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.
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Course Description
Webinar Description:
Join the Appraisal Institute of Southern California and CCIM Greater Los Angeles on Thursday, August 14th, 2025, from 12:00 PM to 2:00 PM for a powerful lunch & Learn webinar where top valuation experts break down what’s really happening in California’s dynamic real estate market.
Whether you’re working with multifamily, industrial, office, or retail properties, this session will deliver real-world case studies and fresh insight into how rising operating expenses, fluctuating CAP rates, tightening DSCR requirements, and tariff uncertainty are reshaping property values across the board in California.
Our expert panel—Gazelle Wichner, MAI; Charles Wilson, MAI, CCIM; and Michael Tidwell, SRA, CCIM—will unpack valuation trends from both the appraisal and investment lenses. Moderated by Jeff Gould, CCIM, CPM, and LEED AP this webinar is designed for investors, brokers, lenders, asset managers, and fiduciaries looking to better understand how to navigate valuations in today’s evolving market.
Topics will include:
• How operating expenses like insurance, utilities, and R&M inflation are impacting NOI and value
• Shifts in discount rates and CAP rate spreads by property type
• The impact of local and global policy uncertainty (including tariffs)
• Lessons learned from recent California-based valuations and deal activity
MEET OUR SPEAKERS:
GAZELLE RAYE WICHNER, ASA, MAI, AI-GRS, CCIM
Gazelle Raye Wichner, ASA, MAI, AI-GRS, CCIM is a native of Southern California who began her career assisting the family’s Mineral Law and Land Use practice. Since that time, she has amassed over 30 years of experience in Real Property Valuation, Appraisal Review and Project Management on a national scale, with experience spanning a wide variety of complex real property assets. She has been active in the valuation profession through several major economic/real estate cycles, most recently concentrating on the West Coast and Southwest US markets.
At CBRE she serves as Director of Quality and Risk Management for the SoCal Valuation and Advisory Services practice. Prior roles include Appraisal Review Manager for JP Morgan Chase and First Republic Bank, Director of the West Coast Real Estate Practice for Marshall & Stevens Inc, and founder/owner of Azalea Valuation Advisors, a boutique valuation and advisory practice.
Her appraisal career began with immediate immersion into portfolio valuation and project management on a national scale, for clients such as Motel 6 (KKR), Traveler’s Inn, Federated, Hewlett Packard, Thrifty-Payless, Wal-Mart, Circle K (Tenneco), and many more, including high profile estates. Other portfolio-based assignments included asset testing and reporting for bank acquisitions.
Gazelle also managed portfolio valuation assignments for public offerings (IPO)s for clients such as American Homes for Rent (Public Storage) and a prominent SoCal industrial fund. The fund assignments included integration of ARGUS and excel models. Her team worked with IT to develop excel templates to manage property, financial and comp data which were all linked to a consolidated worksheet for workfile documentation. The models also included a presentation valuation matrix and worksheets for sensitivity analysis. Most of the portfolio assignments involved a great deal of client interface and quite a few boardroom presentations.
Active on the Executive Board of the Los Angeles Chapter of the American Society of Appraisers (ASA-LA) for over a decade, she currently serves as Vice President and is a past President of the Chapter (2020-2021).
Gazelle is dedicated to upholding public trust in the appraisal profession through best practices, education, and mentorship, and takes a special interest in supporting the efforts of new entrants to the field. Community leadership service includes financial literacy programs, elder assistance and advisory, and service on the Board of the West Pasadena Residents Association Land Use Committee. In addition to a life-long passion for property, her interests include early to mid-20th Century art and architecture, film history and yoga.
CHARLES L. WILSON, MAI, CCIM, MRICS
Since 2003, Charles L. Wilson, MAI, CCIM, MRICS has been providing advisory services to small and medium sized enterprises seeking to maximize the full potential of their real estate investments. Currently, Charles is a services provider focusing on commercial real estate valuation and advisory of institutional and SME real property throughout the USA and internationally. He has over 20 years of professional experience providing financial reporting valuation, portfolio valuation, appraisal review, valuation management, dispute resolution, litigation support, and due diligence services.
Charles has extensive experience in all major commercial real estate asset classes including multifamily, retail, office, and industrial property types. His areas of specialization include hospitality, shopping centers, student housing, and manufactured housing property types.
Charles is a Certified General Real Estate Appraiser and an MAI Designated Member of the Appraisal Institute where he is on the Litigation and Valuation of Sustainable Buildings Registries. He is also a Licensed Real Estate Broker and holds a Certified Commercial Industry Member (CCIM) designation with the CCIM Institute. Additionally, Charles holds a MRICS designation with the Royal Institution of Chartered Surveyors, and memberships with the Real Estate Executive Council, the Urban Land Institute, and the International Council of Shopping Centers.
Charles has a multifaceted background spanning professional and entrepreneurial experience in the real estate, digital media, themed entertainment, and music and aerospace industries. He has a Master of Business Administration degree from California State University Long Beach where his studies emphasized sustainability within business organizations. He also holds a Bachelor of Science Degree in Electrical Engineering from California State University Long Beach. Additionally, he has extensive professional studies in real estate valuation, finance and investment analysis through his Certificate in Business Studies from the University of California Los Angeles, and his designations with the Appraisal Institute, and CCIM Institute.
MICHAEL J. TIDWELL II, SRA
Michael J. Tidwell II is a distinguished Multifamily Investment Sales expert in Los Angeles with two decades as a trusted advisor. His expertise fuses deep valuation knowledge, sharp emotional intelligence, and comprehensive awareness of multifamily market trends, establishing him as the premier Multifamily Connector for discerning investors. As a Los Angeles native, Tidwell offers pivotal insights into the market’s complexities and its historical evolution.
Renowned for his ability to yield exceptional results and forge lasting client relationships, Tidwell’s approach is defined by personalized, outcome-focused solutions. His oversight of over $10 billion in national valuations reflects his significant impact on the industry.
Focusing squarely on multifamily acquisitions and dispositions and on tenant representation for commercial leasing, Tidwell guides investors and owner-users through every stage of their transactions—designing strategies that drive premium pricing and expedited closings. He leverages his deep understanding of LIHTC and HAP contract mechanics to unlock affordable-housing value, while pinpointing land-development sites primed for highest-and-best use. This comprehensive model—spanning acquisitions, dispositions, commercial lease advocacy, and site analysis—delivers superior returns and manages risk across conventional and subsidized multifamily assets and adaptive commercial leases in the Los Angeles region.
Recognized for his real estate leadership and dedicated community service, Tidwell has held prestigious board roles and has been honored for his integrity and significant contributions. He extends his leadership to coaching youth sports and volunteering with non-profits. Clients gain from his exceptional market acumen, personalized strategies, and steadfast drive to surpass expectations, ensuring that investors receive optimal outcomes.
Course Description
Join us on August 21 for an in-depth presentation led by Joel Baker, Senior Professional, Product at a la mode, a Cotality company. Joel will walk through the upcoming changes to the Uniform Residential Appraisal Report (URAR) and how these updates will impact appraisers’ workflows. He will also highlight how a la mode is adapting its tools and features to support a seamless transition. This session is ideal for appraisers looking to stay ahead of the evolving appraisal landscape.
About Joel Baker
Joel Baker is a seasoned product leader with over 22 years at a la mode, a Cotality company (formerly Corelogic), where he serves as Senior Professional of Product. Since 2003, Joel has played a key role in the development of a la mode’s appraisal software, which supports thousands of professionals across the country. Most recently, he has been deeply involved in preparing for the updated URAR, ensuring that a la mode users are equipped with modern, compliant, and efficient tools.
Course Description
Session Learning Objectives:
Understand upzoning definitions
Assess how upzoning local & national legislation impacts the appraisal process
Apply HBU to upzoning assignments
Identify appraisal workfile requirements
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.
Event Information
Zoom Log in opens at 8:15 AM – Class Starts at 8:30 AM
Photo Verification: REQUIRED
As part of the required attendance monitoring, all students need to provide the Chapter Office with a copy of your Driver’s License in advance of the offering.
• Simply take a picture of your DL with your phone or send a scanned copy to [email protected] (please feel free to block sensitive information; I need to see your name and your picture)
• Registrants who have not yet forwarded their photo IDs will be ineligible for credit and will be prohibited from attending the seminar
Required Equipment
It is the student’s responsibility to have the required equipment – dependable Internet access, computer, webcam and microphone. As noted in the material section below, some registrants who opt not to print out the seminar materials may find a secondary device (Ipad, cell phone, laptop or desktop computer) helpful during instruction.
• A webcam is required. The instructor and/or session monitor must be able to see each of the students and verify that they have access to the seminar materials throughout the presentation. If you do not have a camera on your computer, they are available at BestBuy and other online retailers starting at around $30.
• Webcams must remain on throughout the offering. Those who turn off their webcams jeopardize receipt of CE credit. No camera = no credit.
• Joining the offering with a cell phone is not recommended as these devices often lead to connection problems. Cell phones are better utilized solely as a secondary devise.
• Students must be able to see and be seen. They must be able to view the instructor’s PowerPoint, and follow along in handbook all at the same time, while the instructor sees them.
This course synthesizes the three approaches to value, examines their applications, and helps you apply basic and advanced valuation techniques. Case studies teach you how to address common but complex appraisal issues, including a leased fee not at market rent, a proposed property, a property in a market not at equilibrium, and a subdivision. The course emphasizes the need to test the reasonableness of all the conclusions in an appraisal.
Note. This is primarily a synthesis course, not a review course. Like all advanced education courses sponsored by the Appraisal Institute, the course naturally reviews many concepts taught in previous courses. However, it includes some new material and does not include a complete overview of the other courses. Therefore, Advanced Concepts & Case Studies should not be considered an adequate review for the comprehensive exam. To prepare for the comprehensive exam, participants must review all four advanced education courses, as well as basic concepts from qualifying education for certified general real property appraisers.
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.