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By Philip J. Swartz, AI-GRS, AI-RRS, R/W-AC
This article identifies some unique requirements of appraisal assignments subject to the Uniform Appraisal Standards for Federal Land Acquisitions (Yellow Book) and discusses several common inconsistencies noted during Yellow Book appraisal review assignments occurring in the past 20+ years of eminent domain appraisal review. It will attempt to provide rationale behind some of these requirements, why the requirements are important, and how they may influence the credibility of the analyses and overall assignment results.
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By Cavin L. Joesting
This article highlights FSA’s Appraisals Branch and the real estate appraisal requirements and guidelines set forth by the agency. The article also explores the steps to become an approved vendor appraiser and the procurement process for agency-ordered appraisals.
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By Mark A. Lewis, ARA, RPRA
This article presents a historical view of the market conditions that resulted in the October 16, 2020, adoption of the Practice Applications of Real Estate Appraisal (PAREA) by the Appraiser Qualifications Board (AQB) from the perspective of an AQB board member, vice chair, and eventual chair of the board during the development and adoption phase. The article will also provide a look at the current status of the PAREA program and also examine the potential future of this alternative to the traditional path for obtaining requisite appraisal experience.
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By Lisa Desmarais
In embracing both the commitment of appraisers and the vigilance of enforcement agencies, USPAP emerges not only as a set of guidelines but as a true guardian of public trust, ensuring the credibility and integrity of property valuations in the ever-evolving landscape of real estate.
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By Otto Cuyler
The author suggests reaching out to an experienced appraiser of food industry machinery and equipment to get their opinion via a “desktop” approach, where you gather data and images or have them do a proper inspection and appraisal of assets.
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By Kent Reid and Maria A. Boerngen
The cost of adopting new technology includes the actual outlay of capital to purchase digital capabilities and the time required to learn and understand these new tools. In the past, you invested time and money in the work of obtaining all the paper resources you needed and then manually generating each report. In the future, as you create new products for your clients and discover new ways to use your time more effectively, you will recover the costs associated with deploying your new technological tools, and you will reap the rewards of increased productivity.
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By Jim Jansen and Jeffrey Stokes
Of the three methods commonly employed to value farm real estate, the income approach to value is perhaps the most challenging owing to the need to estimate both net operating income and a capitalization rate accurately. Confusion can arise because there are several ways to estimate net operating income for the same parcel of farmland, and the formula for income capitalization, while easy to apply, is not well understood even by those using it. Further, direct capitalization, a technique commonly employed to approximate farmland capitalization rates in practice, typically understates the true capitalization rate required for the income approach. Our objective is to provide an economic rationalization for the income capitalization approach so that it is better understood by practitioners and academics alike.