The Appraisal Of Real Estate 12th Edition Pdf Free Download
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Published by the Appraisal Institute, 2001Review by Stephen Traub, ASACopyright 2001 Property Valuation Advisors, Newburyport, MA If you are looking for the most thorough and useful real estate appraisal text available today, get the new edition of The Appraisal of Real Estate, 12th Edition. Like previous editions, it contains everything you need to know about real estate appraising. But now it is expanded in the areas in which appraising has expanded in the past few years. Some of the existing material is now presented in an improved and more graphical manner. RE Markets are InefficientThe chapter on "Real Estate Markets" has expanded from 24 to 40 pages. In this chapter we are shown that real estate markets are not efficient primarily because each parcel of real estate is unique. Despite this inefficiency, however, the securitization of real estate and easier access to transaction information are making markets more efficient today than in the past. As always, markets are subject to cycles. The book contains an eye-opening chart pointing out these cycles and the positive correlation between the growth in national Gross Domestic Product (GDP) and the growth in real estate returns. The new edition also includes more explanation about Real Estate Market Analysis. It focuses on the relationship of market analysis to highest and best use analysis. To conduct a market analysis, one must distinguish the most relevant market participants from the market at large. In this chapter, we are introduced to the term, disaggregation: the differentiation of a subject property from other properties based on differing property characteristics. We are informed that market analysis should show how the interaction of supply and demand affects a property's value. This can be accomplished by investigating the reasoning behind the price paid and it should explain the why of value. Levels of AnalysisThe book examines the various levels of market analysis available to appraisers. These levels include the less formal and less rigorous inferred market analysis and the more formal and more in-depth, fundamental market analysis. Next, in the expanded Highest and Best Use analysis chapter, one finds information helpful in considering the probability of a zoning change or an assemblage or determining highest and best use for properties created for a special-purpose. With regard to special use properties, the text advises: "Sometimes a special-purpose property must be analyzed and appraised on the basis of two highest and best uses -- i.e., continuation of the existing special purpose use and conversion to an alternative use."
Expanded information is also included in the chapter on "Adjustment and Analytical Techniques in the Sales Comparison Approach". One of the sales comparison method expounded upon is qualitative analysis. This technique divides the adjusted comparables into two groups: those that are qualitatively superior and those that are qualitatively inferior. The adjusted prices of these two groups then bracket the value of the subject. A variant of this technique is ranking analysis in which comparable sales are ranked in descending or ascending order of desirability. Each comparable is analyzed to determine its relative position to the subject.BEV and TABOne of the more topical chapters deals with appraisal specialties and emerging valuation issues. The controversial topic of Business Enterprise Value (BEV), also called Capitalized Economic Profit (CEP) is discussed. This becomes important when the real estate value must be separated from the value of the other assets. If other assets exist, the combined assets are known as Total Assets of a Business (TAB). ... lack of universal acceptance of the theory, especially in courts.
The Fourth Canadian Edition is an extensive update of the time-tested classic last published by the Appraisal Institute of Canada in 2010. This book is the Appraisal Institute of Canada's flagship publication and is the definitive Canadian appraisal reference text. Real estate professionals would be well advised to turn to this new book for an up-to-date commentary on appraisal methodology and practice. This book is required reading in the BUSI 330 Foundations of Real Estate Appraisal course and is recommended reading for all of the valuation courses in the AIC/UBC program of studies.
The Third Canadian Edition was published by the Appraisal Institute of Canada in 2010 and remains a useful reference text for real estate professionals. Students in BUSI 330 and other courses may also use the third edition: some chapters are re-ordered and the wording in certain locations has been updated, but overall the concepts and techniques outlined are fundamentally similar. Discounted price, available while supplies last.
The twelfth edition of this essential valuation textbook reflects the changes in the regulatory and statutory framework for property valuations that have occurred since 2013, as well as presenting the tried and tested principles and practices of real estate valuation.
Jeffrey D. Fisher, Ph.D., CRE is Director of the Benecki Center for Real Estate Studies and the Charles H. and Barbara F. Dunn Professor of Real Estate at the Indiana University Kelley School of Business. He is currently on the board of directors of the Pension Real Estate Association (PREA) and is a member of the faculty and board of directors of the Weimer School of Advanced Studies in Real Estate and Land Economics, Homer Hoyt Advanced Studies Institute. Dr. Fisher has served on the board of directors of the National Council of Real Estate Investment Fiduciaries (NCREIF) and is a consultant to NCREIF. He is also on the board of the Real Estate Research Institute (RERI) and he is a Research Affiliate of the MIT Center for Real Estate (CRE). He received PREA/Graaskamp Award for Research Excellence from the Pension Real Estate Association, The Richard Ratcliff award from the American Real Estate Society for impact on the real estate profession, the George Bloom Award from the American Real Estate and Urban Economics Association for "Outstanding Contributions to the field of Real Estate" the Alpha Kappa Psi Alumni Award for Teaching Excellence in Finance at the IU School of Business and the Martin S. Katz Memorial Award from the American Property Tax Council (APTC) for his contribution to valuation theories. Dr. Fisher was a founding trustee of The Appraisal Foundation that was formed in 1987 by the major appraisal organizations as a self-regulatory organization and source of standards for the appraisal industry. He served as President of the American Real Estate and Urban Economics Association (AREUEA) in 1990 and is currently a member of the Editorial Board for Real Estate Economics. Fisher also served as the 1986-87 Chairman of the Real Estate Center Directors and Chairholders' Association. He has been on the board of directors of the Real Estate Research Institute and is currently a Fellow of the Real Estate Research Institute. Professor Fisher has a doctorate in Real Estate from Ohio State University. He is a coauthor of Real Estate, 9th edition published by John Wiley and Sons, coauthor of Real Estate Finance, 12th edition, published by McGraw-Hill, and coauthor of the following books that were published by Real Estate Education Company: Questions and Answers to Help You Pass the Appraisal Certification Exam, The Language of Real Estate Appraisal, Income Property Appraisal and Income Property Valuation . He also wrote the chapter on real estate which appears in Managing Investment Portfolios, 1st edition, for the Institute of Chartered Financial Analysts, a chapter on real estate appraisal for Managing Real Estate Portfolios, edited by Susan Hudson-Wilson and Charles H. Wurtzebach, Richard D. Irwin, Inc., 1994, and a chapter on performance measurement for The Office Building book, a joint publication of the Counselors of Real Estate, the Appraisal Institute and the Society of Industrial and Office REALTORS. He also coauthored a chapter on Commercial Mortgage Backed Securities for the Handbook of Structured Financial Products, edited by Frank Fabozzi, 1998. He is an associate editor of Real Estate Finance. His books have been translated into Japanese, Chinese and Korean and Income Property Valuation received the Excellent Writing Prize from the Real Estate Companies of Japan. Dr. Fisher has published numerous articles in journals such as The Journal of the American Real Estate and Urban Economics Association, Journal of Real Estate Finance and Economics, The Journal of Urban Economics, The Journal of Real Estate Research, Journal of Portfolio Management, National Tax Journal, Public Finance Quarterly, The Appraisal Journal, Real Estate Review, The Real Estate Appraiser and Analyst, Real Estate Issues and the Journal of Property Tax Management. One of his articles was reprinted in The New Corporate Finance, published by McGraw-Hill, Inc., 1993.
General Appraising & Consulting Services, Inc. is a full service real estate appraisal firm dedicated to providing our clients professional, quality driven solutions for their valuation needs in the far Western North Carolina region.
In short order a value in use or going concern value appraisal is a valuation assignment that analyzes the value a specific property has to a specific person or specific firm as opposed to the value to persons or the market in general. And, it is not intended to represent the amount the real property might exchange for on the open market. Some special criteria that must be considered in the process of completing an appraisal under the value-in-use definition include:
To establish market value, the Property Appraiser's Office considers all aspects of the local real estate market, including sale prices, construction costs and depreciation, and typical rents and operating expenses, as well as Highest and Best Use.
The Policies and Procedures Manual has been designed to be a guide for the preparation of your real estate office Policies and Procedures Manual. It is in an attractive binder, and comes with a disk (cd-rom) so you can make changes to meet your company's operating style! Thorough and concise, it has procedures for over 80 different subject areas. What a time-saver for any broker!