8B — October 21 - November 17, 2022 — New Jersey — M id A tlantic Real Estate Journal
www.marej.com
Southern New Jersey Chapter www.ai-snj.org Telephone 856-415-0281 • Fax 856-415-1952
Seminars Return to Atlantic City Southern NJ Chapter of the Appraisal Institute Celebrates its 16th Year Offering “Seminars at the Shore” On Friday, September 30th, the Southern NJ Chapter of the Appraisal Institute returned to the Jersey Shore and offered a day of education at the Golden Nugget in Atlantic City. A great crowd attended seminars affiliated with the chapter’s annual “Seminars at the Shore” program, celebrating its 16th year. Two seminars were featured, both created and instructed by Vince Dowling, MAI, SRA.
2022 BOARD OF DIRECTORS
PRESIDENT Joseph V. Heenan, MAI, SRA jheenan@gsvcsllc.com VICE PRESIDENT Sherrie Lisa Galderisi, SRA, AI-RRS Sherrielisa43@aol.com TREASURER Robert Klein, MAI, AI-GRS Rob.klein@cushwake.com
The morning seminar was “Setting the Stage for Inputs.” Appraisal reports convey opinions and conclusions that are to be based on credible market support. However, the reality is that this does not always occur. USPAP requires the appraisal to have market support, sound reasoning and logic for adjustments in a comparison analysis, all components in a cost analysis and the multiple aspects of an income analysis. This program addressed the need for meaningful market analysis for properties that com- monly transact and are located in relatively stable markets, using industry approved and peer tested techniques within the Six Step process. This program delved into all aspects of an Inferred market analysis which is the underpinning of a meaningful highest and best use analysis and conclusion. Each step in the Six Step process will connect theory and practice to assist residential and non-residential practitioners in writing more complete and meaningful appraisals, regardless of the medium used to
Vince Dowling, MAI, SRA
communicate the report. The goal will be to offer pragmatic ways to comply with USPAP and allow clients and intended users to more fully understand all the work done by an appraiser. The program was designed to show how USPAP and appraisal practice and theory can be presented in a succinct manner that will be meaningful to users while demonstrating the depth of research and analysis that trained and experienced appraisers bring to assignments. The afternoon seminar, “ Risk and Equity’s
Role ,” reviewed the underlying risk factors that im- pact all real estate & the role of equity when acquiring and owning real property. Appraisal assignments generally seek to value the whole property as of an effective date and practitioners use the methods and techniques taught academically & gained while on-the-job. We will review factors that contribute to many factors including but not limited to overall & yield rates. It views investments from both the lender
SECRETARY Mary Fox, MAI foxmai@aol.com
& equity investors positions. While the various types of risk were discussed, tools used by lenders were also reviewed. Salient issues such as loan-to-value ratios, breakeven analysis, sensitivity need to be addressed when valuing income producing property. This program also focused on the role equity plays when evaluating the real property rights. The program looked at the appraiser’s responsibilities as its pertains to the role of equity under USPAP, Interagency Guidelines, and similar documents such as Florida Statutes Title XXXII Regulation of Professions and Occupations which are used to evaluate the reasonableness of an appraisal service. UPCOMING EVENTS For more info and registration links, visit www.ai-snj.org 7 CE hrs Adelphia, Deptford Instructors: Randall Bell, MAI, PhD, and Michael Tachovsky. PhD of Landmark Research • 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. Complex Valuation Friday, December 2
DIRECTORS Joshua D. Garretson, MAI, AI- GRS, AI-RRS
Lee Ann Kampf, MAI
Jerry McHale, MAI
Maria Nucci, SRA, AI-RRS
Meghan Payne, MAI
Kathleen Turley
PAST PRESIDENT: Michael Descano, MAI
SAVE THE DATE: December 6 -- Installation of Officers and Directors/Holiday Dinner, Terra Nova, Sewell
www.ai-snj.org
Made with FlippingBook interactive PDF creator