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Page 1: NATIONAL ASSOCIATION OF REALTORS® 2017 REALTORS ... · 2017 REALTORS® CONFERENCE & EXPO REAL PROPERTY VALUATION COMMITTEE Friday, November 3, 2017 2:00 PM -4:00 PM ... submitted

NATIONAL ASSOCIATION OF REALTORS® 2017 REALTORS® CONFERENCE & EXPO REAL PROPERTY VALUATION COMMITTEE Friday, November 3, 2017 2:00 PM -4:00 PM Grand Ballroom Salon 1 7th Floor Chicago Marriott Hotel

CHAIR: Randall Thomas, RAA (TN) VICE CHAIR: Rebecca Jones, GREEN, PSA, RAA (NY) COMMITTEE LIAISON: Baryalai Shalizi, AHWD, CIPS, CRS, e-PRO, GRI, RSPS, SFR (NM) STAFF EXECUTIVE: Heidi Henning (IL) and Sehar Siddiqi (DC) PURPOSE: 1. Evaluate, monitor, and analyze trends as they relate to real property valuation. 2. Make policy recommendations as they relate to real property valuation models. 3. Provide recommendations on valuation-related issues to the Board of Directors, via the PPCC. 4. Monitor and respond to new government regulations and legislation such as Dodd-Frank and to actions by The Appraisal Foundation, Appraisal Standards Board, Appraisal Qualifications Board, and Appraisal Practices Board and other organizations and entities that might have jurisdiction over or impact on valuation-related issues. I. Welcome and Introductions: Randall Thomas, Chair

(Additional Background Material)

II. Approval of May 2017 Meeting Minutes: Randall Thomas (see link above)

III. Real Property Valuation Forum Preview: Frank Gregoire, Forum Chair, St.

Petersburg, FL (see forum agenda)

IV. Commercial Appraisal Level Threshold Update: Randall Thomas

Federal regulators proposed a rule to increase the commercial appraisal level threshold

from $250,000 to $400,000, NAR submitted a letter of support for this proposal. C.A.R.

submitted a comment letter that was quiet on the commercial proposal but asked the

regulators to reconsider the residential level.

NAR Comment Letter

C.A.R. Comment Letter

Page 2: NATIONAL ASSOCIATION OF REALTORS® 2017 REALTORS ... · 2017 REALTORS® CONFERENCE & EXPO REAL PROPERTY VALUATION COMMITTEE Friday, November 3, 2017 2:00 PM -4:00 PM ... submitted

Agenda

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V. AMC Valuation Summit Report: Randall Thomas

VI. RPR® Tools for Appraisers Work Group Update: Rebecca Jones, Vice Chair -

EXHIBIT

a) Discussion of Recommendations: Marty Frame, RPR® President

VII. GSEs’ Appraisal Waiver Programs: Rebecca Jones

Fannie Mae and Freddie Mac recently announced they would begin waiving traditional

appraisals on some of the purchase mortgages they guarantee. At C.A.R.’s Board of

Directors meeting in San Diego, the association took a position that supports these

appraisal waivers.

California members of this committee should raise the question of whether or not NAR

should revisit their policy of appraisal waivers for residential property.

C.A.R. IBP

VIII. Legislative/Regulatory Update: Sehar Siddiqi, NAR Federal Housing Regulatory

Policy Representative

IX. New Business: Rebecca Jones

a) 2018 Committee Goals – (see additional background material link)

b) Committee will meet next in Washington, DC on Wednesday, May 16,

c) Use of Hub for 2018 Committee members – (see additional background material link)

d) New Business

X. Closing Remarks and Adjournment: Randy Thomas