8:00 a.m. - 12:30 p.m. R: Litigation Assignments for Residential Appraisers: Doing Expert Work on Atypical Cases            

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

8:00 - 10:00 a.m.               C: Contemporary Issues in Market Analysis           

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.

8:00 - 10:00 a.m.               R: Create an Integrated Software System in Microsoft Excel         

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

 » Presentation

8:00 - 10:00 a.m.               G: Defending a Commercial Tax Assessment Using the Three Approaches to Value            

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

 » Presentation                    

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

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

» Presentation

8:00 - 10:00 a.m.               AC: Fighting Junk Science in Litigation

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, he must also be prepared to identify and confront junk science. In this Presentation, "junk science" is first defined, with a further explanation of its four common types 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. Practical strategies will be provided for conveying accurate information to a judge or jury.

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

8:00 - 10:00 a.m                G: Liability Issues Regarding Non-Lending Appraisal Work              

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 renewa 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

8:00 - 10:00 a.m.               C: Update on Valuation for Financial Reporting Related Accounting Standards & Issues  

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

» Presentation

10:30 a.m. - 12:30 p.m.                  G: ASC 805 - Business Combinations       

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    

 » Presentation

10:30 a.m. - 12:30 p.m.                  R: Appraisal Management Company Emerging Issues       

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

» Presentation

 10:30 a.m. - 12:30 p.m.                  C: The Future of Appraisal Specialization                

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

10:30 a.m. - 12:30 p.m.                  IC: Appraisal Views of the Federal Financial Institution Examining Agencies         

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

10:30 a.m. - 12:30 p.m.                  G: Regulatory Changes from a State Regulator Perspective            

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.

 » Presentation                    

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

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.

Robert R. Elliott, Jr., MAI, SRA, Crider, Bouye, Elliott, & Goodwin, LLC
Michael C. McCall, MAI, chief appraiser, Virginia Department of Transportation
Roscoe W. Shiplett, MAI, owner, R.W. Shiplett and Associates, LLC

 » Presentation 1  » Presentation 2                              

10:30 a.m. - 12:30 p.m.                  C: Separating Tangible and Intangible Asset Values in a Texas Refinery: A Case Study        

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.

1:30 - 3:30 p.m.                 G: Modeling Your Appraisal Report to Meet Your Client's Needs in the Commercial Marketplace                 

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

 » Presentation 1  » Presentation 2              

1:30 - 6:00 p.m.                 R: Unraveling the Mystery of Fannie Mae Appraisal Guidelines  

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.

1:30 - 3:30 p.m.                 C: Has Store Location in Shopping Centers Changed Over the Past 20 Years?         

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

 » Presentation                    

1:30 - 3:30 p.m.                 G: International Valuation Concerns       

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 internationall 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

1:30 - 3:30 p.m.                 AC: Preparing the Appraiser for Trial Testimony: Training, Tips and Techniques from the Front Lines     

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

» Presentation

1:30 - 3:30 p.m.                 R: Residential Solar Photovoltaic Leasing Valuation Issues             

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

 » Presentation 1  » Presentation 2                                 

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

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

 » Presentation 1  » Presentation 2                 

1:30 - 3:30 p.m.                 IC: What"s New at the OCC: CRE Lending Handbook and Third Party Arrangements             

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

 » Presentation                    

4:00 - 6:00 p.m.                 AC: Eminent Domain Appraising: Advanced Topics Regarding Reasonable Probability of Land Use Changes                

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

4:00 - 6:00 p.m.                 IC: Evaluating the Evaluation: Overview of Bank Evaluation Programs      

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

» Presentation                     

4:00 - 6:00 p.m.                 C: Lifestyle Properties: Going Concerns and Allocation Valuation Issues                  

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.

 4:00 - 6:00 p.m.                 R: The New FHA Appraisal Manual: What You Need to Know        

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

 » Presentation                    

4:00 - 6:00 p.m.                 C: Understanding Marketing Trends        

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.
  Misa Zane, MAI, vice president, CW Financial Services

 » Presentation 1  » Presentation 2             

4:00 - 6:00 p.m.                 G: Qualified Appraisals in Tax Court         

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

» Presentation