A Letter To Our Members

By Beth Graham, ePRO, LTG, TRC, PMN, 2008 MiCREA Chairman

The spring market appears to be in full swing, at least for REO sales. Remember those days when we got to look at nicely decorated houses and everyone wanted to be an appraiser so they could get decorating ideas – HA! I’ve forgotten what a furnished house looks like lately – but hey its business – YEAH!

Have you ever been to REALTOR®.org? If not, you haven’t discovered the wealth of information available to us as appraisers. If you are working on an appraisal that deals with something unique or if you need cost vs. value information or tips to give to agents/clients this site has it. Go to the search box and type in field guides for appraisers and a number of topics come up from valuing Real Estate Businesses to dealing with a variety of hazardous waste situations.

REALTOR®.org also has helpful links to the Appraisal Foundation, HUD, Appraisal Magazines, etc. Take advantage of this great resource available to you as a REALTOR® member of NAR.

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Michigan Business Tax: Putting Businesses out of Michigan, Putting Michigan Out of Business

In current form, the new Michigan Business Tax (MBT) devastates the commercial real estate industry in Michigan. Many businesses have been unaware of the problems the MBT has on their business only to come to terms with it on their first quarterly tax filing, due this month.

While some industries benefit from the MBT, many, including the commercial industry, see dramatic tax increases. The MBT ‘s 22% “surcharge” makes a difficult situation untenable and commercial real estate values will be hurt. Without prompt action, there is grave concern that our commercial real estate values will drop at a time when the real estate market as a whole is particularly vulnerable.

While Michigan attempts to recruit new business ventures, the treatment of commercial real estate under the MBT poses a significant disincentive to invest in our state. The negative effects of this tax on Michigan property will ultimately lead to declining economic growth and less tax revenue.

Please take the time to familiarize yourself with these issues, spread the word, and keep an eye out for upcoming MAR® Calls-to-Action to contact your legislator. Also, please let the MAR® know of any commercial deals that have fallen through due to the burdensome tax at 1-800-454-7842.

Learn More Here.

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Complete Quadrennial Code of Ethics Course Online

Have you completed the required Quadrennial Code of Ethics course yet? The deadline is approaching fast!

Between January 1, 2005 and December 31, 2008, every REALTOR® is required to complete 2 1/2 hours of Code of Ethics training. REALTORS® who have completed this training as a requirement of membership in another association are not required to complete additional ethics training until the next four year cycle.

NAR developed an On-line Quadrennial REALTOR® Ethics Training Course – and its Free! REALTORS® can stop and restart the course at their convenience within a 30-day time period. Successful completion is recorded in the National REALTORS® Database System (NRDS) and satisfies a member’s Code of Ethics training requirements.

Learn more here.

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MiCREA Monthly
April 2008

• Chairman's Letter

• Michigan Business Tax: Putting Businesses out of Michigan, Putting Michigan Out of Business

• Complete Quadrennial Code of Ethics Course Online