APB Adopts Voluntary Guidance on Adjusting Comparable Sales for Seller Concessions

by Alyssa Marcus

One of the responsibilities of the Appraisal Practices Board (APB) is to identify issues where appraisers and appraisal users need some extra guidance. In March, the APB released a Valuation Advisory on adjusting comparable sales for seller concessions.

The purpose of the document is to provide guidance on generally accepted methods and techniques of seller concession. The document defines sales concessions and financing concessions, talks about verifying concessions, explains when an appraiser adjusts for concessions and more. A list of suggested further reading is listed at the end of the 17-page document.

You can download the document at the Appraisal Foundation’s website here.

NC Appraisal Board Denies Request Related to BPOs

by Mel Black

At today’s meeting, the NC Appraisal Board voted unanimously to deny a request for a declaratory ruling that would impact how Broker Price Opinions (BPOs) could be performed in North Carolina.  Click here for details on a recent action against a real estate broker  who performed unlawful BPOs taken by the Real Estate Commission.

The Real Estate Valuation Advocacy Association (REVAA) reached back through the cobwebs of administrative law and dusted off a rarely used rule (21 NCAC 57C.0401) to make a request that is even more rarely approved.  In my nearly 20 years of experience with the Board, dating back to when it was part of the Real Estate Commission while I was employed there, there may have been a successful request for a declaratory ruling, but I can’t remember it.

REVAA, a trade organization comprised of companies that produce and deliver BPOs, CMAs, AVMs, and other innovative approaches to valuation, asked the Appraisal Board to clarify the Board’s statute to allow a real estate broker employed by a lender to perform “discretionary BPO/CMA” when it is ordered for “discretionary business reasons” and federal regulations do not require an appraisal.  In its nine-page filing, REVAA addressed a number of areas, including the application and interpretation of the North Carolina Statutes, details of REVAA’s legal argument, and sample language for the Board’s use.

From the discussion at the Board meeting, it seemed to me that the vote to deny the request may have been based largely on procedural matters. Notably, the Board’s rule on declaratory rulings provides that the Board shall not issue a declaratory ruling when the subject is materially related to a matter under investigation by the Board.  It was announced today that the Board has a matter under investigation that relates to a real estate broker who is alleged to have performed an improper BPO.

It’s interesting to me that REVAA would ask the Appraisal Board to broaden the plain meaning of the statute when any effort to do so would be more appropriately addressed in the North Carolina General Assembly.

Get to Know Donna Parker

Meet BrightPath instructor Donna Parker!

Donna Parker

Donna has been training and coaching real estate licensees since the early 1980’s. As the broker-in-charge of a 50-person office, it was her privilege assist in developing an agent’s business career. Shebrings this enthusiasm to the classroom in her CE classes. Donna has been an active participant in the REALTOR organization, serving on both the local and state levels. Her professional designations include GRI, CRB, e-Pro and SFR.

Name: Donna P. Parker

I’m from: Cary, NC

I live with: My husband, Joe

Any pets? Baby the dog and Samantha the cat

Where I went to college: North Carolina State University

Food I could eat every day: Chicken wings

My favorite band/artist is: Jimmy Buffet

My perfect pizza is: thin crust pineapple and ham

Motto/quote to live by:  Laughter is the best medicine

Who’s your celebrity doppelganger? Oprah Winfrey

Which 3 famous people would you invite to a dinner party (alive or dead, fictional or real)? Thomas Jefferson, Hilary Clinton, and Madonna

What’s your favorite vacation spot?  St. Thomas

Where would you like to go but haven’t yet?  Ireland

Favorite part of my job: The people I meet and interact with

Recommend a book:  Who Moved My Cheese?


You can catch Donna teaching real estate continuing education classes!

Get to Know Pat Kelly

The third in our series “Getting to Know Us” – BrightPath instructor Pat Kelly!

Pat Kelly

Pat Kelly is a certified residential appraiser with 13 years appraisal experience, has been a NCAB certified instructor for approximately 10 years, with expanse experience in teaching prelicensing education and most recently FHA continuing education courses. Pat is an active appraiser that understands the day to day issues of appraising and uses work experience as a common sense approach to teaching courses. 

Name: Pat Kelly

I’m from: Cherryville, NC

I live with: Wife Debbie and sugar diabetes

Any pets? 5 dogs – 2 labs and 3 Australian shepherds

Where I went to college: Gardner Webb University

Food I could eat every day: Wendy’s Frosty

My favorite band/artist is: Lynyrd Skynyrd, but I like all types of music except rap

Movie I’ve watched over and over: Sling Blade

My perfect pizza is: Pepperoni and cheese

Motto/quote to live by: Do unto others as you would have them do unto you

Which 3 famous people would you invite to a dinner party (alive or dead, fictional or real)? King Solomon, Ted Nugent, Dolly Parton

What’s your favorite vacation spot? Myrtle Beach

Where would you like to go but haven’t yet? New Zealand

Favorite part of my job: Meeting people and positively impacting their career/life

Recommend a book: The Bible – the most sold and least read book of all time

You can catch Pat teaching appraisal continuing education classes in South Carolina!

Get to Know Joyce Pusey

The second in our series “Getting to Know Us” – BrightPath instructor Joyce Pusey!

Joyce Pusey

Joyce Pusey holds the SRA designation from the Appraisal Institute, and has been a real estate appraiser since 1984. She has also been a licensed real estate broker in North Carolina, since 1980.

Since 1990, she has also taught appraisal pre-licensing courses and continuing education. She is the author of several appraisal continuing education courses, and holds the prestigious AQB Certified USPAP Instructor

Joyce has owned her own real estate appraisal firm (Pusey & Associates, Inc) since 1992.

Name: Joyce B Pusey, SRA 

I’m from:  Kernersville, NC now, but originally from Banner Elk, NC

I live with:  Husband, Frank

Any pets? 2 cats, Sugar Baby and Precious

Where I went to college: Lees McRae (AS Degree) and Appalachian State Univ (BS Degree)

Food I could eat every day: Chocolate anything

Movie I’ve watched over and over: Gone with the Wind,  Shawshank Redemption, Forrest Gump

My perfect pizza is: Smoked chicken, goat cheese and carmelized onions with no red sauce

Motto/quote to live by: “Better to hear the rebuke of a wise man than the song of a fool”

My favorite vacation spot Sanibel Island and New Orleans

I’d like to go to: Canary Islands

Favorite part of my job: Absolutely adore teaching USPAP

Recommend a book: The Shack by William P Young, and the entire Father Tim series by Jan Caron

You can catch Joyce teaching appraisal continuing education classes throughout May!

Get to Know Vic Knight

In a series I’m calling “Getting To Know Us,” the owners, instructors and employees of BrightPath Education will be filling out fun surveys that I’ve created so that our students (you!) can find out more about us than just our resumes. Here’s the first one!

Vic Knight

Vic Knight has been a NC licensed real estate Broker since 1983, a NC Certified General Appraiser, Past-President of the NC Association of REALTORS®, a Past-Chair of the National Association of REALTORS® Appraisal Committee, and currently is a member of the Board of Trustees of The Appraisal Foundation.

Vic’s nearly 30 years in the real estate business includes, owning and managing a Century 21 residential brokerage firm, extensive residential and commercial development, residential property management and currently is owner of Appraizr.com, a real estate consulting and full service residential and commercial appraisal firm.

I’m from: Burlington, NC

Where I went to college: NC State

Food I could eat every day: Orange Juice

My favorite band/artist is: Beethoven, Chuck Berry, Beach Boys, Boston, Faith Hill, Whitney Huston

My perfect pizza is: Pizza Hut – all Meat hand tossed

Motto/quote to live by: “Above all else, always tell the truth”

The 3 famous people I’d invite to a dinner party (alive or dead, fictional or real): Einstein, General George Patton, Jesus

My favorite vacation spot? Beaufort, NC

I’d like to go to: Australia

Favorite part of my job: “Counseling” with Owners, Buyers & Students

Recommend a book: The Loss of Common Sense by Philip K. Howard & It’s Not the Big That Eat the Small… It’s the Fast That Eat the Slow by Jason Jennings and Laurence Haughton

Vic will be teaching multiple real estate continuing education courses in May and June!

Welcome to the BrightPath Blog!

This is the blog for BrightPath Education Services, a school offering pre-licensing and continuing education classes for appraisers in North and South Carolina and continuing education classes for real estate brokers in North Carolina.

Here you’ll find interesting tidbits about the industry, updates on our school, fun posts about our instructors and classes, and more!


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