The United States Tax Court recently issued an opinion that contains valuable lessons for any forum. Real estate valuation litigation regularly occurs in the Tax Court. In Boltar LLC v. Commissioner, the Tax Court granted the government’s motion to strike the taxpayer’s appraisal because it was “unrealiable and irrelevant.” In that case, the IRS and… Continue Reading
The Treasury Department’s Financial Crimes Enforcement Network issued its Mortgage Loan Fraud update reports for the first 2 quarters of 2010. Those reports included statistics relating to “suspicious activities” regarding appraisal activities. It found that between 5 and 6 percent of the overall reports of suspected mortgage fraud in the first half of 2010 had some… Continue Reading
The Appraisal Standards Board of The Appraisal Foundation released its fourth exposure draft of proposed changes to the upcoming 2012-13 edition of the Uniform Standards of Professional Appraisal Practice.
Reuters has reported that fair value accounting rules that would require real estate companies to report land and buildings held for investment may become the new standard.
The National Association of Independent Fee Appraisers has issued a response to the Home Valuation Code of Conduct.
The Appraisal Foundation – a nonprofit organization that establishes standards for appraisers – has announced that it is establishing a “Consistent Enforcement Task Force.”
The U.S. House of Representatives passed the Mortgage Reform and Anti-Predatory Lending Act of 2009.
The United States Tax Court recently found that an appraisal does not necessarily need to comply with the Uniform Standards of Professional Appraisal Practice – commonly known as USPAP – to be admissible or reliable.
Congress is considering legislation that prohibits all parties involved in a real estate transaction from improperly influencing an appraiser. The bill has been backed by the Appraisal Institute and has bipartisan support in Congress.