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Breakout Sessions

MONDAY, JULY 30 – 10:30 AM – 12:00 PM

Session Title:"Insights for the Valuation Professional from HERS”

Session Abstract: If you think HERS Index is just a scale and a number assigned to a house, you are in for a seminar full of surprises. This session is packed with tips, tools, and solutions to valuing the new building science of today. We will demonstrate how to register as a user of the RESNET Appraiser Dashboard and search for trends, energy ratings for a given address, and even ENERGY STAR® rated homes. Yes, all this in one place and your AI membership gives you the exclusive right to more data than the public RESNET Registry. Bring your iPad and come along to a new world of information. We will relate what RESNET offers to the AI Residential Green and Energy Efficient Addendum and the methods used to value energy. We’ll end with a case study that will amaze you.

Main Presenter: Sandra Adomatis, SRA, LEED Green Assoc, Adomatis Appraisal Service, CEO
Co-Presenter: Steve Baden, RESNET, Executive Director

Session Title:Insurance Appraisal - Correct Content and Valuation Approach

Session Abstract: Insurance Appraisals can be a lucrative income source for appraisers, especially in states with a high density of condominium associations. Florida for example, requires an insurance appraisal every three years, mandated by State Statute. It is important for appraisers to educate themselves about insurance laws as well as gain ample understanding of construction and the valuation thereof. Construction can be divided into six different construction classes and appraisers need to be able to recognize them. Insurance appraisals can be prepared for flood insurance as well as wind/casualty insurance and the valuation professional need to know the difference. Structures are valued in their “as-is” condition, but appraisers should be able to identify code upgrade issues to educate the client and avoid liability. The presentation will go through an actual narrative insurance appraisal report and all important aspects will be directly addressed while working through the report. Learning goals include: Correct Contents for an insurance appraisal, best valuation approach, ISO construction classes and why they are essential for an insurance appraisal, who are the clients and where to find them, how to avoid liability issues addressing code upgrades and co-insurance penalties.

Main Presenter: Patricia Staebler, SRA, Staebler Appraisal and Consulting, Prinicpal

Session Title:Modifications to the Traditional Narrative Appraisal Report and Reporting Process: The multifamily l

Session Abstract: In the past 100 years, appraisers have progressed in narrative report development technology from the early 20th century using a pool of secretaries and manual typewriters; dictation and electric typewriters in the mid-20th century; to computer word processing programs in the late-20th century. As the 21st century turned, commercial narrative report generation in many firms is linked from a database to a template, and then delivered to the client. During this time, an appraisal went from a 30-ish page report to our end-state today of an automated data-merge of a 120 to 150-page narrative report. Report delivery has shifted in the past ten to fifteen years from sending the client three bound copies by mail or overnight delivery to transmission in electronic PDF format today. This presentation will discuss some of the interesting advances that Freddie Mac Multifamily, the appraisal community, the Mortgage Bankers Association (MBA), and other multifamily lenders are doing with technology to make the delivery and use of the appraisal more efficient, and are moving appraisal production into the 21st century. Panelists (TBD) will include representatives from Freddie Mac Multifamily, the Mortgage Bankers Association, and commercial appraiser(s) from national firms.

Main Presenter: Marty Skolnik, MAI, Freddie Mac, Chief Appraiser / Director of Multifamily Appraisals

Session Title:Education Developer Panel

Session Abstract: The Appraisal Institute’s Education Committee is currently seeking new content for courses and seminars. This session will include a panel discussion with current course developers, education committee members and staff, educating interested members about the development process. Attendees will takeaway knowledge on current topics of interest, commonly asked questions and criteria necessary to succeed as a developer. The session is intended for all members including current developers and others interested in participating in the development process in the future.

Main Presenter: Ben Sellers, MAI, Appraisal Institute, Education Committee Vice Chair

Session Title:The Evaluation Crossroads – a New Frontier in a World of Evolving Finance & Regulation

Session Abstract: In the 29 years since FIRREA, the appraisal industry is being buffeted by strong demographic & business headwinds. Lending appraisals have always been a major source of business, but financial institutions are also buffeted by change they find hard to control. Banks look for ever greater ways to finance with maximum efficiency, and increasingly turn to evaluations in lieu of appraisals. Some appraisers believe that evaluations degrade the valuation pedigree, but this presentation takes a more positive view with an eye to future "best practices" aiding the sustainability and vibrancy of valuation practice for the coming era. We summarize the evolution in banking as it relates to valuation, illustrate many forms evaluations can take, and show how they can be applied to both loan origination and also loan monitoring. Lastly, we discuss the Regulatory Trifecta – state definitions, licensing restrictions, and standards – that must be reformed to permit appraisers into this promising and crucial frontier of the valuation business.

Main Presenter: Douglas Potts, MAI AI-GRS, Commerce Bank, VP, Chief Appraiser
Co-Presenter: Justin Slack, MAI SRA AI-GRS AI-RRS, HomeStreet Bank, FVP, Commercial Appraisal Manager

MONDAY, JULY 30 – 1:30 PM – 3:00 PM

Session Title:Litigation Support Outside the Box: The Wide World Beyond Appraisal Opinions

Session Abstract: Presenting valuers with new opportunities to provide services in complex real estate-related litigation, as testifying experts and consultants, attendees will see types of problems that can be solved in compliance with Standards beyond simple valuation issues and review opinions. Valuation professionals are often the best qualified experts to provide these services but often turn down some of the most interesting and potentially lucrative assignments because they don’t think outside the appraisal box and recognize how clients can best be served by the unique combination of skillsets we possess. As a result, attorneys turn to economists, accountants, and other service providers in matters alleging economic harm and property damages. Services of valuation professionals will be discussed in a range of situations such as partnership disputes, environmental contamination, construction defects/delays, lender liability, industry practices, and other matters requiring special training, experience, and expertise. Preparing expert reports outside the “template” mindset will also be discussed, with examples of how to present opinions more clearly, make them more bullet-proof and more relevant and so, more useful to attorneys in presentation of the case. Attendees new to litigation will be introduced to situations and issues that valuation professionals are best suited to address and execute; more experienced attendees will gain insights into how to leverage their skills and knowledge to broaden and increase their litigation practices.

Main Presenter: Paula Konikoff, JD, MAI, AI-GRS, Paula Konikoff, Inc., Principal
Co-Presenter: Jefferson Sherman, MAI, AI-GRS, Sherman-Andrejczyk Group, Inc., Principal
Co-Presenter: Richard Marchitelli, MAI, CRE, FRICS, Cushman & Wakefield, Executive Managing Director

Session Title:Proper Planning Prevents Poor Performance – The Importance of Client Communication

Session Abstract: Appraisers are often called upon to provide litigation support in complex assignments, but before a relevant and credible appraisal can be performed, the appraiser and the client must first make a precise determination of the questions that need to be answered. On the surface, these questions may appear to have simple answers, but in reality they require significant discussions in order to determine how to best solve the client’s problem. Proper planning and preparation at the onset of the assignment can help identify possible hurdles, and formulate a strategy on how to handle them before they become major obstacles; thereby, saving time, frustrated efforts and most importantly money. This presentation will feature two appraisers as well as a user of valuation services The session will draw on past experiences of all three presenters, and will provide guidelines on how to handle unique valuation situations. The session will conclude with a case study of a recent electric transmission line project, where proper planning helped avoid a potential pitfall, and ultimately yielded a very favorable result for the client. The goal of this presentation is to provide attendees with real world examples of how proper client communication can produce winning results in your next litigation assignment.

Main Presenter: Stephen Roach, MAI, SRA, AI-GRS, Jones, Roach & Caringella, Inc., Co-Owner
Co-Presenter: Roger Ball, MAI, SR/WA, Commercial Valuation Services, Real Estate Analyst
Co-Presenter: Jerry Roberson, Alabama Power Company, Team Leader

Session Title:Residential Appraisal in the Era of Collateral Underwriter (CU), Loan Collateral Advisor (LCA), Day 1 Certainty, and Property Inspection Waivers (PIWs): Updates from Fannie and Freddie

Session Abstract:This presentation will outline the major changes in technology and policy at the GSEs and their effects on the residential appraiser. Gain an understanding of the front-line impacts on the practitioner from the influence of CU and LCA during a lender’s appraisal review process, the speed with which Day 1 Certainty requires initial valuation indicators, and the actual utilization of PIWs versus the speculation and rumor. Hear directly from the GSEs about required adjustment support, the treatment of seller concessions and incentives, data verification expectations, decisions as to the selection of comparable sales, reconciliation and communication of the indicated values and final value opinion, and…. is there ongoing work on a form to replace the 1004? If so, what opinions might you offer to the GSEs regarding the content of such a modernized form? Finally, what about

Moderator: Craig Steinley, SRA, AI-RRS, Steinley Real Estate Appraisals
Main Presenter: TBD
Co-Presenter: Scott Reuter, Chief Appraiser and Director of Valuation, Freddie Mac

Session Title:Special Valuation Considerations for Special-Purpose Property

Session Abstract: The amount a special-purpose property will sell for can be quite different, depending on whether the property is sold as part of a going concern, or is sold separate and apart from other assets. This presentation builds on a popular and well-received presentation on "market value in use" at the 2017 International Valuation Conference in Ottawa, Canada. It will address the unique challenges of valuing special purpose properties for mortgage lending, ad valorem taxation, condemnation and financial reporting. The emphasis will be on distinguishing between value in use and value in exchange. This important topic has implications on some of the most current valuation debates, including dark store theory, going-concern valuation and fee simple property rights. Participants will be involved in a discussion of alternative viewpoints regarding proper valuation procedures, and will benefit from a broader understanding of the issues. They will be able to distinguish between value in use and value in exchange, and will recognize proper valuation techniques for both valuation concepts. They will learn to properly communicate the results of a valuation assignment involving special-purpose property, so that users of appraisal services are not confused or misled.

Main Presenter: Kerry Jorgensen, MAI, Jorgensen Appraisal, Inc., President

Session Title:Sustainability and the Occupant Experience: The Value Effects of Wellness-Based Design

Session Abstract: High-performance buildings are no longer defined solely by energy efficiency or labels like LEED or ENERGY STAR.  Both occupants and owners are increasingly looking beyond resource efficiency to the positive (or negative) effects of the real estate on building occupants - whether it’s health and well-being for a family residence, or employee productivity in a commercial building.  This shift in focus is founded in research that links building attributes and operational practices to occupant health, well-being and productivity.

Wellness-based design and construction strategies incorporate this new evidence-based research to enhance the productivity and health of the building occupants.  But how do these changes affect the real estate value?  This dynamic session will introduce the concepts, terminology, design and construction practices of wellness-based design before going deeper to investigate and analyze the potential positive and negative value implications of this new approach to building design and construction.


  • Discover how sustainable building design impacts occupant health and performance
  • Learn to recognize wellness-based design features
  • Distinguish which features may have an effect on real estate value
  • Understand the concepts and terminology of wellness-based design
  • Become familiar with the new health and wellness-based design rating systems such as WELL and Fitwel

Main Presenter: Timothy Runde, MAI, LEED AP, Runde & Partners, Inc., President
Co-Presenter: Stacey Thoyre, WELL AP, LEED Green Associate, Runde & Partners, Inc., Partner, Appraisal Associate

MONDAY, JULY 30 – 3:30 PM – 5:00 PM

Session Title:A Look Through the Windshield at Auto Dealership Valuation

Session Abstract: 1) Understand how appraising auto dealership properties differs from valuing other forms of real estate: - Operating dealerships are sold without ever being exposed to the open market, making the analysis of comparables extremely precarious - They are also typically just one piece of a larger transaction, which may or may not affect the way property is priced - How can a multi-million dollar renovation hardly affect the value? 2) Learn why poorly-developed appraisals of auto dealership properties harm the real estate market in a way unlike any other property type: - More so than any other property type, prices for auto dealership properties are set by appraisals 3) Explore controversial auto dealership property valuation issues: - Can sales of closed dealership properties be used to value a property still in operation? - Does unit volume affect the value of real estate? Or is it strictly a business consideration? - Is an “A+” location a double-edged sword? - With digital marketing and internet sales, how long will an “A+” location still matter? 4) Identify long-term risks to the market for auto dealership properties: - Mobility services based on fleets of autonomous cars puts pressure on personal car ownership - Large dealership groups are launching online initiatives to sell cars to customers who will never even visit the physical dealership - Millennial's do not seem to embrace driving and car ownership as have past generations 5) Unusual/unique situations - Case Studies

Main Presenter: Bradley Carter, MAI, CRE, CCIM, CDEI, Greystone Valuation Services, Principal

Session Title:Quality Control: Producing Appraisal Reports and Services That Delight Clients

Session Abstract: The panelists will present on the roles of the appraiser and the quality control reviewer and the challenges faced in producing reports that please the client. The discussion will focus on best practices for appraisers, appraisal firms, and reviewers. Major areas of discussion will focus on: • Delighting Clients • Understanding Quality Control • Customers and Their Needs • Implementing a Quality Control Review Process • Determining the Scope of the Quality Control Review • Appraiser/Quality Control Reviewer Responsibilities and Communication • Evaluating Report Quality and Taking Corrective Action • Putting It All Together

Main Presenter: Scott Schafer, MAI, MRICS, Cushman and Wakefield, Managing Director, National Quality Control
Co-Presenter: Robert Moorman, MAI, SRA, AI-GRS, BBG, Inc., Senior Managing Director - National Compliance and

Session Title:Refurbishing Traditional Analysis Techniques to Meet Client Expectations

Session Abstract: At no time in the history of the valuation profession has change been occurring at such a rapid rate. The operation of the lending industry continues to evolve in efficiency, and right or wrong, the appraisal profession must evolve with it. Clients expect well supported values in days, not weeks. Appraisal practice involves three distinct categories; data gathering, analysis, and reporting. Of these categories, we will focus on analysis methods and techniques. There has been a lot of conversation about appraisers converting to new statistical analysis techniques, in order to provide better and faster appraisals. However, the profession has not embraced these techniques. This presentation will consider another option, which is to integrate meaningful statistical methods into our existing analysis techniques. This “refurbishing” results in the best of both worlds- faster and better appraisals which the appraiser fully control and understand. In this presentation, two new methods will be presented and examined.  The first allows for the simultaneous use of “cumulative paired analysis”, multiple “residual analyses”, and “sensitivity analysis”. The second is designed for times when few sales are available, which occurs in rural residential markets and is typical in many commercial markets.  While these both methodologies are designed for residential and commercial use, the first example will be a residential study and the second will be a commercial study. The following valuation fundaments will be covered: Market modeling, probability, and residual analysis. In addition, some cutting edge analysis theory will be divulged including: 1)The Principle of Expected Conflicting Outputs, 2)The Bartholomew Principle, 3)The concept of Dependent Adjustments, and 4)Shadow Grids.  Conclusion: There are a lot of improvements that appraisers can make to traditional analysis methods rather than abandon them for black box AVMs.

Main Presenter: David Braun, MAI, SRA, AI-GRS, AVT, Inc., President

Session Title:Residential Green Case Study: Pearl National Home Certifications Show Market Premiums

Session Abstract: This presentation is not designed to promote any home certification program, but it involves a specific organization that retained us to do a study on homes that had been certified with one of the levels of sustainable residential technologies the organization offers. In the spirit of education, the organization has given their blessings and permission to present this topic. We could do a market analysis that encompassed paired sales with home son the registry. We can show premiums in the market for these types of certified homes. By the end of the study we had shown some interesting take-aways that dealt with the way homes are marketed. Questions and goals that participants would be able to answer or meet: 1. What are green home certifications and how to address them. 2. What factors were at play in the market analysis, real world data analysis 3. What were some unintended but important discoveries made in the study? 4. What metrics were used to establish the premiums or lack of premiums in the overall market and then in the specific niche markets. 5. The importance of education through the AI’s PDP program for Green Homes, and other education opportunities. The presentation will include the importance of becoming familiar with the technologies out there pertaining to green homes. It would also emphasize the importance of AI classes dealing with green homes as well as current published AJ articles and books on the topic.

Main Presenter: Woody Fincham, SRA, AI-RRS, Valucentric, Llc, Chief Residential Appraiser
Co-Presenter: Sandra Adomatis, SRA, LEED GA, Adomatis Appraisal Service, CEO
Co-Presenter: Donald Boucher, SRA, Boucher & Boucher, Inc., President

Session Title:Valuation for Litigation: Common Problems, Traps, Best Practices & Business Issues

Session Abstract: This presentation will cover practical topics related to preparing appraisals for litigation purposes, including common deficiencies, both in appraisal methods and in USPAP standards compliance, found from the author's experience reviewing multiple appraisal reports prepared for litigation. Additional issues will include a discussion of ethics, common USPAP mis-understandings, scope of work issues, case management for the appraiser, pros and cons of certain business practices, and how business practices and USPAP interact. A USPAP report content checklist will be provided. Specific discussions will include the link between intended use/user and credible results, a discussion of why the concept of intended users is so important, use and mis-use of extraordinary assumptions and hypothetical conditions, confusion regarding jurisdictional exceptions and the project influence rule, the importance of those three little words in the Scope of Work Rule: laws and regulations (applicable to the assignment), Appraisal Reports versus Restricted Appraisal Reports - business and compliance considerations, report content when there is a single user, subpoenas and the confidentiality provisions of USPAP, appraising a part of the whole, and others. Target outcomes include how to avoid trouble and make yourself more valuable to the legal community, how to increase your chances of successful outcomes, how to avoid common traps that arise from the melding of USPAP requirements and common business practices, and how to help build trust in valuers.

Main Presenter: Lance Coyle, MAI, SRA, Coyle Realty Advisors, Owner

TUESDAY, JULY 31 – 10:00 AM – 11:30 AM

Session Title:Appraising Federal Property - Challenges and Opportunities

Session Abstract: Nationwide and worldwide, Federal government real estate provides unique properties accompanied by unique challenges. Join representatives of Federal agencies to hear of their varied responsibilities, challenges and agency focus. Through brief case discussions and agency introductions, participants will learn of some of the most challenging projects in the appraisal world, and the sometimes unique approaches required to solve very interesting and complex appraisal problems. Most Federal appraisal work is contracted to individuals with the specific expertise required for the project. Learn how the contracting process works and where there may be opportunities for you. Chief Appraisers and appraisers from the General Services Administration, Department of Interior, Department of State, and the Naval Facilities Command will present their particular perspectives.

Presenter and Coordinator: Nicholas Hufford, MAI, CAE, US General Services Administration, Chief Appraiser
Co-Presenter: Wayne Nygard, MAI, US Department of State, Chief Appraiser
Co-Presenter: Trevor Hubbard, MAI, SRA, AI-GRS, US Naval Facilities Command, Appraiser
Co-Presenter: Timothy Hansen, RPRA, US Department of the Interior, Chief Appraiser
Co-Presenter: Alfred T. Chai, US Army Corps of Engineers, Chief Appraiser

Session Title:Cha-Cha-Changes: Appraisal Policies in the States and DC

Session Abstract: This session will delve into significant policy changes advanced on behalf of AI professional and the appraisal profession by AI chapters throughout the country, as well as the top federal legislative and regulatory issues impacting appraisal. At the state level, this includes efforts to limit civil liability of appraisers, to AMC rules and regulations, to licensing requirement changes. At the federal level, Congress is busy writing a new tax law that will have significant impacts on the real estate industry, new flood insurance legislation that all appraisers need to be aware of, and requests by the banking industry to waive appraisals and increase appraisal threshold levels. Meanwhile, efforts to modernize the appraisal regulatory structure continue to advance on Capitol Hill. Attend this session to stay ahead of the curve.

Main Presenter: Byron Miller, SRA, AI-RRS, BM Appraisals, President
Co-Presenter: Scott DiBiasio, Washington, Manager of State/Industry Affairs, Appraisal Institute
Co-Presenter: Brian Rodgers, Appraisal Institute, Manager of Federal Affairs, Appraisal Institute

Session Title:Derive and Support Residential Adjustments that Make Sense

Session Abstract: As stated in the USPAP Preamble, the appraiser’s responsibility is to protect the overall public trust and to promote and maintain a high level of public trust. But how can that be done when each appraiser can come up with different results? This session will provide a better understanding of the importance of properly deriving adjustments within the sales comparison grid and how market-based adjustments lead to a more accurate appraisal report, consistency between appraisers and greater confidence in your work/profession, which will maintain and protect a high level of public trust. A review of the various methods currently used and available for deriving adjustments will be presented using comparables in an appraisal report. An explanation will be provided of how outside of condition of sale, concession, time and list-to-sale price adjustments, most of the other adjustments can be derived using the extraction or replacement cost new adjustment method. A differentiation between adjustments that are properly explained and supported and those that are not will be discussed. Expectations will be set for the appropriate level of market support and explanation needed within the appraisal report for the intended user to understand and trust the conclusions.

Main Presenter: Edward Martinez, IDECC Certified Instructor, CoreLogic, Sr. Professional, Training

Session Title:Quick Hits of Market Analysis and Valuation Techniques

Session Abstract: Many appraisers point out their assignment times or budgets do not allow for exhaustive studies in everyday valuation assignments such as Level C Market/Marketability studies or detailed land residual studies in highest and best use analysis. This seminar is in response to this issue that appraisers and reviewers have in completing their assignments.

Quick and practical ways to apply market/marketability analysis in appraisals and/or appraisal reviews will be demonstrated through mini-case studies for take-home examples. These quick-hit analysis methods can be used to as a test of reasonableness for appraisal review and/or in valuation applications.

Case study topics include, but are not limited to, how to complete a major community retail market/marketability study in less than a half a day; how to check market rent for retail using the STDB Retail MarketPlace Report; how to quantify demand for industrial buildings in a small town; and how to support (or test) demand and lease-up conclusions for an office in the CBD of a large city.

Main Presenter: Stephen Fanning, MAI, AI-GRS, AICP, Fanning & Associates, Principal
Co-Presenter: Benjamin Sellers, MAI, Slellers & Associates, Principal

Session Title:Title "Green Apples and Apples” Subtitle: “Are you comparing your “Green Apple” to red, golden, or rotten apples”

Session Abstract: Energy efficient, healthier, and comfortable are the top three terms used to identify energy efficient and green buildings. Are your comparables described as healthier, lower energy cost, and comfortable? Come gain insights into the importance of comparable selection in appraisal assignments of green and energy efficient properties. While comparable selection is always key to an effective and credible analysis and development of a value opinion; in these specialized assignments the old adage "apples and apples" is critical. Both commercial and residential appraisers will gain value tools and tips for the initial selection of comparables and the challenges the verification may bring. By an interactive discussion we will review examples of both the good and "rotten apples" and how these affect the credibility of the appraisal and report and our profession overall. Learning Objectives When you finish this session you will be able to • Identify a true “Green Apple” • Select a true comparable Verify your data appropriately • List tools and resources that assist in the valuation of energy efficient and green buildings Communicate a more credible work product related to green and energy efficient valuations. Target Audience: Residential and Commercial Appraisers Level of knowledge: Intermediate

Main Presenter: Sandra Adomatis, SRA, Adomatis Appraisal Service, Owner
Co-Presenter: Scott Robinson, MAI SRA AI-GRS, Robinson Associates, Owner/Partner

TUESDAY, JULY 31 – 1:30 PM – 3:00 PM

Session Title:Appraisal Waivers, Exemptions and Threshold Levels

Session Abstract: The federal bank regulatory agencies and government sponsored enterprises have undertaken efforts to expand the use of appraisal alternatives in recent months. Fannie Mae and Freddie Mac are waving appraisals in selected circumstances, in part, to resolve concerns over appraiser availability and turnaround times. Similarly, the federal bank regulators have proposed an increase in the appraisal threshold level for commercial real estate loans. Meanwhile, in Congress, efforts are being made to establish new exemptions for rural loans, or new allowances for when banks unsuccessfully attempt to place an appraisal assignment. Attend this session to understand the position of the banking industry, challenges they face, and why such efforts are being undertaken.

Main Presenter: Sharon Whitaker, American Bankers Association, Vice President, Commercial Real Estate Finance

Session Title:AVMs with a Special Focus on Banking Supervisory Aspects

Session Abstract: HypZert and vdp would propose an 'AVM' slot with a special focus on banking supervisory aspects. AVM valuation of properties that will be serving as collateral for capital market securities (such as CMBS or Covered Bonds) involve an investor protection perspective. Quality and reliability of the AVMs are of paramount importance from a banking supervisory view (capital allocation) as well as from an investor protection perspective (sustainability of the investment) The challenge is how to ensure the quality of AVMs regarding the model itself, the inputs as well as the outputs? The role of the valuer should consist of keeping AVMs under control. There should not be full substitution of human intervention by automated or digitised tools. What does 'control' precisely mean and how does it translate into daily practice? How to design valuers' assisted AVM tools? A powerpoint presentation would accompany this session and animate the discussion.

Main Presenter: Reiner Lux, HypZert, Managing Director and Deputy Manager of Certifica

Session Title:Shining Light on Dark Box Theories

Session Abstract: Addressing the controversies roiling around valuing the “fee simple” estate of income-producing properties in eminent domain and real property taxation matters, whether the properties are occupied or vacant, attendees will see recommended best practices, how to comply with Standards and make themselves as bullet-proof, in terms of liability, as possible. Users of our services and others are starting to question the credibility of some of our results and now is the time to be thinking about answers to these issues. Valuation professionals working in this area disagree about which sales and rentals in the market are comparable and if or how those sale and rent amounts should be adjusted. There are highest and best use concerns, if rents are at market or based on financing terms, as well as the basic question of whether “fee simple” as used in pertinent statutes means vacant and available or leased at market rates. Another area of disagreement is if entrepreneurial incentive should be included in the cost approach in all circumstances. Attendees will hear how these disagreements might be best addressed starting with the valuer’s engagement letter and moving through the scope of work choices made to Standards compliance to how to respond after the report is delivered.

Main Presenter: Leslie Sellers, MAI, SRA, Sellers & Associates Valuation & Advisory Services, Principal
Co-Presenter: Paula Konikoff, JD, MAI, AI-GRS, Paula Konikoff, Inc., Principal
Co-Presenter: Peter Christensen, Esq., Liability Insurance Administrators, General Counsel

Session Title:Real Estate Environmental Risk Spectrum – Beyond the Valuation

Session Abstract: Environmental contamination is a widespread issue that involves a broad net of evolving risk and liability factors that are not well understood in the valuation or real estate investment community. Understanding critical environmental risk factors that commonly affect real estate is must for every commercial real estate appraiser’s body of knowledge. Goals/ intended outcomes will include practical education of the following key topics:

• Environmental Professional: Environmental industry updates including Small Business Administration procedures and best practices of environmental professionals, with a focus on environmental liability, insurance, technology and risk mitigation strategies.

• Environmental Attorney: The structure of legal liability as promulgated through both federal and state hazardous waste clean-up laws.

• Bank Environmental Risk Manager will outline the due diligence structure, risk tolerance and requirements for financial institutions.

Main Presenter: Derek Ezovski, MBA, Outsourced Risk Management Solutions, President
Co-Presenter: Heather Gilliam, JD, Outsourced Risk Management Solutions LLC, Senior Environmental Consultant
Co-Presenter: Michael Millikan, MAI, AI-GRS, HomeStreet Bank, SVP, Chief Appraiser and Environmental Risk Manage

Session Title:The Modern Appraisal Practice: Selling a Product, a Service, or a Solution

Session Abstract: The evolution of the appraisal profession as an art (and science) has been of great benefit to users of appraisals and appraisal services, as well as contributed effectively to the overall efficiency of the economy. However, we shouldn't loose sight of the reality that a majority of practicing appraisers and appraisal firms are entrepreneurial enterprises at their core. As such, entrepreneurs take on a wide range of roles, apart from valuation analyst, in order to maintain, sustain, and grow their business(es) in an increasingly competitive and regulated marketplace. The objective of this presentation is to examine the "deliverable" in the context of the current customer (e.g., client) experience revolution taking place in the markets which use appraisals and appraisal services - both residential and commercial. The appraisal and appraisal services are presented in the context of customer/client perceptions and expectations of the "deliverable" as a product, a service, and as a problem solution, while challenging some of the ways we think of appraisals and appraisal services as enterpreneurs and providers of appraisals and appraisal services. Goals/Outcomes: (1) Selling "Service" Strategies, (2) Business Development Strategies, (3) Marketing - Adding Value with Partnership-Building and Follow-up Strategies

Main Presenter: John Rossi, MBA, Private Practice and University Marketing Department Faculty, General Appraiser/Lecturer

TUESDAY, JULY 31 – 3:30 PM – 5:00 PM

Session Title:Appraising Complex Residential Properties: Creating Your Niche Business

Session Abstract: Complex residential assignments are like an algebraic equation, there are certain steps and procedures to follow that solve the appraisal problem-no matter the complexity. This seminar assumes you want to expand and grow your residential appraisal business. The five main goals for this session are 1) Identifying what is a complex residential assignment 2)Expanding your business-Identifying unique steps for acquiring complex residential assignment business; 3) Identifying education and experience to become competent to appraise complex residential properties 4) Developing creative solutions for valuing complex residential properties 5)Become the expert witness for complex residential- tips on how to prepare the expert complex residential report. This seminar will leave you confident that your residential appraisal business will remain active in the future. The Appraising Complex Residential Properties: Creating Your Niche Business seminar will increase your awareness of techniques used for identifying and applying creative solutions for fun and challenging appraisal assignments such as complex residential. Why remain stuck doing the usual residential appraisal assignments when provable, expert techniques for identifying and appraising complex appraisal assignments are made available to enhance your appraisal career. Don't get discouraged about your current residential business; get encouraged and attend this informative and profitable seminar. New business is closer than you think.

Main Presenter: Frank Molinari, SRA

Session Title:How to Eliminate Requests for Additional Information from the Reviewer

Session Abstract: This presentation is geared toward residential appraisers. As a Review Appraiser, the presenter has seen numerous appraisals that are well documented with extensive narrative and additional information yet the analysis and conclusions are lacking. The goal of this presentation is to show the appraisers what reviewers consider and to give suggestions on how to persuasively present their analysis and conclusions.

Main Presenter: Gina Rascati, SRA, Iberiabank, R/E Analyst

Session Title:MAI-Esq’s on Appraiser Defense

Session Abstract: Our presentation will address: 1) how to avoid a regulatory complaint; 2) the complaint process; 3) disciplinary action decisions and appeal. Ted Whitmer MAI-Esq. will be moderator of a panel of MAIs who are also licensed attorneys (“MAI-Esqs”). Panelists have defended real estate appraisers, including AI members, in real estate appraiser regulatory complaints. There will be a Q&A session at the end of the presentation. Disciplinary Risk Management issues will include: due diligence; outside legal counsel; Work File and related Appraisal Report creation; subordinate appraiser use; engagement letters/contracts, communications and insurance. Complaint process issues will include: agency communications; your rights in a disciplinary action; “prosecutorial discretion”; USPAP; defending a complaint; agency hearings; and, settlement by Consent Order. Legal issues will include: the Administrative Law process; process of removal or appeal of an agency action to a higher court; and, conducting an appeal before an Appellate or Supreme Court.

Moderator: Ted Whitmer, CRE, CCIM, MAI, AI-GRS, Attorney
Main Presenter: Dennis Scardilli, MAI, SRPA, Esq., Law Office of Dennis A Scardilli L.L.C., Principal
Co-Presenter: David Hunnicutt, MAI, AI-GRS, Esq., SGA, Hunnicutt & Associates, Inc., Principal
Co-Presenter: Steven Geller, MAI, Esq., Law Offices of Steven J. Geller, Principal

Session Title:Property Rights, Historic Preservation Laws, and Conservation Easements: Lessons from Nashville and New Orleans

Session Abstract: The National Register of Historic Places contains almost 100,000 listings, some of which are thematic and district nominations containing dozens and sometimes hundreds of individual properties. Hundreds of thousands of properties are protected at the local level by the more than 1,900 cities and towns with local historic preservation ordinances. And adding to the mix are the thousands of properties voluntarily protected by private historic preservation easements. This session will explain the property rights analysis issues raised for appraisers by the fundamental differences between the protections, limitations -- and opportunities -- imposed by these various programs. Nashville and New Orleans are two of the cities with the most experience in implementing both federal, state and local protection of historic resources, as well as in encouraging and enforcing the donation of conservation easements. The interplay between these types of protections as they affect adjustments for property rights, market value, highest & best use and the appraisal process will be explored through the history of some of the more significant preservation controversies in Nashville and New Orleans since the early 1980s. Special attention will be given to Music Row in Nashville and to historic districts in New Orleans affected by Hurricane Katrina as examples of the relationship between preservation laws, private covenants and property rights and how preservation protections affect -- and sometimes even enhance -- property values.

Main Presenter: Richard Roddewig, MAI, CRE, FRICS, JLL Valuation & Advisory Services, Managing Director
Co-Presenter: Robert Tuke, Trauger & Tuke, Partner
Co-Presenter: Leah Tubbs, Preservation Resource Center of New Orleans, Chief Administrative Office & Director of the Pres

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