Appraisal of Real Estate 2016

THE APPRAISAL OF REAL ESTATE

(For Litigators, Real Estate Transaction Attorneys, Valuation Professionals and Expert Witnesses)

Litigators often encounter appraisals and/or appraisal experts in connection with eminent domain actions, real property tax disputes, loan deficiency lawsuits, family law matters and construction defect claims, among other proceedings.  Professionals who would benefit from attending this program, include transactional lawyers, brokers, appraisers, accountants, economists and consultants who may be asked to assist their clients in obtaining or reviewing appraisals to aid the client in negotiating for the purchase or sale of real estate, in connection with loan transactions and/or in connection with analyzing the valuation impact of proposed improvements to real property, among other types of transactions.  

This one-day seminar is designed to provide a foundational understanding of the concepts and techniques of appraisal science.  It includes an introduction to each of the three approaches to real estate valuation, and explanations of how each is applied in the context of an appraisal problem.  The seminar has been designed to offer insights from both attorneys who regularly practice in the various real estate valuation fields, and from experienced, licensed commercial property appraisers. 

AGENDA

8:30 – 9:00 AM    Registration

9:00 – 9:45 AM    Introduction: The Concept of “Value”, Fair Market Value and Highest and Best Use (G. Birnbaum)

9:45 – 10:00 AM    USPAP/Types of Appraisals (P. Johnson, MAI, CRE)

• Retrospective, Current Value and Prospective Appraisals

10:00 – 10:45 AM    Sales Comparison Approach (Wm. Jameson and Lisa Maxie-Mullins)

• Adjustments and Adjustment Grids

10:45 – 11:00AM    Break

11:00 – Noon    Income Approach (G. Birnbaum)

• Direct Capitalization

• Discounted Cash Flow (DCF) Methodology

• Capitalization Rates

Noon – 1:00 PM    Lunch

1:00 – 2:00 PM    Cost Approach (G. Zaddack, MAI, CRE)

• Cost Estimation Methods

• Entrepreneurial Incentive

2:00 – 2:45 PM    Direct and Cross Examination of the Valuation Witness (Jennifer Dorsey/Adrian Weinkamer)

2:45 – 3:00 PM    Break

3:00 – 4:00 PM    Ethics – Working with the Valuation Expert (G. Sturr)

4:00 – 4:30 PM    Special Issues – Eminent Domain

• Larger Parcel Theory

• Access Issues

• Severance Damages and General and Special Benefits (J. Braselton, M. Patel, V. Cloar)

4:30 – 5:00 PM    Special Issues – Leases/Leasehold Valuation (G. Birnbaum)

Appraiser Panels will provide input and respond to questions throughout the day:

        Morning Panel: (J. Loper, ASA, P. Martori, J. Sell, MAI)

        Afternoon Panel: (P. Johnson, MAI, CRE, D. Duncan, ASA, C. Dietz, MAI)