Appraisal Committee National Association of REALTORS® 2006 REALTORS® Conference & Expo Hilton New Orleans Riverside Rosedown Room, Third Floor Friday, November 10, 2006 2:00 PM - 4:00 PMChair: H Dan Derbes, Baton Rouge, LA Vice Chair : Vic Knight, Chapel Hill, NC Committee Liaison : Cynthia Shelton, Lake Mary, FL Committee Executive: Chere Larose Senne, Chicago, IL, Tom Heinemann, Washington, DC
Purpose: To serve the specialized needs of those members with an interest in real estate appraisal by: 1) monitoring, reviewing, examining, and analyzing appraisal-related issues for NAR; 2) referring appraisal-related issues to appropriate NAR committees for their consideration; and 3) providing recommendations on appraisal- related issues to the Board of Directors.
I. Call To Order Dan Derbes
II. Approval of Previous Meeting's Minutes Dan DerbesIII. ReportsA. Legislative/RegulatoryTom Heineman B. The Appraisal Foundation Advisory CouncilBob Galliher C. Appraisal Foundation Trustee ReportJoe Traynor D. RAA/GAA Designation UpdateCheré LaRose-Senne E. Appraisal Foundation Fraud SymposiumDan Derbes F. AARO Meeting UpdateFrancois Gregoire
IV. New BusinessA. 2006 Appraisal Survey*
Purpose and ScopeDuring August 2006, the NATIONAL ASSOCIATION OF REALTORS®’ (NAR) Marketing Research Department invited 86,777 appraiser members and recipients of the Appraisal Section of the weekly NAR ListServe message to participate in an online survey. Findings reflected in this report were collected from responses received between August 10th and 25th, 2006.A total of 858 respondents participated in this survey. This number is a large enough response rate for answers to be considered statistically significant. At the 95% level of confidence, the statistical error is +/-3.33%. The goal of the survey was to understand how Appraiser members conduct their business, obtain appraisal industry information, and make decisions on their appraisal education and designations.Click here for the full survey and findings.B. Guest Presentation on International Valuation StandardsLouis Armstrong, Chief Executive, The Royal Institution of Chartered Surveyors C. Introduction of 2007 Appraisal Committee LeadershipDan Derbes D. 2007 Goals & ObjectivesVic Knight
V.Other BusinessA. Appraisal Networking SessionVic Knight “The Low Appraisal: Recourses and Remedies” B. Committee Member Forum: Hot Appraisal Topics*Vic Knight C. Next Meeting: Wednesday, May 16, 2007 Vic Knight Marriott Wardman Park, Washington, DC VI. Final Comments and Adjournment
*Members should be prepared to discuss issues, concerns, trends and/or conditions pertaining to these agenda items. Please reference attached reports.
Ownership Disclosure and Conflict of Interest PolicyOwnership Disclosure Policy
1. When NAR hasan ownership interest in an entity and a member has an ownership interest* in that same entity, such member must disclose the existence of his or her ownership interest prior to speaking to a decision making body on any matter involving that entity.
2. If a member has personal knowledge that NAR is considering doing business with an entity in which a member has any financial interest**, or with an entity in which the member serves in a decision-making capacity*, or wit, then such member must disclose the existence of his or her financial interest or decision making role prior to speaking to a decision making body about the entity.
3. If a member has a financial interest in, or serves in a decision-making capacity for, any entity that the member knows is offering competing products and services as those offered by NAR, then such member must disclose the existence of his or her financial interest or decision-making role prior to speaking to a decision making body about an issue involving those competing products and services.
After making the necessary disclosure, a member may participate in the discussion and vote on the matter unless that member has a conflict of interest as defined below.
Conflict of InterestPolicy
A member of any of NAR’s decision making bodies will be considered to have a conflict of interest whenever that member:
1. Is a principal, partner or corporate officer of a business providing products or services to NARor in a business being considered as a provider of products or services (“Business:); or
2. Holds a seat on the board of directors of the Business unless the person’s only relationship to the Business is service on such board of directors as NAR’s representative; or
3. Holds an ownership interest of more than 1 percent of the Business.
Members with a conflict of interest must immediately disclose their interest at the outset of any discussions by a decision making body pertaining to the Business or any of its products or services. Such members may not participate in the discussion relating to that Business other than to respond to questions asked of them by other members of the body. Furthermore, no member with a conflict of interest may vote on any matter in which the member has a conflict of interest, including votes to block or alter the actions of the body in order to benefit the Business in which they have an interest. ________________________________________ *Ownership interest is defined as the cumulative holdings of the member, the member’s spouse, children, siblings and to any trust, corporation or partnership in which any of the foregoing individuals is an officer or director, orowns, in the aggregate, at least 50% of the (a) beneficial interest (if a trust), (b) stock (if a corporation) or (c) partnership interests (if a partnership).
**Financial interest means any interest involving money, investments, credit or contractual rights.
