14B — October 16 - 29, 2020 — Southern New Jersey — M id A tlantic Real Estate Journal


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

On September 21, the Appraisal Institute’s Virtual Chapter Leadership Program (CLP) was attended by Chapter President Michael Descano, MAI, and Chapter Executive Director Lisa Weiss. The CLP is a way to educate and motivate Incoming Chapter Presidents to manage their boards and membership. Also included in the CLP is the 2020 Chapter Awards Program. This recognizes chapters that did exemplary work in the areas of state government relations, newsletter communications and special projects during the preceding year. The Southern NJ Chapter received the Chapter Newsletter Award, Medium Chapter category, “This was possible through the dedication from Newsletter Editor Bonnie Longo, MAI, SRA, and Newsletter Writer Lisa Weiss,” said Michael Descano, MAI, Chapter President. “Six times a year, they produce a great piece of writing, filled with useful information and data.” The chapter also won this award at the 2018 CLP. Congratulations to the Southern NJ Chapter on this amazing recognition! Congratulations to all the 2020 Chapter Awards recipients! Chapter Newsletter Award Small Chapter Category: Maine Chapter Medium Chapter Category: Southern New Jersey Chapter Large Chapter Category: Ohio Chapter Southern NJ Chapter to Offer NEW Seminar The Southern NJ Chapter of the Appraisal Institute will hold a NEW 7-hour continuing education seminar on December 3rd via Zoom. The seminar, “The Cost Approach: Unnecessary or Vital to a Healthy Practice?” is a new 7-hour seminar developed by the Appraisal Institute. It will be instructed by Craig Steinley, MAI, SRA, AI-GRS, AI-RRS, who was recently elected 2021 Vice President of the National Board of Directors. How often have you have heard residential appraisers don’t need the cost approach to obtain credible assignment results? Participants in the secondary market often suggest this, and it’s even highlighted in the Fannie Mae Selling Guide that the cost approach is only required for the valuing manufactured homes. Unfortunately, not understanding the cost approach limits your ability to properly support adjustments in the sales comparison approach, understand trends in market conditions that are often driven by building costs, and recognize and quantify the forms of depreciation that can affect residential improvements. By better understanding the 8 important steps in the cost approach, you can rely on its indications whether you have little data, confusing data, or lots of data. Presentations and case studies will help you better understand the key connection between proficiency with the cost approach and your ability to support your adjustments in the sales comparison approach. This much needed seminar will show you that the cost approach truly is relevant! SEMINAR OBJECTIVES: • Estimate site value. • Estimate cost of improvements. • Estimate entrepreneurial incentive. • Estimate total cost of improvements. • Estimate depreciation in the structure. • Estimate depreciated cost. • Estimate contribution of site improvements. • Derive indicated value of the property. For more information on this seminar as well as other educational opportunities, visit www.ai-snj.org or email lisamayweiss@hotmail.com. The Appraisal Institute is a global professional association of real estate appraisers, with over 17,000 professionals in almost 50 countries throughout the world. 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. Learn more at www.appraisalinstitute.org. Hot Topic/Special Projects Award: Delaware Chapter Government Relations Award: Louisiana Chapter The Southern NJ Chapter of the Appraisal Institute has over 150 members. We are the home to appraising professionals in the following counties: Burlington, Camden, Gloucester, Salem, Atlantic, Cumberland, Cape May, Monmouth, Mercer and Ocean. Our members perform a variety of services ranging from single family valuation to feasibility studies for regional malls and hotel-casinos. Whether it’s assistance on a home purchase or providing expert testimony for litigation, Appraisal Institute members are uniquely qualified to meet these needs. Visit www.ai-snj.org for more information on the Chapter.

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