The Certified Exchange Specialist® on Atlas 1031 staff accommodates real and personal property 1031 exchanges.
Understanding and staying current on 1031 exchange rules is critical to accommodating a successful 1031 exchange. Anyone is legally permitted to act as a Qualified Intermediary to facilitate Internal Revenue Code Section 1031 exchanges. The lack of regulation may create a host of problems; even one mistake could invalidate the tax-deferment benefits of an exchange.
In response, the Federation of Exchange Accommodators (FEA) has established a Certification and Continuing Education Program, designed to increase the professionalism of the 1031 exchange industry and foster public confidence in selecting and working with an exchange accommodator. The program is available only to FEA members who meet specific work-experience criteria and pass an exam on exchange laws and procedures.
The test for the certification covers an array of exchange-related topics designed to challenge the candidate's knowledge of exchange rules and competency in performing the critical activities of an exchange facilitator company. The test also focuses on ethical issues that emerge when any third party controls the funds of another.
Because Section 1031 exchanges are complex transactions, the Certified Exchange Specialist® (CES®) designation is an important indicator of an accommodator's experience and knowledge. It demonstrates to a property owner considering a 1031 exchange that the professional they have chosen has met the key criteria necessary to perform exchange transactions accurately and ethically.
Purposes of the FEA CES® certification program: