Appraisal Journal articles from April 1996

Appraisal Journal archives from April 1996

Ethics and ethical behavior in the property valuation profession.
April 1, 1996... Editor's Note: This paper is the first place winner of the Robert L. Foreman, MAI, Essay Contest sponsored by the Real Estate Counseling Group of America (RECGA) and the Appraisal Institute. The contest was proposed by RECGA in memory of Robert...

Are appraisal reports logical fallacies?
April 1, 1996... There was once a time when appraisal reports were overloaded with data. Value conclusions were much easier when appraisers could choose from dozens of comparables. Quantifying one's conclusion was easy. But that is not the case today. This is a...

California water: the new gold.
April 1, 1996... Tradition has it that Mark Twain once said, "In California, whiskey is for drinking, and water is for fighting over." This remark proved to be not only a commentary on his day, but also a prophetic statement of our time. Most people live in one...

Categorizing external obsolescence.
April 1, 1996... External obsolescence is a key consideration in appraisal work and results from diminished value to improvements. It is also one of the most difficult concepts to understand. It is implicit in all three basic approaches to value but is most often...

Emerging approaches to impaired property valuation.
April 1, 1996... Since the late 1980s, a number of papers have focused on techniques for the valuation of real property having environmental impairments. This paper examines current thought on this subject and provides some background on related concepts. The...

"Free cash flow" appraisal ... a better way?
April 1, 1996... Cash flow is the measure by which investment real estate is valued. Traditionally, appraisers capitalize future net operating income (NOI) - rather than cash flow - for a given property over a holding period into market value. A great deal of...

Going-concern value, market value, and intangible value.
April 1, 1996... The Appraisal of Real Estate, 10th ed., provides the following definition for going-concern value: The value of a proven property operation. It includes the incremental value associated with the business concern, which is distinct from the...

Highest and best use and the special purpose property.
April 1, 1996... Real estate appraisers continually face the challenge of valuing unique property characteristics. One example is the valuation of a special purpose property. The purpose of this paper is to illustrate an appraisal methodology used to value a...

Implementing quality management in residential appraisal.
April 1, 1996... In today's increasingly competitive environment, delivering high-quality service is no longer an option that distinguishes a few high-priced appraisal firms from the rest. Rendering quality service is fast becoming a prerequisite for survival....

What does "market value" mean?
April 1, 1996... The value estimate on any appraisal must be consistent with the value defined and included in the report; therefore, it is essential to understand the definition of "market value" as used in most residential conventional appraisals. The following...

The relocation appraisal: the foundation for anticipated sales price.
April 1, 1996... The opening paragraph of the Employee Relocation Council (ERC) Residential Appraisal Report used for relocation appraisals introduces anticipated sales price as an additional definition of value for a residential appraisal. It reads as follows:...