Appraisal Journal articles from January 1992

Appraisal Journal archives from January 1992

Forecasting office rental rates: neoclassical support for change.
January 1, 1992... In this article, the implications of replacement cost changes are examined, including their possible effects on future rent changes in office properties. When currently oversupplied office markets once again attain a state of equilibrium...

Stigma and value. (value effects of contamination on real estate)
January 1, 1992... The real estate valuation literature is only beginning to address the effects contamination has on the value of real estate. Recently, several articles have appeared concerning various methods of dealing with the impact that contamination has...

Entrepreneurial profit, redux.
January 1, 1992... The recent articles by George Mann and Max Derbes, Jr., "Entrepreneurial Profit Should Be Considered in All Markets" and "Entrepreneurial Profit Is Not Cost," respectively, bespeak a continuing controversy surrounding the [roper framework for...

Subpoena versus confidentiality obligations for appraisers.
January 1, 1992... During the course of an appraisal assignment, a client may provide an appraiser with information that serves as a basis for the appraiser's value conclusion. This appraiser or his or her firm may subsequently be subject to discovery...

The legacy of the 1980s. (real estate industry)
January 1, 1992... Although real state is inextricably involved in the business cycle, it does have characteristics that differentiate it from other businesses. In most other segments of the economy, the supply side of the equation is relatively flexible and is...

Pitfalls in underwriting commercial real estate.
January 1, 1992... The United States is currently in the midst of the biggest financial institution crisis since the Great Depression, which has precipitated a massive effort to blame various parties involved. Out of this debacle has come such legislation as...

Appraising Japanese real estate.
January 1, 1992... Japanese real estate appraisal is changing significantly to keep pace with a fluctuating real estate market increasingly affected by international and domestic economic, political, legal, and social conditions. The Japanese government...

Appraisal methods in Czechoslovakia and their probable development.
January 1, 1992... In Czechoslovakia, appraisal practitioners in all professions (e.g., real estate, medicine, economics, and accounting) are required by law to be certified. A certified appraiser receives a license from the Ministry of Justice or Country's...

Will new environmental laws redefine just compensation?
January 1, 1992... A partial take condemnation case recently filed by a state roads department contains all of the elements for a heated confrontation between calssic case law doctrine and the implementation of new environmental legislation. The conflict is...

The requirement of expert testimony in appraisal litigation.
January 1, 1992... Litigation against appraisers by disappointed investors, parties to commercial transactions, and representatives of failed financial institutions appears to be increasing. [1] Such litigation may occur when the value of a commercial property...

Scope of the appraisal - a practical analysis.
January 1, 1992... In August 1985, the term "scope of the appraisal" first appeared in appraisal literature published by the former American Institute of Real Estate Appraisers (AIREA). The Code of Professional Ethics, and was subsequently incorporated into the...

Rail right-of-way valuation.
January 1, 1992... Several thousand miles of rail right-of-way have been abandoned in the United States over the last 20 years. In a number of cases they have simply been disassembled and sold on a piecemetal basis. When an alternative corridor use is found,...

Promoting excellence beyond state certification. (includes appendix)
January 1, 1992... Without a sound program for nurturing talent, even the most successful organization will atrophy and collapse. As Peter Drucker notes in The Practice of Management, "The prosperity if not the survival of any business depends on the...

Appropriate uses of economic characteristics in the sales comparison approach.
January 1, 1992... Recent refinements in sales comparison approach methods have led to confusion and frustration among appraisers who often find that, in actual practice, matched-pair analysis seldom provides conclusive adjustments for any but the largest value...

The appraisal of churches and religious facilities.
January 1, 1992... With the advent of the Federal Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA), the valuation Of churches and religious facilities for financing purposes by federally insured institutions must include reference to a...

Appraising wetlands.
January 1, 1992... Confusion about wetlands is making the determination of property value difficult. An executive for the Maryland Bankers Association recently asserted that many banks had stopped making loans secured by raw land or farmland. As John Bowers,...

Adjusting comparable sales using multiple regression analysis - the need for segmentation.
January 1, 1992... Multiple regression analysis (MRA) is becoming a popular tool for appraising single-family residential properties. It can be used as a guide to market value estimation or, perhaps more importantly, to calculate market adjustments for different...