THE APPRAISAL OF REAL ESTATE
(For Litigators, Real Estate Transaction Attorneys, Valuation Professionals and Expert Witnesses)
Litigators often encounter appraisals and/or appraisal experts in connection with eminent domain actions, real property tax disputes, loan deficiency lawsuits, family law matters and construction defect claims, among other proceedings. Professionals who would benefit from attending this program, include transactional lawyers, brokers, appraisers, accountants, economists and consultants who may be asked to assist their clients in obtaining or reviewing appraisals to aid the client in negotiating for the purchase or sale of real estate, in connection with loan transactions and/or in connection with analyzing the valuation impact of proposed improvements to real property, among other types of transactions.
This one-day seminar is designed to provide a foundational understanding of the concepts and techniques of appraisal science. It includes an introduction to each of the three approaches to real estate valuation, and explanations of how each is applied in the context of an appraisal problem. The seminar has been designed to offer insights from both attorneys who regularly practice in the various real estate valuation fields, and from experienced, licensed commercial property appraisers.
8:30 – 9:00 AM Registration
9:00 – 9:45 AM Introduction: The Concept of “Value”, Fair Market Value and Highest and Best Use (G. Birnbaum)
9:45 – 10:00 AM USPAP/Types of Appraisals (P. Johnson, MAI, CRE)
10:00 – 10:45 AM Sales Comparison Approach (Wm. Jameson and Lisa Maxie-Mullins)
Adjustments and Adjustment Grids
10:45 – 11:00AM Break
11:00 – Noon Income Approach (G. Birnbaum)
Discounted Cash Flow (DCF) Methodology
Noon – 1:00 PM Lunch
1:00 – 2:00 PM Cost Approach (G. Zaddack, MAI, CRE)
Cost Estimation Methods
2:00 – 2:45 PM Direct and Cross Examination of the Valuation Witness (Jennifer Dorsey/Adrian Weinkamer)
2:45 – 3:00 PM Break
3:00 – 4:00 PM Ethics – Working with the Valuation Expert (G. Sturr)
4:00 – 4:30 PM Special Issues – Eminent Domain
Larger Parcel Theory
Severance Damages and General and Special Benefits (J. Braselton, M. Patel, V. Cloar)
4:30 – 5:00 PM Special Issues – Leases/Leasehold Valuation (G. Birnbaum)
Appraiser Panels will provide input and respond to questions throughout the day:
Morning Panel: (J. Loper, ASA, P. Martori, J. Sell, MAI)
Afternoon Panel: (P. Johnson, MAI, CRE, D. Duncan, ASA, C. Dietz, MAI)
|THE APPRAISAL OF REAL ESTATE: Foundational Concepts, Litigation and the 2015 Regulatory Changes (10.87 MB)||315 Pages||Available after Purchase|
Mr. Birnbaum is a Fellow of the American College of Trial Lawyers and a Member of the Counselors of Real Estate (CRE). Among other honors, he has been selected twice (2012, 2015) by The Best Lawyers in America® as the "Lawyer of the Year" for Phoenix, Arizona in the field of "Eminent Domain and Condemnation Law". He has been a contributing Author of Eminent Domain: 50 State Survey published by the American Bar Association and Nichols' on Eminent Domain, the leading treatise in the eminent domain field. Mr. Birnbaum is the former Associate Dean, and a current member of the adjunct faculty, at the Sandra Day O'Connor College of Law at Arizona State University, where he teaches courses on eminent domain, regulatory takings and valuation. He has also taught real estate and business valuation as an adjunct professor at the James E. Rogers School of Law at the University of Arizona.
Mr. Braselton was a registered civil engineer and practiced in that field for seven (7) years before attending law school at ASU. He has also been recognized by The Best Lawyers in America® as the "Lawyer of the Year" in "Eminent Domain and Condemnation Law" in 2016.