Appraisal Journal articles from July 1994

Appraisal Journal archives from July 1994

Real estate valuation and finance in the 1990s.
July 1, 1994... Thrift institutions, commercial banks, and insurance companies have been left with the legacy of real estate lending in the 1980s: value deterioration, increased delinquency and default rates, increased property vacancy rates, and other aspects...

The reviewer is always right? (appraisal review process)
July 1, 1994... The implementation of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA) induced important changes in the way that financial institutions manage the real estate appraisal process. One of the most significant...

Will bad appraisals drive out good?
July 1, 1994... The Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA) mandates the licensing of real estate appraisers. The initial motivation for licensing was the concern that "faulty and fraudulent" appraisals had contributed to the...

Lender views on selecting and rejecting appraisers.
July 1, 1994... A number of survey articles on appraisal practice have been published in recent months. These include a survey of Ohio certified appraisers on the effects of state certification;(1) a survey of bankers in the largest cities of six states on...

Destabilizing forces in the early eighties: the need for an early warning system.
July 1, 1994... It is a truism that the pressure of too much available money will lead to excesses that may throw the market into recession. . . . One must wonder . . . why it takes so long for the emergence of problems to be realized.(2) Excesses of the...

MAI - Master Appraisal Investigator.
July 1, 1994... It was a dreary Friday afternoon in San Francisco. The wind whistled through the tall downtown skyscrapers as visibility became increasingly impaired by the encroaching fog. Sherlock Smith, MAI (Master Appraisal Investigator), was hard at work...

Using quality function deployment in business planning at a small appraisal firm.
July 1, 1994... The meteoric improvement in the quality of Japanese products that became obvious in this country during the 1970s resulted from decades of integrating quality improvement methodologies throughout every facet and level of manufacturing and...

Cost modeling.
July 1, 1994... A cost model is a system designed to monitor the hourly costs of preparing appraisals and provide important feedback on the cost structure of a firm's services. The model requires that an appraiser list the number of hours spent per assignment,...

Historic designation and residential market values.
July 1, 1994... In this article, a standard regression model is used to perform an analysis that suggests that residential property located in a federally certified historic district sells at a 26% premium compared with similar property outside of the district....

Contaminated properties and the sales comparison approach.
July 1, 1994... During the past decade market participants have become increasingly aware of contaminated property and its many problems. As the market has gained experience with environmentally impaired transactions, some of the panic has worn off and these...

The environmental opinion: basis for an impaired value opinion.
July 1, 1994... Over the past several years the subject of how to value an environmentally impaired property has been discussed from a number of perspectives. The Appraisal Institute has issued "Guide Note 8" to the Standards of Professional Appraisal Practice,...

How clean is clean? (contaminated property development)
July 1, 1994... Government mandates on the handling of contaminated material may protect public health and safety, but may also have substantial detrimental effects on the cost of land development. Following federal directives for managing municipal solid...

Market research for recycling stations.
July 1, 1994... New Jersey, long known for its dense population, has had to face a mounting trash problem. As the population increases, landfills have become full. The state is now in a position where it must export most of its refuse to other states, such as...

Valuing property developed with low-income housing tax credits.
July 1, 1994... In 1986, the federal government introduced a new program to stimulate the development of low-income housing--the low-income housing tax credit (LIHTC). Since its inception, over 500,000 units have been developed using the benefits of the program....

Appraising affordable multifamily housing. (includes appendix)
July 1, 1994... During recent years, significant economic changes have occurred in many parts of the United States. Multifamily housing starts, once a common sight throughout the country, have slowed dramatically due to changes in tax treatment, overbuilding,...

The value theory of the Austrian school.
July 1, 1994... The primary purpose of most appraisals is to estimate value. No matter what other information a report may contain, the primary question that the report must answer is: What is the value of this property? And yet, to answer this question, an...

Financial Accounting Standards Board opens door to new role for appraisers. (Accounting and the Appraiser)
July 1, 1994... The Financial Accounting Standards Board's (FASB) November 20, 1993, exposure draft, Accounting for the Impairment of Long-Lived Assets, promises to open up new business opportunities for the appraisal community. As written, the exposure draft...

Reality and market value. (Law and the Appraiser)
July 1, 1994... "There is nothing either good or bad, but thinking makes it so." Shakespeare Hamlet, Act II, Section 2, Line 259 To what extent does public perception affect market value? Does fear, even if without scientific basis, affect value? This...