A Letter To Our Members

By John A. Meyer, SRA, 2007 MiCREA Chairman

In my commitment to have MiCREA represent a unified voice of appraisers from around the state. MiCREA has composed an online survey for its members to provide feedback. It is vital that MiCREA represent you and we want to use the feedback from the surveys to better serve you. This should only take a few moments and can be found at MiCREA 2007 Member Survey.

If you have not already noticed, the MiCREA Web site is a great resource for Michigan’s appraisers. This month I would like to draw special attention to the Links to Data section that can be found at http://www.mirealtors.com/micrea/micrealinkstodata.html. I would encourage you to book mark this page as a quick way to access county, city and township assessor information through the state.

Before we head into Michigan’s vacation session, remember to mark your calendar for MAR’s Convention & Expo that will take place September 26 – 28 at Soaring Eagle Casino and Resort in Mt. Pleasant. The MiCREA board is working on sessions to specifically benefit the appraiser. This will be a great opportunity to learn more on hot appraiser issues as will as network. More information on the Convention can be found at http://www.mirealtors.com/marevents.html.

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Your Appraisal Questions Answered

Q: When Michigan implements the AQB Criteria changes will continuing education requirements change?

A: The continuing education requirements will remain at their current levels. Individuals must complete the equivalent of fourteen hours of continuing education per year. As part of that
overall hour requirement, the 7-Hour National USPAP Update Course or its equivalent must be taken every two calendar years.

Q: USPAP Standards Rule 1-5(a) requires an appraiser to analyze all current listings ofthe subject property. Does it also require analysis of prior listings of the subject property?

A: No. Similar to sales history requirements for comparable sales, this Standards Rule does not require an appraiser to analyze a prior listing history for the subject property.
However, in the development of an appraisal, an appraiser is required under Standards Rule 1-1(b), to not commit a substantial error of omission or commission that significantly affects an appraisal. If information about a prior listing is known by the appraiser, and that information is relevant to the appraisal problem, it must be considered. An analysis of the subject’s prior listing history may be required by applicable supplemental standards in some assignments.

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Learn How to Spot and Report Mortgage Fraud

Mortgage fraud has mushroomed into one of the fastest-growing white-collar crimes in the country, leaving homebuyers on the hook with overpriced houses -- and leading to higher interest rates for everyone. Learn about the different types of mortgage fraud and discover how to recognize, prevent, and protect yourself from this growing epidemic.

Learn more here.

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Useful Web Sites

MiCREA, learn more about MiCREA and find education and data link resources.

Stop Mortgage Fraud, (Mortgage Bankers Association). Stopmortgagefraud.com has several features to help you avoid becoming a victim of mortgage fraud or abusive lending.

Annual Credit Report.com , This central site allows you to request a free credit report once every 12 months from each of the nationwide consumer credit reporting companies: Equifax, Experian and TransUnion.

The Office for Victims of Crime (OVC), The OVC publishes literature on various victim situations, such as "mortgage fraud and identity theft".

Better Business Bureau, The Better Business Bureau aims at resolving complaints and keeping the public informed.

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New Capitol Avenue Update

RPAC Chair Matt Davis and RPAC Vice Chair Nanci Rands invite all major RPAC contributors to participate in the MAR Capitol Avenue Update! Those participating will receive up to the minute information on REALTOR® issues moving through the state legislature.

Click here to to contribute at a Sterling, Crystal or Golden R level today!

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MiCREA Monthly
April 2007

• Chairman's Letter

• Your Appraisal Questions Answered

• Learn to Spot and Report Mortgage Fraud

• Useful Web Sites

• New Capitol Avenue Update