18A — November 14 - 27, 2014 — M id A tlantic

Real Estate Journal


Southern New Jersey Chapter www.ai-snj.org Telephone 856-415-0281 • Fax 856-415-1952

he September dinner meeting was held at Mastori’s Diner in Bordentown on September 30th. The newly renovated room was a welcomed sight by those in attendance. Over 30 people participated in the event, which was one of the more memorable seminars we have held in years. Patrick Josephs, MAI , (pictured) presented the 3-hour seminar “Analyzing Real Estate Trans- actions.” According to the presenter, in uncertain markets, it is paramount that owners, managers, brokers, appraisers and market analysts correctly interpret the data collected from real estate trans- actions. This seminar provided a step-by-step ap- proach to dissecting a transaction. Topics included analyzing marketing, sale, and ownership history; understanding the arms-length concept; primary and secondary sources of transactional data; veri- fication of transaction data including buyer, seller, date of sale, offer/acceptance date, contract date, and closing date; sales and seller concessions; financing concession; seller financing; and cash equivalency. The seminar met the following objectives: • Provided helpful tips to real estate professionals in the collection, interpretation & application of transactional data. • Demonstrated how to identify transactions that are typically considered non arms-length. • Acknowledged the importance of current and expired listings. • Showed how to dissect a real estate transaction through the verification process. Patrick Josephs, MAI, MS, MRICS, has over 30+ years of real estate experience. He has been developing courses and instructing for 13± yrs. For 7 years, he has served as an Appraisal Institute approved instructor. He is also currently an Adjunct Professor at NYU Schack Real Estate Institute. Josephs is a Certified General RE Appraiser (NY,NJ,PA,CT,DE,DC) and has been a NYS Licensed Real Estate Broker for 25± yrs. He earned his Master’s Degree in Real Estate fromNYU in 1993. In the past, he has served as Education Chair for theMetro NJ Chap- September dinner meeting features a lively 3-hr seminar T

Southern NJ Chapter Appraisal Institute 2014 Chapter Officers President Jacob Ramage, MAI VP Michael S. Sapio, MAI Treasurer Albert Crosby, MAI Secretary

Edward T. Molinari, SRA Director (Term through ’16) Michael Descano Director (Term through ’16) Samuel Levi, MAI Director (Term through ’15) Errett Vielehr Director (Term through ’15) Robert Kirwan, SRA Director (Term through ’15) Jackie Marmur Director (Term through ’15) Timothy W. Sheehan, MAI, SRI Director (Term through ’14) James Carr Director (Term through ’14) Joshua Garretson

ter of Appraisal Institute, and cur- rently serves as a Member of the Appraisal Institute Education Trust. The seminar was very interactive; there were a lot of questions asked from the partici- pants. Dialogue was interesting

and thought-provoking. It was one of the more lively seminars I have seen in years! Dinner in the updated room was tasty, and the wonderful waiter sent MANY of us home with leftovers. (That always helps us go home with a smile!) The board meeting was held during dinner, and chapter updates were given at that time as well. The next meeting will be Thursday, November 13, at the Adelphia. It is the annual State of the Industry report. This year’s event features Marc Isdaner and Evan Zweben of Colliers International , Gloucester Township mayor David R. Mayer, and Joseph Palumbo, SRA , president of the NJ State Board of Real Estate Appraisers . Visit www.ai-snj.org for more information, or email lisamayweiss@hotmail.com. The Appraisal Institute is a global professional association of professional real estate. Its mission is to advance professionalism and ethics, global standards, methodologies, and practices through the professional development of property economics worldwide. Organized in 1932, the Appraisal Institute advocates equal opportunity and nondiscrimination in the appraisal profession and conducts its activities in accordance with applicable federal, state and local laws. Individuals of the Appraisal Institute benefit from an array of professional education and advocacy programs, and may hold the prestigious MAI, SRPA, SRA, AI-GRS and AI-RRS designations. For more information regarding the Southern New Jersey chapter, visit our Web site at www.ai-snj.org or www.appraisalinstitute.org. n

President Ex Officio Jerome McHale, MAI

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