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Currently, almost anyone is legally permitted to act as a Qualified
Intermediary to facilitate Section 1031 Exchanges. This lack of
regulation may create a host of problems; even one mistake could
invalidate the tax-deferment benefits of an exchange.
In response, the FEA has instituted a Certification and Continuing
Education Program, designed to increase the professionalism of the
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. Successful candidates are
awarded the designation of Certified Exchange Specialist® (CES®).
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 CES®
designation is an important indicator of an accommodator's experience
and knowledge. It demonstrates to a property owner considering an
exchange that the professional they have chosen has met the key
criteria necessary to perform exchange transactions accurately and
ethically.
The purposes of the FEA CES® certification program are to:
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- Establish nationally recognized
standards of knowledge and experience for exchange specialists;
- Assess the level of knowledge
demonstrated by exchange specialists in a valid and reliable
manner;
- Encourage professional development
in the exchange accommodation field;
- Formally recognize individuals who
meet the requirements set by FEA; and
- Serve the public by encouraging
quality Section 1031 exchange services.
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Andrew W. Gustafson,
CES®
Managing Member
Atlas 1031 Exchange, LLC
Toll Free: 866.521.1031 | EFax: 850.201.6911
Dallas: 214.523.9067 | Destin: 850.837.1031 |
Houston: 713.821.1776
Email: andgus@atlas1031.com
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Atlas 1031 Exchange, LLC is a Qualified Intermediary and does
not provide advice regarding specific tax consequences of IRC 1031 tax
deferred exchanges. Investors are encouraged to seek the
counsel of their attorney and accountant.
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© 2007
Atlas 1031 Exchange, LLC. All rights reserved. Site designed by VTD, Inc.
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