November Meeting: Multidisciplinary Appraisers Roundtable

The November Chapter Meeting will be held on Wednesday, November 18, 2009 at Johnnie’s Italian Restaurant, 4201 Comly Street, Philadelphia, PA 19124 (215-533-9920).. The Board of Directors will meet at 5:00 pm; all ASA members are welcome. The general meeting starts at 6:30 and will consist of roundtable discussions, led by senior appraisers in each discipline, of current issues and future directions.

Real Property led by Robert J. Luciani, ASA

• USPAP Revisions effective January 2010
• Home Valuation Code of Conduct: Unintended consequences; myths and realities
• Fannie Mae 1004MC Market Conditions form
• Broker Price Opinion: purpose, function, and use

Personal Property led by Susan M. Golashovsky, ASA

• Digital Signatures: Methods and responsibilities ( with handout)
• Art Advisory Panel's "Preferred Item Format ..."

Machinery & Equipment led by Charles C. Dixon, ASA

• Fair Value under 141R
• Orderly liquidation value
• Auction value
• Bank financing

Gems & Jewelry led by David M. Rosen, ASA

• FMV research and reporting
• Finding and evaluating comparables
• The Paths to professional advancement

Business Valuation led by Andrew M. Wilusz, ASA

• Cost of capital
• Marketability vs. Liquidity
• Guideline companies
• Financial reporting

The roundtable discussions are sure to be of interest to all ASA appraisers. Please register early for this educational and productive evening which qualifies for one hour of ASA Continuing Education Credit.

Dinner is $35 per person for members and guests. Make checks payable to ASA Philadelphia Chapter 35. Please RSVP by Sunday, November 15 to Executive Secretary Joanne Paciello by mail to 8 Terrace Rd, Plymouth Meeting, PA 19462, email, phone (610-277-1366) or fax (610-277-1366).

March: Real Property Seminar

The Northern New Jersey Chapter of the American Society of Appraisers and the New Jersey North Chapter of the National Association of Independent Fee Appraisers will jointly sponsor a two-hour Real Property Seminar on The Home Valuation Code of Conduct and Fannie Mae Form 1004 MC. The seminar will be held on Monday, March 23, 2009 from 4:00-6:00 pm at the Wilshire Grand Hotel, 350 Pleasant Valley Way, West Orange, NJ 07052. Robert J. Luciani, ASA, IFA, a real property appraiser practicing in Philadelphia, will conduct the seminar, which will be followed by a Chapter Dinner Meeting.

The housing bubble and subsequent melt-down has led to two new requirements for appraisals submitted to the federal mortgage agencies.

• The new Home Valuation Code of Conduct (HVCC), effective May 1, 2009, applies whenever the primary lender plans to sell the loan to Fannie Mae or Freddie Mac. It's designed to prevent conflicts of interest.
• Beginning April 1, 2009, appraisal reports submitted to Fannie Mae will require Form 1004 MC, a Market Conditions Addendum. Its purpose is to illuminate neighborhood market trends and conditions.

Mr. Luciani will explore the HVCC and 1004 MC requirements and relate them to current USPAP obligations for appraisers.

The program qualifies for two hours of ASA Continuing Education Credit. Dinner is $35 person. Please RSVP Chapter Secretary Lynn Magnusson, AM by phone (973-425-1550), fax (973-425-1553) or email, and mail her your check payable to "ASA Northern New Jersey Chapter 73" by Monday, March 16.