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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.
About the Authors
Mark R. Linné, MAI, CAE, ASA, is the managing director of RMVS/ValX, a company that specializes in complex residential and commercial appraisal issues and provides consulting support for mass appraisal and appraisal valuation modeling throughout Colorado. Mr. Linné has been active in the development of adaptive valuation technologies, including automated valuation models (AVMs) and was a member of the development team responsible for the creation of one of the first AVMs. He has served as vice chairman of the Appraisal Journal Review Board, is a member of the Educational Publications Committee, and has served on the Communications Committee of the Appraisal Institute.
M. Steven Kane is assistant managing director for RMVS and president of ValX, a mass appraisal consulting firm. He was the chief valuation modeler for the first residential AVM product developed in Colorado and has extensive experience as an author and as a lecturer. Mr. Kane developed the Appraisal Institute’s seminar on Appraisal Valuation Modeling and is a senior candidate for the MAI designation of the Appraisal Institute.
George Dell, MAI, SRA is a consultant in real estate and valuation technology. His firm, Real Estate Econometrics, provides counseling in AVM, fraud, and civil litigation when scientific support is needed to establish liability as well as damages. Mr. Dell teaches and has written seminars and courses on applying modern data-based and statistical analysis methods.