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72 Members Received Designations from the Appraisal Institute During January

The Appraisal Institute designated 72 members in January, including; 1 who received MAI AND SRA designations; and 42 who received MAI designations; 7 who received SRA designations; 17 who received AI-GRS designations; 5 who received AI-RRS designations.

Congratulations to NC Chapter Members Richard Duane Earley, MAI and William (Bill) W. Johnson, MAI.

Letter from the President: Winter Chapter Business Meeting

Dear NCAI Member, 

I hope 2018 was a great year for you, your family, and your business, and I wish you a healthy and prosperous New Year in 2019!  

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NCAI Comments on NCUA's Proposal

As you're aware by now, AI joined 17 other groups to submit public comments opposing NCUA's proposal to quadruple – from $250,000 to $1 million – the appraisal threshold for non-residential real estate loans. Our own state chapter (NCAI) has submitted public comments as well. Click the button below to read them.

Read NCAI's Letter

Charlotte, North Carolina, Has Most New High-end Rental Property, Data Shows

Visit any urban center in a major U.S. city and you'll see a similar view: cranes dotting the landscape and billboards advertising units in the latest luxury apartment projects. Has the focus on high-end units gotten out of hand?

New research from RentCafe found that luxury rental properties had accounted for 79 percent of all apartment construction in the U.S. And in the 2018 that number has grown to a whopping 87 percent. In many cities, a full 100 percent of projects completed in the first half of the year were upscale units.

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23 Members Designated in August

Congratulations to NCAI member L. Roger Webb, Jr., MAI, AI-GRS on his designation. The Appraisal Institute designated 23 members in August, including; and 5 who received MAI designations; 7 who received SRA designations; 9 who received AI-GRS designations; 2 who received AI-RRS designations. 

View the full list here.

IRS Final Rules Define Qualified Appraisers, Standards Flexibility

The IRS on July 30 finalized rules for substantiating and reporting cash and noncash charitable deductions, stating that any tax deduction of more than $500,000 requires a qualified appraisal conducted in accordance with generally accepted appraisal standards. The rules take immediate effect.
 
“The final rules confirm that professionally designated appraisers, such as those conferred by the Appraisal Institute, are well positioned to satisfy the qualified appraiser requirements of the IRS,” said AI President James L. Murrett, MAI, SRA. “This is a highly contested area of tax law and appraisal practice, and users of appraisal services can remove doubt by turning to competent Appraisal Institute Designated Members.”  
 
“We also are pleased to see the agency provide for standards flexibility to appraisers, recognizing generally recognized appraisal standards as opposed to strict adherence to one particular standard,” said Murrett. “This protects taxpayers and the public interest, while providing more flexibility to appraisers and taxpayers procuring real estate appraisals for conservation and historic preservation easement purposes.”
 
The IRS received mixed feedback about the standards issue, but ultimately sided with the Appraisal Institute’s position on standards flexibility, noting in the final rule: 
 
Several commenters recommended that the final regulations require appraisal documents to be prepared “in accordance with USPAP” and not merely in accordance with the “substance and principles of USPAP.” Other commenters indicated that strict compliance with USPAP would eliminate use of all other appraisal standards, including some that are generally accepted in the appraisal industry. The Treasury Department and the IRS agree that it is beneficial to provide some flexibility by requiring conformity with appraisal standards that are consistent with the substance and principles of USPAP rather than requiring that all appraisals be prepared strictly in accordance with USPAP. Accordingly, the final regulations do not adopt the recommendation to require strict compliance with USPAP and retain the requirement of consistency with the substance and principles of USPAP.
 
Review the final rule.

Scott Robinson, MAI, SRA, AI-GRS, AI-RRS, awarded Appraisal Institute President’s Award

Congratulations to NCAI member Scott Robinson, MAI, SRA, AI-GRS, AI-RRS, who was presented with the Appraisal Institute President’s Award today at the Institute’s National Meetings in Nashville! Scott was the President of the Appraisal Institute in 2016 and has been integral to the success of the organization at the state, national, and global levels before, during, and after his Presidency. Scott has chaired multiple committees at the national level and continues his service to the organization by leading the CEO search. The North Carolina Chapter is proud of Scott and his many accomplishments!

  

Congratulations to Our Newly Designated Members

Congratulations to our newest designees:

  • Claire M. Aufrance, MAI, SRA
  • Brian Crowder, MAI, SRA
  • Rusty C. King, MAI
  • C. Thomas Kirby, SRA, AI-RRS
  • Andy E. Piner, MAI
  • B. Kyle Saylors, MAI

NCAI Announces New Management

The North Carolina Chapter of the Appraisal Institute (NCAI) is pleased to announce our new partnership with TH Mgmt., Inc. The Executive Committee and the Board of Directors are confident that this exciting organizational change will help us further the mission of the Chapter and stay true to the professional growth of our members.

TH Mgmt., Inc. is a full-service, accredited association management company and has delivered high-quality management to professional associations like ours since 1991. Among their clients are the Charlotte Region Commercial Board of REALTORS® (CRCBR), Urban Land Institute (ULI) of Charlotte, National Association for Industrial and Office Parks (NAIOP) of Charlotte, and CoreNet Carolinas. Their professionalism, experience, and marketing prowess were major factors to which the Chapter leadership was drawn.