News: Finance

William McGovern - Appraisal Institute Annual Conference - August 13th-17th

Good business opportunities come once a year! This year it's August 13th-17th for "The Appraisal Institute Annual Conference" which will be held in Las Vegas, Nevada. This conference offers it all, education sessions (state approved), networking with fellow colleagues (Region IV), and discussion of relevant Appraisal Institute issues with national leadership. Take advantage of "green technology" and have some fun!! The leadership of Region IV has helped make this all financially feasible. Just think! Early hotel reservation discount (the new Cosmopolitan - the best), certain seminar discounts, flight and car rental discounts (if booked before July 14th). Please contact Jacqueline Beauchaine at Jackie@connecticut_chapter@sbcglobal.net. We all know education and experience help us build a solid foundation for our continued individual growth. The recent requirement for "Appraisal Curriculum Overview" is just one example. Starting September 1st, Fannie Mae and Freddie Mac will require the completion of the seven hour course "Uniform Appraisal Dataset" (UAD) for those appraiser so engaged. This course will change the way you "think" when developing and reporting residential appraisal assignments. Every appraisal report used in a transaction that involves Fannie Mae and Freddie Mac must comply with the UAD. The Rhode Island Chapter of the Appraisal Institute is pleased to announce that the UAD, 7 hour course will be presented on June 21st. It will be held at the central location of the Radisson Airport Hotel, 2081 Post Rd., Warwick, R.I. Register online or call Lianne at 781-397-8922. Not unlike other state chapters across the country Rhode Island designated appraisers have an average age of approximately 55+ years. It is important that we increase our population of designated members. William McGovern, SRA, is president, Rhode Island Chapter of the Appraisal Institute.
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Columns and Thought Leadership
Massachusetts real estate transfers  over $1 million face new tax rules as of November 1st - by Daniel Meyer

Massachusetts real estate transfers over $1 million face new tax rules as of November 1st - by Daniel Meyer

Attention to owners of real estate in the Commonwealth (and the title companies and other professionals who advise them), the Massachusetts Department of Revenue (the “DOR”) recently adopted a new “millionaire’s tax” via 830 CMR 62B.2.4
Reverse exchanges and the challenges of a competitive real estate market - by Michele Fitzpatrick

Reverse exchanges and the challenges of a competitive real estate market - by Michele Fitzpatrick

Our current, highly competitive real estate market poses specific challenges for investors who are considering taking advantage of a tax-deferred 1031 exchange. In this market, investors will have no problem selling their current property if priced properly, but they may find it difficult to find a suitable replacement property
Are appraisers on the same page as the assessor? - by Richard Seman

Are appraisers on the same page as the assessor? - by Richard Seman

The purpose of this article is to address problematic or confusing issues which may help assessors and appraisers to better understand how to value real estate for tax assessment purposes.
The focus on price per s/f compared to the  comparable sales used in the appraisal report - by Dennis Chanski

The focus on price per s/f compared to the comparable sales used in the appraisal report - by Dennis Chanski

Over the past several weeks, I have completed appraisal assignments for private clients. Interestingly, after submitting these appraisals, I received several phone calls – not to question the value, content, or any incorrect information, but rather to discuss the price per s/f compared to the comparable sales used in the report.