The Education Program

Click here for Current listing of State Approvals for Valuation 2000!

Notes: It is a 20-minute walk from the sleeping rooms to the first floor conference center.

This presentation explains the relationship between levels of value and financial theory. This is the conclusion of the conceptual process that began with Mercer’s presentation at the ASA Advanced Business Valuation Conference in Boston in August 1999. In this final analysis of levels of value and discounts/premiums for lack of control and lack of marketability, the twin monsters are reconciled, the math is explained and the topic is laid to rest. Maybe.

This presentation examines the factors that the IRS considers key when examining family limited partnerships and limited liability corporations. It presents recent, relevant case law; examines appraisers’ analytical work; suggests responses for the appraiser to the dilemmas raised; and speculates on where the tax court may be going.

This basic session will explore new information resources pertaining to the valuation field, including various Web sites and information resources that will assist development of more effective, efficient reporting. Comps Inc. will illustrate practical uses of data sources available on the Internet. A real property case study will be used to highlight the variety of data that can be used in providing valuation services.

The undivided partial interest appraisal problem is addressed from the viewpoint of an appraiser who is interested in developing this specialty to serve estate and probate attorneys and financial planners and provide litigation support. The session outlines the identification of the subject, the appraisal problem, research, reporting formats, and methodologies and techniques.

A panel of ad valorem experts, specialists and attorneys discuss what is involved with ad valorem valuation assignments and how unique this type of valuation assignment is from others regarding field work, research, valuation and report presentations. The speakers will address the ad valorem process, touching on what is required and expected in both the appraisal reports and possible litigation appearances.

This session features one of America’s most unique collectors, who will discuss his personal experience with assembling a collection of more than 100,000 objects. The collection includes items from swimming pool salespersons’ samples to a range of commercial inventions. Labeled by The New Yorker magazine as the "Sultan of Stuff," Shear will provide actual examples from his collection and share his passion for American material culture. Personal property appraisers will get a glimpse of what the future may hold as collectors focus on more eccentric arenas of American design and commercial products.

Put on your seatbelts and come prepared for high octane gemology. Beesley’s expertise will become self evident as he shares his knowledge on rubies, sapphires, emeralds and other gemstones. Topics will include identifying source, treatment, enhancement stability and how treatments affect the durability of their hosts.

This session is designed to enable appraisers to better appraise residential properties in urban areas. Urban areas are changing; some are declining, and some are experiencing regrowth due to new construction. Appraisers need to comprehend the complexities of urban area valuation, identify the resources and employ the tools necessary to obtain accurate value estimates.

This session demonstrates the latest technology in completing an appraisal report on agricultural, rural and residential properties. The revised UAAR© and the URAR will be used to demonstrate how an appraisal report is completed using "digital containers" for storing photos, digitized documents and worksheets. This new program contains a powerful database for easy storing, retrieving, reporting and analyzing sales.

This session is based on a paper that is part of a larger study that was conducted from 1993–1996 on the economic impacts of the Pinelands Comprehensive Management Plan (CMP), a significant land use regulatory policy instituted in New Jersey in 1981 (Derr, Preston, Brennan, Du, 1996). The policy affects the Pinelands region located in southern New Jersey and it impacts more than 20 percent of the state’s land area. The session will address forces and policies affecting open space; a description of the New Jersey Pinelands region; impacts of the Pinelands CMP regulations on population, public finance and income; and the results of a housing price statistical analysis of municipalities located inside, as well as outside, the management plan area.

This session explores the complexities of the business element of special use hospitality, tourism and leisure industry property within Australia. It examines in particular the physical, environmental and economic factors and their effect on both the property and business values; the effect of management on business value and its inherent effect on the freehold; and the effect on value of the relationship between lessor and lessee, both freehold and business, plus current valuation methodology and emerging trends. Although primarily dealing with hotels and motels, this session also gives some consideration to other categories such as caravan parks, conference centers and leisure resorts.

This is an entry-level course directed to the administrative reviewer. The reader performing review of an appraisal report may not have the education or expertise needed to perform an appraisal. After attending this session, the reviewer will have the ability to understand the analysis and the data used to arrive at the value conclusion. The ability to recognize report deficiencies and accepted appraisal methodology should assist in the making of sound business decisions, including buy/sell scenarios, establishment of book value and collateral evaluation in underwriting. An overview of appraisal principles and the appraisal process will be included.

A distinguished panel representing The Appraisal Foundation’s Appraisal Standards Board, the Association of Appraiser Regulatory Officials (AARO) and the International Valuation Standards Committee (IVSC) will discuss the future of standards locally and globally, including the relationship between the IVSC standards and USPAP. Key in this analysis is input from U.S. regulators. The key issues to be discussed are

This session is devoted to the presentation of a case study involving the valuation of the stock of a business (located in Riverside County, Calif.) that grows and packs citrus. This session will include discussions of the appraisal of the land and improvements (permanent plantings) related to the growing operation; the appraisal of the machinery and equipment owned by the business; the appraisal of the processing facility property at its highest and best use, and valued utilizing the transitional market data available from its surrounding area; and the value of the entire business as a whole, using the appraised values determined from the real and personal property appraisers. Part of the case study will involve analysis regarding liquidation value vs. going concern value.

Dorchester examines how appraisal junk science gets into the courtroom, how to try to keep it out, how to combat it once it is in and what is needed to encourage judges to avoid nonsense in their courts. The wisdom imparted will be of great significance whenever you have an "expert" on the other side who is clearly into something "new."

Edge brings years of experience in valuations inside the United Kingdom and in the international community to bear on the reasons that accountants and valuers sometimes speak to each other, but sometimes miss the mark on understanding what each other is saying. The standards that must be applied in the ever larger context of global valuations are discussed, along with the standards that the international accountants must apply to do their work properly.

The issue of the valuation of real property for various purposes is once again presented by experienced panelists approaching the issue from many different viewpoints. Panelists will address policy and enforcement changes at the federal level; legal interpretations and laws affecting the constitutional protection against takings without compensation; the fundamental protections that individuals involved in transactions need from real estate professionals; and society’s need to protect the environment for future generations, all tied into the ongoing private property rights debate. Summaries will be followed by a panel debate, allowing for audience participation.

This presentation will cover the valuation theory and methods to use when valuing easements. Easements are partial interests in land and are different from "normal" appraisals that deal with full-fee interests. Several appraisal methods and the pros and cons of each will be discussed, with real-life examples. The presenter will discuss the "3 Rs" of easement valuation.

This presentation will be a trial featuring an attorney and expert witness for each party on a case involving a partial acquisition from a private party for a public agency. There will be examination and cross-examination of the expert witnesses. The Honorable Thomas Stover, a Superior Court judge in Los Angeles, will preside.

This introduction to the art of valuing historic properties includes such topics as architectural styles, books and publications of historic properties. In addition, the two presenters discuss educational programs given by historical societies, a glossary of preservation, historic districts, legislation, museums and present-day uses for historic properties. You’ll find out how to use resources such as the National Register of Historic Places and state historical societies to research a building history or to look up comparables, what qualifies as a comparable and how to start your own historical library.

This interactive session features two panel discussions. The first panel will cover the current state of commercial mortgage-backed securities (CMBS) and the relationship to valuation services now and in the future. The second panel will cover the current status of the real estate investment trusts (REITs) market, future trends and the development of valuation services to meet the needs of capital market clients.

Fishman explains how one goes about selling a valuation practice, how they are valued, what the trade-offs are in the negotiation process and where the current trends seem to be going. For anyone valuing a professional practice, particularly a valuation practice, this presentation will prove invaluable.

Private companies seem to sell for multiples in one range; public companies seem to relate to another, higher, range. The ".com" companies appear to sell based on simple, raw optimism. This presentation examines the bases for the valuation of private companies, of public companies and of .com companies. It explains why the markets seem to be different and where they have common roots.

This session will feature art critic and historian Dave Hickey, whose writing has appeared in numerous exhibition catalogs and magazines. Hickey will introduce participants to the unique cultural features of Las Vegas and discuss current trends in the visual arts.

Art historian Libby Lumpkin is the former curator of Steve Wynn’s Bellagio Gallery of Fine Art and an author of numerous books and articles. She will discuss the exotic nature of the Bellagio as a context for presenting works by Van Gogh, Rembrandt and Renoir.

(Continued from session 7)

Real options are a powerful new financial tool that has just come to be understood to have applications in business valuation. This presentation tells us what real options are, when to use them in the valuation process, how to use them and why to use them.

The question of the fair market value of property for federal tax purposes continues to challenge (and sometimes bemuse) the IRS, courts and taxpayers alike. This presentation provides a summary of a year’s worth (and then some) of new matters relating to this topic. Among the highlights is continued heavy administrative and judicial emphasis on valuation of interests in family-owned business and investment entities.

International regulation of the valuation process and reporting for mineral properties are increasing. Australia, Canada and the United States are the leading countries in developing regulation. The primary driving force has been prevention of securities frauds and improvement of investor understanding and confidence. The beginning point for regulations has been the definition and application of the terms "reserves," "resources" and "qualified person." Concerns about regulation particularly relate to the valuation of mineralization not classified as reserves. This presentation outlines the history of regulation of mineral property valuation, then discusses the application of the various approaches to valuation of mineral properties.

This session presents an empirical study of the impacts of previous contamination on the price of commercial and industrial properties to determine if there are post-remediation impacts on price. Impacts are evaluated through two techniques: (1) comparing uncontaminated sales to contaminated sales and (2) a statistical analysis of the sales prices of industrial properties. Results from both analyses indicate that the prices of the previously contaminated properties are not adversely impacted by their environmental condition. Indeed, their sales prices are significantly higher than uncontaminated properties, suggesting that the market may perceive less risk in previously contaminated but remediated industrial properties than industrial properties on which contamination has never been discovered.

Increasing population pressures, along with economic activity in urban areas, influence rural land markets at the rural-urban fringe. Estimating the influence of location and economic development at the rural-urban fringe using traditional econometric procedures may result in inaccurate estimates if spatial autocorrelation exists in the data. Findings from this analysis suggest that spatial econometric procedures result in models that better fit the data. Predictions from hedonic rural land value models, along with GIS procedures, are used to estimate rural land value contours. These contours provide a visual picture of the effect of location and economic development on rural land values.

The speaker will present a complete theory and methodology for appraising the broad range of commercial vessels (such as cargo ships, tankers, container ships, tugs, and so forth) together with the basic mechanics of the process. The three basic methods of appraisal will be presented in depth with emphasis on their respective applications to marine equipment. The requirement for thorough inspection will be examined in conjunction with showing the importance of condition. Examples will be presented with details of certain formulas and "yardsticks" that are very beneficial to an appraiser.

Auto dealership facilities are special-purpose properties at which a number of functions occur and which have limited marketability for alternative uses. To effectively evaluate this type of property, some knowledge of the auto business is necessary. One of the differences from other retailers is the unique relationship that auto dealers have with their suppliers. During the past few years, many changes have occurred in vehicle sales, number of dealers and facility design. Consolidation is having a major impact on the industry. At the retail level, manufacturers are reducing the number of brands, dealers and outlets. When appraising a dealership facility, it is more important than ever to effectively analyze highest and best use.

This session demonstrates how a unique form of market data, angling rights, can be used to value land. In this case, the rights were obtained from the lease by public auction of stretches of prime angling water on New Brunswick’s inland rivers. This formed the basis of valuation for privately owned angling rights in some of the world’s most famous and desirable Atlantic salmon pools.

A hedonic price model was used to estimate the effect of various parcel characteristics on rural land values. Location, parcel size, capital improvements, proportion of land in intensive uses and land area in wetlands explained more than 80 percent of the variation in sales prices. Wetlands were divided into three different system types. The empirical results indicate that the presence of wetlands may have either a positive or negative effect on rural values, depending on the type of wetland.

A panel of legal experts will examine recent issues impacting the arts and personal property—including art theft, fraud and copyright—through a sampling of case studies.

Do you feel your office could be run more efficiently? Are your incoming telephone calls being answered properly? Just need more business? Come hear how Barry Block has built his appraisal business into a profitable enterprise without spending all his time in the office.

This session is about business valuation for real estate appraisers and about real estate interest valuation for business appraisers. It describes a practical approach for valuing marketability discounts for corporate, partnership and common tenancy ownership of real estate. A simplified income model is described with a detailed example for common tenancy. Sales comparison is reviewed with some sobering thoughts on its usefulness. The session provides an introduction for appraisers contemplating the addition of this niche to their practices, addresses real estate–related issues for experienced valuers and offers help in bridging the gap that is not often crossed.

Get first-hand information about eRelay™—the Employee Relocation Council’s electronic commerce initiative. The industry buzz is that it will forever change the way relocation business is conducted. Learn about the system and the opportunities it presents for appraisers.

A panel of International Valuation Standards Committee (IVSC) representatives discusses what the international standards are and how they relate to valuation in the United States and the rest of the world. Valuation 2000 is the initiation of the worldwide rollout of new international standards. Real property, machinery and equipment, business valuation, intangible assets and perhaps personal property, along with many other related topics, are featured in the International Valuation Standards (IVS)—2000.

This session is devoted to the presentation of a case study involving the valuation of the stock of a business (located in Riverside County, Calif.) that grows and packs citrus. The session will include discussions of the appraisal of the land and improvements (permanent plantings) related to the growing operation; the appraisal of the machinery and equipment owned by the business; the appraisal of the processing facility property at its highest and best use, and valued utilizing the transitional market data available from its surrounding area; and the value of the entire business as a whole, utilizing the appraised values determined from the real and personal property appraisers. Part of the case study will involve analysis regarding liquidation value vs. going concern value.

In most cases, much of what valuers do in the United States is the same as what they would do in Canada. Moore discusses the specific differences in valuation between the two countries, how those differences impact value, what needs to be reported differently as a result and what standards the valuer should apply to get consistent market value estimates.

Valuers in Mexico use the same concepts and techniques as their neighbor to the north, but because of differences in how data are collected and maintained, the valuation methodologies are executed somewhat differently. Learn what these differences are, how to deal with local databases, how to reach market value estimates and which standards to apply.

The issue of the valuation of real property for various purposes is once again presented by experienced panelists approaching the issue from many different viewpoints. Panelists will address policy and enforcement changes at the federal level; legal interpretations and laws affecting the constitutional protection against takings without compensation; the fundamental protections that individuals involved in transactions need from real estate professionals; and society’s need to protect the environment for future generations, all tied into the ongoing private property rights debate. Summaries will be followed by a panel debate with audience participation.

This presentation will provide the practitioner with a modernistic and simplified reference for understanding the complexities of commercial real estate valuation. Some calculations will be shown using the Hewlett Packard 12C or the 19B II calculator.

Enlighten yourself about the market potential for computer-assisted mass appraisals. Assessment officials across the United States have been using this process for 30 years to generate timely and cost-effective appraisals of large groups of property with amazingly accurate results. Get an overview how this CAMA technology may become the wave of the future.

A panel of due diligence consultants who play an active role in the REIT and CMBS markets will discuss their extensive experience in serving these markets. The audience will have the opportunity to learn from a discussion of some of the transactions in which the panelists have been involved. Using the perspective of a user of valuation services, the panelists will provide insight into the role valuation and due diligence consultants can play in the market.

This session addresses concerns about the new FHA appraisal requirements and the role of the appraiser vs. the home inspector. The speaker will offer a positive approach to FHA inspections and appraisal methods and offer appraisers practical information on how to observe due diligence and reduce liability.

This presentation discusses the difficulty of getting relevant data in developing countries to allow full implementation of appraisal standards, particularly international valuation standards. Topics include how to compensate for the lack of local data, how to assess the local markets and how to use the international standards to your advantage in the course of an appraisal.

This session provides a critical examination of how to use the popular databases. What adjustments do you need to make to get the value of all the equity? What do you do to get invested capital? Speakers from each of the major databases will tell us how to do it "right" in the context of a simple case study involving a small restaurant.

This session will feature an examination of collecting trends from postwar American toys to current work in new media, such as video and installation work by contemporary artists.

This session will examine charitable giving by contemporary collectors, including recent trends in making charitable gifts of real estate.

Holtzman will share his knowledge on naturally colored diamonds, their sources, current market availability and the current pricing structure of each. A short period will be spent on identification and separation of natural vs. treated and the detection of synthetics. A hands-on question-and-answer period will be offered as part of the session.

Take an insightful journey through the new tech world of diamond coloration. As president of NovaDiamond Corp., Hall will share how brown diamonds are turned to a vivid green. He will talk on identification and durability issues related to his product. A question-and-answer period will follow the session.

This is an intensive workshop covering issues related to appraisal of foreclosed residential properties. Topics include

This panel discussion will exchange information about and compare appraiser education and qualifications in the United Kingdom, Europe, North America, the Far East and Australia. Moderated by former Appraiser Qualifications Board chair Steve Williams, the panel of international appraisal leaders will answer whether there should be reciprocal recognition of their country’s "qualified" appraisers and whether, by understanding each country’s appraiser designations, we can at last begin to create workable opportunities for the "qualified" appraiser in a global profession.

The higher rate of return observed in the stock prices for smaller companies for much of the last 75 years has led to the theory that smaller companies have higher risk profiles. This leads investors to demand more return for smaller companies.

Feng Shui is the ancient Chinese art of placement. Learn about its history, its basic principles and how to incorporate this information into your own office. This workshop will help you understand why some buildings fail, why others prosper and how any building can be turned around to create more success!

This session includes presentation of two case studies illustrating the procedure for identification and measurement of business enterprise value (BEV) in an operating hotel/casino property and an operating hospital (for-profit) property. An operating property is defined as a property in which the owner-operator has a business whose profitability is a fraction of both the real property and other tangible assets employed and the business expertise or acumen of the firm’s management. The presenters will argue that in every valuation of an operating property, an appraiser must test to identify whether BEV exists and, if it does, how much it is.

Please join Fannie Mae and a distinguished panel of real estate and appraisal experts for a discussion on leading-edge mortgage finance issues in housing and community development. The intersection of such emerging trends as urban in-fill, energy efficient housing and smart growth are expected to dominate housing in the coming years. Following the company’s June 10, 1999, announcement with the National Association of Home Builders, Fannie Mae developed a comprehensive menu of products that recognize energy and land use factors. The operating performance and livability of housing are consumer concerns that will challenge the way we do business today. It’s time to advance the discussion of efficiency in location, utility savings and sustainability in appraisal methodology. Don’t miss this great opportunity to influence the dialogue on these crucial issues.

The director of 19th-century furniture at Sotheby’s in London will discuss the American and European expositions and their role in shaping taste and collecting trends for American and European institutions and collectors.

The former director of the U.S. marketing and popular arts department of Christie’s, Valentino will discuss the Marilyn Monroe sale and share observations about the market in celebrity property and the issues that impact valuation of celebrity materials.

Among pearl dealers and importers, European Gemological Lab (EGL) is known as the ultimate authority on pearl identification. EGL has the latest technological equipment used for pearl identification. Sherman will share how easy identification is made and how difficult it can be to identify some type of pearls. This is the perfect place to find out what your limits are in the standard gem lab.

With the infiltration of "certified" diamonds on the market, it is vital that an appraiser understand the intricate details of the AGS standard for grading. The recently opened AGS laboratory has made the "triple 0" the ultimate standard for diamond perfection for consumers. Tracy will help translate the AGS standard and show where it relates to GIA.

This presentation examines some of the ways that U.S. land investment in the early years of the 21st century will be different from what we know today. We will look ahead 5–10 years to predict which of today’s practices and patterns will have changed and how dramatically. We will also examine how these changes could affect returns and investment strategies. Real estate analysts, consultants and appraisers often "miss the mark" when valuing vacant land, because the techniques and the returns applied do not reflect the actions of informed buyers in the marketplace. We are now in the next development cycle, and losses may be minimized if proper techniques are applied in the valuation of vacant land, and we understand the impact of technology and globalization on land development. MacCrate will present the results of his research while at PricewaterhouseCoopers LLP and his most recent study, completed in early 2000.

This session focuses on the retail and office markets. In the retail discussion, procedures and techniques for estimating and allocating disposable trade area purchasing power to a property will be presented. In the office discussion, office employment estimation and allocation to a property will be presented.

This panel presentation will examine appraisal review and management concepts and analysis in the valuation world. The presentations will deal with government and the appraiser, the IRS and the appraiser, and administration and review of appraisals in the private sector. Each of the panel members will bring principle, theory and experience to his presentation. At the end of the presentations, participants may ask questions of the panelists.

The speaker will address valuing medical equipment and systems today. A number of highly technical pieces of equipment and systems are being used in hospitals and clinics. Should the equipment be inventoried piecemeal or as an individual system? These are just a couple of the questions our speaker will address. What costs must be considered when valuing major medical systems (ACTH labs, Cat Scans, Mires)? How is technology affecting the valuation of major medical systems, and what is the secondary market for these systems? Can an appraiser find cost information on the secondary market on the Internet?

The speaker will address the various practices involving the leasing of equipment. How are residual values established, and what trends are used in the leasing industry in determining residual values? What are the various lease programs that appraisers should be aware of when faced with leased equipment?

This session will provide rural residential appraisers with the most current theory and methodology in appraising rural properties in which the highest and best use is residential. Techniques are presented to assist the practicing appraiser in working with the limited and varied data typically available in rural markets. The presentation will cover the techniques used in assembling and analyzing data; understanding the contribution of excess land; problems in valuing dwellings in transitional areas; developing local cost models, multipliers and cost ratios for the market and extracting depreciation rates; direct sales comparison approach emphasizing sales selection; the adjustment process; and understanding the relationship between the cost and sales comparison approaches, as well as the techniques for linking the descriptive data presented in the report to the valuation section of the report.

The audience will witness interactive role-play simulating the process of a merger and acquisition transaction. The session will highlight how the different valuation and technical disciplines are used. The subject company (Boyer Rentals) is a family business engaged in the rental and operation of heavy-duty cranes for industrial and commercial use. The business is valued primarily on a cash-flow basis, but asset values are important as well. Real estate is a key component, and environmental concerns are directly linked. The audience will be given a handout with the final schedules and tables. However, through an interactive process using a computer linked to a screen, the audience will witness changes to the numbers as the program progresses. For example, the presenters show what happens to value when the discount rate or multiple assumptions is changed as a part of the negotiating process. The business valuation, real estate, machinery and equipment and environmental concerns will each present a deal problem that has to be creatively solved. The final act of the presentation shows how each of these problems is resolved in coming to the final value.

This session will cover the new Appraisal Institute Residential Database (AIRD) and AIRDport.com—your Web address for accurate, national appraisal services data by and for appraisers. Attend the seminar to learn about the benefits of contributing your data to the database and how you can put AIRD tools to work for faster, more profitable appraisal research.

This session will provide a complete examination of recent developments in case law as it relates to business valuation.

Alan Greenspan has noted at several junctures that today’s stock markets are possessed of "irrational exuberance." This presentation is a critical examination from an appraiser’s point of view of whether irrational exuberance exists in today’s stock markets, how growth impacts CAPM variables, how unusual aspects of the history of the market impacts the equity risk premium and other arcane topics. The presentation’s goal is to advance the level of understanding of what impacts discount rates and capitalization rates.

This advanced session will explore new mobile computing peripherals and their application to daily valuation practice, connectivity and customer service. It will explore the differences between Windows and CE products and related hardware, including the latest in handheld devices.

Learn what impact shopping on the Internet will have on retail properties. Find out what the Urban Land Institute, Institute of Real Estate Management and Building Owners Management Association are predicting. Will ".com" retailers cause shopping malls to go the way of dinosaurs? Is e-commerce a reality or just a virtual reality? Do you know what you need to include in your report?

The speaker will discuss what the IOWA curves are and provide background on how and why they were developed. The IOWA curves are used in many valuation reports, but are they being used properly? All appraisers, regardless whether or not they have used these curves to support their work, should attend this informative session.

The speaker will address the area of "fixtures and tenant improvements" commonly described and set out in leases and various aspects of litigation. Every appraiser, at some point, will be asked to inventory and value certain fixtures and/or tenant improvements for one reason or another. What constitutes a "fixture"? How are they treated? How are they described and valued? How do you apply depreciation to these various fixtures? These topics will be addressed in what promises to be a very enlightening session.

This session will feature key representatives from the rapidly growing electronic marketplace in art and artifacts. Appraisers will be given the opportunity to discuss the impact of this commercial phenomenon on classification, valuation and appraisal standards issues.

The Center for Advanced Property Economics has commissioned an ongoing market survey to determine what, if any, effects on real estate value and value cycles may be predicted from the recent explosion of e-commerce. A panel will discuss the current literature and results of the study.

Find out the current status of the auction market. Become enlightened on how "cyber auctions" have affected pricing and value. See what is hot and what is currently considered out of vogue. If you are confused on just how close some auction houses are to retail, then come and discover the latest news on this incredibly volatile market.

This workshop will review application of the three traditional approaches to value in the appraisal of permanent plantings within the context of changing markets. It will focus on revenue analyses and micro- and macro-market trends analyses and will explore discounted cash flow methodology and its proper application in changing markets. It will explore yield and discount rates in terms of their components and relationships and will extrapolate observations of market trends into relevant discounted cash flow analyses. Case studies will focus on two major California commodities already experiencing significant changes: almonds and varietal wine grapes. The session will explore the dynamics of supply and demand, predictable recurring cycles and alternative units of measure. Attendees will learn to look to other markets, and into the past, for illumination of the appraisal problem.

Representatives from the U.S. Department of Housing and Urban Development (HUD) will conduct a presentation and panel discussion highlighting changes to the policies and procedures for Section 8 qualification and the resulting impact of the changes on valuation reporting requirements.

This session will cover the new Appraisal Institute Residential Database (AIRD) and

From the U.S. government’s perspective, technical review of appraisal reports is considered a requirement. It is well founded in regulations and guidance, particularly for the acquisition of private property and the expenditure of tax dollars. Appraisal review is considered part of due diligence, or the check and balance, that U.S. federal agencies must provide to ensure that reports meet applicable requirements, and ascertain that an appraisal’s conclusions are appropriate, reasonable and adequately supported.