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2014 Annual Meeting Session Descriptions and Speakers

Institutional Client Track
Attorney Client Track
Residential Track
Commercial Track
General Track

 

All times CDT

 
   

Sunday, August 3, 2014

 
   
8:00 a.m. – 6:00 p.m.

Introduction to Green Buildings: Principles and Concepts
(Additional fee required.)

Take advantage of a special discounted rate by registering for this course and the Annual Meeting. Attendees must register and attend both events to receive the discount. If you wish to attend JUST this course, click here to register.

 

This one-day introduction course focuses on the evolution of green buildings, the concept of sustainability in buildings, and the principles, practices, and components that distinguish sustainable from traditional buildings.

   

Monday, August 4, 2014

 
   
9:00 a.m. – 8:00 p.m.

Registration 

Governors C-E

 
12:00 - 1:30 p.m.
   

 

Exhibit Hall Opens  

Governors C-E

 

1:30 – 3:30 p.m.

Opening General Session   

Governors A-B

   
 

Keynote Address:
“The Last Man to Walk on the Moon”
Eugene A. Cernan, former astronaut

Former Gemini and Apollo astronaut Eugene A. Cernan left his mark on history with three historic missions in space. He holds the distinction of being the second American to walk in space and the last man to have left his footprints on the lunar surface. Captain Cernan spent 20 years as a naval aviator, including 13 years with NASA.


Among his numerous honors are the Navy Distinguished Flying Cross, the Distinguished Service Medal with Star, the NASA Distinguished Service Medal, the FAI International Gold Medal for Space, induction into the U.S. Space Hall of Fame, and enshrinement into the National Aviation Hall of Fame, Naval Aviation’s Hall of Honor and the International Aerospace Hall of Fame. Captain Cernan’s inspirational story is captured in his autobiography, “The Last Man on the Moon.”

 

3:30 – 4:00 p.m.                      

Coffee Break in Exhibit Hall  

Governors C-E

Enjoy a cold or hot beverage and discuss what you’ve learned at the Opening General Session with your fellow AI Annual Meeting attendees.

   
4:00 – 6:00 p.m. 

G: Ad Valorem Tax Issues  

Room 416

Attendees will gain an understanding of ad valorem tax issues and their impact on property owners, tax officials and taxing entities. The session will concentrate on the relationship between real estate professionals and attorneys while investigating the legislation that impacts valuation issues related to the ad valorem tax process. Panelists will include attorneys who represent taxing entities as well as property owners and a real estate appraiser who has extensive ad valorem tax background. The panel discussion will include an analysis of the legal aspects of the property tax appeal process, selection of tax hearing panels, appraisers and other expert witnesses. The panel will provide attendees with an overall review of how the ad valorem tax calendar and process functions. It also will provide a clearer understanding of how an appraiser or real estate expert can benefit his/her client in the ad valorem tax appeal process.

 

William Burnette, MAI, Burnette & Associates
David Hugin, principal, Popp Hutcheson PLLC
Robert A. Mott, partner, Perdue, Brandon, Fielder, Collins & Mott, LLP 

Next »

 

 
4:00 – 6:00 p.m.    

R: An Update on and Experiences with Fannie Mae Appraisal Practices  

Room 415

This session will provide an overview of recent appraisal policy changes undertaken by Fannie Mae.

 

Topics to be covered include:

  • An overview of recent lender letters and selling guide changes relating to appraisal, including efforts to improve appraisal quality with loans sold to Fannie Mae;
  • An appraiser perspective on these new requirements, providing appraisers with helpful hints on how critical issues facing residential appraisers; and
  • How the new policy changes have impacted clients of appraisers and appraisal management companies.

Attendees of this session will learn:

  • Critical valuation requirements of Fannie Mae;
  • How to navigate the new Fannie Mae requirements as an appraiser; and
  • How the changes are impacting the mortgage lending industry and the appraisal profession.

Dawn Molitor-Gennrich, SRA, co-owner, Heyn, Molitor-Gennrich, LLC
Robert T. Murphy, director, property valuation & eligibility, single-family risk policy, underwriting and pricing, Fannie Mae
Danny Wiley, chief appraiser, ServiceLink

 

Next »

 
4:00 – 6:00 p.m.  G: Best Practices: Valuation for Litigation Purposes  Room 406

This session’s presenters bring nearly 45 years of combined experience to this informative and entertaining presentation on best practices. This interactive session is designed for appraisers engaging in litigation-related assignments and for attorneys retaining appraisers. Topics include engagement procedures, communication among all parties involved, handling the “difficult” property owner, appraisal and consulting reports for litigation, and effective deposition and trial testimony. Attendees also will learn tips on marketing themselves as experts, including five ways to be the choice of litigation counsel. Other topics to be covered include: challenges faced during the assignment; writing convincing reports; anticipating cross-examination questions; trial demeanor and testimony; essential considerations in contested valuation matters, including communication and preparation; the working relationship between parties involved; and how to be an effective witness. Attendees will receive Best Practice Guidelines: Litigation Assignments, co-authored by the presenters.

 

Albert W. Franke III, SRA, MRICS, principal-valuation, Advisra Consulting, LLC
Ronald E. Kowalski II, Esq., partner, Cacace, Tusch & Santagata

« Prev | Next »

   
4:00 – 6:00 p.m.  

IC: Institutional Properties and Portfolio Valuation   

Room 412

Special considerations must be made when performing valuations for institutional investors. For instance, one recurring issue is portfolio valuations. In some cases, a portfolio premium should be considered, while in others, a discount is in order. Two key questions to be addressed: how are these adjustments estimated, and what support is available? This presentation will address portfolio valuations and the application of the Interagency Guidelines. There also will be a review of best practices when dealing with portfolios of commercial or residential real estate assets. The panelists all have extensive experience in dealing with portfolios, including quality control of portfolios of institutional real estate and the servicing of troubled assets.

 

Robert E. Dietrich, MAI, CRE, CCIM, MRICS, valuation services director, Colliers International
Richard Kalvoda, MAI, CRE, senior executive vice president, Altus Group
Jason Lund, MAI, regional managing director, southwest USA, Colliers International Valuation and Advisory Services
Misa Zane, MAI, vice president, CW Financial Service

Next »

   
4:00 – 6:00 p.m.  

C: Tracking Property Value Diminution through Market Cycles: Theory & Evidence 

Room 410

Sometimes industry experts allege that recessionary periods cause prices of impaired properties to fall at greater rates than is evident in the overall real estate market. One of the most difficult tasks in quantitative analysis is isolating the influence of two factors that are changing simultaneously, especially when there is a less-than-ideal number of available transactions available for comparison. This session will reflect on how the buy/sell motivations of market participants change during recessions, specifically focusing on how those revised perceptions filter through various inputs into the three approaches and how they might impact market value.

 

Attendees will be invited to participate in the session, bringing their industry and property type experiences to the discussion, as the session goes through some live real world examples. Recent econometric results involving the speakers’ study of high-voltage power line proximity also will be included.

 

Richard Marchitelli, MAI, CRE, FRICS, executive managing director, dispute analysis & litigation support, Cushman & Wakefield
Valeo Schultz, MAI, senior director, dispute analysis & litigation support, Cushman & Wakefield
John “Jack” Williamson, Ph.D., president, Almost Convex Economics, LLC

Next »

   
4:00 – 6:00 p.m.     

 AC: Understanding the Impacts of Draft Appraisal Reports for Attorneys and Appraisal Witnesses       

Room 408

Under pressure from the regulatory community, several proposed changes to the Uniform Standards of Professional Appraisal Practice are being considered that would significantly alter the definition of an appraisal report, treating draft reports the same as final reports. These proposals often run counter to “a duty to disclose” rules under both federal and state Rules of Civil Procedure. This session will provide an update on possible proposed changes to appraisal standards; discuss how the proposals impact Rules of Civil Procedure; and consider implications for real estate attorneys and appraisers as expert witnesses.

 

Melinda D. Blackwell, attorney, Blackwell & Duncan, PLLC
Glenn Garoon, MAI, CCIM, G. Garoon Real Estate
Barry J. Shea, IFA, Barry Shea and Associates
Gerald A. Teel, MAI, CRE, SGA, senior managing director, Valbridge Property Advisors
Next »

   
4:00 – 6:00 p.m.     

C: Valuation for Financial Reporting 

Room 400

Financial reporting is considered “the next level” of real estate valuation, and without proper education and training from those in the know, valuation professionals may be placed at a competitive disadvantage.

 

The following topics will be addressed in a panel-discussion format:

  • How does a real estate appraisal professional become competent for valuation for financial reporting?
  • How is the work assigned?
  • What is the appraisal report format required for VFR, and what does it look like?
  • What are the keys to a successful audit review?
  • What does the audit reviewer look for when reviewing VFR work?
  • Does an audit review for VFR qualify as an appraisal review under USPAP?
  • Is a license required to perform VFR work if it’s a non-Federally Related Transaction?

Eric B. Garfield, MAI, partner, WTAS LLC
Kyle Redfearn, MAI, managing director, CBRE
Randi Rosen, MAI, principal, economic valuation services, KPMG
David Swanson, MAI, senior manager, real estate consulting practice, Deloitte Financial Advisory Services LLP
Louis Yorey, MAI, managing director, FSR (financial instruments, structured products and real estate), PricewaterhouseCoopers

« Prev | Next »

   
4:00 – 6:00 p.m.   

R: You Might Adjust for That 

Room 404

This seminar seeks to expose the residential appraiser to items outside of the norm that could have an impact on a property’s value. For instance, while a residential appraiser might utilize a “canned” $2,500 adjustment for a fireplace, there may often be other items that are not considered that might better explain the differences in the sales price of properties.

 

Attendees will:

  • Recognize various items that might impact sales price and market value;
  • Learn what other real estate professionals consider to be the driving forces behind market value and sales prices; and
  • Gain an appreciation for the fact that an important contributory valuation component shouldn’t be omitted just because there is no field on the form.

Frank Lucco, SRA, CRP, managing director, litigation HUB, Accurity Qualified Analytics

« Prev | Next »

   
6:00 – 8:00 p.m.

Welcome Reception in Exhibit Hall  

Governors C-E

Enjoy hors d’oeuvres and drinks in the exhibit hall while you interact with your fellow AI Annual Meeting attendees. Spend the evening engaging with exhibitors and sponsors as you learn more about the latest and greatest valuation products and services.

 

 

 

Tuesday, August 5, 2014

 

 
   
7:00 – 8:00 a.m.

AI Education Trust Awards Breakfast 

OPEN TO ALL ATTENDEES    

Governors A-B

Be sure to attend this sit-down breakfast and program featuring annual awards presented by the Appraisal Institute Education Trust. For more than 50 years, the AIET has fostered the advancement of the real estate appraisal profession and has played a critical role in supporting the Appraisal Institute's education programs. The AIET supports and funds a vast range of initiatives, from world-renowned resources such as the Y.T. and Louise Lee Lum Library to programs that will help secure the future of the valuation profession, including research grants and scholarships.

 

Note: There will NOT be a continental breakfast available on Tuesday morning. 

 

 
   
8:00 a.m. – 12:30 p.m. 

R: Litigation Assignments for Residential Appraisers: Doing Expert  Work on Atypical Cases  

Room 404

Participants will learn valuable tools for solving complex appraisal problems, including techniques for presenting and defending appraisal conclusions and opinions. These residential valuation techniques will be illustrated with three case studies.

 

Dawn Molitor-Gennrich, SRA, co-owner, Heyn, Molitor-Gennrich, LLC

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8:00 – 10:00 a.m.    

C: Contemporary Issues in Market Analysis 

Room 408

This session will focus on concerns that may be obstacles to the application of market analysis in real estate appraisals. Although the formal process is well over 20 years old, market analysis remains a mystery to some valuation professionals and an insurmountable challenge for others. This session will emphasize the necessity of doing market analysis while showing that it can be done in a manner that meets the needs of the assignments.

 

Some of the issues to be addressed are:

  • Is market analysis necessary? (The answer is yes, regardless of assignment.)
  • Is market analysis practical? (Again, the answer is yes since there are levels and depths of analysis and reporting that can be tailored to meet the assignment scope.)
  • Does market analysis produce credible results? (Of course it does, but this needs to be emphasized.)
  • Is market analysis a magical process available only to appraisers? (No.)
  • Do market participants do market analysis? (Yes, they are the source of our methodology.)
  • Can market analysis produce results that are contrary to market expectations? (No, if done correctly.)
  • How does market analysis fit into the highest and best use decision? (Integrally.)
  • Are there do’s and don’ts that may be common with application of market analysis? (Yes.)

While the market analysis process will not be taught specifically, the importance of each step will be emphasized.

 

Robert Dunham, MAI, SRA, real estate appraiser/consultant, Southeast Market Analysts/Valupoint
Richard Parli, MAI, president, Parli Appraisal, Inc.

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8:00 – 10:00 a.m.    

R: Create an Integrated Software System in Microsoft Excel 

Room 416

Spreadsheets, such Microsoft Excel, are popular tools utilized by computer users for a wide variety of applications. Typically, users only use a small subset of the program’s functionality for solving specific problems. But by combining spreadsheet solutions with advanced spreadsheet functionality, larger issues easily can be addressed with integrated software systems. These systems can leverage available spreadsheet functionality to lower system development time and cost. An example of an integrated software system, which was built using Microsoft Excel, is Tejas Appraisal Software, an appraisal system that supports the appraiser’s entire workflow, from assignment acceptance to report delivery.

 

Alan Gertner, MS, senior engineer, owner, Tejas Appraisal

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8:00 – 10:00 a.m. 

G: Defending a Commercial Tax Assessment Using the Three Approaches to Value 

Room 415

Attendees of this session will receive an in-depth study of how to properly value a commercial structure and how the three approaches to value – income, cost and market – can be used in conjunction with other relevant data for tax assessment defense. In addition to a discussion on the three approaches to value, the session will include an emphasis on collection and applicability in the income approach; the importance of using localized, researched replacement cost data in the cost approach; and where to obtain information about what specifically makes up the market for a particular style of commercial property. The presenters will present a case study of a commercial property to demonstrate the application of the income, cost and market approaches. Then, after applying the three models, attendees will be shown how data can be used to defend the assessment during disputes.

 

Session attendees will learn:

  • How to properly collect the data required for each approach to value and where to find it;
  • How to properly apply the three approaches to value; and
  • How the information from the three approaches to value can be used to defend an assessment.

Ed Martinez, training manager, IDECC certified distance education instructor, Marshall & Swift
Jim Siebers, product data services manager, Marshall & Swift

« Prev | Next »

   
8:00 – 10:00 a.m.     IC: Environmental Risk Management Trends and Best Practices for Lenders and Appraisers – Update 2014  Room 410

This session will feature a discussion of environmental due diligence best practices for lenders and appraisers. Discussion will focus on recent changes to requirements for environmental due diligence, risk management and liability mitigation. Additionally, emphasis will be placed on the need for lenders to understand environmental risk management and the need for appraisers to have an understanding of Uniform Standards of Professional Appraisal Practice Advisory Opinion 9.

 

The panelists will present a case for banks to have proper protocols to ensure:

  • A robust vendor management program;
  • Best practices to minimize risk;
  • Vendors’ compliance with appropriate ASTM standards;
  • Understanding and adherance to the U.S. Environmental Protection Agency’s All Appropriate Inquiries standard;
  • Environmental due diligence and the bank’s risk tolerance and their understanding of liability;
  • Methods to bolster the environmental risk programs via outsourcing; and
  • Appraisers’ minimal understanding of appropriate ASTM standards and understanding of  AO-9.

Derek Ezovski, president, ORMS, LLC
Eric Schwartz, MAI, SRA, chief appraiser, Amegy Bank

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8:00 – 10:00 a.m.      

AC: Fighting Junk Science in Litigation 

Room 406

Harry Truman once purportedly said, “If you can’t convince them, confuse them!” Litigation often ensues in the aftermath of environmental contamination, eminent domain, natural disasters, construction defects, geotechnical issues and crimes. While many litigation assignments involve genuine differences of opinion, all too often junk science makes its way into the courtroom. An expert must not only set forth creditable testimony, but must also be prepared to identify and confront junk science. In this presentation, “junk science” is first defined, and then the focus will switch to the four common types of junk science, including: 1) the simplistic antidote; 2) “it is so, because I said so;” 3) comparing an apple to an anvil; and 4) hiding behind overly-complex statistical modeling. Case studies also will be discussed where junk science was successfully rebutted, and practical strategies will be provided for conveying accurate information to a judge or jury.

 

Randall Bell, Ph.D., MAI, principal, Bell Anderson & Sanders LLC

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8:00 – 10:00 a.m

G: Liability Issues Regarding Non-Lending Appraisal Work 

Room 412

Most current discussions of appraiser liability focus on lawsuits regarding appraisals for mortgage lending. However, an appraiser serving as an expert witness or performing appraisal work for other non-lending purposes faces greater liability risk per assignment. This presentation addresses the special risks posed by non-lending appraisal work. It also addresses the unique liability considerations pertaining to appraisal review. Actual lawsuits against appraisers form the foundation of the presentation.

 

The session will answer these questions:

  • Who sues appraisers serving as expert witnesses? 
  • Why do conservation easement assignments pose an especially high risk? 
  • What special issues may be raised when an appraiser is retained to determine a lease renewal rate or buyout purchase price? 
  • What’s the surest way for an appraiser to be sued for non-lending work? 
  • How does potential liability for a retrospective review compare with liability for a contemporaneous review?
  • What provisions should appraisers consider for engagement letters regarding non-lending assignments?

Peter Christensen, JD, general counsel, LIA Administrators & Insurance Services

Joseph C. Magdziarz, MAI, SRA, 2011 past president, Appraisal Institute
Nick Tillema, MAI, SRA, CCIM, MBA-J.D., president, Access Valuation, LLC

« Prev | Next »

   
8:00 – 10:00 a.m. 

C: Update on Valuation for Financial Reporting Related Accounting Standards & Issues 

Room 400

Accounting standards setters and policymakers around the globe are in the midst of a broad-reaching convergence project that may result in expanded use of “fair value” accounting. Such a change likely would have a dramatic impact on financial reporting of real estate assets, investments and acquisitions. Attendees will learn about the existing practices and convergences that are under way, as well as how auditors and investors will likely view the work of third-party subject matter experts like appraisers. Also, the Financial Accounting Standards Board and International Accounting Standards Board are engaged in a “lease accounting” project whereby lessors and lessees would be required to report leases (including real estate) on corporate balance sheets. Real estate industry participants have expressed concerns about the cost of compliance and the necessity of the proposal. This session will deliver real estate industry perspectives on the proposed lease accounting rule and alternatives that may garner support.

 

Michael P. Hedden, MAI, managing director, FTI Consulting
Brian Johnson, MAI, partner, KPMG, LLP
Marc R. Shapiro, MAI, managing director, FTI Consulting

« Prev | Next »

   
10:00 – 10:30 a.m.   

Coffee Break in Exhibit Hall  

Governors C-E

Discuss the morning sessions while mingling with fellow attendees in the exhibit hall as you enjoy a variety of beverages.

 

   
10:30 a.m. – 12:30 p.m.

G: ASC 805 – Business Combinations 

Room 412

This session will give a brief overview of ASC 805 “Business Combinations” and how it pertains to valuing real property. Panelists will discuss the differences between an asset and a business acquisition; the primary assets and liabilities acquired and common methodologies to valuing each; current trends; and real life examples covering various property types. The session will also address recent U.S. Securities and Exchange Commission comments and Public Company Accounting Oversight Board inspection observations as they relate to real property valuations. The course is applicable to any valuation experts performing valuations for “Business Combinations.”

 

Mark Molepske, MAI, senior manager, Midwest transaction real estate practice, Ernst & Young
Brett M. Johnson, senior manager, transaction real estate, Ernst & Young

Brett D. Thompson, national real estate valuation leader, Ernst & Young     

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10:30 a.m. – 12:30 p.m. R: Appraisal Management Company Emerging Issues    Room 410

This session will discuss the proposed minimum operating requirements by federal bank regulatory agencies for appraisal management companies and the AMC National Registry. The speakers also will review issues with state AMC laws that have been identified over the six-year history of state AMC registration and oversight programs, including:

  • The distinction between appraisal firms/companies and AMCs;
  • Whether or not appraisal portals should be required to register;
  • The adequacy of state surety bond amounts and requirements; and
  • Whether commercial AMCs should be subject to state registration and oversight requirements.

Recent state legislative and regulatory development regarding reasonable and customary fees also will be reviewed. Participants are encouraged to come to this session with examples of other emerging issues between AMCs and appraisers. This session will be lead by two Appraisal Institute staff members who have been on the front lines of the efforts to enact reasonable state AMC oversight and registration requirements.

 

Scott W. DiBiasio, manager of state & industry affairs, Appraisal Institute
William (Bill) E. Garber, Jr., director of government and external relations, Appraisal Institute

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10:30 a.m. – 12:30 p.m.

C: The Future of Appraisal Specialization  

Room 406

This session intends to introduce attendees to the concept of specialization by property type, which would make the appraisal profession more like other professions such as medicine, accounting, law and architecture. Highlighting the Society of Golf Appraisers, this session will show how one group of appraisers has identified themselves as specialists. A variety of other specialization opportunities will be illustrated, along with suggested guidelines for establishing these specialties. Areas of focus and discussion will include experience, education, how to interact with fellow specialists, marketing the specialization and the sharing of vital information.

 

Laurence A. Hirsh, MAI, CRE, SGA, FRICS, president, Golf Property Analysts
Ron Carciere, MAI, SGA, president, Golf Course Appraisal
Doug Main, MAI, ASA, CEC, CRE, SGA, CCIM, FRICS, director, Deloitte Transaction Business & Analytics LLP

« Prev | Next »

   
10:30 a.m. – 12:30 p.m.   

IC: Appraisal Views of the Federal Financial Institution Examining Agencies  

Room 408

The “hot button” issues facing appraisal policy managers from three federal financial institutions examination agencies, the Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency and Federal Reserve Board will serve as the focus of this session.

 

Highlighted will be:

  • Key issues emphasized by bank regulators relative to the appraisal process;
  • Safety and soundness examinations; and
  • What bank examiners expect to see from banks relative to appraisal management and oversight.

Chief appraisers and appraisal managers attending this session will gain an understanding of:

  • Key valuation issues and topics being emphasized by bank regulators;
  • How to structure appraisal operations in accordance with Interagency Guidelines; and
  •  Issues and items ahead that chief appraisers and appraisal managers should keep in mind relative to their operations.

Suzy Gardner, senior examination specialist, Federal Deposit Insurance Corporation
Carmen Holly, supervisory financial analyst, Federal Reserve Board
Robert L. Parson, appraisal policy specialist, credit & market risk, Office of the Comptroller of the Currency

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10:30 a.m. – 12:30 p.m.

G: Regulatory Changes from a State Regulator Perspective 

Room 416

With the new regulations relating to the Dodd-Frank Act, customary and reasonable fees, appraisal management companies and the wider range of possible sanctions that the Appraisal Subcommittee can levy against state regulatory agencies, these agencies can have increasing impact on appraisers in their state. This session will address these changes and the effect that competent and focused state lobbying efforts can have as these changes occur. Also presented will be the perspective of five years in the life of a state regulatory board member.    

 

The goals of the session are:

  • Identify coming state regulatory changes and their possible impact on appraisers so appraisers can be ahead of the regulatory curve;
  • Identify some areas where effective input now can make a difference on policies that state regulatory boards will have to adopt;
  • Identify some lobbying strategies that have worked in Kentucky that appraisers in other states might want to consider; and
  • Give one board member’s and a board executive director’s perspective on reports submitted to a board for review and the thinking that goes into the determination of guilt/innocence and punishment.

Larry Disney, executive director, Kentucky Real Estate Appraisers Board
Douglas E. Oldmixon, administrator, Texas Appraiser Licensing & Certification Bureau
G. Herbert Pritchett, MAI, SRPA, CCIM, president, G. Herbert Pritchett & Associates, Inc.

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10:30 a.m. – 12:30 p.m.     AC: Right of Way: Emerging Issues and Best Practices  Room 400

This session will explore jurisdictional exception issues in light of state Department of Transportation regulations, the Uniform Standards of Professional Appraisal Practice and the Appraisal Institute’s proposed Standards of Valuation Practice. This will include issues regarding the difficulty of appraising temporary construction easements. Also explored will be controversial topics such as partial acquisitions of mixed-use properties in the context of USPAP regulations, and varying interpretations by state DOTs. Bonus value in non-conforming properties also will be discussed from a right-of-way acquisition perspective. The session also will explore trial preparation with a focus on USPAP issues and coordination with attorneys.
 

Attendees should come away with a greater awareness and understanding of the complexities (e.g., easements, mixed-use acquisitions and bonus values and testimony) arising from standards issues and appraisal theory in the context of varying state and DOT regulatory requirements.

 

Charles F. (Chuck) Crider, MAI, managing partner, Crider, Bouye & Elliot, LLC
Michael C. McCall, MAI, chief appraiser, Virginia Department of Transportation
Roscoe W. Shiplett, MAI, owner, R.W. Shiplett and Associates, LLC

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10:30 a.m. – 12:30 p.m.

C: Separating Tangible and Intangible Asset Values in a Texas Refinery: A Case Study 

Room 415

This session will explore a case study that involves an actual Texas refinery and a recent ad valorem tax lawsuit. Intangible assets – such as goodwill, permits, workforce and brand – are not taxable and require separation from the value of the going concern. All three approaches are used, and proper methods of intangible asset separation are applied in each.

 

Questions to be answered include:

  • Are intangible assets a significant part of a refinery’s going concern value?
  • Can more than the cost approach be applied?
  • What intangible asset valuation methods are used by plaintiffs’ and defendants’ appraisers?
  • How does reporting of a business combination sale to the U.S. Securities and Exchange Commission impact the sales comparison approach?
  • How are fair value taxable value and market value related?

The presentation will also include an overview of the topic’s literature and educational offerings.

 

Chris Hornsby, MAI, real estate appraiser, Paul Hornsby & Co.
Paul Hornsby, MAI, SRA, CRE,  president, Paul Hornsby & Co.

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12:30 – 1:30 p.m.  

Lunch in Exhibit Hall

Governors C-E

Network with fellow AI Annual Meeting attendees at this lunch that will give you a chance to meet and greet other valuation experts from other markets and in other areas of practice.

 

1:30 – 3:30 p.m.   

G: Modeling Your Appraisal Report to Meet Your Client's Needs in the Commercial Marketplace

Room 412

Appraisal reports, due to their indication of market value, are often used by clients to recycle the report’s information. The panel will discuss the key areas in which clients focus their attention while providing insight as to how information on the subject property, marketplace and the analysis are utilized to streamline the client’s internal processes. The goal for this session is for appraisers to recognize the importance of an appraisal report in the capital marketplace.

 

Nick Tillema, MAI, SRA, president, Access Valuation, LLC
Misa Zane, MAI, vice president, CW Financial Services

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1:30 – 6:00 p.m.         

R: Unraveling the Mystery of Fannie Mae Appraisal Guidelines 

Room 404

This four-hour seminar is intended for any real estate valuation professional who performs appraisals for financial institutions. Lenders continue to face harsh scrutiny from federal regulators in the wake of high foreclosure rates, and this reality translates into increased scrutiny on the appraisal. When foreclosures occur, entities that purchased loans in the secondary market often challenge the lender who made the loan in order to buy it back. In this situation, the appraisal often becomes the first point of attack. If the appraisal appears to be deficient in any way, it strengthens the purchaser’s case to demand a buyback. This seminar will show how appraisals need to conform to the Fannie Mae appraisal guidelines.

 

John R. Underwood, Jr., MAI, SRA, president, Appraisal and Acquisition Consultants, Inc.

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1:30 – 3:30 p.m.   

C: Has Store Location in Shopping Centers Changed Over the Past 20 Years?

Room 410

Research since 1990 has explained space allocation, lease structure, rent and sales, and store location among stores in shopping centers based on microeconomic principles. Two aspects of regional shopping center store location were demonstrated in about 2002:

  • Mall stores followed a bid-rent progression from center to periphery based on store size and rents paid; and
  • Comparison-shopping stores of the same type followed a dispersion pattern describable by central place theory. 

Original store location and other data were obtained from U.S. regional shopping centers in 1992 and 1993. This study uses regional shopping center data obtained about 20 years later and tests the same theories as was tested previously. Boot-strapping techniques are used to produce hedonic regressions of the new data as dependable as those statistical tests done before.

 

Charles C. Carter, guest lecturer, Florida Gulf Coast University, Lutgert School of Business

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1:30 – 3:30 p.m.    

G: International Valuation Concerns

Room 408

Discussion will center on the following points:

  • The need from a client/user viewpoint as to why it is important to meet Appraisal Institute and International Valuation Standards competency and ethical standards;
  • Internal Revenue Service standards and the consequences of appraisers doing work internationally and the effects on client;
  • The importance to the client of the utilization of an established database in assignments;
  • How much time is spent in an area during an assignment – the “get in/get out” issue – and the importance of this issue to client;
  • The advantage/disadvantage of working with a global firm on valuation assignments, especially as it pertains to client feedback;
  • What “qualifies” as a knowledgeable/competent professional to hire, or, if necessary, to hire to assist the appraiser in the assignment area to meet AI/IVS competency standards;
  • The importance of why “outside” appraisers must be registered with the proper authorities in the foreign country in which they are performing their appraisals, and how this aids clients in the hiring decision process; and
  • Client expectations and the hiring criteria used to hire appraisers in a foreign country.

Mitch Creekmore, CIPS, senior vice president, multinational business development, Stewart Title Guaranty Company
Daniel Gancz, senior managing partner, real estate law, Gancz Abogados, S.C.

Jeff Grad, CPA, CA, CBV, MRICS, AACI, P.APP, PLE, president, Equitable Value Inc. 

Bruce D. Greenberg, MAI, SRA, FRICS, ASA, director of real estate advisory services, Deloitte Mexico

« Prev | Next »

   
1:30 – 3:30 p.m.   

AC: Preparing the Appraiser for Trial Testimony: Training, Tips and Techniques from the Front Lines

Room 400

Learn how to be the best witness in hotly contested trials. The faculty of professionals for this session – with a combined 80-plus years of trial experience – is experienced in all perspectives of trial work, including appraiser-witness, taxpayer attorney and school attorney. Using stop-action trial simulation based on real-life litigation scenarios, the course will demonstrate winning techniques to make attendees better prepared for direct examination and fierce cross-examination while providing an understanding of the purposes and opportunities for rebuttal testimony.

 

Victor V. Anselmo, Esq., partner, Siegel Jennings Co., LPA
Anthony C. Barna, MAI, SRA, principal, Kelly-Rielly-Nell-Barna Associates, Inc
Sharon F. DiPaolo, Esq., partner, Siegel Jennings, Co., LPA
J. Kieran Jennings, Esq., managing partner, Siegel Jennings Co., LPA

« Prev | Next »

   
1:30 – 3:30 p.m.  

R: Residential Solar Photovoltaic Leasing Valuation Issues

Room 416

Residential solar photovoltaic leases are growing across the U.S. According to the Solar Energy Industries Association’s Solar Market Insight Report, over 100,000 individual PV systems were due to be installed by the end of 2013. In the first three quarters of 2013, California, Nevada, North Carolina, Arizona, Massachusetts, New Jersey and Colorado installations all showed amazing growth records. During the second quarter of 2013, states had these percentages of solar PV installations structured as leases: Colorado: 89.1 percent; Arizona: 84.9; California: 68.1; and Massachusetts: 60. 

 

The solar lease market’s growth expectations for 2014 and beyond pose potential valuation issues for appraisers. For instance, solar lease terms vary and often present valuation issues that require more in-depth analysis than a customer-owned PV system. Simply ignoring solar PV’s existence is not an option.  In this session, by charting the leases from several companies, attendees will hear an interesting discussion on how these issues may affect the valuation process. Appraisers, agents and lenders will not want to miss this session. 

 

Objectives of the session include:

  • Identify solar PV leasing market share by state;
  • Identify solar PV lease terms and valuation issues; and
  • List resources for appraisal analysis of solar PV leased and owned systems.

Sandra K. Adomatis, SRA, LEED Green Associate
Geoffrey T. Klise, senior technical staff member, Sandia National Laboratories

« Prev | Next »

   
1:30 – 3:30 p.m.      C: The Unique Appraisal: Case Studies in Appraising Special Purpose Properties
Room 406

Commercial appraisers often get calls regarding their ability to appraise special purpose property types.  While many may dismiss the thought of even bidding on such assignments due to perceived (or real) competency issues and the difficulty of the assignment, the appraiser who is willing to stretch his/her comfort zone quite often can wind up with significant rewards in terms of professional satisfaction and monetary compensation.

 

This seminar will examine four case studies to assist attendees with the following:

  • How to know if you are competent to accept the assignment;
  • How to gain competency to complete the assignment;
  • How to handle special purpose properties in relation to eminent domain assignments;
  • How to handle special purpose properties with complex cash flows; and
  • How to handle the really unusual assignments.

Walter D. Carney, MAI, senior managing director, Valbridge Property Advisors
Matthew J. Lubawy, MAI, senior managing director, Valbridge Property Advisors
Arthur L. Schwertz, MAI, senior managing director, Valbridge Property Advisors

« Prev | Next »

   
1:30 – 3:30 p.m.          

IC: What’s New at the OCC: CRE Lending Handbook and Third Party Arrangements

Room 415

This session will detail the expectations of the Office of the Comptroller of the Currency regarding the two critical guidance documents that were released in the past year. First, the OCC updated its Commercial Real Estate Lending Handbook and provided more illustrative guidance on the OCC’s expectations on risk management. Second, the OCC released new guidance relating to overseeing third-party arrangements, which includes appraisers and appraisal management companies. The presentation will provide an overview of each guidance document while highlighting the key issues of importance to bank appraisal managers.

Chief appraisers, appraisal managers and reviewers will learn:

  • The OCC’s expectations for valuation risk management involving commercial real estate lending;
  • Lender responsibilities and expectations relating to third party relationships, such as with contract appraisers and appraisal management companies; and
  • General appraisal issues advanced in both guidance documents.

William (Bill) E. Garber, Jr., director of government and external relations, Appraisal Institute
Robert L. Parson, appraisal policy specialist, credit & market risk, Office of the Comptroller of the Currency

« Prev | Next »

   
3:30 – 4:00 p.m. 

Coffee Break in Exhibit Hall

Governors C-E

Enjoy a cold or hot beverage and discuss what you’ve learned at the afternoon sessions with your fellow AI Annual Meeting attendees.

 

4:00 – 6:00 p.m.         

AC: Eminent Domain Appraising: Advanced Topics Regarding Reasonable Probability of Land Use Changes

Room 408

Condemnation appraisals are not constrained by a property's existing zoning restrictions. In their work, appraisers may consider legally permissible uses of the property and uses that may occur in the reasonably foreseeable future. Consequently, in most states, appraisers can consider the reasonable probability of a future rezoning or variance. Under post-Euclidian zoning, states require counties and cities to enact comprehensive land use or growth management plans with which local zoning ordinances must comply. An area left unexamined by the law concerns the circumstances under which appraisers can consider the probability of a plan change. Critical to this inquiry is an appreciation of the fundamental differences between a plan change and a rezoning or variance.

 

Given the interplay between appraisal and legal concepts, the session will:

  • Distinguish a plan amendment from a rezoning or variance;
  • Identify the factors to consider to establish probability of a plan change; and
  • Using a case study, analyze how demand components for the property's marketability affect its value assuming the change.

Walter Carpenter, president/owner, Pinel & Carpenter, Inc.
Jay Small, partner, Mateer Harbert, PA

« Prev | Next »

   
4:00 – 6:00 p.m. 

IC: Evaluating the Evaluation: Overview of Bank Evaluation Programs

Room 412

The seminar surveys the regulatory environment surrounding non-appraisal evaluation products, particularly the impact of the most recent issuances, such as the Interagency Appraisal Evaluation Guidelines, Regulation B, the Equal Credit Opportunity Act, the Consumer Finance Protection Bureau, valuation disclosures for one- to four-unit dwellings, and the impact on financial institutions. Compliance options and their associated risks will be discussed, from internal bank products to external evaluation products to AVMs. A brief survey of competing products will be identified, plus suggestions on ways to evaluate the “fit” of program options. 

 

Participants should gain:

  • An insight into the regulatory environment and its challenges;
  • Options for complying;
  • Familiarity with products; and
  • Experience sharing by bank attendees.

Douglas A. Potts, MAI, vice president, chief appraiser, Commerce Bank

« Prev | Next »

   
4:00 – 6:00 p.m.      

C: Lifestyle Properties: Going Concerns and Allocation Valuation Issues

Room 406

While golf courses, marinas, private country clubs, tennis clubs, yacht clubs, beach clubs, ski resorts and other related properties have historically been called recreation or special purpose properties, today these properties are viewed as part of a larger group of assets and businesses commonly referred to as “lifestyle properties.” While many are owned and operated by “mom and pop” investors, they are frequently found in a client’s larger portfolio or are a key part of a resort or a master planned lifestyle community. Attendees of this session will gain a greater understanding of property rights, going-concern value allocation issues and valuation methodologies relating to lifestyle properties. The session will provide an overview of the environment, history and future challenges relative to the primary types of “lifestyle” facilities in the United States. The presenters, all of whom have national coverage, will provide their expert perspectives and some cases studies.

 

Ron Carciere, MAI, SGA, president, Golf Course Appraisal
Doug Main, MAI, ASA, CEC, CRE, SGA, CCIM, FRICS, director, Deloitte Transaction Business & Analytics LLP
Gerald A. Teel, Gerald A. Teel Company, Inc.

« Prev | Next »

   
4:00 – 6:00 p.m.      

R: The New FHA Appraisal Manual: What You Need to Know

Room 410

This presentation will outline the major changes to appraiser requirements found in the new and updated Federal Housing Administration’s Single Family Housing Policy Handbook released for comment earlier this year. The session will enable FHA appraisers and bank and AMC appraisal managers to understand the pressing issues of FHA and improve FHA appraisal quality.

This session will cover:

  • The format change of the new Handbook, which will result in a single source document for FHA requirements, versus a piecemeal approach;
  •  How to navigate the new appraisal section of the Handbook and related sections; and
  • Highlights of the major changes relating to FHA appraisal requirements.

Rob Frazier, acting director, Valuation Policy Division, Office of Single Family Housing, Department of Housing and Urban Development
William (Bill) E. Garber, Jr., director of government and external relations, Appraisal Institute

« Prev | Next »

   
4:00 – 6:00 p.m.  C: Understanding Market Trends
Room 415

As the saying goes, the only constant in life is change. In the real estate appraisal profession, technology is increasing the pace in which the real estate market is changing.

 

Discussed during this session will be:

  • How to identify these trends;
  • The reasons for the current office and retail glut; and
  • Comments on the future marketplace, such as urban renewal efforts, including the trend towards gutting existing structures rather than demolition and the conversion of office buildings to multiple-family projects.

The session will also cover the new micro trends marketed toward generations X, Y and echo boomers.

 

Brian Bailey, senior financial policy analyst, commercial real estate, Federal Reserve Bank of Atlanta
Scott F. Biethan, MAI, CRE, FRICS, senior managing director, valuation & advisory services, CBRE, Inc.
Del Kendall, MAI, CRE, FRICS managing director, Real Estate Research Corp.
Misa Zane, MAI, vice president, CW Financial Services

« Prev | Next »

   
4:00 – 6:00 p.m.    

G: Qualified Appraisals in Tax Court

Room 416

Over the past few years, opinions by the U.S. Tax Court and the Second Circuit Court of Appeals have changed the interpretation of “qualified appraisal” under Section 1.170A-13(c)(3)(ii) of the Internal Revenue Code of 1986. This session explores the facts and law in several cases, including Scheidelman v. Commissioner of Internal Revenue, 682 F.3d 189 (2nd Cir. 2012), and Friedberg v. Commissioner of Internal Revenue, T.C. Memo 2013-224, plus related cases. Participants will gain a thorough understanding of the facts and the law in these important cases, and will come away with a better understanding of how the Internal Revenue Service classifies a “qualified appraisal” under the tax code. In particular, this session will provide the opportunity to explore specific methodology applied in the appraisals, and how the presiding courts viewed the appraiser’s analyses and conclusions. The presentation will conclude with recommendations of various “best practices” for appraisers to adopt in dealing with tax courts.

 

Joshua Wood, JD, MAI, managing director, Valbridge Property Advisors

« Prev | Next »

   
6:00 – 8:00 p.m.  

Reception in Exhibit Hall

Governors C-E

(Exhibit Hall closes after Reception ends)

Network with your fellow valuation professionals in the exhibit hall while enjoying hors d’oeuvres and drinks. Meet with exhibitors and sponsors to find out what’s new among real estate valuation products and services.

   

Wednesday, August 6, 2014

 
   
7:00 – 8:00 a.m.    

Continental Breakfast

Governors  C

Get your day started with a buffet breakfast and network along with your fellow attendees as you prepare for morning sessions on a wide variety of valuation-related topics.

 

8:00 – 10:00 a.m. 

G: Effective Use of Exhibits in Court Proceedings

Room 410

Appraisers too often use overly complicated exhibits in judicial proceedings. Not only are the exhibits not readily understandable from a layperson’s perspective, they do not successfully convey the ideas the appraiser is attempting to explain to the jury. This presentation will provide an overview of effective techniques in the preparation and use of exhibits, including those of text and photographs. It also will tell participants how to prepare for unexpected judicial rulings that may require emergency changes to the carefully prepared exhibits. Attendees will engage in feedback to describe their methods for addressing these issues.

 

Goals for this presentation are:

  • How to simplify exhibits to make them understandable by a layperson;
  • How to avoid multiple concepts on single exhibits;
  • Why pictures are truly worth a thousand words; and
  • How to prepare for rulings that require "on the fly" changes to trial exhibits.

L. Burl Wilson, MAI, president, Wilson Real Estate, Inc.

« Prev | Next »

   
8:00 – 10:00 a.m.     

AC: Property Tax Assessment: Assessing, Challenging and Appraising

Room 408

The seminar will take the audience through the property tax assessment process involving challenges in Texas. There will also be a comparison to the New York process, both procedurally and substantially. The discussion will center on:

  • The basis of an assessment;
  • Initial case evaluation by attorney/consultant;
  • Administrative process;
  • Judicial process;
  • The role of attorney, consultant and real estate appraiser;
  • Legal/appraisal coordination: legal and appraisal standards in review proceedings and interplay between the two; and
  • Discussion regarding value in tax review proceedings vs. value in market – is there any difference

Joseph C. Grissaffi, principal, Ryan, Dallas office
Jay Herman, Esq., senior partner, Herman Katz Cangemi & Clyne, LLP
Darlene Sullivan, CMI, principal, Popp Hutcheson
James G. Taylor, MAI, SRA, president, Rogers and Taylor Appraisers, Inc.

« Prev | Next »

   
8:00 – 10:00 a.m.    

R: Reducing Liability – Using the ANSI Residential Measuring Standards

Room 404

Each year it seems as if more and more lawsuits are filed against real estate appraisers, with the most frequent claim being the appraiser misrepresented the measured Gross Living Area square footage of the home. It can seem perplexing as to why these claims continue to plague even experienced appraisers. At first glance, measuring a residential home seems straightforward. But often, there are differences in the gross living area, depending upon who is doing the measuring. The big three (appraisers, assessors and realtors) each use different methods for determining GLA. Since GLA is a critical component in residential valuation, the use of inconsistent measuring methods often results in a domino effect. Incorrect GLA calculations also affect value conclusions with the resulting value conclusions misrepresented to the client, which can be a serious liability. This session addresses the measuring conundrum and provides a methodology to eliminate inconsistencies and thus reduce appraiser liability.

 

Byron Miller, SRA, RAA, MSSE, principal, BM Appraisals

« Prev | Next »

   
8:00 – 10:00 a.m.  

G: Real Estate Valuation Policy Update

Room 415

Participants in this panel will hear updates on federal and state legislative and regulatory activities impacting real estate appraisers, including updates on legislative activity in the 113th Congress and state legislatures. The panel will also summarize major policy initiatives happening internationally that could affect U.S. real estate valuation professionals, which include bank examination/risk assessment efforts by global bank regulators, financial reporting and tax issues impacting real estate valuations. The panel will address the impact of the Dodd-Frank Act and will foster interactive discussions on the ways in which legislation can be improved in the future.

 

Scott W. DiBiasio, manager of state & industry affairs, Appraisal Institute
William (Bill) E. Garber, Jr., director of government and external relations, Appraisal Institute
Brian A. Rodgers, manager of federal affairs, Appraisal Institute

« Prev | Next »

   
8:00 – 10:00 a.m.    

R: Regression Analysis in Residential Real Estate Litigation   

Room 412

The basics of linear modeling as applied to real estate appraisals will be discussed during this session, as will the application that linear modeling can have in a court of law. Presented will be a basic explanation of linear modeling and how it conceptually relates to the accepted appraising standards. The session also will focus on the difficulties and limitations of this methodology and examples of the application of these techniques in real world cases will be presented.

 

The presentation will explain the basics of multivariate regression models and the benefits and limitations of the use of multivariate regression modeling in the mass valuation of residential real estate. Panelists also will provide the basic requirements to formulate a reliable statistical model and will present examples of how statistical modeling of residential real estate pricing can be used in court.

 

Jeff Spilker, CPA/ABV, owner, Hill Schwartz Spilker Keller LLC
Helga A. Zauner, CFE, MBA, director, litigation consulting group, Hill Schwartz Spilker Keller LLC

« Prev | Next »

   
8:00 – 10:00 a.m.

C: Staying Out of Trouble (Defending Your Appraisal)

Room 400

This session will cover real estate law, Uniform Standards of Professional Appraisal Practice and practices with which every appraiser should be familiar. The seminar was developed because of common errors noted defending appraisers at the Texas Appraiser Licensing & Appraisal Board (and other state boards), enforcement cases, civil cases and consulting with attorneys and appraisers on civil and criminal cases by the session presenter.

 

Also to be presented:

  • USPAP common errors and their corrections;
  • Common sense fixes to the common errors; and
  • “The Big Five Common Errors,” development errors, reporting errors and workfile deficiencies.

The session also will address “canned” writing in reports, assumptions and other topics that get appraisers in trouble. Attendees also will hear common sense solutions that fix the problems but allow an appraiser to make a living.

 

Ted Whitmer, MAI, CRE, CCIM, JD

« Prev | Next »

   
8:00 – 10:00 a.m.  

IC: Appraisal Review Challenges: Outside Major MSAs and Appraisals of Other Institutions

Room 406

This session will examine two common appraisal review challenges:

  • Reviewing outside major metropolitan statistical areas:
  1. Major MSA/micro MSA/rural market differences, such as buyer/seller motivations, level of sophistication, data available (sources, type, quality/reliability), adaptive reuse;
  2. Challenges faced by appraisers;
  3. Challenges, including what constitutes sufficient support in an appraisal; and
  4. Common challenges with certain property types.
  • Reviewing another institution’s report
  1. Scenarios in which a lender is considering accepting an appraisal report that was completed for a different institution: multi-lender transactions and reports from prior financing efforts to now be considered for new lender’s use;
  2. Compliance with interagency appraisal and evaluation guidelines;
  3. Determining scope of review;
  4. The challenges from not being able to go back to the original appraiser;
  5. How to reconcile a scope of work that may not have been ideal; and
  6. Agent and participant lender perspectives in multi-lender transactions.

Craig Benton, MAI, director of valuation services, Synovus Bank
M. Ralph Griffin Jr., MAI, AI-GRS
Jessica Orso, recently operations manager, real estate services unit, CapitalSource Bank
Stephen S. Wagner, MAI, SRA, AI-GRS, chief appraisal officer, Old National Bank

« Prev | Next »

   
8:00 – 10:00 a.m.        

C: Valuing Net Zero Energy Buildings

Room 416

While most appraisers have heard of Net Zero Energy buildings, they probably do not know what NZE really means and the effect it has on value. Various states and municipalities are adopting codes and regulations to facilitate buildings that are energy self-sufficient, i.e., buildings that use no more energy than what’s generated on site. Since energy is the largest controllable operating expense in most buildings, the value implication is both obvious and material. Less obvious is how NZE buildings differ in design, construction and operation, and how those differences affect the appraisal process. This session will teach the basics of NZE buildings and will provide insight into how the unique design and features of these buildings affect value, while also delving into the specifics of cost and value impacts through the use of case studies drawn from the presenter’s own work.

 

Timothy P. Runde, MAI, LEED AP, partner, Carneghi-Blum & Partners, Inc. 

« Prev | Next »

   
10:00 – 10:30 a.m.  

Coffee Break     

Governors C

Take advantage of the opportunity to meet with valuation professionals who specialize in a wide range of practice areas while you enjoy a hot or cold beverage between the morning sessions.

   
10:30 a.m. – 12:30 p.m.

G: Appraisal Standards in a Data Science World

Room 410

A free and primal opportunity exists for appraisers. Today’s appraisal standards, practice and education evolved in a sparse-data environment. The advent of “big data,” predictive methods and data science mandate a paradigm shift in asset analytics. Traditional “judgment samples” thinking now impedes objectivity in a “complete data” world. Similarly, traditional inferential statistics teachings further constrain the potential of data science. A jump step opportunity in appraisal objectivity, reproducibility and auditability is upon us. Yet resistance to change may condemn appraisers to a reduced “data gatherer” role.

 

This presentation provides an overview of the ongoing modernization of analytics, enabling appraisal auditability, reliability scoring, risk calculation and portfolio risk quantification. Appraisal data science standards – based on technical reliability, not subjective “believability” – must correlate with new education to facilitate growth in appraisal usefulness, particularly for litigation, decision-making and portfolio management.

 

George Dell, MAI, SRA, ASA, CDEI

« Prev | Next »

   
10:30 a.m. – 12:30 p.m.     

IC: Best Practices in Bank Integrations – All Things Appraisal: Tips and Tricks

Room 412

This session will discuss tips, tricks and pitfalls of integrating appraisal departments when banks merge, acquire or get acquired. The goals of this session for bank appraisal department and stakeholder participants are to:

  • Provide insight into issues that can arise during integration(s) and how to identify potential pitfalls;
  • Present “best practices” for integrating appraisal departments pre- and post-acquisition (including personnel, policies, procedures, systems and vendors);
  • Provide recent examples of scenarios from the presenters where they were either with an acquiring institution or with an institution that was acquired;
  • Provide regulatory insight of bank acquisitions in the current mergers and acquisitions/takeover environment; and
  • Provide “best practices” from a regulatory point-of-view.

Deloris Kraft-Longoria, MAI, chief appraiser, Frost Bank
Justin Slack, MAI, SRA, AI-GRS, AI-RRS, commercial appraisal manager, HomeStreet Bank
Eric Schwartz, MAI, SRA, chief appraiser, Amegy Bank

« Prev | ^ up ^

   
10:30 a.m. – 12:30 p.m.    

R: Computer-Aided Appraising: How New Technology Will Spur the Growth in the Appraisal Industry

Room 406

The residential appraisal process has traditionally been a very tedious and manual process. Appraisers spend, on average, four to five hours performing research and analysis, and an additional one to two hours creating the final report, in addition to the time is takes to perform the property inspection. Computer-aided appraising technology can dramatically reduce research and analysis time as well as report generation time. By reducing the time it takes to produce an appraisal, new opportunities can open up for appraisers. This presentation will explain how computer-aided appraising helps appraisers produce stronger appraisals in a shorter period of time, and it will explore the new opportunities that become available for appraisers with the use of this technology.

 

Jeff Bradford, CEO, Bradford Technologies, Inc.
Jordan Petkovski, vice president, chief appraiser, Title Source

« Prev | Next »

   
10:30 a.m. – 12:30 p.m.

AC: Dissecting the Appraisal Report

Room 408

This session will focus on the required components of an oral, summary and self-contained appraisal report, with the goals of teaching attendees not only basic content requirements for different appraisals, but more importantly, why the components are included and how they impact the ultimate conclusion. Attendees will learn how to identify defects and inconsistencies in a report and to see what important components may be missing from one type of report versus another. Additionally, attendees will learn how the laws and regulations of various states impact reporting requirements and what courts require from appraisers.

 

Michael Coughlin, Esq., shareholder, Walsh, Colucci, Lubeley & Walsh, P.C.
William C. Harvey, II, MAI, CCIM, president, William C. Harvey & Associates, Inc.

« Prev | ^Top ^

   
10:30 a.m. – 12:30 p.m.   

C: Intangibles in Going Concerns – Clients and Valuation Perspectives

Room 400

The valuation of going concerns with allocations to intangible components continues to be a controversial subject with appraisers, regulators and clients. This is unfortunate and can be remedied. Much of the controversy stems from misunderstandings and misapplications of generally accepted valuation theory. The importance of the intended use, clear communications and proper application of valuation methodology is paramount. Valuation professionals are defined by their differences in training, education and professional designation. The spectrum of designations and focus includes machinery and equipment, business and real estate among others.

 

Often valuation assignments have overlapping elements, especially in the case of real estate and business valuations, and professionals are forced to decide whether they will handle the assignment alone, with another professional or refer the assignment elsewhere. Presentations from a real estate appraiser and a business valuation appraiser will explore these areas of overlap from their own perspectives. Ultimately, the clients’ needs are paramount to the decision. The session will focus on clarity of the valuation principles, applications, intended use and client communications and will provide suggestions on policy and communication for clients working with appraisers.

 

Jim Amorin, MAI, SRA, vice president, Atrium Real Estate Services
Dwight V. Percy, managing partner, Percy Consulting LLC
Leslie P. Sellers, MAI, SRA, principal appraiser and owner, Sellers & Associates Valuation & Advisory Services

« Prev | Next »

   
10:30 a.m. – 12:30 p.m.

G: Minimizing the Risk of Sanctions

Room 404

After attending this session, appraisers will have a better understanding of:

  • The increased scrutiny of lenders, appraisal management companies and regulators;
  • The heightened levels of responsibility and competence that are required by those entities; and
  • The solutions to minimize risk of receiving sanctions in the event of a complaint.

The solutions discussed in this session will include:

  • Quality education in the areas that need improvement;
  • Why the Uniform Standards of Professional Appraisal Practice needs to be taken seriously (USPAP isn’t going anywhere);
  • The need to involve other appraisers; and
  •  The value of mentoring. A mentor can:
  1. Help the appraiser identify areas of need;
  2. Make USPAP a usable, readable document; and
  3. Provide peer-to-peer discussion.

This presentation will focus on mentoring, including:

  • How to find a mentor;
  • What to expect:
  • In-person;
  • Remote, via web-meeting software;
    • Recording provided to client afterward;
  • Types of mentoring:
  • Trainee-sponsor;
  • Regular check-up;
  • USPAP check-up;
  • Specific area of need; and
  • Post-complaint (response to the board).

Mark Loftus, director and owner, Appraisal Practice Consultation

« Prev | ^ up

   
10:30 a.m. – 12:30 p.m.

R: URAR Form Appraisal Reports and Adverse Environmental Conditions: Issues, Problems and Techniques

Room 416

Uniform Residential Appraisal Report forms require identification and analysis of various types of “adverse conditions” that could potentially impact home prices and values. This panel of experienced single-family home and contaminated property appraisers will discuss appraiser responsibilities and the various methods that can be used to analyze those potential effects. Panelists will discuss techniques such as paired sales analysis, sale/resale analysis, proper selection of comparable sales involving similarly affected homes, case studies, scatter plot and trend line analysis and regression modeling. This session will address real-world appraisal assignments involving groundwater contamination, soil contamination, flooding and mold, radon, power line proximity and contaminated building products.

 

The goals and objectives of the program include:

  • Clarify URAR appraisal responsibilities related to environmental conditions;
  • Define the variety of generally accepted and recognized appraisal techniques that can be used to complete an environmental condition analysis; and
  • Discuss cost-effective ways that recognized techniques can be used in the typical URAR appraisal assignment.

Charles T.  Brigden, CRE, FRICS, ASA, vice president, Clarion Associates, Inc.
Sharon Cremen, SRA, owner-appraiser, Cremen Appraisal & Consulting, Inc.
Peter McEnery, MAI, president, The McEnery Company, Inc. 
Richard J. Roddewig, MAI, CRE, president, Clarion Associates, Inc.

« Prev | ^ up ^

   
10:30 a.m. – 12:30 p.m.

C: Working with Federal Agencies: From Contracting to Hot Buttons

Room 415

This session consists of two parts:

  1. Walking appraisers through respective federal agency contracting processes, such as Fedbizopps.gov, to explain how appraisers can expand business opportunities by working as a contractor for federal agencies; and

  2. Illustrating common valuation problems faced by the respective agencies to help appraisers understand how services can be improved. Agencies will present case studies that illustrate problems found in appraisal reports and provide suggestions on how to improve performance.

Participants of this session will learn:

  • Key valuation problems faced by the U.S. Department of Interior, U.S. State Department and the General Services Administration;
  • What to pay attention to when preparing an appraisal report to a federal agency; and
  • How to successfully locate and develop a book of business from federal agency appraisal offices.

William (Bill) E. Garber, Jr., director of government and external relations, Appraisal Institute
Timothy J. Hansen, RPRA, chief appraiser, Office of Valuation Services, Office of the Secretary, U.S. Department of the Interior
Nick Hufford, chief appraiser, General Services Administration

Jerry Sanchez, RPRA, chief appraiser--WO Lands & Realty, U.S. Forest Service

Pierre Welch, MAI, MRICS, chief appraiser, U.S. Department of State

« Prev | ^ up ^

   
12:30 – 1:30 p.m.      

Lunch

Governors C

 

Network with fellow AI Annual Meeting attendees at this lunch that will give you a chance to meet and greet other valuation experts from other markets and in other areas of practice.

   
1:30 – 3:30 p.m.     

Closing General Session

Governors A-B

   
  “The Economic Outlook for Real Estate Investors and Decision Makers” 
   
  Mark G. Dotzour, Ph.D., chief economist and director of research, the Real Estate Center at Texas A&M University

Mark Dotzour will use his current market research to address how global and national trends are likely to impact residential and commercial real estate markets. He will talk about the outlook for job growth, interest rates and inflation. He also will address the outlook for absorption of commercial real estate, trends in commercial real estate values and transaction volume. Other topics include the outlook for home sales volume and residential prices for brokers, home builders, developers, lenders and investors.

 

Dr. Dotzour earned his Ph.D. in the Department of Finance at the University of Texas at Austin in 1987 and served as associate professor of real estate and finance at Wichita State University for 10 years. He has published almost 100 articles in magazines and has given nearly 2,000 presentations to more than 195,000 people. His research findings and comments have been published in the Wall Street Journal, USA Today and Business Week.

   
  A $19 Trillion Education: Are We Smarter Now than in 2008?”
   
  Brian Olasov , managing director, McKenna Long & Aldridge LLP

According to the U.S. Treasury Department, household net worth of the United States plunged by more than $19 trillion during the financial crisis. A large component of this arose from an unforeseen national depression in residential and commercial real estate values. Although many investigations claimed to identify root causes (government-sponsored enterprises, greedy lenders/borrowers, securitization products, bubbly monetary policy), we should attempt to at least learn lessons to apply in order to minimize the effects of the next real estate downturn. What can real estate markets and professionals, particularly appraisers, learn and apply? Are we smarter now than before we lost $19 trillion?

 

Brian Olasov provides business and capital markets consultation services to the finance and corporate departments, analytical support for the litigation department developing damage estimates, modeling economic arguments for use in negotiations and litigation and analyzing solvency and liquidity issues with the bankruptcy department and modeling bond and capital structures for real estate-related financing and restructurings.

   
4:00 – 6:00 p.m.          Optional Tour: The Driskill Hotel
  (SOLD OUT. Registered participants meet in Austin Hilton main entrance at 3:45 p.m. Guided walk to Driskill Hotel.)
An insider’s look at the oldest operating hotel in Austin: the Driskill, a Romanesque-style building that was completed in 1886. Built by successful cattle baron Jesse Driskill, the hotel is home to one of the first open designs that encouraged airflow throughout the building to keep it cool. The Driskill is also well known as one of the most haunted hotels in the United States, featuring alleged supernatural activity throughout the building, including visits by the spirit of Colonel Driskill himself.
   
7:00 – 10:00 p.m.    

AI Awards and Recognition Dinner

Governors A-B

Don’t miss the grand finale of the 2014 Appraisal Institute Annual Meeting as the real estate valuation profession’s best and brightest are honored for their contributions to the field. Deserving valuation professionals will receive:

  • the Lifetime Achievement Award, presented annually to an AI professional who demonstrates high ethical standards; has volunteered several years of service and contribution to the Appraisal Institute on the international, national, regional and/or chapter level; has provided service to his or her community; and has contributed to the appraisal profession;
  • the Outstanding Service Award, presented each year to an individual who has provided outstanding service and contributions to the Appraisal Institute; and
  • the President’s Award, which is given at the AI president’s discretion to a person who is committed to the organization, currently engaged in its activities, an effective spokesperson, representative at all times, and in touch with both the needs of other AI professionals and the changes that the organization must help its professionals meet.
   
Thursday, August 7, 2014  
   
8:00 a.m. – 6:00 p.m. Case Studies in Appraising Green Residential Buildings
(Additional fee required.)

Take advantage of a special discounted rate by registering for this course and the Annual Meeting. Attendees must register and attend both events to receive the discount. If you wish to attend JUST this course, click here to register.


This one-day course introduces participants to valuation methods for appraising the high performance house. Participants learn the appraisal procedures for valuing green residential properties to assist in supporting an opinion of value. The course focuses on the valuation process in different appraisal problems encountered in appraising green properties. The valuation process is examined as it applies in each of the three approaches to value.


In-depth case studies will help participants develop their problem-solving skills in this new building technology. The case studies represent the real estate market in 2009-2010, and the problems and discussion questions are based on real-life examples provided by builders, real estate agents and appraisers.

 

   
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