Appraisereport

              1 1
Volume 13 Winter 2003 Number 1
Bryson Reappointed
Upon nomination by Speaker of the House James B. Black,
Governor Michael F. Easley has announced the reappointment of
Board Chair Bart Bryson to the Appraisal Board for a term that
expires June 30, 2005. Mr. Bryson began his service to the Board
in 1999.
A State- Certified General appraiser and member of the
Appraisal Institute, Mr. Bryson worked eleven years with the
North Carolina Department of Transportation Appraisal
Department in Asheville. He currently heads Bryson Properties
in Hendersonville and has since 1970. He also holds a real estate
brokers license in North Carolina and South Carolina.
Mr. Bryson is the only person to chair both the North Carolina Appraisal Board and
the North Carolina Real Estate Commission, which he did in 1983- 1984. He has also
served as president of The Appraisal Institute, Chapter 40, the Society of Real Estate
Appraisers, and the Hendersonville Board of Realtors. He has also served as the
Regional Vice- President of the North Carolina Association of Realtors.
Mr. Bryson and his wife, Joyce, have one son, Byron. 
USPAP STANDARDS RULE 1- 5
More on the
3- Year Rule and
Normal Course
of Business
The Appraisal Board notified all
North Carolina appraisers of the
changes to USPAP Standards Rule 1- 5
in the fall 2002 edition of the
Appraisereport and also by sending
notice by first class mail. Effective as of
January 1, 2003, USPAP now requires
appraisers to analyze all sales of the
subject property that occurred within
the three years prior to the effective
date of the appraisal if such information
is available to the appraiser in the nor-mal
course of business. Two areas
where appraisers have had additional
questions are ( 1) the applicability of the
three- year sales history requirement to
comparable sales and ( 2) the meaning
of “ normal course of business.”
3- Year Rule
Standards Rule 1- 5 requires an
appraiser to analyze all sales of the sub-ject
property. The rule does not
require, nor does it mention, the analy-sis
of comparable sales. Appraisers
may be confused on this issue because
several clients require appraisers to
search the sales history of comparable
sales. These requirements are supple-mental
standards. Appraisers should
check with their clients as to whether a
three- year sales history on comparable
sales would be required.
Normal Course of Business
Appraisers routinely use information
obtained from homeowners, MLS, tax
records and GIS systems when research-
( continued on page 2)
Ford Joins Staff
Paula Ford has
joined the Ap-praisal
Board staff as
the new Appraiser
Clerk. A native of
Charlotte, Ms. Ford
attended East Caro-lina
University.
While in Char-lotte,
Ms. Ford was associated with the
Charlotte- Mecklenburg library system and
later as a book buyer for a chain of six stores.
Ms. Ford moved to Raleigh in the early 1990s.
After moving to Raleigh, she worked in the
insurance industry for a number of years.
In her new position, Ms. Ford will be
responsible primarily for providing support to
the Board’s Legal Counsel and for mainte-nance
of the licensee files.
Ms. Ford has one daughter and son- in- law
and two cats. She enjoys reading, gardening,
writing, cross- stitching, photography and
learning foreign languages. 
USPAP CLASSES
A summary of
the requirements
Question: I understand that effec-tive
July 1, 2003, all trainees and ap-praisers
must take the 7- hour National
USPAP Update class every two years.
What if I take this 7- hour course before
July 1, 2003?
Answer: The Board’s administrative
rule requires appraisers who need
continuing education to successfully
complete the 7- hour USPAP Update
course between July 1, 2003 and June
30, 2005 in order to renew their license
in 2005. Appraisers may successfully
complete any approved continuing edu-cation
course, including the 7- hour
USPAP Update course, for credit before
or during this two- year period. Ap-praisers
may, therefore, take the 7- hour
USPAP Update course before June 30,
( continued on page 2)
Bart Bryson
Paula Ford
USPAP STANDARDS RULE 1- 5
More on the 3- Year Rule and
Normal Course of Business
( continued from page 1)
ing sales history. Problems arise when these systems do not include a complete sales
history. For example, in some areas, tax records and GIS systems include only the
most recent sale of the subject property. MLS usually does not report transfers such
as foreclosures or owner sales. Current homeowners may not know that the prior
owner only owned the house for less than three years. If there is any question about
the sales history of a subject property, appraisers must at least check the registry of
deeds to see what transfers of the subject have occurred. Records at the registry of
deeds are considered to be information available to appraisers in the normal course
of business.
It should be noted that the Appraisal Standards Board ( ASB) has issued a request
for written comments on its latest exposure draft on revisions to USPAP. The ASB has
proposed a new advisory opinion on the subject of “ Normal Course of Business.”
Appraisers may wish to read this proposal and provide comment. The exposure
draft can be found at www. appraisalfoundation. org or by calling The Appraisal
Foundation at ( 202) 347- 7722. 
USPAP CLASSES
A summary of the requirements
( continued from page 1)
2003 and then again between July 1, 2003 and June 30, 2005, and receive credit for
both classes. ( Please note that the rule that allowed a course to be taken only once
for continuing education credit in a three- year period was repealed effective August
1, 2002.)
Question: If I successfully complete the 15- hour National USPAP course, can I use
it for continuing education credit in lieu of the 7- hour update class?
Answer: Yes, provided that you successfully complete the course by passing the
course examination. You may not, however, use the same 15- hour National USPAP
course for both prelicensing education and continuing education. You may complete
the course one time for prelicensing purposes and then again later for continuing
education purposes.
Question: If I take the 15- hour National USPAP class for continuing education pur-poses,
why do I have to take the examination in order to receive credit for the class?
Answer: The 15- hour National USPAP class is a prelicensing class, pursuant to
Appraisal Board rules. As with any prelicensing or precertification course, you must
pass the examination in order to receive continuing education credit for the class.
The examination time is not included in the number of hours for continuing educa-tion
credit.
A REMINDER: Appraisers and most trainees must have 14 hours of continuing
education credit in order to renew their licenses this year. As of July 1, 2003, the
Appraisal Board is going to a two- year continuing education cycle. This means that
you will need 28 hours of continuing education taken between July 1, 2003 and June
30, 2005, in order to renew your license in 2005. Included in those 28 hours is the
requirement for the 7- hour National USPAP class. As of July 1, 2003, excess continu-ing
education hours may not be carried over into subsequent renewal periods. 
2
Published as a service to appraisers to promote a bet-ter
understanding of the Law, Rules and Regulations,
and proficiency in ethical appraisal practice. The arti-cles
published herein shall not be reprinted or repro-duced
in any other publication, without specific refer-ence
being made to their original publication in the
North Carolina Appraisal Board Appraisereport.
NORTH CAROLINA
APPRAISAL BOARD
Mailing Address:
P. O. Box 20500
Raleigh, North Carolina 27619- 0500
Street Address:
3900 Barrett Drive, Suite 101
Raleigh, North Carolina 27609
Phone: 919/ 420- 7920
Fax: 919/ 420- 7925
Website:
www. ncappraisalboard. org
Email Address:
ncab@ ncab. org
Michael F. Easley, Governor
APPRAISAL BOARD MEMBERS
Bart Bryson
Chairman . . . . . . . . . . . . . . . . . Hendersonville
J. Vance Thompson
Vice- Chairman . . . . . . . . . . . . . . . . . . . . . . Elkin
Bruce W. DesChamps . . . . . . . . . . . . Wilmington
Henry E. Faircloth . . . . . . . . . . . . . . . . Salemburg
Charles K. Hinnant . . . . . . . . . . . . . . . . . . . Kenly
Jack O. Horton . . . . . . . . . . . . . . . . Elizabeth City
E. Ossie Smith . . . . . . . . . . . . . . . . . . . . . . Oxford
STAFF
Mel Black, Executive Director
Roberta A. Ouellette, Legal Counsel
John K. Weaver, Deputy Director
Philip W. Humphries, Deputy Director
Matthew W. Green, Investigator
Donald T. Rodgers, Investigator
Lynn P. Crawford, Appraiser Secretary
Kim N. Giannattasio, Administrative Assistant
Paula Ford, Appraiser Clerk
APPRAISER COUNT
( As of March 10, 2003)
Trainees . . . . . . . . . . . . . . . . . . . . . . . . . . . 109
Licensed Residential . . . . . . . . . . . . . . . . . . 282
Certified Residential . . . . . . . . . . . . . . . . . . 1711
Certified General . . . . . . . . . . . . . . . . . . . . 885
Total Number . . . . . . . . . . . . . . . . . . . . . . 3969
APPRAISER
EXAMINATION RESULTS
November, December 2002, January 2003
Examination Total Passed Failed
Trainee 118 80 38
Licensed Residential 16 12 4
Certified Residential 23 15 8
Certified General 8 4 4
Examinations are administered by a national
testing service. For information, please contact the
North Carolina Appraisal Board in writing at
P. O. Box 20500, Raleigh, NC 27619- 0500.
ALAMANCE COMMUNITY COLLEGE
P. O. Box 8000
Graham, NC 27253 ( 336) 578- 2002
Appraising Small Residential Income Properties
( 10/ 10)
Construction Methods I: Print Reading ( 5/ 5)
Construction Methods II: Foundations & Masonry
( 5/ 5)
Ethical Principles of Appraisal I ( 4/ 4)
Intro to Commercial Real Estate ( 4/ 4)
New Exstg Residential Codes Affecting RE Appr
( 10/ 10)
Real Estate Finance ( 4/ 4)
ALLSTATE HOME INSPECTION
TRAINING INSTITUTE
Route 1, Box 130
Randolph Center, VT 05061 ( 800) 245- 9932
Environmental Awareness Seminar ( 8/ 8)
FHA Test Preparation ( 8/ 8)
Introduction to Home Inspection ( 8/ 8)
USPAP Refresher ( 8/ 8)
AMERICAN SCHOOL OF REAL ESTATE
APPRAISERS
P. O. Box 275
Cherryville, NC 28021 ( 704) 435- 1111
USPAP ( 15/ 15)
AM SOC FARM MANGRS & RURAL
APPRAISERS
950 S. Cherry Street, Suite 508
Denver, CO 80222 ( 303) 758- 3513
A- 12 ( II) National USPAP ( 15/ 15)
A- 12 Part 1 ASFMRA Code of Ethics ( 7/ 7)
Advanced Appraisal Review A- 25 ( 49/ 30)
Advanced Resource Appraisal A- 34 ( 30/ 30)
Appraising Rural Residential Properties ( 15/ 15)
Eminent Domain ( 19/ 19)
Highest & Best Use A- 29 ( 15/ 15)
Rural Business Valuation ( 16/ 16)
Uniform Agriculture Appraisal Report ( 15/ 15)
Uniform Agriculture Appraisal Report ( 16/ 16)
AMERICAN SOCIETY OF APPR ( THE)
535 Herndon Parkway, Suite 150
Herndon, VA 22070 ( 703) 478- 2228
Current Status & Future of Appraising ( 4/ 4)
Employee Relocation Appraising ( 4/ 4)
Going Concern Valuations ( 8/ 8)
SE100: National USPAP ( 14/ 14)
The Residential Appraiser: The Future is Yours
( 3.5/ 3.5)
AM SOCIETY OF APPRAISERS NC CHAPTER
125 Kingston Drive, # 206
Chapel Hill, NC 27514 ( 919) 929- 9539
SE100 USPAP ( 15/ 15)
The Appraisal of Small Subdivisions ( 7/ 7)
Using Marshall & Switf/ Res Prop ( 7/ 7)
APPRAISAL ACADEMY ( THE)
3802 North University Street
Peoria, IL 61614 ( 309) 681- 8100
Adj, The Appraisal & The Underwriter ( 4/ 4)
Onsite Observation & Reporting Requirements F ( 4/ 4)
Tough Residential Assignments ( 4/ 4)
APPRAISAL INSTITUTE
c/ o AMA, 950 S. Cherry Street, Suite 508
Denver, CO 80246 ( 303) 758- 3513
320 General Applications ( 39/ 30)
330 Apartment Appr: Cncpts & ( 14/ 14)
400 National USPAP Update ( 7/ 7)
410 National USPAP ( 16/ 16)
420 Business Practice and Ethics ( 7/ 7)
430C Standards of Professional Practice - Part C
( 15/ 15)
500 Adv Residential Form & Narrative Writing
( 40/ 30)
520 Highest & Best Use & Market Analysis ( 40/ 30)
530 Advanced Sales Comparison & Cost
Approach ( 40/ 30)
600 Inc Valuation of Small Mixed- Use Properties
( 15/ 15)
610 Cost Valuation of Small Mixed- Use Properties
( 15/ 15)
620 Sales Comparison Val Small Mixed- Use Prop
( 15/ 15)
700 Appraisers As Expert Witness ( 15/ 15)
705 Litigation Appr: Specialized Topics ( 16/ 16)
710 Condemnation Appr: Basic Principles & Apps
( 15/ 15)
720 Condemnation Appr: Adv Topics & Apps
( 15/ 15)
800 Separating Real & Personal ( 15/ 15)
Appraisal Consulting: A Solutions Approach for
Professionals ( 7/ 7)
Appraising Environmentally Contaminated Props
( 7/ 7)
Case Studies in Limited Partnership & Common
Tenancy Valuation ( 14/ 14)
Crossing the Line: Home Mortgage Fraud ( 3.5/ 3.5)
Fundamentals of Relocation Appraising ( 7/ 7)
Gen Demo Appraisal Rpt Writing Seminar ( 14/ 14)
Gen Demo Appraisal Rpt Writing Seminar ( 7/ 7)
Intro to Env Issues for RE Appr ( 7/ 7)
O/ L 320 General Applications ( 7/ 7)
O/ L 420 SPP Part B ( 7/ 7)
O/ L 430 SPP Part C ( 7/ 7)
O/ L Analyzing Operating Expenses ( 7/ 7)
O/ L Appraising from Blueprints & Specifications
( 7/ 7)
O/ L Appraisal of Nursing Facilities ( 7/ 7)
O/ L Eminent Domain & Condemnation
Appraising ( 7/ 7)
O/ L The FHA & the Appraisal Process ( 7/ 7)
O/ L Feasibility, Market Value, Investment Timing:
Option Value ( 7/ 7)
O/ L Internet Search Strategies for RE Appraisers
( 7/ 7)
O/ L Intro to GIS Applications for RE Appraisers
( 7/ 7)
O/ L Residential Design and Functional Utility
( 7/ 7)
O/ L Residential Property Construction &
Inspection ( 7/ 7)
O/ L Using Your HP12- C Financial Calculator ( 7/ 7)
O/ L Valuation of Detrimental Conditions in Real
Estate ( 7/ 7)
Rates & Ratios: GIMs, OARs & DCF ( 7/ 7)
Residential Demo Appraisal Report Writing
Seminar ( 7/ 7)
Residential Demo Appraisal Report Writing
Seminar ( 14/ 14)
Road Less Traveled: Special Purpose Properties ( 7/ 7)
Scope of Work ( 7/ 7)
Small Hotel/ Motel Valuation: Appr the Limited
Service
Supporting Capitalization Rates ( 7/ 7)
Uniform Standards for Federal Land Acquisition
( 15/ 15)
APPRAISAL INSTITUTE, NC CHAPTER
2306 W. Meadowview Road, Suite 101
Greensboro, NC 27407 ( 336) 297- 9511
How to Recognize & Eval the Ugly ( 4/ 4)
ASHEVILLE- BUNCOMBE TECH CC
340 Victoria Road
Asheville, NC 28801 ( 828) 254- 1921
PDH RE - Basic Surveying ( 5/ 5)
The UDO: Regulating RE Use & Dev ( 4/ 4)
USPAP 2001 ( 15/ 15)
BILL GALLAGHER SCHOOL OF REAL ESTATE
380 Knollwood Street, Suite 420
Winston- Salem, NC 28103 ( 888) 778- 1245
Intro to Residential RE Investment ( 7/ 7)
The Appraiser As An Expert Witness ( 7/ 7)
BOB IPOCK & ASSOCIATES, INC.
1218 Heatherloch
Gastonia, NC 28054 ( 704) 807- 1985
National USPAP Update ( 8/ 8)
CCIM INSTITUTE
430 N Michigan Avenue, 8th Floor
Chicago, IL 60611- 4092 ( 312) 321- 4473
C1101 Fin Analysis Comm Invest ( 30/ 30)
C1102 Market Analysis Comm In ( 30/ 30)
C1103 User Decision Analysis Comm ( 30/ 30)
C1104 Invest Analysis Comm Inv ( 30/ 30)
Introduction to Com Investment RE An ( 12/ 12)
CENTRAL PIEDMONT COMMUNITY COLLEGE
P. O. Box 35009
Charlotte, NC 28235 ( 704) 330- 6493
Challenging the Appraisal ( 4/ 4)
Maximizing Value ( 4/ 4)
CLE INTERNATIONAL
1620 Gaylord Street
Denver, CO 80206 ( 303) 377- 6600
Eminent Domain ( 12/ 12)
COLLEGE OF THE ALBEMARLE
P. O. Box 2327
Elizabeth City, NC 27906- 2327 ( 252) 335- 0821
Residential Sales Comp Approach & Ef ( 14/ 14)
The Tough Ones: Complex Residential Prop ( 14/ 14)
The Uniform Standards Today ( 14/ 14)
COMPUTAUGHT, INC.
1395 S. Marietta Parkway
Bldg. 400, Suite 107
Marietta, GA 30067 ( 770) 218- 9000
O/ L Methods of Appraisal ( 7/ 7)
O/ L Overview of the Appraisal Process ( 7/ 7)
O/ L USPAP 2002 ( 7/ 7)
( continued on page 4)
3
Approved Continuing Education Courses
( As of March 19, 2003)
Listed below are the courses approved for appraiser continuing education credit as of date shown above. Course sponsors are listed alphabetically with their
approved courses. Shown parenthetically beside each course title are sets of numbers [ for example: ( 15/ 10)]. The first number indicates the number of actual
classroom hours and the second number indicates the number of approved continuing education credit hours. You must contact the course sponsor at the
address or telephone number provided to obtain information regarding course schedules and locations.
DAN MOHR RE SCHOOLS
1400 Battleground Avenue, Suite 150
Greensboro, NC 27408 ( 800) 639- 9813
Depreciation Workshop ( 7/ 7)
Environmental Hazards- Residential Prop ( 7/ 7)
Extraction of Data from Market Res ( 7/ 7)
HP 12C Course ( 7/ 7)
Intro to Residential Construction ( 30/ 30)
Mfg/ Modular Homes & Real Property Appr
Review ( 7/ 7)
Res Appr & Conventional Underwriting Guide ( 7/ 7)
Residential Construction Seminar ( 7/ 7)
Residential Construction Seminar ( 14/ 14)
Rules & Regs FHA/ HUD Requirements ( 14/ 14)
The Narrative Appraisal Report ( 7/ 7)
Using Streamlined Appraisal Report Forms ( 7/ 7)
DUKE UNIVERSITY
A108B LSRC/ Box 90328
Durham, NC 27708 ( 919) 613- 8082
What’s it Worth - Forest Appraisal ( 36/ 30)
EDGECOMBE CC
225 Tarboro Street
Rocky Mount, NC 27801 ( 252) 446- 0436
Appraising Manufactured, Modular & Mobile ( A) ( 7/ 7)
Appraising Manufactured, Modular & Mobile ( B) ( 7/ 7)
Income Capitalization ( 14/ 14)
Income Capitalization ( A) ( 7/ 7)
Income Capitalization ( B) ( 7/ 7)
Manufactured, Modular & Mobile ( 4/ 4)
Narrative Appraisal Report Writing ( 14/ 14)
Pricing Small Income Properties ( 4/ 4)
Principles & Techniques Val 2- 4 Units Res Prop
( 14/ 14)
Real Estate Finance for Appraisers ( 14/ 14)
Rural Valuation Seminar ( 14/ 14)
Single Family Residential Appraisal ( 14/ 14)
Standards of Professional Practice ( 15/ 15)
USPAP & NC Board Rules & Regs Fo ( 15/ 15)
EDUCATIONAL SEMINARS, INC.
P. O. Box 84
Cary, NC 27512 ( 919) 481- 3942
Mold & Allergins in Home Envr ( 14/ 14)
ELLIOTT & COMPANY APPRAISERS
3316- A Battleground Avenue
Greensboro, NC 27410 ( 336) 854- 3075
The Appraisal Smorgasbord ( 14/ 14)
ERICK LITTLE AND COMPANY
P. O. Box 4267
Cary, NC 27519 ( 919) 460- 8823
2003 Appraisal Requirements & Changes ( 14/ 14)
HALL INSTITUTE
110 Fairview Road
Louisburg, NC 27612- 0214 ( 919) 481- 2080
Researching and Buying Raw Land ( 4/ 4)
HIGNITE TRAINING SERVICE
208 Gloria Street
Greenville, NC 27858 ( 252) 756- 7288
Building the ERC, 1073, 1025, & 1004 ( 7/ 7)
Know the Board Laws ( 7/ 7)
HISTORIC PRESERVATION CONSULTING
22 Pan Will Road
Mineral Bluff, GA 30559 ( 706) 492- 7234
Marketing & Appraising Historic Property ( 14/ 14)
IAAO
130 East Randolph Street, Suite 850
Chicago, IL 60601 ( 312) 819- 6100
201 Appraisal of Land ( 30/ 30)
311 Residential Modeling Concepts ( 30/ 30)
452 Fundamentals of Assessment Ratio Studies
( 30/ 30)
Fund of Real Property Appraisal ( 30/ 30)
Marshall & Swift – Commercial ( 18.5/ 18.5)
Principles & Techniques of Cadastral Mapping
( 30/ 30)
INSTITUTE OF GOVERNMENT
223 Knapp Building, CB# 3330
Chapel Hill, NC 27599- 3330 ( 919) 966- 4372
Appraisal of Land ( 30/ 30)
Fundamentals of Assessment Ratio Studies
( 16/ 16)
IAAO 101: Fundamentals of Real Prop ( 30/ 30)
IAAO 102: Inc Approach to Valuation ( 30/ 30)
Marshall & Swift – Commercial ( 13/ 13)
Principles & Techniques of Cadestral Mapping
( 30/ 30)
Residential Modeling Concepts ( 30/ 30)
Standards of Practice & Professional Ethics
( 18.5/ 18.5)
INTERNATIONAL RIGHT OF WAY ASSOCIATION
19750 S. Vermont Avenue, Suite 220
Torrance, CA 90502- 1144 ( 213) 538- 0233
103 Ethics & Right of Way Profession ( 8/ 8)
402 Introduction to Income Approach to Valuation
( 8/ 8)
403 Easement Valuation ( 8/ 8)
801 Land Titles ( 10/ 10)
JOHNSTON CC
P. O. Box 2350
Smithfield, NC 27577 ( 919) 934- 3051
Appraisal 2002 ( 7/ 7)
USPAP 2002 ( 7/ 7)
LENOIR CC
P. O. Box 188
Kinston, NC 28502- 9946 ( 252) 527- 6223
Appraising Manufactured, Modular, & Mobile ( A) ( 7/ 7)
Appraising Manufactured, Modular, & Mobile ( B) ( 7/ 7)
Challenging the Appraisal ( 4/ 4)
Income Capitalization ( A) ( 7/ 7)
Income Capitalization ( B) ( 7/ 7)
National USPAP Update ( 7/ 7)
Manufactured, Modular & Mobile ( 4/ 4)
Maximizing Value ( 4/ 4)
Pricing Complex Properties ( 4/ 4)
Pricing Small Income Properties ( 4/ 4)
Principles/ Techniques Val 2- 4 Unit Residential ( 14/ 14)
USPAP & NC Rules & Regulations for App ( 15/ 15)
M. CURTIS WEST
P. O. Box 947
Zebulon, NC 27597 ( 919) 217- 8040
Income Cap Approach – Past, Present, Future
( 10.5/ 10.5)
Property Tax Values & Appeals ( 6/ 6)
USPAP 2002/ 2003 ( 7/ 7)
MCKISSOCK APPRAISAL SCHOOLS
P. O. Box 1673
Warren, PA 26365 ( 814) 723- 6979
Appraiser Liability ( 7/ 7)
Appraising the Oddball ( 7/ 7)
Does My Report Comply with USPAP? ( 7/ 7)
Legal Issues for Appraisers ( 7/ 7)
National USPAP ( 15/ 15)
National USPAP Update ( 7/ 7)
O/ L Appraiser Liability ( 7/ 7)
O/ L Construction Details & Trends ( 7/ 7)
O/ L Factory- Built Housing ( 7/ 7)
RE Damages: Assessment & Testi ( 7/ 7)
Real Estate Fraud & Appraiser’s Role ( 7/ 7)
Residential Construction ( 7/ 7)
The Appraiser as Expert Witness ( 7/ 7)
Vacant Land Appraisal ( 7/ 7)
MINGLE SCHOOL OF REAL ESTATE
P. O. Box 35511
Charlotte, NC 28235 ( 704) 372- 2984
Is This A Commercial Appraisal? ( 4/ 4)
NC RE Appr Act & Appraisal Board Rules ( 4/ 4)
NC RE Appraiser Act & Appraisal Board Rules ( 10/ 10)
Role of the Supervisory Appraiser ( 4/ 4)
MOULTRIE B. WATTS
P. O. Box 447
Cary, NC 27512 ( 919) 851- 2100
Appraisal 2003 ( 7/ 7)
I’ve Got this House ( 7/ 7)
NAIFA
7501 Murdoch Avenue
St. Louis, MO 63119 ( 314) 781- 6688
1031 Like Kind Exchange ( 4/ 4)
11.8 Calculating Gross Living Area Using ( 7/ 7)
2.0 Financial Analysis Inc Property ( 15/ 15)
4.0 Marshall & Swift Valuation Guides ( 15/ 15)
4.1 Marshall & Swift Residential Cost M ( 8/ 8)
5.0 Professional Standards of Practice ( 15/ 15)
5.0A Standards Review ( 8/ 8)
Blue Print Reading Seminar ( 4/ 4)
Bridging the Gap Between Lend & ( 4/ 4)
Calc Gross Living Area Using ANSI ( 4/ 4)
Commercial Report Writing ( 15/ 15)
Environmental Concerns Seminar ( 4/ 4)
HUD Review Update ( 4/ 4)
Internet & Appraisal Practice Seminar ( 4/ 4)
Intro to Automated Valuation Model Tech
Seminar ( 4/ 4)
Preparing Your Listing for FHA ( 4/ 4)
Relocation Seminar ( 4/ 4)
Valuing Undivided Interest ( 4/ 4)
NAMA/ LINCOLN GRADUATE CENTER
P. O. Box 12528
San Antonio, TX 78212 ( 800) 531- 5333
Appr Liability- Knowldg to Mnmz ( 8/ 8)
Environmental Site Assessment ( 15/ 15)
HUD Appraisal Standards Update ( 7/ 7)
Manufactured Housing Appraisal ( 15/ 15)
National USPAP Course ( 15/ 15)
Principles of Property Inspection ( 20/ 20)
Principles of Appraisal Review ( 15/ 15)
Real Estate Environmental Screening ( 7/ 7)
Residential Environmental Screening ( 7/ 7)
Residential Appraisal Review ( 7/ 7)
USPAP Update ( 7/ 7)
NC RE EDUCATION FOUNDATION ( NCAR)
4511 Weybridge Lane
Greensboro, NC 27407 ( 800) 443- 9956
Appraising a Single- Unit Condo ( 7/ 7)
Fundamentals of HP- 12C in Appraisal Work ( 7/ 7)
4
Approved Continuing Education Courses
( continued from page 3)
( continued on page 8)
Correction:— In the Fall 2002 edition of the
Appraisereport, there was an incorrect summary of
a disciplinary action regarding Jack Ragan of
Raleigh. The case against Mr. Ragan has been
dismissed.
Andrew Ausley ( Winston- Salem)— Following
a hearing, the Board suspended Mr. Ausley’s gen-eral
certification for twelve months. The suspension
is stayed until July 1, 2003. If Mr. Ausley takes a
course in market abstraction and the prelicensing
course known as R- 2 before that date, the suspen-sion
will be inactive. The Board found that Mr.
Ausley appraised a property located in High Point,
NC in January 2001, finding an appraised value of
$ 85,000. The appraisal report contained an incor-rect
market area description; the subject property
and two of the comparable sales were not located
in that area. Mr. Ausley did not report the most
recent sale of one of his comparable sales, and he
failed to verify the information on his comparable
sales. The subject property contained 1049 square
feet; Mr. Ausley’s sales contained 1030, 1416 and
1449 square feet. These sales were all located at
least two miles from the subject. Sales in the subject
area had an average price of $ 58,660. There
were three sales available that were located within
three blocks of the subject, and another on the
same street as the subject, all of which were very
similar to the subject property. Those sales ranged
from $ 53,000 to $ 84,500; the sale for $ 84,500
contained 1564 square feet. Mr. Ausley inflated
the value of the subject property.
David Duty ( Cary)— By consent, the Board
suspended Mr. Duty’s certification for three months.
The suspension is stayed until April 30, 2003. If Mr.
Duty takes a course in appraiser liability by that
date, the suspension will be inactive. The Board
found that Mr. Duty and a trainee were engaged to
appraise a home located in Raeford, NC, and on
March 27, 2001 they completed the report, finding
an “ as is” appraised value of $ 75,000. As there
were some repairs that needed to be performed on
the subject property, Mr. Duty’s client instructed him
to wait until the repairs were finished, reinspect the
subject dwelling and then complete a new report
after all repairs were finished. In April 2001, the
trainee reinspected the subject property and a sec-ond
appraisal report was issued. The first report,
issued in March 2001, shows the applicant as the
borrower, and a mortgage company as the current
owner. Although Mr. Duty had a copy of the sales
agreement for the subject in his workfile, he did not
address or analyze that agreement in the first
appraisal report. The first report has no mention of
any current listing of the subject property. The sec-ond
appraisal report, dated April 20, 2001, shows
the same borrower as on the original report, but the
current owner on this report is stated as the person
who was listed as the selling agent on the first
appraisal. The current owner in the second report
purchased it from the mortgage company for
$ 25,000 on April 12, 2001. Although the second
appraisal report shows a different current owner
than the first appraisal report, there is no mention in
the report of this transfer. There is no mention of the
subject being listed, sold or under contract, except
for the June 2000 sale mentioned in the first report.
Joseph Harding ( Candler)— By consent, the
Board suspended Mr. Harding’s residential certifi-cation
for three months. The suspension is stayed
until June 30, 2003. Mr. Harding must also take the
prelicensing course known as R- 3 as well as a 15-
hour USPAP course by June 30, 2003. If he takes
the courses as agreed, the suspension will be inac-tive.
If he does not, the suspension will be activated
on July 1, 2003. The Board found that Mr. Harding
appraised a property located in Forest City, NC in
March 2000. At the time the appraisal report was
done, the exterior of the house needed to be
scraped and repainted or sided, and the back
porch was in need of reworking. The property
owner had told Mr. Harding that he was going to
install vinyl siding, thus Mr. Harding appraised the
property as though it had been installed. There was
no mention of the ongoing repairs or remodeling in
the report, and the appraisal was done as- is. The
comparable sales used were superior to the subject
in condition and appeal, but no adjustments were
made for those factors. There was an access ease-ment
across the subject property to the neighboring
house, which was not addressed in the appraisal
report.
Daniel Hennigan ( Charlotte)— Following a
hearing, the Board suspended Mr. Hennigan’s resi-dential
certification for 2 years. There were three
cases against Mr. Hennigan. In all three cases, the
Board found that Mr. Hennigan chose comparable
sales from superior areas without making any
adjustment for location. There were comparable
sales available to him from the subject neighbor-hoods
that would have indicated a lower opinion of
value. Finally, he did not state the type of reporting
format used in the appraisal reports. Mr. Hennigan
appealed the case to the Mecklenburg County
Superior Court, which upheld the Board’s decision.
Jeffrey Johnson ( Holly Springs)— By consent,
the Board suspended Mr. Johnson’s certification for
three months. The suspension is stayed until April
30, 2003. If Mr. Johnson takes a course in apprais-er
liability by that date, the suspension will be inac-tive.
The Board found that Mr. Johnson, while a
trainee, was engaged to appraise a home located
in Raeford, NC, and on March 27, 2001 he com-pleted
the report, finding an “ as is” appraised
value of $ 75,000. As there were some repairs that
needed to be performed on the subject property,
Mr. Johnson’s client instructed him to wait until the
repairs were finished, reinspect the subject dwelling
and then complete a new report after all repairs
were finished. In April 2001, Mr. Johnson rein-spected
the subject property and a second
appraisal report was issued. The first report, issued
in March 2001, shows the applicant as the bor-rower,
and a mortgage company as the current
owner. Although Mr. Johnson had a copy of the
sales agreement for the subject in his workfile, he
did not address or analyze that agreement in the
first appraisal report. The first report has no mention
of any current listing of the subject property. The
second appraisal report, dated April 20, 2001,
shows the same borrower as on the original report,
but the current owner on this report is stated as the
person who was listed as the selling agent on the
first appraisal. The current owner in the second
report purchased it from the mortgage company for
$ 25,000 on April 12, 2001. Although the second
appraisal report shows a different current owner
than the first appraisal report, there is no mention in
the report of this transfer. There is no mention of the
subject being listed, sold or under contract, except
for the June 2000 sale mentioned in the first report.
Phyllis Mitchell ( Hickory)— By consent, the
Board issued a reprimand to Ms. Mitchell and
ordered her to take a sales comparison class. If she
fails to take the course as agreed, a one- month sus-pension
will be activated on that date. The Board
found that Ms. Mitchell appraised a manufactured
home located in Vale, NC in November 2001, find-ing
an appraised value of $ 92,500. The distances
on two of her comparables were not correct, with
one being further from the subject and the other
being slightly closer. The appraisal report stated
that one sale sold in 2000 when it actually sold in
1999. Ms. Mitchell’s copy of the sales book was
slightly blurred and was difficult to distinguish
between the numbers 99 and 00. There were very
limited market sales available in the year prior to
the Respondent’s report, although there were sev-eral
foreclosure sales. The few sales that were
found both prior to and after the date of the report
appear to be predominantly in the $ 60,000 -
75,000 range. 
5
Disciplinary Actions
The following is a summary of recent disciplinary actions taken by the Appraisal Board. This is only a summary; for brevity, some of the
facts and conclusions may have not been included. Because these are summaries only, and because each case is unique, these sum-maries
should not be relied on as precedent as to how similar cases may be handled.
This communication by the Appraisal
Standards Board ( ASB) does not establish
new standards or interpret existing stand-ards.
The ASB USPAP Q& A is issued to
inform appraisers, regulators, and users
of appraisal services of the ASB respons-es
to questions raised by regulators and
individuals; to illustrate the applicability
of the Uniform Standards of Professional
Appraisal Practice ( USPAP) in specific sit-uations;
and to offer advice from the ASB
for the resolution of appraisal issues and
problems.
Question # 1: I have been asked to pro-vide
a Restricted Use Appraisal Report, but I
would like to be very descriptive in parts of the
report. Does USPAP preclude appraisers from
including detailed analysis in a Restricted Use
Appraisal Report?
Response: No. USPAP prescribes the
minimum content requirements for all three
reporting options, Self- Contained Appraisal
Report, Summary Appraisal Report, and
Restricted Use Appraisal Report. An apprais-er
is always free to add to the minimum
requirements.
Question # 2: A client recently requested
that I perform a feasibility study on a potential
retail development. No value conclusions are
included in the scope of the work assignment
agreed upon with the client, but they have
requested that I provide many of the components
of what could lead to a value conclusion, such as
potential income streams, capitalization rates,
cost estimates, etc. I have completed numerous
appraisal assignments for this client and I am cer-tain
that I was chosen, in large part, because I
am an appraiser. Does this assignment fall within
appraisal practice? And, must I comply with
USPAP in completing the assignment?
Response: Yes, this assignment
would fall under appraisal practice. USPAP
defines appraisal practice as valuation serv-ices,
inlcuding but not limited to appraisal,
appraisal review, or appraisal consulting, per-formed
by an individual as an appraiser.
( Bold added for emphasis)
Comment: Appraisal practice is provided
only by appraisers, while valuation services
are provided by a variety of professionals and
others. The terms appraisal, appraisal review,
and appraisal consulting are intentionally
generic and are not mutually exclusive. For
example, an opinion of value may be required
as part of an appraisal review and is required
as a component of the analysis in an
appraisal consulting assignment. The use of
other nomenclature for an appraisal,
appraisal review, or appraisal consulting
assignment ( e. g., analysis, counseling, evalua-tion,
study, submission, or valuation) does not
exempt an appraiser from adherence to the
Uniform Standards of Professional Appraisal
Practice.
The feasibility analysis, described in this
question clearly falls with the scope of
appraisal pratice; however, since it is not an
appraisal, appraisal review, or appraisal con-sulting
assignment as defined in USPAP, it
does not fall within STANDARDS 1- 10.
Therefore, the applicable sections of USPAP
would be the DEFINITIONS, the PREAMBLE,
the ETHICS, COMPETENCY, JURISDICTION-AL
EXCEPTION and SUPPLEMENTAL STAND-ARDS
RULES, as applicable to the assignment.
Question # 3: I was recently asked to per-form
an appraisal assignment where the individual
that contacted my firm was not the client and indi-cated
that the client could not be identified. Can I
accept this assignment and comply with USPAP?
Response: No. Standards Rule 1- 2, a
binding requirement, states, in part:
In developing a real property appraisal, an
appraiser must:
( a) identify the client and other intended
users;
Comment: Identification of the intended
use is necessary for the appraiser and the
client to decide:
• the appropriate scope of work to be
completed, and
• the level of information to be provided in
communicating the appraisal.
An appraiser must not allow a client’s
objectives or intended use to cause an analy-sis
to be biased.
This does not preclude a third party, acting
as an agent for the client, from ordering the
appraisal; however, the appraiser must be
able to identify the client. Refer to STATE-MENT
No. 9 for additional discussion of
identification of the client and intended users.
Question # 4: I have an assignment that
involves a tract of land that is improved with two
structures. However, the client has requested that
I appraise the underlying land and only one of
the two structures, without mentioning the other
structure. Is it ethical to not disclose the presence
of the second structure?
Response: No. The Conduct section
of the ETHICS RULE states:
An appraiser must not communicate
assignment results in a misleading or fraudu-lent
manner. An appraiser must not use or
communicate a misleading or fraudulent
report or knowingly permit an employee or
other person to communicate a misleading or
fraudulent report.
In the situation described, performing an
appraisal without disclosing the existence
of both structures in the report would be
misleading.
Question # 5: What is the primary intent
of USPAP?
Response: The intent of USPAP is to
promote and maintain a high level of public
trust in professional appraisal practice. This
concept is emphasized at the very beginning
of the PREAMBLE:
The intent of these Standards is to promote
and maintain a high level of public trust in
professional appraisal practice.
The development of “ trust” between the
general public and the professional apprais-er
is not unique to the appraisal profession -
it is also inherent in other professions such
as medical practice and accountancy.
Contained within this notion of “ trust” is
a relationship that requires the professional
to provide more than their skill or expertise.
There is a distinct ethical obligation to act in
the behalf of the public’s interest, not out of
self- interest. Because of the public interest
aspect of the service the public must be able
to trust that a professional will act in an eth-ical
and competent manner.
Question # 6: I was recently hired to per-form
an appraisal assignment for a government
agency. The agency has a regulation that re-quires
me to provide the appraisal report to
other government agencies if requested. Does
this regulation create a jurisdictional exception to
the Confidentiality section of the ETHICS RULE?
Response: No. The Confidentiality
section of the ETHICS RULE reads, in part:
An appraiser must not disclose confi-dential
information or assignment
results prepared for a client to anyone
other than the client and persons specifi-cally
authorized by the client; state
enforcement agencies and such third par-ties
as may be authorized by due process
of law; and a duly authorized professional
peer review committee except when such dis-
6
USPAP Questions & Answers
closure to a committee would violate applica-ble
law or regulation. It is unethical for a
member of a duly authorized professional
peer review committee to disclose confiden-tial
information presented to the committee.
( Bold added for emphasis)
Since the Confidentiality section of the
ETHICS RULE allows for the disclosure of
confidential information to “ persons specifi-cally
authorized by the client” and such
third parties as may be authorized by due
process of law”, the JURISDICTIONAL
EXCEPTION RULE would not apply.
Question # 7: I understand that USPAP
has been revised to require real property
appraisers to analyze all sales of the subject
property that occurred in the three years prior to
the appraisal date, even for one- to- four family
dwellings. Is this true?
Response: Yes. As of January 1, 2003
Standards Rule 1- 5, a binding requirement,
has been modified to read as follows:
In developing a real property appraisal,
when the value opinion to be developed is
market value, an appraiser must, if such infor-mation
is available to the appraiser in the nor-mal
course of business:
( a) analyze all agreements of sale,
options, or listings of the subject prop-erty
current as of the effective date of
the appraisal; and
( b) analyze all sales of the subject
property that occurred within the
three ( 3) years prior to the effective
date of the appraisal.
Comment: See the Comments to Standards
Rules 2- 2( a)( ix), 2- 2( b)( ix), and 2- 2( c)( ix) for
corresponding reporting requirements relating
to the availability and relevance of informa-tion.
( Bold added for emphasis)
For analysis and reporting of prior sales,
previous editions of USPAP made a distinc-tion
between the time period required for
one- to- four- family residential properties and
the time period required for all other types
of real estate. That distinction no longer
exists. The three year time period now
applies to all real property appraisals.
Question # 8: I was told that as of
January 1, 2003, USPAP now requires real
property and personal property appraisers to
analyze previous sales of comparable properties
used in the sales comparison approach to value.
Is this true?
Response: No. The 2003 edition of
USPAP includes changes to SR 1- 5 and SR 7-
5 regarding the analysis of prior sales of the
subject property only. USPAP does not
require analysis of the sales history of com-parable
sales. However, appraisers may be
subject to Supplemental Standards in certain
appraisal assignments that require the
appraiser to provide a more detailed analy-sis
than otherwise required by USPAP.
Question # 9: I noticed that the 2003
edition of USPAP no longer contains SR 1- 5( c) or
SR 7- 5( c). Does this mean the reconciliation
process is no longer required by USPAP in real
property and personal property appraisal
assignments?
Response: No. In fact, USPAP has
been modified to emphasize the importance
of the reconciliation process. Standards
Rules 1- 5( c) and 7- 5( c) were removed and
Standards Rules 1- 6 and 7- 6 were inserted in
order to clearly demonstrate that reconcilia-tion
is a separate component of the appraisal
process rather than a function within the
analysis of sales history.
Question # 10: I am currently appraising
an office building that was transferred 18 months
ago via a deed in lieu of foreclosure. Am I
required to analyze this transaction?
Response: Yes. Advisory Opinion 4
( AO- 4) states:
The intent of Standards Rule 1- 5( b) is to
encourage the research and analysis of prior
sales of the subject property. All sales of the
appraised property within the 3 year time
period stated in Standards Rule 1- 5( b)
includes transfers in lieu of foreclosure and
foreclosure sales.
This AO goes on to state:
Foreclosure sales and voluntary transfers
of title by mortgagor to mortgagee in lieu of
foreclosure are transactions grounded in
objective necessity. Nevertheless, they are
sales because they transfer ownership of and
title to property for a valuable consideration.
Question # 11: In an appraisal review
assignment that includes the reviewer’s own opin-ion
of value, is the reviewer required to use the
same scope of work as the original appraiser?
Response: No. Standards Rule 3- 1( c)
states, in part; In developing an appraisal
review, the reviewer must:
( c) identify the scope of work to be
performed;
Comment: . . . When the scope of work of
the assignment includes a requirement for the
reviewer to develop his or her own opinion of
value, the following apply:
• The reviewer’s scope of work in develop-ing
his or her own opinion of value may
be different from that of the work under
review. ( Bold added for emphasis)
For example, the scope of work in the
original appraisal may have included an inte-rior
and exterior inspection of the subject
property, and the scope of work for the
appraisal review may include only an exteri-or
inspection or no inspection at all.
Question # 12: Recently one of my ap-praisal
reports was reviewed. The review report
contained information that could not have been
available to me at the time I completed my
appraisal report. The reviewer used this addi-tional
information to discredit my opinion of
value. Is this appropriate?
Response: No. Standards Rule 3- 1( c)
allows a reviewer to use additional informa-tion
that was not available to the original
appraiser in the development of his or her
value opinion; however, the reviewer must
not use such information as the basis to
discredit the original appraiser’s opinion
of value. ( Bold added for emphasis)
Question # 13: In an appraisal review
assignment for which the reviewer develops his or
her own opinion of value, is it permissible for the
reviewer to use an effective date that differs from
the work under review?
Response: Yes. The Comment to
Standards Rule 3- 1( c) states, in part;
The effective date of the reviewer’s opin-ion
of value may be the same or different
from the date of the work under review.
For further information regarding
USPAP Q& A, please contact: Jim Park,
Director of Research & Technical Issues,
The Appraisal Foundation, 1029 Vermont
Avenue NW, Suite 900, Washington, DC
20005, ( 202) 624- 3044, ( 202) 347- 7727, fax
7
IMPORTANT
NOTICE
Please see the
information on
page 8 about the
May Board Meeting
in Asheville,
North Carolina
( continued from page 4)
Income Capitalization for Small Com Props ( 7/ 7)
Land Use Regs Effect on Market Value ( 7/ 7)
Legal Issues in Real Estate ( 7/ 7)
Residential Construction ( 7/ 7)
Residential Real Estate as an Investment ( 7/ 7)
Tax Planning for the Real Estate Agent ( 7/ 7)
USPAP ( 7/ 7)
NCDOT
1605 Westbrook Plaza Drive, Suite 301
Winston- Salem, NC 27103 ( 336) 760- 1925
Appraisal of Residue & Special Use Properties ( 7/ 7)
NC Rules & Regulations – USPAP Update/ Avd Ltg ( 7/ 7)
Revisiting the Cost Approach & Recurring Errors ( 7/ 7)
Sales Comp Grid/ Appr of Trans ( 7/ 7)
NCSU FORESTRY ED OUTREACH PROGRAM
Campus Box 8003
Raleigh, NC 27695 ( 919) 515- 3184
Accurate Forest Inventory ( 16/ 16)
Applied Intermediate GIS – Foresters ( 15/ 15)
Dlntn of Pdmnt & Cstl Pln Jrsd ( 30/ 30)
Introduction to Applied GIS – Foresters ( 15/ 15)
Introduction to Applied GIS – Foresters ( 13/ 13)
NCSU SOIL SCIENCE DEPT
Campus Box 7619
Raleigh, NC 27695 ( 919) 513- 1678
Basics of On- Site Sewage ( 6/ 6)
Getting the Dirt on Soils ( 6/ 6)
On- Site System Tech Refresh ( 6/ 6)
Wells & Septic Systems ( 4/ 4)
REALETECH. COM
2321 Robert Hoke Road
Wilmington, NC 28412 ( 910) 352- 9693
National USPAP Update ( 7/ 7)
SOUTHEASTERN CC
P. O. Box 151
Whiteville, NC 28472 ( 910) 642- 7141
Applied Sales Comparison Approach ( 10/ 10)
Mathematics of Finance ( 14/ 14)
Rural Valuation Seminar ( 10.5/ 10.5)
STACEY P. ANFINDSEN
1145- E Executive Circle
Cary, NC 27511 ( 919) 460- 7993
Appraisal Process and Val of Residential
Prop ( 4/ 4)
SURRY CC
P. O. Box 304
Dobson, NC 27017 ( 910) 386- 8121
Home Inspections & Common De ( 4/ 4)
Is the Comparable Comparable ( 8/ 8)
Mobile Mfg Homes & Types of M ( 4/ 4)
Reviewing a Residential Appraisal ( 8/ 8)
Testing Highest & Best Use ( 8/ 8)
USPAP 2003 ( 15/ 15)
TRIANGLE APPR. & RE SCHOOL
4024 Barrett Dr. # 204
Raleigh, NC 27609 ( 919) 876- 9596
USPAP 2002/ 2003 ( 7/ 7)
WENDELL HAHN & ASSOCIATES
P. O. Box 245
Columbia, SC 29250 ( 803) 779- 4721
FHA Guidelines 2001 ( 7/ 7)
New for 2002 ( 7/ 7)
Nuts & Bolts ( 7/ 7)
The Modern Appraisal Office – Part I ( 7/ 7)
The Modern Appraisal Office – Part II ( 7/ 7)
USPAP 2001 ( 14/ 14)
WESTERN PIEDMOND COMMUNITY COLLEGE
1001 Burkemont Avenue
Morganton, NC 28655 ( 828) 438- 6104
Appraising Manufactured, Modular & Mobile ( 14/ 14)
Income Capitalization ( A) ( 7/ 7)
Income Capitalization ( B) ( 7/ 7)
Maximizing Value ( 4/ 4)
Manufactured, Modular & Mobile ( 4/ 4)
Pricing Complex Properties ( 4/ 4)
USPAP & NC Rules and Regulations for App ( 15/ 15)
WILLIAM H. SHARP & ASSOCIATES
1459 Pineview Circle
Douglasville, GA 30134 ( 678) 838- 2949
Housework Homework Check List ( 14/ 14)
WILLIAMS APPRAISERS ED CENTER
P. O. Box 33786
Raleigh, NC 27636 ( 919) 424- 1900
Applied Income Capitalization ( 14/ 14)
Income Capitalization Techniques ( 8/ 8)
Introduction to GIS in Real Estate ( 8/ 8)
8
North Carolina Appraisal Board
Invites you to attend its meeting
May 22- 23, 2003
Asheville, North Carolina
The May Board Meeting will be held on the campus of
Asheville- Buncombe Technical Community College
in the Simpson Building’s lecture room.
The meeting begins at 9: 00 am on
Thursday and Friday, May 22nd and 23rd, 2003.
FOR MORE INFORMATION, PLEASE CONTACT THE BOARD’S OFFICE AT 919- 420- 7920.
NORTH CAROLINA
APPRAISAL BOARD
P. O. Box 20500
Raleigh, NC 27619- 0500
4,275 copies of this document were printed at a cost of $. 30 per copy.
BULK RATE
U. S. Postage
PAID
Permit No. 1978
RALEIGH, NC