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September 13, 2017

AI Property Rights Symposium Seeks Consensus on Fee Simple

Valuation experts discussed valuing the fee simple interest in real estate sold as leased at the Appraisal Institute’s Property Rights Symposium Sept. 6-7 in Chicago. This issue is critical for eminent domain and property taxation scenarios, which seek the value of fee simple, and for mortgage lending, among others.

Nearly 50 participants, all experienced in valuation theory and practice, were invited by the AI Body of Knowledge Committee to participate in the symposium based on their prior work and achievements. The event was moderated by professional facilitator and strategic planner Dr. Duke Kuehn.

Participants explored value definitions and the methodology currently utilized by appraisers and those who use appraisal services, and engaged in a consensus building exercise to identify problems and propose solutions. A white paper summarizing the proceedings and outlining potential definition changes is expected to be exposed for comment early next year.

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