September 2023

8A — September 2023 — Appraisal — Financial Digest — M id A tlantic Real Estate Journal

Southern New Jersey Chapter Telephone 856-415-0281 • Fax 856-415-1952


Seminars Brought Nationally Known Presenters to Atlantic City On September 13 & 14, the Southern NJ Chapter of the Appraisal Institute held its 17 th Annual Seminars at the Shore at the Golden Nugget in Atlantic City. The seminars featured Ted Whitmer, MAI, AI-GRS, who presented “Attacking and Defending an Appraisal in Litigation” on Wednesday. The following day, Randall Bell, PhD, MAI, and Michael Tachovsky, PhD, presented “Critical Thinking and Junk Science.”

President: Robert Klein, MAI, AI-GRS VP: Sherrie Lisa Galderisi, SRA, AI-RRS Treasurer: Maria Nucci, SRA, AI-RRS Secretary: Meghan Payne, MAI Directors: Steve Bartelt, MAI, SRA, AI-GRS Joshua D. Garretson, MAI, AI-GRS, AI-RRS

In “Attacking & Defending an Appraisal in Litigation,” Mr. Whitmer provided a framework and considerations for attacking and defending an appraisal in litigation. Common mistakes made in appraising and testifying concerning an appraisal were stressed. Various standards and ethical rules that are frequently misapplied or misunderstood were highlighted and explained. In addition, common tricks and how to prepare for tricks on cross-examination were identified, as well as answering hypothetical questions at trial. A case study was used to apply the Attacking & Defending Model. The “Critical Thinking & Junk Science” seminar included 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. Un- derstanding these complexities helps develop a credible opinion of value. While many of these issues are addressed throughout USPAP, professional literature and coursework, this course focused on them in a single framework.

Ted Whitmer, MAI AI-GRS CRE CCIM AQB is a Certified USPAP Instructor, served on the TALCB, and was vice chairman of the Board. Ted is a Certi- fied General Appraiser, licensed as a lawyer with the State of Texas and as a Real Estate Broker. He passed the Texas bar in 1988. Previous experience includes teaching every required course in the Appraisal Institute towards the MAI designation, authoring and teaching the Comprehensive Appraisal Workshop as a review for the comprehensive examination for the MAI designation and previously teaching Standards & Ethics, including USPAP. In addition, Ted has authored and instructed many seminars for continuing education including Attacking & Defending an Appraisal in Litigation, which is given to appraisers, lawyers and government

employees associated with Boards and other state and federal agencies. In addition to teaching, Ted has extensive experience in consulting including advising in cases with appraiser board enforcement, criminal fraud and civil liability issues. Past experience in consulting, teaching, serving on the TALCB, and having extensive knowledge of appraisal issues, theory and USPAP make Ted uniquely qualified to represent appraisers. Dr. Randall Bell specializes in real estate damage economics and valuation. This includes environmental, geotechnical, construction defects, natural disasters, eminent domain, and other conditions involving a wide variety of property types. He is experienced in complex valuation and diminution in value studies and damage issues for government, major corporations, oil and utility companies, and property owners. He is licensed in various states and has testified as an expert in multiple courts. Dr. Bell was the retained expert in the World Trade Center, Flight 93, Bikini Atoll Nuclear Test Site, OJ Simpson, Jon Benet Ramsey, Hurricane Katrina, Hurricane Harvey, Flint Michigan and multiple wildfires. Dr. Michael Tachovsky specializes in real estate damage valuation and economics; this includes environmental contamination, natural disasters, eminent domain, crime scenes, construction defects, and other conditions involving a wide variety of property types. His professional experience includes complex valuation and diminution-in-value studies; including damage issues for the government, major corporations, oil and utility companies, developers, and property owners. His experience includes speaking engagements and published writing assignments on these topics. THANK YOU to our seminar sponsors! • Marven Gardens sponsor: M. Descano Real Estate Solutions, LLC • Marven Gardens sponsor: Garden State Valuation & Consulting Services • Atlantic Avenue sponsor: Cushman & Wakefield • Ventnor Avenue sponsor: Nick Nowak Team, EXP Realty • Reading Railroad breakfast sponsor: BHHR Fox & Roach Realtors, Pam Kotter The Southern NJ Chapter of the Appraisal Institute’s next seminar is “Advanced Land Valuation: Sound Solutions to Perplexing Problems.” This will be Thursday, November 16, on Zoom. It will be instructed by Stephen D. Roach, MAI, SRA, AI-GRS. By examining unusual and complex land valuation assignments, this seminar takes concepts covered in the Appraisal Institute curriculum to the next level. In addition to lecture, discussion, and Q&A, sample case studies will demonstrate, primarily in Excel, conceptual and practical applications that participants will be able to incorporate into their day-to-day work. The seminar will suggest strategies for performing these assignments. Visit for registration information.

Lee Ann Kampf, MAI Jerry McHale, MAI Kathy Turley Errett Vielehr, MAI

Past President: Joseph V. Heenan, MAI, SRA Executive Director: Lisa Weiss 856-415-0281 2018, 2020 & 2021 Appraisal Institute Chapter Newsletter Award recipient (medium-sized chapter)

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