- Check in begins at 8:00am
- Seminar from 8:30am-4:30pm. (Includes continental breakfast and buffet lunch).
- Instructors: Randall Bell, PhD, MAI and Michael Tachovsky, PhD
Complex Valuation is a new seminar developed to give appraisers the skills to value both detrimental and beneficial conditions. The field of “complex valuation” involves the real estate characteristics that are “atypical.” (Federal Regulations Part 34.42.).
Many, if not most, valuation assignments involve a straightforward application of the cost, income and sales comparison approaches to value. However, frequently complex issues arise that involve either beneficial or detrimental conditions that can influence the value of real estate. For example, beneficial conditions might result in an increase in value, such as discovering minerals or oil on grazing land. Detrimental conditions could result in a diminution in value, such as natural disasters or environmental contamination.
As real estate appraisers, understanding these complexities helps in developing a credible opinion of value in these types of assignments. Although many complex issues are addressed throughout appraisal literature and coursework, they are not presented as a single framework. The purpose of the Complex Valuation course is to provide real estate appraisers with a comprehensive understanding of the topic and focus on these various property conditions and the valuation methodologies to address them. Instructors present with a comprehensive PowerPoint presentation.
DESCRIPTION: The Complex Valuation Exhibits serves as a course outline, where case studies will be presented to compare and contrast each of the 10 categories, as well as present practical methods to address the different complex valuation issues. This framework is an extension of the ten categories found within the Appraisal Institute’s Real Estate Damages text, which has been utilized for over 30 years.
Furthermore, to address the array of complex issues, real estate appraisers are trained to use a variety of approaches and methodologies. The approaches include the three traditional approaches to value and the real estate damage approaches:
|Real Estate Economics|
|Traditional Appraisal Approaches||Real Estate Damage Approaches|
|Cost Approach||Cost Effects|
|Income Approach||Use Effects|
|Sales Comparison Approach||Risk Effects|
Within the different approaches to value, real estate appraisers can utilize a variety of techniques such as regression, paired sales, sale/resale, literature reviews, case studies, loss of use, project delay, and so forth. This course will present a general overview of the different techniques, including examples utilized in different complex valuation situations, and facilitate discussion.
Many class action lawsuits seek to address these complex valuation issues across numerous properties. The real estate appraisal profession plays an essential role in these lawsuits, as USPAP sets forth Standards 5 and 6, to address mass appraisal assignments. We will give a general overview of the different mass appraisal techniques an appraiser can consider and how these techniques can be utilized in mass-complex valuation assignments.
Make sure you have downloaded class materials PRIOR to class. If you order (and ship) printed materials to you, make sure they arrive 1 week prior to class. Contact the national office if there are any issues at least one week before class. (All other seminars listed have no materials; anything will be distributed on site.)
Any & all cancellations are subject to an admin fee. No credit/refunds for cancellations made on or after 10 days prior to class. No credit/refunds for no-shows. Our cancellation policy is stated on the registration portal.
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