Michigan Association of REALTORS®

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A Letter To Our Members By John A. Meyer, SRA, 2007 MiCREA Chairman I would like to take this opportunity to thank all of you who responded to the online survey last month. Approximately 10% of the recipients filled out the survey, which I am told is considered to be a pretty good response rate, so once again thank-you if you participated. We learned that we have some work to do in getting out the word as to who we are and what we can do for you. A majority of the people responding said they have never visited the MiCREA website. We were created as an appraisal division of the Michigan Association of REALTORS®, specifically to represent the needs of appraiser members. Our top priorities are education, staying on top of political issues that impact appraisers, and providing a way to interact with each other around the state to discuss current issues that impact us all. We are in the process of lining up some good educational opportunities for the convention, as well as a networking time. As far as the website goes, the entire MAR website is being audited this fall, so some changes will have to wait, but some are in process that should make the MiCREA link more helpful. One of the changes we are working on is a “Find an Appraiser” search for MiCREA members. We hope to have this available so that you can search for appraisers by license level and county within the state. We are hoping this will be helpful for our members and will be one more reason to visit the website. In addition, it will be continually updated as new links are recognized. Most of you stated you would like to receive information on MiCREA via e-mail, which we will continue to do. This will also be helpful if there are things that come up that could impact all of us, so if you are aware of anyone that might not be receiving this, and they are a member of MAR, have them get their e-mail into the MAR staff so they will not miss out on anything. We hope we can be helpful to all of you with this endeavor. I realize there are a number of other organizations out there for appraisers, but this is the only one I know of that does not charge any additional dues, and exists only to serve the needs of the appraiser members of MAR. Let us know how we can better accomplish that goal. top Your Appraisal Questions Answered Q: As a licensed real estate salesperson, am I allowed to perform a "broker price opinion"? A: Listed below is a quote from Article 26 of the Occupational Code. This article is specific to Real Estate Appraisers, and also has applications to real estate sales licensees: Sec. 2601. As used in this article: (a) "Appraisal" means an opinion, conclusion, or analysis relating to the value of real property but does not include any of the following: A market analysis performed by a person licensed under article 25 solely for the purpose of assisting a customer or potential customer in determining the potential sale, purchase, or listing price of real property or the rental rate of real property as long as a fee or any other valuable consideration is not charged for that analysis. (ii) A market analysis of real property for a fee performed by a broker or associate broker licensed under article 25 which does not involve a federally related transaction if the market analysis is put in writing and it states in boldface print, "This is a market analysis, not an appraisal and was prepared by a licensed real estate broker or associate broker, not a licensed appraiser." Failure to do so results in the individual being subject to the penalties set forth in article 6. A price analysis can be performed by real estate licensees, at no charge, as a regular part of their business to determine a sales price, a buyer's offering price or a rental fee. Brokers and Associate Brokers (but not Salespersons) can perform a price analysis for a fee as long as the required disclosure as shown in paragraph (ii) above is made. If a real property valuation is required for purposes such as appealing taxable value, settling an estate if the real property will not be sold, settling a divorce if the real property will not be sold, obtaining a home equity loan, waiving private mortgage insurance (PMI), or generally testifying as to value in a court of law, than the valuation must be done by a licensed Real Estate Appraiser. top Appraisal Track announced at MAR Convention MiCREA is pleased to present its members with a day of learning and networking at the MAR 2007 Convention & Expo happening September 26 – 28 at Soaring Eagle Casino & Resort in Mt. Pleasant. The event will offer a one-day appraisal track on September 27. MiCREA members that need to earn continuing education credits and want to network and learn more about the industry should plan on attending. The appraisal track will cover environmental, professional and hot topic appraiser issues. To date, the event will feature Craig Harrington and Carol Bullion. Other speakers and networking events are coming soon! Plan on joining MAR for the entire convention to attend educational sessions that cover current industry topics and to network with the Michigan real estate community. For the best value register for the $179 rate that gives you full access for the entire three days. If you're first time attendee, you qualify for a discounted rate. For more information on the 2007 Convention and to register, visit the MAR Web site. top MiCREA Web Site Offers One Place for Important Appraiser Links Appraisers and REALTORS® know that finding information about properties can be like finding a needle in a haystack. MAR’s appraiser division, MiCREA, the Michigan Council of Real Estate Appraisers, has decided to make that search a little easier. On the MiCREA section of the MAR Web site is an entire page dedicated to useful appraisal links. On this page, you will find a list of all of the municipal assessor sites in Michigan and other useful resources, like maps and geographical information. In addition, MiCREA recently completed a member survey in which you were asked what Web sites you frequent most. We have added those links to the MiCREA site as well. Now MiCREA members can bookmark this page as their one stop for appraisal information. You can access the information at the following web address, or visit the MAR Web site at www.mirealtors.com and click on the MiCREA link at the top of the page. www.mirealtors.com/micrea/micrealinkstodata.html If you have links you would like to see added to this site, please email Andrea Bates at abates@mirealtors.com. top Criteria Implementation Video Available The Appraisal Foundation has made available streaming video of criteria implementation. You can view the 3-hour DVD produced by the Appraiser Qualifications Board (AQB) by visiting the foundation's Web site. top	MiCREA Monthly May 2007 • Chairman's Letter • Your Appraisal Questions Answered • Appraisal Track at MAR Convention • MiCREA Website Offers one place for Appraisal Links • Criteria Implementation Video Available

A Letter To Our Members

By John A. Meyer, SRA, 2007 MiCREA Chairman

I would like to take this opportunity to thank all of you who responded to the online survey last month. Approximately 10% of the recipients filled out the survey, which I am told is considered to be a pretty good response rate, so once again thank-you if you participated. We learned that we have some work to do in getting out the word as to who we are and what we can do for you. A majority of the people responding said they have never visited the MiCREA website. We were created as an appraisal division of the Michigan Association of REALTORS®, specifically to represent the needs of appraiser members. Our top priorities are education, staying on top of political issues that impact appraisers, and providing a way to interact with each other around the state to discuss current issues that impact us all. We are in the process of lining up some good educational opportunities for the convention, as well as a networking time.

As far as the website goes, the entire MAR website is being audited this fall, so some changes will have to wait, but some are in process that should make the MiCREA link more helpful. One of the changes we are working on is a “Find an Appraiser” search for MiCREA members. We hope to have this available so that you can search for appraisers by license level and county within the state. We are hoping this will be helpful for our members and will be one more reason to visit the website. In addition, it will be continually updated as new links are recognized.

Most of you stated you would like to receive information on MiCREA via e-mail, which we will continue to do. This will also be helpful if there are things that come up that could impact all of us, so if you are aware of anyone that might not be receiving this, and they are a member of MAR, have them get their e-mail into the MAR staff so they will not miss out on anything.

We hope we can be helpful to all of you with this endeavor. I realize there are a number of other organizations out there for appraisers, but this is the only one I know of that does not charge any additional dues, and exists only to serve the needs of the appraiser members of MAR. Let us know how we can better accomplish that goal.

top

Your Appraisal Questions Answered

Q: As a licensed real estate salesperson, am I allowed to perform a "broker price opinion"?

A: Listed below is a quote from Article 26 of the Occupational Code. This article is specific to Real Estate Appraisers, and also has applications to real estate sales licensees:

Sec. 2601. As used in this article:
(a) "Appraisal" means an opinion, conclusion, or analysis relating to
the value of real property but does not include any of the following:

A market analysis performed by a person licensed under article 25
solely for the purpose of assisting a customer or potential customer in determining the potential sale, purchase, or listing price of real
property or the rental rate of real property as long as a fee or any other valuable consideration is not charged for that analysis.
(ii) A market analysis of real property for a fee performed by a broker or associate broker licensed under article 25 which does not involve a federally related transaction if the market analysis is put in writing and it states in boldface print, "This is a market analysis, not an appraisal and was prepared by a licensed real estate broker or associate broker, not a licensed appraiser." Failure to do so results in the individual being subject to the penalties set forth in article 6.

A price analysis can be performed by real estate licensees, at no charge, as a regular part of their business to determine a sales price, a buyer's offering price or a rental fee. Brokers and Associate Brokers (but not Salespersons) can perform a price analysis for a fee as long as the required disclosure as shown in paragraph (ii) above is made.

If a real property valuation is required for purposes such as appealing taxable value, settling an estate if the real property will not be sold, settling a divorce if the real property will not be sold, obtaining a home equity loan, waiving private mortgage insurance (PMI), or generally testifying as to value in a court of law, than the valuation must be done by a licensed Real Estate Appraiser.

top

Appraisal Track announced at MAR Convention

MiCREA is pleased to present its members with a day of learning and networking at the MAR 2007 Convention & Expo happening September 26 – 28 at Soaring Eagle Casino & Resort in Mt. Pleasant. The event will offer a one-day appraisal track on September 27. MiCREA members that need to earn continuing education credits and want to network and learn more about the industry should plan on attending.

The appraisal track will cover environmental, professional and hot topic appraiser issues. To date, the event will feature Craig Harrington and Carol Bullion. Other speakers and networking events are coming soon!

Plan on joining MAR for the entire convention to attend educational sessions that cover current industry topics and to network with the Michigan real estate community. For the best value register for the $179 rate that gives you full access for the entire three days. If you're first time attendee, you qualify for a discounted rate.

For more information on the 2007 Convention and to register, visit the MAR Web site.

top

MiCREA Web Site Offers One Place for Important Appraiser Links

Appraisers and REALTORS® know that finding information about properties can be like finding a needle in a haystack. MAR’s appraiser division, MiCREA, the Michigan Council of Real Estate Appraisers, has decided to make that search a little easier.

On the MiCREA section of the MAR Web site is an entire page dedicated to useful appraisal links. On this page, you will find a list of all of the municipal assessor sites in Michigan and other useful resources, like maps and geographical information. In addition, MiCREA recently completed a member survey in which you were asked what Web sites you frequent most. We have added those links to the MiCREA site as well. Now MiCREA members can bookmark this page as their one stop for appraisal information.

You can access the information at the following web address, or visit the MAR Web site at www.mirealtors.com and click on the MiCREA link at the top of the page.

www.mirealtors.com/micrea/micrealinkstodata.html

If you have links you would like to see added to this site, please email Andrea Bates at abates@mirealtors.com.

top

Criteria Implementation Video Available

The Appraisal Foundation has made available streaming video of criteria implementation. You can view the 3-hour DVD produced by the Appraiser Qualifications Board (AQB) by visiting the foundation's Web site.

top

MiCREA Monthly
May 2007

• Chairman's Letter

• Your Appraisal Questions Answered

• Appraisal Track at MAR Convention

• MiCREA Website Offers one place for Appraisal Links

• Criteria Implementation Video Available

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