Appraisers of what types of properties can use census information in their analyses?

The dictionary is divided into two sections. The first section presents an alphabetical listing of terms directly related to real estate appraisal. The Addenda section contains information—in five topical glossaries and four other compilations of useful information—that relates more directly to other professional disciplines but is used by, and is of interest to, appraisers.

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The ups and downs of US housing markets make big headlines, but do the reports in the media really provide a full and timely picture of the interaction of supply and demand in residential real estate markets? Although most residential appraisers are familiar with the market trends affecting local property values, many fall short in communicating their understanding of market conditions fairly and accurately to their appraisal clients.

Written by an experienced appraiser and educator, Residential Market Analysis and Highest and Best Use presents practical advice and real-world examples that demonstrate

Readers of this new text will learn how to plan and perform appropriately detailed market and highest and best use analyses that lead to credible and supportable value conclusions and convincing appraisal reports.

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Learn how to value land, or a leased fee in­terest in land, when:  

• The highest and best use is uncertain or not currently feasible.

• The land is subject to a long-term ground lease.  

Land Valuation: Real Solutions to Complex Issues reviews basic land valuation techniques (extraction, allocation, land residual, and ground rent capitalization) and presents advanced and non-traditional methods to help appraisers solve complex land valuation problems. Seven complete case studies and numerous spreadsheets are provided to ensure that readers understand the issues involved and know how to apply the innovative valuation strategies

presented.  

Download the case study spreadsheets used in this book.  

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Appraisers in Arbitration, second edition, presents up-to-date information and advice on how appraisers can expand their practices by participating in real estate arbitrations.

Arbitration is increasingly seen as an efficient and cost-effective alterna­tive to litigation, and valuation professionals are often called on to serve as arbitrators, expert witnesses, and consultants in arbitration matters. This practical text provides specific advice on how to perform each task required in an arbitration and the standards that apply to each service. Every step in the arbitration process, from the preliminary hearing to the final award, is explained and common arbitration scenarios and real-world examples of in-person and virtual arbitrations are discussed.

Appraisers in Arbitration, second edition, is essential reading for valuers who wish to explore how arbitration differs from other areas of practice and learn how to make use of their valuation skills in this new and exciting area of specialization.  

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Valuing automobile dealerships requires specialized knowledge of the physical features of dealerships as well as trends in the real estate and automotive industries. A Guide to Appraising Automobile Dealerships, second edition, explores changing car buying habits, new business models, and various types of vehicle-related properties and addresses the concerns of users of appraisal reports. Case studies and real-life examples are included along with guidance from industry experts.

A Guide to Appraising Automobile Dealerships, second edition, will help commercial real estate appraisers examine the relevant issues considered in the valuation of auto dealerships and offer new insights to professionals involved in the design, development, and financing of these unique properties.

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The restaurant business is risky. Owners and operators of restaurants know this, and real estate professionals must know it as well. Appraisers who value restaurant properties should fully understand the opportunities and risks inherent in restaurant operations and how these factors affect real property value.

A Guide to Appraising Restaurants is aimed at commercial appraisers, brokers, lenders, and reviewers who wish to explore the complex issues related to valuing restaurant properties. This guide will also help professionals involved in designing, developing, financing, and investing in restaurants understand marketability and valuation issues relating to restaurant properties and what to expect from restaurant property appraisals.

The book examines important trends in the restaurant industry and demonstrates market, location, and property analyses and the three approaches to value. Case studies and examples of different valuation scenarios are included to provide real-world insights.

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In every appraisal assignment, valuers must identify the scope of work, which describes the extent of the appraiser’s investigation and the analysis applied to answer the client’s question about property value. The scope of work concept is fundamental to appraisal, and its proper application ensures that appraisers can provide a wide range of services and maintain flexibility in their assignments, which has become increasingly important in our rapidly changing business environment.

This new edition of Scope of Work addresses the evolution of the scope of work concept in the appraisal profession and the current scope of work requirements presented in the Uniform Standards of Professional Appraisal Practice (USPAP), the Appraisal Institute Standards of Valuation Practice (SVP), and the International Valuation Standards (IVS). Case studies and appraisal report templates are provided to help appraisers understand how scope of work can be applied in a variety of assignments. This valuable text can help appraisers customize their work products to successfully meet their clients’ needs while adhering to valuation standards and maintaining professional integrity.
 

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The Appraisal of Real Estate, 15th edition, is a book that fits these chaotic times, when a global pandemic and social justice concerns call into question our economy and many other aspects of our lives. Although we know that our work today is not “business as usual,” the Appraisal Institute is proud to present this text as confirmation of its faith in, and continuing commitment to, the valuation community and the sound application of recognized valuation methodology. 

In addition to updated information on changes in real estate markets and valuation standards, longtime readers of The Appraisal of Real Estate will notice these significant changes in this edition:

• New chapters focused on applications of market analysis and highest and best use analysis
• Additional emphasis on identifying the property rights to be appraised in an appraisal assignment
• Deeper discussion of accepted techniques for allocating value among real estate, personal property, and non-realty items 

History confirms that the applicability and importance of different valuation techniques rise and fall as real estate markets and society evolve, but the basic principles of valuation that are at the core of this book, and fundamental to the appraiser’s skill set, remain unchanged. 

View clarifications for page 534 and page 538 of Chapter 29, The Cost Approach. 

Instructors: Request Instructor Materials 

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Appraising Conservation and Historic Preservation Easements, second edition, is a landmark text for appraisers, land trusts, historic preservation organizations, tax professionals, attorneys, and state and federal agencies involved in the creation, donation, and valuation of easements. Relying on their extensive experience in this specialized area of valuation, the authors describe in detail the techniques applied to analyze the effect of easements on property value and examine the changes in public policy regarding conservation and preservation that have occurred in recent years. The expanded oversight of the appraisal process by governmental and judicial entities makes it imperative that those involved in valuing easement-encumbered properties demonstrate their competence to their clients, their peers, the Internal Revenue Service, and the courts. Using case studies and actual court cases, this book explores the many complex issues related to the valuation of conservation and historic preservation easements and the pitfalls that appraisers may encounter as they undertake these challenging and controversial appraisal assignments.   

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The Student Handbook to The Appraisal of Real Estate, 15th Edition is a practical tool for learning about real estate valuation independently or in the classroom. Based on the Appraisal Institute's classic textbook, it provides the essential information real estate professionals need to understand the valuation profession, prepare for state examinations, and embark on a career in real estate. The handbook summarizes each chapter of The Appraisal of Real Estate, 15th edition, covering key concepts and important terms. It explains and demonstrates the essential principles and techniques of valuation using examples of situations practitioners are likely to encounter in their daily work. Because problem-solving is the foundation of a valuer's skill set, each chapter of The Student Handbook to The Appraisal of Real Estate, 15th Edition provides review exercises for readers to work through and suggested solutions for classroom discussion and further study.

Instructors: Request Instructor Materials

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Residential real estate appraisers must have the necessary education, knowledge, and experience to perform their valuation assignments competently. Residential Property Appraisal is an authoritative, accessible text that will prove essential to valuers new to the field as well as more experienced residential appraisers looking for timely information on current topics and issues. The book explores all aspects of home ownership, value, and economics and details all the steps of the appraisal process. Specialty residential property types and markets are thoroughly discussed. Each chapter includes examples illustrating common scenarios encountered in residential appraisal practice and presents definitions of key terms to help the reader understand the important concepts presented.

Winner of the George L. Schmutz Award 

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Facing a lawsuit is a scenario that most appraisers would rather not think about, but it is a reality of the valuation profession. Risk Management for Real Estate Appraisers and Appraisal Firms provides practitioners with realistic, effective suggestions for managing the risks associated with valuation assignments.

Presenting information based on published court opinions and actual professional liability insurance claims, the book examines why appraisers get sued, the elements of the most common claims, and the appraiser’s best tools for reducing liability risk. Unique issues relating to specific areas of appraisal work are covered—including residential and commercial lending, appraisal review, expert witness, and arbitration services. Strategies for mitigating risks relating to the operation of appraisal firms are also discussed.

Risk Management for Real Estate Appraisers and Appraisal Firms will help appraisers assess their liability and take steps to lessen their risk and protect their appraisal practices.  

Winner of the George L. Schmutz Award

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This text will help real estate professionals understand the physical and legal components of condos, co-ops, and PUDs, gather and analyze relevant data, and develop well-supported value conclusions. Only by properly identifying and investigating the unique characteristics of condos, co-ops, and PUDs can appraisers properly address the challenges presented in valuing these common, but complicated, residential properties. 

The Valuation of Condominiums, Cooperatives, and PUDs examines the distinguishing ownership characteristics of condominiums, cooperatives, and planned unit developments and demonstrates how to define the local market, identify appropriate elements of comparison, and apply relevant valuation techniques. As an added bonus, the book includes comprehensive lists of questions to ask when gathering data and useful tips for writing credible appraisal reports.

Appraising association properties requires a unique skill set. The Valuation of Condominiums, Cooperatives, and PUDs will help valuers develop these skills and feel confident taking on a wide variety of assignment types.

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Corridor valuation presents special challenges for real property professionals. In recognition of this problem, the Appraisal Institute, the International Right of Way Association, and the Appraisal Institute of Canada are proud to announce the joint publication of Corridor Valuation: An Overview and New Alternatives.

Corridor Valuation: An Overview and New Alternatives explores the controversial issues surrounding railroad corridors, with definitive information on the evolution of corridor valuation theory, related property rights and legal issues, and methodologies for valuing railroad, telecommunications, pipeline, power transmission, and conservation corridors. Many authors have contributed their personal experiences and insights to this text, which will prove useful to a wide range of property professionals valuing railroad corridors in the United States and Canada.

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In 1995 the Appraisal Institute published the landmark text, Real Estate Valuation in Litigation. Now, more than 20 years later, we are pleased to announce Real Property Valuation in Condemnation, a new text focused specifically on the contentious subject of condemnation.

What do appraisers need to know to value properties subject to eminent domain? Appraisers who value condemned properties are likely to find themselves in court, explaining and defending their analysis and opinions. In these high-pressure situations, they can rely on the experience and guidance of their valuation peers, which has been gathered, distilled, and illustrated in this new book.

 Although the legal parameters and circumstances of condemnation appraisal assignments may be unique, appraisers are hired to provide opinions of value. The information provided in Real Property Valuation in Condemnation will help them do just that and ensure that they perform these complex assignments with competence, professionalism, and a commitment to ethical conduct.

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When market volatility and increased oversight create problems, experienced residential appraisers find solutions by developing and implementing new strategies grounded in appraisal fundamentals. Valuation by Comparison, second edition, will help appraisers get back to basics by exploring the reasons behind current market behavior and the logic of the sales comparison approach. With the information in this book, appraisers can develop a deeper understanding of the valuation process and a greater ability to handle a wide variety of appraisal assignments.

Residential appraisers need to know their markets and how to research comparable transactions. Data collection and analytical skills are both essential. This handbook examines common pitfalls encountered by appraisers when searching for data and presents helpful online research tips that can help practitioners find data in markets where data is scarce, inconsistent, or misleading.

Designed with the needs of the intermediate-level residential appraiser in mind, the text updates the first edition of Valuation by Comparison by addressing recent changes in real estate markets and presenting new, innovative ways to solve persistent appraisal problems.

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The new edition of Subdivision Valuation provides a comprehensive overview of the methodology used in valuing existing and proposed single-unit residential subdivisions. Market and neighborhood analysis, highest and best use, profit and timeline concepts, land value, yield, line-item profit, and discounting procedures are described in detail and new case studies are presented to illustrate lot presales, mortgage financing, bulk sale forecasts, and the time-zero profit dilemma. Developer risk reduction strategies, lot sales to potential homeowners, proposed construction performance bonds, and super pad sites are also discussed. Finally, areas of weakness in subdivision appraisal reports are examined to provide guidance on how to avoid common valuation errors.

Subdivision Valuation, second edition, provides essential information about a complex topic and will be useful to commercial appraisers seeking to expand or refine their skills in subdivision analysis and valuation. 

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Rural Property Valuation provides up-to-date information on the many forces that affect agricultural and ranch properties in the United States. It lays the groundwork for a broad understanding of rural properties and offers specific data and analytical tools appraisers can use in their daily work. The text offers a rural perspective on appraisal basics such as

• Property rights
• Financing
• Market analysis and highest and best use
• Site and building improvements
• The approaches to value

These additional topics unique to rural property are also covered:

• Federal and state assistance programs
• Soil analysis and carrying capacity
• Agricultural production
• Ranch management
• Dairy farm operations
• Permanent plantings
• Timberland valuation

Rural Property Valuation is a landmark text that addresses the needs of practicing appraisers and provides valuable insights and information that cannot be found elsewhere. It should prove useful to appraisers who value rural properties once a year, once a month, or every day.     

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Manufactured housing units are found throughout the United States, and the popularity of mobile homes and recreational vehicles (RVs) will continue to grow as manufacturers offer new design concepts and aging baby boomers look for affordable housing and travel options.

Appraising Manufactured (Mobile) Home Communities and Recreational Vehicle Parks presents a broad overview of the manufactured housing industry and examines the various factors that affect the value of mobile home and RV parks. It describes the various types of home and travel units available and the communities and parks where they are found. The text explores the complex legal, physical, and economic challenges involved in owning and operating mobile home and RV parks and demonstrates practical methods for valuing these unusual properties. With in-depth analysis of the operation of mobile homes and RV parks, the book will be useful not only to appraisers, but also to investors, regulators, owners, and buyers and sellers of mobile home and RV parks.

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It’s here—the comprehensive text on green building that real estate professionals have been waiting for! The Valuation of Green Commercial Real Estate will provide appraisers and others with an in-depth understanding of green terminology and concepts—information they need to identify and value the green property features found in new construction and commercial building renovations. This essential resource examines green building rating systems and the advanced building design and operating characteristics that make a commercial building energy-efficient and sustainable. The effects of these innovations on the valuation process are explored as are the government regulations, financing, and tax incentives applicable to green buildings. The future belongs to green, so catch the wave and take a crash course in green to prepare for your next appraisal assignment.

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Are You Ready for Your Appraisal Exam?

This test prep guide provides the instruction and practice problems you need to pass your state licensing or certification examination. This book has been organized to correspond to the 2015 National Uniform Licensing and Certification Examinations Content Outline. Using the 1,000+ real-world questions and answers provided, you can:

• Educate yourself on the concepts likely to be covered on the exam
• Understand the logic behind the testing and scoring processes
• Get study and test-taking tips to improve your chances of passing
• Prepare to meet and beat this career-making challenge

Answers to the practice questions and detailed discussions of the solutions are included. The focus of this book spans both residential and nonresidential topics, with an emphasis on appraisal basics. 

Read valuable tips on Preparing for the Appraisal Exam and get a sneak preview of the book!

“This is the only book I know of specifically designed for those studying for state exams. It is a perfect ‘drill book’ and a great service to appraisers. I can honestly say that I don’t know how I would have passed the test without working the problems in Practice Examination Questions for Real Estate Appraisers."                        

Aaron Mundie, Candidate for Designation

Also Available: Online Program

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When disaster strikes, people are hurt and property is damaged. Whether it’s a natural event or a man-made detrimental condition, real estate appraisers should be prepared to assess the effect of damages on property value. Preparation is essential since most appraisers will be asked to appraise property subject to damages at some point in their careers.

For nearly two decades, practitioners have relied on Real Estate Damages to learn about detrimental conditions and tackle these complex and controversial appraisal assignments. This third edition of the popular text provides a foundation for valuing properties subject to 10 different types of detrimental conditions and sheds light on current factors affecting property such as climate change, terrorism, and oil and gas exploration.

Real Estate Damages, third edition, describes and demonstrates a variety of tools appraisers can use to delineate market boundaries, gather relevant data, analyze the short- and long-term effects of detrimental conditions, and derive value opinions and conclusions that are well-reasoned, supportable, and defensible in court. Order Real Estate Damages today—your survival guide to the valuation of damaged property.

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Reviewing appraisals has become increasingly important in the appraisal profession and in the economic marketplace, with more appraisals being scrutinized and more appraisers offering review services. Review Theory and Procedures provides practitioners with a comprehensive model that defines the review function and describes how to integrate and organize the various tasks involved in performing a review assignment.

The book examines the review process step-by-step, from the identification of the client’s problem through to the review report, which communicates the reviewer’s conclusions about the quality of the work under review. The book also discusses

• The reviewer’s role in valuation practice
• Essential criteria for acquiring and demonstrating professional competence
• The regulatory environment in which reviewers work
• Review assignments involving complex properties
• Challenging assignment conditions
• Misunderstandings that impair communication between reviewers and appraisers

Review Theory and Procedures will serve as an introduction to the review discipline for novice appraisers and provide new opportunities for experienced practitioners to enhance their skills and demonstrate their competency in the review area.

Winner of the George L. Schmutz Award

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Market analysis is essential to real estate appraisal, and only an experienced, trained valuation professional can provide the type of in-depth study required to identify the supply and demand for a class of property in a specific market and assess the marketability of a unique property in that market.

This second edition of the classic reference is a three-part text that presents the principles and techniques of market and marketability analysis, illustrates these concepts with case study applications, and explains how the information developed in the appraiser’s market analysis contributes to the highest and best use conclusion and the application of the three approaches to value. The case study properties examined in the text include an existing shopping center, office building, industrial property, and apartment complex as well as vacant land and a vacant shopping center.

Market Analysis for Real Estate presents market analysis as an integrated process and demonstrates how market and marketability techniques are applied to actual situations that appraisers encounter in performing valuations and complex, stand-alone market studies.

Download the case study spreadsheets used in the case study applications in this book.

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For a free sneak preview of this book, download Chapter 2: The Challenges of Valuing Green.

Sustainable building is in the news and the market for green, or high-performance, homes is clearly growing. Appraisers who want to appraise these homes competently need to get up to speed on the latest green and energy-efficient home features and learn to determine exactly how green a particular property is.

Residential Green Valuation Tools explores the six features that make a home green—proper siting, water and energy efficiency, indoor air quality, materials, and operations and maintenance—and provides:

• A comprehensive overview of the valuation of high-performance homes
• Case studies illustrating common scenarios and valuation problems
• Detailed instructions on how to complete the AI Residential Green and Energy Efficient Addendum form
• Tips for appraising Energy Star homes, passive solar houses, solar photovoltaic systems, and net-zero energy homes

Appraisers who value green homes are breaking new ground and face unique challenges. Residential Green Valuation Tools provides the methods and resources you need to meet these challenges and become a green-friendly appraiser.

"Green, energy-efficient residential properties are complex, and this book walks you through the  entire process for valuing these properties systematically. In addition, the book presents logical step-by-step adjustment procedures using familiar methodologies including DCF, GRMs, and cost analysis. Residential Green Valuation Tools thoroughly explains what green building is, where to find green data, how to solve green valuation problems, and why green valuation is here to stay."

Robert D. Mims IV, SRA

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Properties impacted by contamination raise challenging appraisal issues. To ensure competence and meet appraisal standards, practitioners must understand the history and development of widely recognized and generally accepted methods for handling these challenging appraisal assignments.

Valuing Contaminated Properties: An Appraisal Institute Anthology, Volume II, includes significant articles, seminar material, and professional guidelines on the topic published since 2002, when the first volume of the series was released. Using this collection curated by an appraisal expert, practitioners can become well-versed in all the recent trends regarding contaminated properties, including:

• The accepted understanding that contamination’s impact on value is largely temporary
• The shifting focus from appraising industrial and commercial source sites to appraising residential properties affected by contamination
• The increased availability of online sales data and the new emphasis on using more market data in contamination assignments

Valuing Contaminated Properties, Volume II, is a definitive compilation of accepted appraisal knowledge selected and interpreted by a valuation expert. This updated anthology will help appraisers stay current and look toward a future of evolving strategies for dealing with environmental contamination.

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This update of the popular 2001 work, Hotels and Motels: Valuations and Market Studies, expands the discussion to encompass the global hotel market and current issues in the lodging industry. Included with the purchase of this book is Hotel Valuation Software, a valuable tool that appraisers can use to analyze hotel properties in any market.

Major topics covered in this text include:

• The development of the hotel industry in Europe, South America, India, China, and the United States
• Supply and demand issues
• Hotel market studies
• Forecasting revenues and expenses
• The valuation process, and
• The current state of the lodging industry.

A realistic case study is also included to illustrate the concepts discussed and demonstrate the valuation software.

Hotel Market Analysis and Valuation: International Issues and Software Applications is unique in that it provides an in-depth, up-to-date, and technologically advanced discussion of the market analysis and valuation of hotels around the world. It contains a wealth of current information that will prove useful to appraisers as well as hotel developers, investors, and lenders.

Winner of the George L. Schmutz Award

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The convenience industry is a complex and fascinating retail channel that has responded to recent economic challenges by embracing new ideas. The second edition of Convenience Stores and Retail Fuel Properties: Essential Appraisal Issues will help appraisers of convenience stores keep up with these changes and understand how to value convenience properties. This second edition demonstrates market analysis using statistical data and information on important recent developments in the convenience industry, such as:

• Reduced fuel profits
• Competition from hypermarkets
• Increased focus on food service

Newly added chapters discuss:

• Fundamentals of economic theory as applied to convenience retail real estate
• Eminent domain issues
• Highest and best use essentials for convenience store sites

As an added bonus, the book presents a prototype of a working commercial property automated valuation model. Links to helpful online digital content, including interviews with experts and practical field examples, are also provided to illustrate the concepts discussed.

Additional Resources referenced in the book can be found at this link:

https://tinyurl.com/ConvenienceStoresAI

“I'd recommend this comprehensive book to anyone who wants to gain a better understanding of a convenience store/retail fuel property from site planning to store operations."                      

John A. Schwartz, MAI

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Water is big news, and the water rights associated with a parcel of land can have a huge impact on property value. In The Appraisal of Water Rights, author Steven Herzog, MAI, explores the subject of water and the challenges presented by appraisal assignments involving water rights.

Topics covered include

• The nature and transferability of water rights
• The applicability of appraisal standards, and
• The skills and knowledge needed to handle valuation assignments involving water rights competently.

Case studies demonstrating the appraisal of partial and stand-alone interests are included, along with a glossary of water-related terms.

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Become a World-Class Valuation Professional

Business has gone global, and international expertise is in demand. Consider how these global changes can affect your business and discover the opportunities that await the international valuer!

Look inside Real Estate Valuation in Global Markets, second edition, edited by Howard C. Gelbtuch, MAI, and learn about appraisal practice in dozens of countries with comprehensive, on-the-ground information from local experts. Get insider information on appraisal in 47 countries, and expand your professional horizons on a global scale. 

This one-of-a-kind text serves as your passport to understanding real estate valuation around the world!

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In times of heightened appraiser accountability, internal quality control is essential for a successful appraisal business. Learn how to listen to clients, meet their needs, and implement effective quality control review processes to set yourself apart from the competition and succeed.

Exceeding Expectations: Producing Appraisal Reports and Services That Delight Clients presents an accessible overview of the quality control principles developed for manufacturing and other industries and applies them to the appraisal profession.

This guide provides: details of an internal quality control review process, valuable pointers on verbal communication and active listening, and effective writing tips for gathering client feedback and using it effectively. Appraisers who bring these skills together can truly excel.

Order this guide and create client loyalty as well as improve your firm’s products and services!

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This second edition of A Business Enterprise Value Anthology has been compiled to assist real estate appraisers in valuing real property with a business component. These articles present differing points of view on this controversial issue.

The updated compilation contains 27 original and reprinted articles on business enterprise value in general and on valuing the tangible and intangible assets in special property types such as

• Hotels and motels
• Nursing facilities
• Convenience stores
• Billboards
• Shopping centers

The book concludes with a case law update summarizing recent court rulings related to these topics. Order now and join the business enterprise value debate!

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In this book, the estimation of all three types of depreciation - physical deterioration, functional obsolescence, and external obsolescence - is discussed in detail. Numerous examples are presented with descriptive tables and graphs that break down the analysis and mathematics involved.

Using humor and common sense, the author makes a complicated subject clear, helping even the most skeptical practitioner feel confident using the cost approach in everyday appraisal assignments.

Order now and learn to love the cost approach!

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Mortgage and investment fraud are at an all-time high, and there are serious consequences for appraisers who become involved in suspicious transactions. This book describes common methods of deception used in fraudulent schemes involving commercial properties and land. It presents various situations and conflicts of interest that have the potential to exploit the appraisal process for dishonest purposes.

Types of commercial real estate fraud include:

• Misrepresentations made by sellers to buyers
• Misrepresentations made by brokers to buyers
• Misrepresentations made by borrowers to lenders (mortgage fraud)
• Misrepresentations made by brokers to lenders (short sale fraud)
• Misrepresentations made by syndicators or others who are compensated for organizing buyers (syndication fraud)
• Fraudulent deed conveyances
• Misrepresentations made by decision makers who have a vested interest

Appraisers who can detect fraud can protect themselves from relying on inaccurate information that could compromise the valuation analysis. By thinking critically and challenging assumptions, commercial appraisers can keep out of trouble, whether it is trouble for themselves or for others who rely on their work.

Would you recognize the signs of fraud? Download this checklist.

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This book offers innovative thinking and technological solutions to many of the issues confronting the valuation profession today. It explores information technology--the latest generation of geographic information systems (GIS), valuation modeling applications, and predictive analytics software—and its implementation by real estate professionals.

The valuation scenarios presented in this new book range from the approachable to the complex, as various contributors with diverse expertise find ways to leverage existing technologies to address valuation issues. The discussions and demonstrations provided will educate appraisers new to valuation modeling and GIS while also addressing the concerns of more sophisticated users who are already comfortable with practical applications of the technology. Each chapter can be read on its own or as part of a larger argument about the evolution of appraisal practice in the twenty-first century.

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Preview the Introduction and Chapter 11: What You Need to Know Before Making the Offer

Home Buying "Straight Talk" from Someone You Can Trust

Of all the real estate professionals out there—only one is truly unbiased and objective—the real estate appraiser. Lenders rely on appraisers for straight talk on what a house is worth. Now consumers can get the same insider information.

With straightforward advice and dozens of examples, An Insider’s Guide to Home Buying can help anyone make better decisions about buying a house. This short handbook explains all the steps involved in buying a home—from when is the right time to buy to what to expect on closing day. Topics include:

• Finding a qualified real estate agent
• Choosing the best home on the market
• Negotiating for the best deal
• Applying for a mortgage
• What you need to know about home inspections and appraisals.

An Insider’s Guide to Home Buying presents an unbiased view of the risks, rewards, people, and processes typically encountered when shopping for a home. Written by a real estate appraiser with more than 30 years of experience in the residential market, this handbook is a valuable resource for anyone who wants to feel more confident in their home-buying decisions.

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The Appraisal Institute is proud to present An Introduction to Green Homes, an earth-friendly initiative that provides:

• An overview of the many programs, organizations, and products that are fueling the current surge in environmentally responsible building and remodeling
• Detailed descriptions of LEED and Energy Star green home and product certification programs
• Information on popular green home products and features such as energy-efficient appliances, toxin-free flooring and insulation, and vegetated roofs
• Updates on environmental organizations that are leading the way in sustainable building, including the U.S. Green Building Council and NAHB Green
• Detailed case studies focusing on various attributes of green homes
• Insights on how green features affect the value of homes
• Methodologies that can be applied to measure this increment of home value

Winner of the George L. Schmutz Award

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Let Statistics Work for You!
With increasing pressure on appraisers to support their opinions of value and new educational criteria requiring demonstrated proficiency in basic statistics, it's imperative that appraisers learn more about statistics and modeling. Inside An Introduction to Statistics for Appraisers, author Marvin L. Wolverton, PhD, MAI, discusses ways to perform statistical analyses that will impress the most demanding clients.

This text, written specifically for appraisers, includes:

• A review of essential mathematical skills
• Advice on illustrating data graphically
• Instruction on the concept of probability and its application in statistical analysis
• Sophisticated tools for testing research and assessing the validity and reliability of data samples
• Information on statistical model building using simple and multiple linear regression
• Sample townhouse case study data set

Download the Sample townhouse case study data set.

Winner of the George L. Schmutz Award

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While markets, methodologies, and technology may change, the need to understand the mathematics of finance does not. Capitalization Theory and Techniques Study Guide, third edition, provides practitioners and students of the income capitalization approach to value with an essential reference tool for their appraisal offices and classrooms.

This appraisal workbook offers:

• In-depth coverage of the income capitalization approach, including a historical perspective and practical instructions for applying capitalization techniques
• Key terms, symbols, formulas, financial tables, and calculator keystrokes as well as references to important appraisal resources
• Fifteen lessons with hands-on exercises, more than 50 practice problems, and two case studies

About the Authors

Charles B. Akerson (1922-2009): A Founding Father of Real Estate Appraisal                    

Charles B. Akerson, MAI, Author, was not only the author of Capitalization Theory and Techniques Study Guide, the Appraisal Institute’s classic text on the income capitalization approach, he was also a forefather of the appraisal profession. An internationally known appraiser, counselor, and teacher, Charlie served as Editor-in-Chief of The Appraisal Journal and as President of the American Institute of Real Estate Appraisers and UPAV. He also received the George H. Schmutz Publication Award in 1999 for his appraisal writing.

David Lennhoff, MAI, SRA, CRE, FRICS, Editor, leads SC&H Group’s Appraisal Services Practice. He has been appraising since 1975. He is also an active teacher and author. Mr. Lennhoff was Editor-in-Chief of The Appraisal Journal in 2004.

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Get The Valuation of Office Properties: A Contemporary Perspective and learn the terminology, concepts, principles, and analytical techniques needed to value complex, multitenant office buildings. The Valuation of Office Properties includes essential information on:

• The history of the office building
• Characteristic attributes of different types of office buildings
• Site and improvement inspection and analysis
• Industry measurement criteria

Through an in-depth case study and real-world examples, the author demonstrates the application of the income capitalization approach and thoroughly examines:

• Office leases
• The forecasting of cash flows
• The estimation of rents, vacancies, and operating expenses

The sales comparison approach, the cost approach, and final reconciliation are also demonstrated. An extensive glossary and bibliography are included for further reference.

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This text examines the valuation process for the full spectrum of retail properties, from strip malls to superregional shopping centers. Inside this edition, you’ll find:

• Chapters covering the market analysis process and the three types of retail analysis (local economic area analysis, retail market analysis, and retail marketability analysis)
• Analysis of investment markets associated with shopping centers
• Discussion of retailing trends, nontraditional shopping centers, development strategies, and  market conditions
• A thorough overview of a complex property market and specific guidelines for property analysis and appraisal

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A Must-Have Reference and Instruction Guide

Using Residential Appraisal Report Forms has the answers residential appraisers are looking for! This updated text provides line-by-line instructions for completing Fannie Mae Forms 1004, 2055, and the Market Conditions Addendum to the Appraisal Report (Fannie Mae Form 1004MC).

The author, a 30-year veteran practitioner and instructor, examines current economic conditions and introduces innovative techniques that can be used to measure value change in any market using available data. Dozens of real-world examples are included--all based on actual situations that practitioners in the field are likely to encounter.

Users of this guide will find a wealth of information, essential advice, and practical tips for completing form reports in today’s challenging residential real estate market.

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Explore valuation opportunities in the growing senior housing industry!

In this comprehensive text, healthcare property valuation expert, James K. Tellatin, MAI, explores long-term care facilities from both physical and economic perspectives. The discussion focuses on skilled nursing facilities, covering topics such as the intricacies of Medicare and Medicaid funding as well as the complex factors impacting the operations of for-profit and non-profit facilities.

In addition to demographic and operational data, this text provides a wealth of practical instruction. Readers will learn how to:

• Use Medicare and Medicaid cost reports, market surveys, interviews, and sales to gather and analyze data
• Calculate federal and state cost reimbursements
• Forecast occupancy, census, payor mix, income, and expenses
• Apply specialized techniques to different valuation scenarios
• Allocate business assets and address other appraisal challenges

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The Valuation of Apartment Properties, second edition, presents in-depth analysis of the concepts and issues applicable to the apartment market today. It provides detailed instructions on applying the three approaches to the valuation of apartment properties and examines assignment requirements and the techniques of market, neighborhood, and property analysis.

This second edition will appeal to appraisers working in public or private practice as well as property owners, potential buyers and sellers, lenders, property managers, legal advisors, reviewers, instructors, and students. Two case studies, of a large apartment complex and a small apartment property, are used throughout the text to illustrate the concepts presented and the methods applied in valuing multiunit residential properties.

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The third edition of Historic Properties: Preservation and the Valuation Process provides real estate appraisers with an understanding of what makes properties historic, how such properties differ from more typical properties, and how the historic preservation movement has modified traditional concepts of ownership. Readers will also learn how legislation, government policies, and the availability of tax credits affect highest and best use and market value. A case study relating to a historic hotel is provided to demonstrate how the traditional valuation approaches are applied to the appraisal of properties of architectural and historic significance.

Winner of the George L. Schmutz Award

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Outdoor advertising signs are a common part of the American landscape, but their valuation can present uncommon problems for real estate appraisers. The Valuation of Billboards provides essential information appraisers need to describe the physical characteristics of these unique assets and to understand the outdoor advertising industry and its operations. Because billboards are often valued for eminent domain purposes, the regulatory and legal issues that surround the outdoor advertising industry are explored and the myriad state and federal regulations and legal precedents that affect the valuation of billboards are examined. A case study is used to demonstrate the application of the approaches to value and to help readers decipher the challenges and choices that complicate the valuation of billboards. This meticulously researched book will provide a basis for a sophisticated analysis of outdoor advertising signs and participation in the ongoing debate that characterizes this controversial appraisal specialty.

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Working in the affordable housing field is often a challenge for appraisers and market analysts. Projects are complicated, developers are impatient, government regulations change, and lenders and other clients see things from their own vantage points. The appraiser who values an affordable housing project has a responsibility to understand, interpret, and apply the principles of the real estate marketplace to assist these professionals in effective decision-making.

Any property developed under an affordable housing program has a set of individual characteristics and a unique development scenario. Nevertheless, certain principles apply to all the conditions an appraiser is likely to find in analyzing these complicated projects. This publication aims to explain the basic principles and techniques of affordable housing that appraisers need to understand to serve clients and uphold high standards of practice.

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Appraising Industrial Properties provides a comprehensive survey of the different factors an appraiser must consider when valuing industrial real estate. Topics of special significance to the valuation of industrial property covered in this text include highest and best use considerations, environmental issues relating to industrial processes, legal issues such as zoning and eminent domain, real estate taxation, and the impact of government assistance such as tax abatement and free enterprise zones on the competitive market. Later chapters venture further to cover a number of industrial property subtypes requiring specialized experience and training. A key feature of this book is its coverage of the specific data and techniques used in the appraisal of niche properties. The specialty properties covered in this text include:

• Specialty storage subtypes, such as grain elevators and miniwarehouse space
• Distribution and transportation facilities, such as high-cube distribution centers and truck terminals
• Specialized manufacturing facilities, such as food processing plants
• Cutting-edge industrial subtypes, such as high-tech manufacturing facilities and telecommunications infrastucture buildings (telco hotels)

Appraising Industrial Properties will help readers make sense of the new terrain and navigate a successful course through the challenges created by the evolution of industry in the twenty-first century.

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Managing and analyzing the torrent of data available today can be a struggle, but technological tools and sophisticated analytical techniques have emerged to help appraisers meet this challenge. Practical Applications in Appraisal Valuation Modeling charts new territory and illustrates how the techniques of statistical analysis once used only in mass appraisal and in the classroom have real-world applications and may become an essential component of appraisal practice.

A resource for both valuation veterans and curious newcomers, this new book takes the reader through the analytical process step by step, from exploratory data analysis through linear regression modeling. The benefits and pitfalls of statistical modeling are examined and sample applications are demonstrated using the types of real estate situations and data appraisers commonly encounter.

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The Valuation of Wetlands, second edition, describes the five types of wetland systems, explores characteristics that define a wetland, and details the benefits wetlands bring to ecosystems. It also shows how the market value of a wetland is affected by development and location, explains the approaches used to estimate a wetland property’s market value, and presents reasons why appraisers may assign different values to the same property. The handbook concludes with a discussion of wetlands mitigation banking, which allows developers to use some wetlands in return for maintaining others.

Since the first edition of The Valuation of Wetlands was published in 1995, significant changes in the legal-political landscape have occurred. New scientific data has been released, new legislation has been passed, and new regulations have been put in place. This second edition of the popular handbook provides updated information on these recent developments to help market participants stay abreast of important wetland issues.

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Land Valuation: Adjustment Procedures and Assignments is a basic guidebook to help appraisers successfully complete new or difficult land valuation assignments. It provides benchmarks for property analysis and illustrates how various land valuation assignments can be performed, using both traditional techniques and appropriate alternative methods. It also offers readers a wide array of valuation-related data sources, formats, procedures, and references.

Land Valuation addresses the appraisal of sites in mature neighborhoods and prospective subdivisions as well as residential waterfront property, industrial and commercial land, farmland and timberland, historic and scenic land, resort lots, wetlands, contaminated sites, and rights of way. It demonstrates how to locate properties in the field, conduct site analysis, and determine highest and best use. A variety of adjustment techniques are explained, including adjusting for size differences, changing market conditions, accessibility, public utilities, and location. Also covered are ways to use property listings, improved property sales, and paired sales analysis to estimate land value and the selection of appropriate units of comparison.

This text can be used as a desk reference by all appraisers involved in the valuation of land, regardless of their level of experience. Illustrations and computations reinforce the discussion of various valuation methods and assignments. Numerous graphics, photographs, and charts are incorporated into the book to facilitate the reader’s understanding of the material presented.

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A Business Enterprise Value Anthology traces the emerging theory, appraisal methodology, and related controversy on the subject of business enterprise value. Through the articles in this collection, readers can explore the topic thoroughly, understand views on both sides of the issue, and define and refine their own perspectives and opinions. The 38 articles presented are divided into five subject areas: general issues, hotels/motels, health care facilities/senior housing, shopping centers, and miscellaneous properties. The final section of the book, the addenda, includes a bibliography of references pertaining to many property types, a brief glossary, and a very useful collection of recent court decisions on the topic.

More than 100 articles were considered for this collection. The articles ultimately selected represent a broad cross-section of the concepts, issues, and controversy surrounding business enterprise value. The text will prove to be a useful reference for appraisers who specialize in this valuation problem and essential reading for less experienced practitioners who will need to deal with the issue in future valuation assignments.

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A Guide to Appraisal Valuation Modeling will introduce skeptics to the mathematical modeling of market behavior. The handbook provides historical perspectives, statistical fundamentals, support for assertions of causality in appraisal reports, and the basics of regression analysis and model construction. Many of these topics are brought together in a case study on the valuation of lots in an actual residential subdivision. Throughout the text the authors highlight the interplay of evolving statistical theory, traditional appraisal standards and practices, and simple common sense. This timely publication is essential reading for any appraiser who has stubbornly resisted the encroachment of the number-crunchers. No matter how much you hated statistics in college, you can understand regression analysis. As the authors illustrate, most appraisers have been using similar statistical applications for years. With the basic information in this guide and a few technical refinements, you can use your existing knowledge to turn AVMs from an enemy into an ally.

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Whether an appraisal is communicated in a self-contained narrative report or on a form, the appraisal report is the most tangible result of the valuation process. Because the report is used as a persuasive tool, it is essential that appraisers develop a logical, fluent writing style that effectively communicates their analyses and conclusions to their clients.

The Appraisal Writing Handbook is a guide to written composition designed for the special requirements of the appraisal profession. Beginning with writing basics and the visual aspects of an appraisal report, it demonstrates how an appraiser can develop a reporting style that will reveal the significance of the data presented in the report and convince readers that the appraiser's conclusions are credible.The handbook offers practical tips to help appraisers communicate clearly (word usage, tone, style, punctuation, editing, and proofreading) and avoid common writing pitfalls (boilerplate, imprecise language, redundancy, and jargon). Readers will learn how to write reports that are interesting and readable as well as logical, well-organized, accurate, and well-documented. Although no one reporting style is right for all assignments or all appraisers, the text offers solutions to many writing problems appraisers face.

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There are a number of reasons an assignment to appraise a religous property could land on your desk: new building projects, expansions, and the sale or acquisition of existing facilities could all prompt a request for an appraisal. What better way to be prepared for such an assignment than to have a copy of the Appraisal Instiitute's new book on this subject, The Appraisal of Religious Facilities. The new text will guide you through the complexities of this unique property type. For example, you will gain insight into the current state of the marketplace for such properties and the special physical elements that set religious facilities apart from others.

Analyzing the physical features of a religious facility plays a large role in the valuation process, not only as it pertains to the subject property but also to comparable properties. The authors describe what to notice and observe during a physical inspection as well as what to ask when interviewing facility leaders and others about the uses of the property. A major portion of the book is devoted to the application of the cost and sales comparison approaches, and the book concludes with a section on the financing of religious facilities.

This concise volume is an essential addition to the well-rounded appraiser's library. Order your copy today!

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Although much of an appraiser's work is done at the office, the public and many appraisal clients are concerned with what goes on at the property site. In short, property inspection is the most visible, and sometimes the most neglected, part of the appraiser's job. Despite the importance of property inspection, few appraisers receive formal training in this task. Instead they depend on example and experience to learn the necessary skills. Property Inspection: An Appraiser's Guide addresses this problem by providing an overview of basic property inspection knowledge and techniques. The author focuses on aspects of property inspection for which appraisers are directly responsible and suggests methods for ensuring competent inspection practices.

The text also outlines how appraisal offices can develop customized inspection forms and set up property inspection programs that provide the tools and support appraisers need to do the job right. Property Inspection covers all aspects of site and home inspection and provides insight into the special challenges encountered in the inspection of commercial properties. The appraiser's responsibility to identify property defects, assess potential hazards, and verify data sources is emphasized. Good property inspection skills are vital to the appraisal process and to your continued professional success. Order your copy of Property Inspection: An Appraiser's Guide today.

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The first part of Appraising the Tough Ones: Creative Ways to Value Complex Residential Properties identifies factors that can make a residential property complex and introduces new ways to look at complexities and highest and best use issues.

Part II presents nine specific techniques that can be used to address problems such as the scarcity of comparable sales, the analysis of cost data, the possibility of rezoning and alternative uses, and the need to consider specially defined markets and values.

In Part III the techniques are applied, separately and in combination, to value diverse properties, including farms, homes in transitional neighborhoods, nonconforming uses, properties subject to takings and easements, and mansions.

Part IV is concerned with assignments that are complex due to special or unusual circumstances. The first three chapters in this section focus on complexities of ownership, demonstrating techniques for valuing a condominium, a life estate, and various partial interests in residential property. The three chapters that follow address nonmarket value assignments, stigmatized property, and the valuation of historic homes. The final section of the text provides information on how appraisers can apply creative methodology and still derive supportable value conclusions that conform to USPAP.

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Using specific appraisal applications and examples, Mathematics for Real Estate Appraisers reviews algebra and equation solving, geometry and trigonometry, the mathematics of finance, and statistics. You'll find out why 3 + 4 x 5 equals 23 and not 35, how to measure the area of a triangle, and the steps involved in applying the six basic financial function formulas. A brief overview of statistics and statistics terminology is provided to pave the way for further study. The handbook concludes with a short section subtitled "Things You Ought to Know No Matter What Field You're In."

If you could use a refresher course in basic math or just need a handy resource, then this handbook should be in your appraisal library.