Agenda Summary 2007 Appraisal Committee National Association of REALTORS® Midyear Legislative Meetings & Trade Expo Omni Shoreham Congressional Room, West Conference Center Wednesday, May 16, 2007 8:00 AM - 10:00 AMChair:Vic Knight, Chapel Hill, NC Vice Chair:Richard Koestner, Davenport, IA Committee Liaison:W. Alan Huffman, Wichita, KS Committee Executive:Chere LaRose Senne, Chicago, IL, Tom Heinemann, Washington, DCPurpose: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 and Introductions Vic Knight
II. Approval of Minutes from Last Meeting Vic KnightIII. Reports A. Legislative/Regulatory Tom Heinemann B. Appraisal Foundation Trustee Report Joe Traynor C. MBA Mortgage Fraud Workgroup Report Francois Gregoire D. Guest Presentation on 2007 National Appraiser Survey Alan Hummel, SRA on behalf of October Research
IV. New Business
A. Appraisal Designations Sunset Vic Knight V. Other Business
A. Committee Member Forum: Hot Appraisal Topics Dick Koestner B. Next Meeting: Tuesday November 13, 2007 Dick Koestner Venetian, Las Vegas, NV
1. When NAR has an ownership interest in an entity and a member has an ownership interest* in that same entity, such member must disclosethe 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, 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 theentity.
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 existenceof 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 Interest Policy
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 NAR or in a business being considered as a provider of products or services ("Business"); or
2. Holds a seat on the board ofdirectors 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 relatingto 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 theactions 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, siblingsand to any trust, corporation or partnership in which any of the foregoing individuals is an officer or director, or owns, 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
