NORTH CAROLINA APPRAISAL BOARD

1 Appraisereport Fall 2016 NORTH CAROLINA APPRAISAL BOARD RECENT BOARD APPOINTMENTS Cory Gore, CDA of Wilmington was reappointed by Governor Pat McCrory for a three-year term ending June 30, 2019. Mr. Gore is the owner of Gore Properties and APPRAISAL Group, LLC and Partner of Wilmington APPRAISAL Group, LLC. He is a designated member and serves as a BOARD Member of the NORTH CAROLINA Appraisers Coalition (NCPAC). He is past President of the Southeast Chapter of NCPAC and past Chair of the Wilmington Regional APPRAISAL Council. He is on the Real Estate Advisory BOARD of Cape Fear Community College. He holds a Bachelor of Science degree in Economics from the University of NORTH CAROLINA Wilmington.

2 Mr. Gore has 35 years experience in real estate APPRAISAL and banking. He is also a licensed real estate broker and general contractor. He resides in Wilmington with his wife, Jill Gore. He has two daughters; Lauren and Rachel. David E. Reitzel was reappointed by Governor Pat McCrory for a three-year term ending June 30, 2019. Mr. Reitzel is a graduate of the University of NORTH CAROLINA Charlotte. He is a certified general appraiser and has been involved in the APPRAISAL /Financial industry since 1985. Mr. Reitzel is currently President of Real Estate Advisory Services, Inc., President of Community Bank Real Estate Solutions, Inc., and Senior Vice-President of Peoples Bank. He has served in various leadership roles with the NORTH CAROLINA Association of Realtors APPRAISAL Section and is a member of the Catawba Valley Realtor Association and the Charlotte Regional Realtor Association.

3 Mr. Reitzel serves as Chair of University Christian High School BOARD at Lenoir-Rhyne University, and is involved in various civic and community organizations. He and his wife, Mary, have two sons and reside in Conover, NORTH CAROLINA . Dwight C. Vinson was reappointed by Governor Pat McCrory for a three-year term ending June 30, 2019. Mr. Vinson is a graduate of Appalachian State University. He is a certified general appraiser and is currently owner and president of Vinson APPRAISAL Services. Mr. Vinson is affiliated with NCPAC and holds a CDA designation. He performs both residential and commercial valuations as well as consultation and expert witness services. He began his APPRAISAL career in 1987 as a bank staff appraiser, opening a private practice in 1998.

4 Mr. Vinson has also been involved in various civic organizations. He was founding president of the Delta Chi Fraternity at Appalachian State University. He is a founding member of Blue Ridge, a southern gospel quartet, who has performed in various parts of the United States and Canada and has had several charting songs in the recording industry. He also is currently part of the ministry staff at his home church where he is the music director. Mr. Vinson and his wife, Martha, make their home in Franklin and their daughter, Carmen, and her husband Shawn Mullen, reside in Boone, NC. Volume 26 Fall 2016 Number 2 BOARD ELECTS OFFICERS Charles L. McGill has been elected Chairman of the APPRAISAL BOARD for 2016-2017.

5 House Speaker Thom Tillis appointed Mr. McGill to the BOARD in 2011. Fern H. Shubert has been elected Vice-Chairman of the APPRAISAL BOARD for 2016-2017. President Pro Tempore of the Senate Phil Berger appointed Fern H. Shubert, CPA to the APPRAISAL BOARD in 2012. Appraisereport Fall 2016 APPRAISEREPORT Published as a service to appraisers to promote a better understanding of the Appraiser s Act and BOARD rules, as well as proficiency in APPRAISAL practice. Information in the articles published herein may be superseded by changes in law, rules, or USPAP. No part of this publication may be reprinted or reproduced in any other publication without specific reference being made to their original publication in the NORTH CAROLINA APPRAISAL BOARD Appraisereport.

6 NORTH CAROLINA APPRAISAL BOARD 5830 Six Forks Road Raleigh, NORTH CAROLINA 27609 Phone: 919/870-4854 Fax: 919/870-4859 Website: Email Address: Pat McCrory, Governor APPRAISAL BOARD MEMBERS Charles L. McGill Chairman Raleigh Fern H. Shubert Vice-Chairman Marshville Samuel Cory Gore Wilmington Hector Ingram Wilmington David E. Reitzel Conover Christie L. Standish Murphy Timothy N. Tallent Concord Dwight C. Vinson Franklin STAFF Donald T.

7 Rodgers, Executive Director Roberta A. Ouellette, Legal Counsel Thomas W. Lewis, III, Deputy Director Jeffrey H. Davison, Investigator Terri S. Haywood, Investigator H. Eugene Jordan, Investigator Jacqueline Kelty, Administrative Assistant Deborah C. Liggins, Administrative Assistant Pam A. Privette, Administrative Assistant Mindy M. Sealy, Executive Assistant APPRAISER COUNT (As of October 31, 2016) Trainees 339 Licensed Residential 84 Certified Residential 1915 Certified General 1262 Total Number 3600 APPRAISER EXAMINATION RESULTS May 1, 2016 October 31, 2016 Examination Total Passed Failed Certified Residential 4 3 1 Certified General 8 6 2 Examinations are administered by a national testing service.

8 To apply for the examination, please submit an application which may be downloaded from the APPRAISAL BOARD s website at Customary and Reasonable Fee Bill Passed The legislature has passed SB 600, which requires that APPRAISAL management companies in NORTH CAROLINA pay customary and reasonable fees to appraisers for certain assignments. The new law, which is effective January 1, 2017, states For APPRAISAL assignments of property secured by the principal dwelling of the consumer, an APPRAISAL management company shall compensate appraisers in compliance with section 129E(i) of the federal Truth in Lending Act (15 1601 et seq.) and regulations promulgated thereunder. The BOARD shall adopt rules necessary to enforce this subsection.

9 Rules establishing customary and reasonable rates shall be based on objective third-party information, such as academic studies and independent private sector surveys. The bill may be found here: It is believed that there will be a change to the law in the 2017 legislative session which may alter some of the wording. Keep an eye on our website for more information about the change when it happens. The BOARD plans to undergo rulemaking this spring. Our web site will contain information on how to provide input into the proposed rules. Note to AMCs: REMOVAL OF AN APPRAISER FROM AN APPRAISAL PANEL BOARD rules state that if an APPRAISAL management company decides to remove an appraiser from its panel, the AMC must notify the appraiser in writing of the reason for removal.

10 The notice must state the reason for the removal. You can view the rule here. The BOARD reminds AMCs that even if an appraiser requests removal from a panel, an AMC must still send a notice stating that the appraiser has been removed. Failure to do so could result in disciplinary action against the AMC. Appraisereport Fall 2016 Payment of APPRAISAL fees APPRAISAL management companies are required to pay APPRAISAL fees within 30 days of the date the APPRAISAL is first transmitted to them. BOARD Rule 21 NCAC 57D .0310 states: (a) APPRAISAL management companies shall pay fees to an appraiser within 30 days of the date the APPRAISAL is first transmitted by the real estate appraiser to the company as follows: (1) If payment is made by electronic means, the funds for the fee shall be deposited into the appraiser s account so that they are available to the appraiser on the 31st day following the date the APPRAISAL is first transmitted to the company.