week of Nov. 19
Appraisal legislationReal estate appraisers are releasing draft model legislation calling for the registration and regulation of Appraisal Management Companies (AMCs). The model legislation is a joint effort of the Appraisal Institute, the American Society of Appraisers, the American Society of Farm Managers and Rural Appraisers, and the National Association of Independent Fee Appraisers.
The organizations are inviting comment and discussion from all stakeholders regarding the model and the overall topic of the future regulation of AMCs. A copy of the draft model legislation is available at www.appraisalinstitute.org/newsadvocacy/downloads/modelprovisionsAMC.pdf.
As currently drafted, the model contains the following provisions:
· Requires the registration of AMCs operating in the state that order residential appraisals from independent appraisers. Provides exemptions for “in-house” appraisal departments, AMCs that order less than 10 appraisals in a state in a year, and for appraisers who subcontract to other appraisers on an incidental basis;
· Prohibits AMCs from being owned by individuals who have had an appraiser license or certification denied, refused, canceled or revoked;
· Requires the identification of a “controlling person” for each AMC;
· Requires AMCs to have systems in place to verify that they utilize only licensed or certified appraisers, and that all appraisals are in compliance with the Uniform Standards of Professional Appraisal Practice (USPAP);
· Enacts requirements that ensure that appraisers are free from coercion or inappropriate influence from AMCs; and
· Provides for the adjudication of disputes between AMCs and independent appraisers.
For more information, contact Scott DiBiasio, 202-298-5593 or sdibiasio@appraisalinstitute.org
Toys for Tots
Long & Foster Real Estate is holding its annual toy drive to benefit the U.S. Marine Corps Reserves’ annual Toys for Tots program. All sales offices will collect new and unwrapped toys for needy children this holiday season. Toys may be dropped off seven days a week at any Long & Foster office by Dec. 15.
Toys are distributed to local churches, social welfare agencies and needy children throughout the region. Last year’s Toys for Tots drive distributed 16.7 million toys benefiting 7.5 million needy children.
Long & Foster
Pam Jones was recognized as the top producer for October 2008 at the Ashburn Long & Foster office.
AHC
Carousel Court, a newly renovated 90-unit affordable apartment complex built by nonprofit developer AHC Inc., has opened in Falls Church.
The 72 units are reserved for families earning 60 percent of the area median income (AMI), which is $59,040 for a family of four. Eighteen apartments are for households earning 50 percent of the AMI, or $49,200 for a family of four.
The five, three-story buildings offer 18 one-bedroom, 60 two-bedroom, and 12 three-bedroom units, including four fully accessible units that are compatible with the Americans with Disabilities Act.
Partners included Fairfax County, NeighborWorks, RBC-Apollo Equity Partners, Virginia Housing Development Authority, and Wachovia Bank. The general contractor on the project was C.M. Parker Construction and the architect was Zavos Architecture & Design.
Contact AHC at 703-486-0626 or www.ahcinc.org.
Prudential Carruthers
Prudential Real Estate received the J.D. Power and Associates' “Highest Satisfaction for Home Sellers among National Full Service Real Estate Firms” in the Home Buyer/Seller StudySM. The study measures customer satisfaction of home buyers and sellers with major national real estate companies. Overall satisfaction is determined by examining four factors of the home-selling experience: agent (43%); marketing (38%); office (12%); and services (7%).
Among home sellers, Prudential Real Estate achieved a score of 793 on a 1,000-point scale – and Prudential Real Estate received particularly high ratings from customers in the marketing and office factors. The J.D. Power and Associates study finds that despite the popularity of home buying and selling resources on the Internet, the real estate sales professional remains key to customer satisfaction with real estate companies.
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