The Chapter Welcomes You!

Title of Presentation

What’s So Special About Special-Use Properties?

Insight on CA Evidence Code Section 824

Description of Presentation

The evidence an appraiser can rely on for litigation matters can be complex, particularly when the property being appraised involves a special use. In this presentation, Andrew and Eric will discuss Evidence Code 824, its background, the criteria involving what constitutes a special use property, and a case study involving the condemnation of a cross in the Bay area.

This fundamental review course that all reviewers of assignments involving income-producing and other nonresidential properties should have in their educational background. It is a required course for individuals pursuing the Appraisal Institute General Review Designation (AI-GRS, Appraisal Institute General Review Specialist). At the core of this course is the review process. Participants explore the seven steps outlined in this process as they apply to nonresidential properties. To be a reviewer, an appraiser must learn how to develop opinions of completeness, accuracy, adequacy, relevance, and reasonableness relative to the work under review. These opinions must be refined through tests of reasonableness to develop reconciled opinions of appropriateness and credibility. The material provides a refresher on key valuation skills often required of reviewers, such as measuring financial feasibility in highest and best use analysis and various applications of the income capitalization approach. In addition, the course covers reporting reviews for income-producing property and the use of commercial review report forms, narrative reports, and oral review reports. Participants will gain practice in writing a scope of work statement for three types of assignments. They will also develop a template for a narrative review report on a property type of their choice (office, retail, apartment, etc.). By taking this course, participants will gain invaluable confidence in the fundamentals of review through the review process, which is the core of this course. To be a reviewer, an appraiser must learn how to develop opinions of completeness, accuracy, adequacy, relevance, and reasonableness relative to the work under review. These opinions must be refined through tests of reasonableness in order to develop opinions of appropriateness and credibility. By taking this course, participants may gain invaluable confidence on the fundamentals of review.

NEW SEMINAR!

In this seminar, you will gain a basic understanding of the global short-term rental market plus increased awareness about the impact of STRs and the emerging methods, or best practices, required to develop credible valuations of this property type.

Course Overview:

The Uniform Standards of Professional Appraisal Practice (USPAP) establishes a framework that appraisers use when developing an opinion of value. The valuation process is a systematic procedure an appraiser follows to provide answers to a client’s questions about real property value.1 It is a model that can be adapted to a wide variety of issues related to value, mass value, review, litigation support or consulting assignments.

The goal of the valuation process is to deliver well-researched and supportable conclusions. The Critical Thinking & Junk Science course includes both principles and case studies for the appraisal professional. The three approaches to value (cost, income and sales comparison), coupled with complex issues set forth in USPAP AO-9 (cost, use and risk effects) established a solid valuation framework.

Critical Thinking and Junk Science expands an appraiser’s professional skill set by focusing upon five topics within the context of real estate valuation:

1. Epistemologies. The academic community has long identified research methods to collect and build credible knowledge and are discussed within the context of valuation.

2. Critical Thinking. Appraisers must employ an objective analysis that allows them to form credible opinions, especially when involving complex or “atypical” properties and conditions.2

3. Logical Fallacies. Appraisers should avoid invalid or faulty reasoning. USPAP sets forth guidance on a variety of issues, and the Appraisal Institute sets forth many established methodologies.

4. Cognitive Bias. Appraisers should avoid any systematic pattern of deviation from rationality or established standards and ethics of the appraisal profession.

5. Junk Science. Appraisers should avoid unproven or untested tactics or theories when presenting an opinion of value. These tactics are explored, along with how to rebut them.

Title of Presentation

What’s So Special About Special-Use Properties?

Insight on CA Evidence Code Section 824

Description of Presentation

The evidence an appraiser can rely on for litigation matters can be complex, particularly when the property being appraised involves a special use. In this presentation, Andrew and Eric will discuss Evidence Code 824, its background, the criteria involving what constitutes a special use property, and a case study involving the condemnation of a cross in the Bay area.

This fundamental review course that all reviewers of assignments involving income-producing and other nonresidential properties should have in their educational background. It is a required course for individuals pursuing the Appraisal Institute General Review Designation (AI-GRS, Appraisal Institute General Review Specialist). At the core of this course is the review process. Participants explore the seven steps outlined in this process as they apply to nonresidential properties. To be a reviewer, an appraiser must learn how to develop opinions of completeness, accuracy, adequacy, relevance, and reasonableness relative to the work under review. These opinions must be refined through tests of reasonableness to develop reconciled opinions of appropriateness and credibility. The material provides a refresher on key valuation skills often required of reviewers, such as measuring financial feasibility in highest and best use analysis and various applications of the income capitalization approach. In addition, the course covers reporting reviews for income-producing property and the use of commercial review report forms, narrative reports, and oral review reports. Participants will gain practice in writing a scope of work statement for three types of assignments. They will also develop a template for a narrative review report on a property type of their choice (office, retail, apartment, etc.). By taking this course, participants will gain invaluable confidence in the fundamentals of review through the review process, which is the core of this course. To be a reviewer, an appraiser must learn how to develop opinions of completeness, accuracy, adequacy, relevance, and reasonableness relative to the work under review. These opinions must be refined through tests of reasonableness in order to develop opinions of appropriateness and credibility. By taking this course, participants may gain invaluable confidence on the fundamentals of review.

NEW SEMINAR!

In this seminar, you will gain a basic understanding of the global short-term rental market plus increased awareness about the impact of STRs and the emerging methods, or best practices, required to develop credible valuations of this property type.

Course Overview:

The Uniform Standards of Professional Appraisal Practice (USPAP) establishes a framework that appraisers use when developing an opinion of value. The valuation process is a systematic procedure an appraiser follows to provide answers to a client’s questions about real property value.1 It is a model that can be adapted to a wide variety of issues related to value, mass value, review, litigation support or consulting assignments.

The goal of the valuation process is to deliver well-researched and supportable conclusions. The Critical Thinking & Junk Science course includes both principles and case studies for the appraisal professional. The three approaches to value (cost, income and sales comparison), coupled with complex issues set forth in USPAP AO-9 (cost, use and risk effects) established a solid valuation framework.

Critical Thinking and Junk Science expands an appraiser’s professional skill set by focusing upon five topics within the context of real estate valuation:

1. Epistemologies. The academic community has long identified research methods to collect and build credible knowledge and are discussed within the context of valuation.

2. Critical Thinking. Appraisers must employ an objective analysis that allows them to form credible opinions, especially when involving complex or “atypical” properties and conditions.2

3. Logical Fallacies. Appraisers should avoid invalid or faulty reasoning. USPAP sets forth guidance on a variety of issues, and the Appraisal Institute sets forth many established methodologies.

4. Cognitive Bias. Appraisers should avoid any systematic pattern of deviation from rationality or established standards and ethics of the appraisal profession.

5. Junk Science. Appraisers should avoid unproven or untested tactics or theories when presenting an opinion of value. These tactics are explored, along with how to rebut them.