The Appraisal Journal 2006: Vol 74 Index

2006·1.6 MB·English

Index to Volume LXXIV
Subjects
Aboriginal land claims Approaches to value conservation easement pre-bid
damage claims made by aboriginal admissibility of various approaches to checklist, 249
groups concerning the terms of value in billboard condemnations, enhancement rules in context of
their land treaties, 43-532 337-349 conservation easement appraisals,
use of contingent valuation as a 239-249
fourth approach to value, 267-270, Treasury Regulations providing rules
Ad valorem taxation
279-280 for estimating enhancement in
ad valorem taxation and billboards,
conservation easement appraisals,
340-345
240-242
Billboards
ad valorem taxation of billboards,
Apartments
340-345 Contaminated property
factors in apartment market delinea-
tion, 36-37 cases addressing whether billboard Advisory Opinion 9, “The Appraisal
structures are real or personal of Real Property That May Be Im-
linkage patterns for apartment trade property, 334-337 pacted by Environmental Contami-
areas and market areas, 37-41 legal and regulatory environment nation” and risk, 330
techniques for market area delinea- applicable to billboard appraisal impact of institutional controls on
tion of apartment properties, 33-42 assignments, 333-346 market value and future use of
using simulation analysis to measure regulatory checklist for billboard ap- remediated properties, 328-332
risk of apartment property invest- praisal in eminent domain assign- state innocent landowner programs
ment, 347-357 ments, 346 to encourage redevelopment of
use of various approaches to value in contaminated sites, 117-124
Appraisal assignments appraisal of billboards, 337-349 types of institutional controls,
achieving appraisal quality control 328-330
using error analysis and specific
protocols, 358-366 Brownfields
Advisory Opinion 9, “The Appraisal of Contingent valuation
appraisal assignments for govern- Real Property That May Be Impact- Report of the National Oceanic
ment entities, 379-381 ed by Environmental Contamina- and Atmospheric Administration
assignment planning, 237-238 tion” and risk, 330 (NOAA) Panel on Contingent Valua-
problem identification in appraisal impact of institutional controls on tion, 35-59; 268
assignments and USPAP Scope of market value and future use of testing the reliability of contingent
Work Rule, 232-238 remediated properties, 328-332 valuation price predictions, 267-280
Scope of Work Rule as primary state innocent landowner programs use of contingent valuation surveys
mechanism for appraisal assign- to encourage redevelopment of for quantifying impact of detrimen-
ment flexibility, 232-238 contaminated sites, 117-124 tal conditions, 53-61; 267-280
seven assignment parameters that types of institutional controls,
define scope of work in appraisal 328-3350 Data
assignments, 234-238
achieving appraisal quality control
through error analysis and specific
Business enterprise value (BEV)
Appraisal education possible scenarios for the future of protocols, 358-366
factors influencing student choice of BEV, 140-143 bias in valuing long-lived claims
appraisal career, 127-134 problems in estimating BEV associ- by compounding long-term bond
university real estate programs, ated with a particular property, yields, 44-47
127-134 136-138 creating a data management process,
problem areas with strategies for 64
Appraisal Institute developing BEV estimates, 138-140 creating and using a comparable
property data file, 68-69
international activities of Appraisal
Institute, 285-290 data fraud, 67-68
Cash equivalency
extent to which forest land sale prices data management in appraisal firms,
62-76
Appraiser responsibility capture net present value of favor-
appraiser responsibility related to able financing terms, 367-379 data management misconceptions,
64-66
mold or damp interiors, 178-182
data quality in appraisal! reports,
Conservation easements 62-76
appraisal of conservation easements for
developing comparable property file
federal income tax purposes, 239-249
policies and procedures, 68-72
government guidelines on data verifi- Financing Institutional controls
cation, 69-75 price premium for seller financing, impact of institutional controls on
possible price distribution er- 367-379 future use and market value of
rors leading to appraisal errors, remediated properties, 328-332
358-361 types of institutional controls,
First Nation Land
sources of data error, 66-67 damage claims made by aboriginal 328-330
tracking prediction errors from groups concerning the terms of Intangible property
appraisal protocols to understand their land treaties, 43-52 possible scenarios for the future of
risks of relying on appraisal meth- BEV, 140-143
odologies, 358-361 problem areas with strategies for
Forest land
developing BEV estimates, 138-140
extent to which forest land sale
prices capture net present value of problems in estimating BEV associ-
characteristics of housing developers favorable financing terms, 367-379 ated with a particular property,
and relationship to Bangkok hous- 136-138
ing crisis, 77-85
Guide Notes to the Standards of
Professional Appraisal Practice of the International appraising
Education Appraisal Institute opportunities in international
factors influencing student choice of Guide Note 6, “Consideration of markets for Appraisal Institute
appraisal career, 127-134 Hazardous Substances,” and mold members, 285-290
university real estate programs, cases, 179-180
127-134 International markets
Historic properties causes of housing market crisis in
Eminent Domain adaptive uses of historic properties, Bangkok, 77-85
state legislation on eminent domain 190 European housing market boom,
affecting valuation, 382-384 extraordinary costs of historic prop- 220-225
valuation of billboard structures erties, 190-191 impact of aesthetic externalities on
in eminent domain proceedings, federal, state and local designations property prices in New Zealand,
333-346 protecting historic properties, 14-29
185-186 impact of mortgage innovations
impact of heritage tourism on value on housing market in Europe,
Environmental Protection of historic properties, 189 221-222
Agency (EPA) preservation or conservation ease- opportunities for growth in appraisal
effect of EPA National Priorities List ments in historic districts, 189-190 services in international real estate
sites on market values of suburban markets, 285-290
homes, 161-173 rehabilitation guidelines and tax
credits for historic properties,
use of institutional controls by EPA,
328 186-189 Investment properties
special costs and benefits that accrue analyzing risk of investment proper-
to historic properties, 183-191 ties using simulation analysis,
Expert witness testimony 347-357
applying the Daubert standard of
reliability to testimony relying on Housing market
contingent valuation methodology, impact of developers’ knowledge of Land use
267, 270, 279-280 housing market in Bangkok hous- examining changes in land uses sur-
ing crisis, 77-85 rounding Superfund sites, 161-173
Externalities
price impact of aesthetic externali- industrial real estate Linkages
ties, 14-29 impact of dock-high doors on sell- linkage patterns for apartments,
ing price of industrial real estate, 33-42
relationship of water view price and
254-256
availability of water view proper-
ties, 15-28 impact of high property taxes on Market area
the selling prices of industrial real
factors in apartment market delinea-
estate, 250-256
tion, 36-37
Federal appraisal guidelines industrial property characteristics
guidelines applicable to appraisal as- and estimates of value of character- linkage patterns for apartment trade
signments for federal governmental istics, 250-256 areas and market areas, 37-41
entities, 380-381 * techniques for market area delinea-
guidelines applicable to residential tion, 33-41
tract developments, 86-90 Innocent landowner
case studies of saies under Texas
innocent landowner program, Market conditions
Financial Institutions Reform, Recov- 126-128 model for incorporating changing
ery, and Enforcement Act of 1989 state programs to facilitate rede- market conditions in sales com-
(FIRREA) velopment of contaminated sites, parison analysis, 144-160
federal agency guidance on resi- 117-124
dential tract development lending,
Market value
86-90
examining changes in market values
and rents of properties near Super-
fund sites, 161-175 Property value off-site impacts of Superfund sites on
impact of financing terms on sale property value and considerations of property use and value, 163-173
prices, 367-379 impact of toxic mold, 174-182 Superfund sites
impact of institutional controls on examining changes in land uses near
market value and future use of Quality control Superfund sites, 161-173
remediated properties, 330-352 achieving appraisal quality control institutional controls and Superfund
through error analysis and specific sites, 328
Monte Carlo simulation protocols, 358-366 testing for stigma effects for suburban
using Monte Carlo simulation to property located near Superfund
analyze probability, 351-352 sites, 161-173
Reservation lands
lands retained by native groups as
Multifamily market area part of their land treaties, 43-52 Surveys
delineating market areas and trade
using formal surveys to measure
areas for apartments, 33-41
price effects of detrimental condi-
Residential appraising
tions, 267-280
effect of changes by Fannie Mae,
Multiple regression
Freddie Mac, and the Appraisal
multiple regression analysis of sell-
ing prices of industrial properties, Standards Board on residential ap- Toxic mold
254-256 praisers, 30-32 appraiser responsibility related to
mold or damp interiors, 178-180
multiple regression model for disag-
gregating assets sold as bundles, Risk court decisions in toxic mold cases,
144-160 Advisory Opinion 9, “The Appraisal 175-178
of Real Property That May Be Im- health affects of toxic mold, 176--178
pacted by Environmental Contami- toxic mold liability, 174-182
Native land claims nation” and risk, 330
valuing damage claims made by na- valuation of properties where toxic
tive groups related to terms of land analyzing risk characteristics of mold may be present, 180-182
investment properties, 347-357
treaties, 43-52
institutional controls and their
impact on risk effects over the Uniform Standards of Professional Ap-
Portfolio valuation remediation lifecycle, 330-332 praisal Practice (USPAP)
disaggregation of portfolio values into Advisory Opinion 9, “The Appraisal
simulation analysis leading to
individual asset values, 144-160 of Real Property That May Be Im-
greater insights into risk compared
pacted by Environmental Contami-
to traditional risk assessment tech-
nation” and risk, 330
Power-generating assets niques, 351-357
applicability to hazardous materials,
role of time and structure in the valu- tracking prediction errors from
178-182
ation of power generation assets, appraisal protocols to understand
144-160 risks of relying on appraisal meth- Guide Note 6, “Consideration of
sales comparison of homogeneous odologies, 358-366 Hazardous Substances,” and mold
cases, 179-180
versus heterogeneous transactions,
153-157
Sales comparison approach
statistical method for performing Use value
Price sales comparison approach when specifying and determining the loss
impact of financing terms on sale only aggregate data is available, of reserve land use value (imputed
prices, 367-379 166-160 rental income), 47-51
possible price distribution errors
leading to appraisal errors, 358-366 Scope of work Valuation bias
problem identification in appraisal bias in valuing long-lived claims
Property taxes assignments and Scope of Work by compounding long-term bond
impact of high property taxes on Rule, 232-238 yields, 44-47
the selling prices of industrial real reporting requirements and Scope of
estate, 250-256 Work Rule, 283-284 Valuation process
property tax assessment administra- scope of work and the client, valuation of power-generating assets,
tion, 258-266 282-283 144-160
testing for inequity in valuations for Scope of Work Rule as primary
tax assessment purposes, 258-266 mechanism for appraisal assign- Valuing land claims
true tax value system, 258 ment flexibility, 232-238 determining the present value of
types of inequity in property tax seven assignment parameters that deficiency payments and the loss
valuations, 261-266 define scope of work in appraisal of use value in historical damages,
using the vertical horizontal ap- assignments, 234-238 42-52
praisal adjustment system (VHAAS)
as an inequity testing methodology, Stigma Water views
261-266 analyzing stigma by examining relationship of water view price and
valuations under different tax sys- property values and speaking with availability of water view proper-
tems, 257-260 local experts, 161-173 ties, 15-28
detrimental impact of waste manage-
ment sites, 161-173
2006 USPAP and Scope of Work The Costs and Benefits of Historic Post-Kelo Legislation on Eminent
The Appraisal Standards Board, Properties Domain Impacts Valuations
281-284 Judith Reynolds, MAI, 183-191 Justin R. Morton, 382-384
Addressing Enhancement in Conserva- Data Management and Continual Veri- The Price of Aesthetic Externalities
tion Easement Appraisals fication for Accurate Appraisal Reports Steven C. Bourassa, Martin Hoesli,
James H. Boykin, PhD, MAI, and Donald R. Epley, PhD, MAI, SRA, and Jian Sun, 14-29
James A. McLaughlin, JD, 239-249 62-76
Private Developers in the 1997 Hous-
Apartment Market Area Delineation Economy Set for Soft Landing ing Market Crisis in Bangkok
Joseph S. Rabianski, PhD, 33-42 James R. DeLisle, PhD, 318-327 Sopon Pornchockchai, PhD, Ranjith
Perera, PhD, and Karl E. Weber,
PhD, 77-85
Are Property Taxes Capitalized in the Factors That Influence University
Selling Price of Industrial Real Estate Student Interest in the Appraisal
John F. McDonald, PhD, and Yuliya Profession Property Risk Assessment: A Simula-
Yurova, 250-256 Donald H. Bleich, PhD, 127-134 tion Approach
Barrett A. Slade, PhD, MAI, 347-357
Billboards and the Legal and Federal Agencies Offer Guidance on
Regulatory Environment Appraisals for Residential Tract Devel- Protocols for Valuations
Dwain R. Stoops, MAI, SRA, and opments Max Kummerow, PhD, 358-366
Marvin L. Wolverton, PhD, MAI, Andrew M. Luzod, MAI, SRA, and
333-346 George R. Mann, MAL, SRA, 86-90
Residential Appraising: Changes and
Challenges Ahead
Boom Remains in Most European Federal Government Appraisal Work: Mark R. Rattermann, MAI, SRA,
Markets Where to Find It and How to Get It 30-32
Michael Ball, 220-225 Kathleen M. Holmes, MAI, 379-381
Sales Comparison Analysis of Power-
Changes in Qualifying Education, The Impact of Contract for Deed Generating Assets: The Role of Struc-
Curriculum, and Designations Financing on Minnesota Forest Land ture and Time
Magdalene Vasquez and Anne Markets David C. Rode, Jennifer J. Presto,
Calek, 192-201 Michael A. Kilgore, PhD, 367-379 Antonio R. Paez, Paul S. Fischbeck,
PhD, and Steve R. Dean, 144-160
Considerations in Gross Rent Multi- Innocent Landowner Programs and
Analysis Their Effects on Environmental Risk Scope of Work and Problem Identifica-
Mark R. Rattermann, MAI, SRA, and Property Value Impacts tion: The Significant Seven
226-231 Thomas O. Jackson, PhD, MAL, and Stephanie Coleman, MAI, SRA,
Jennifer M. Pitts, 117-124 232-238
Contemplating the Future of Business
Enterprise Valuation Institutional Controls and Contami- Testing the Reliability of Contingent
Robert W. Owens, PhD, 135-143 nated Property Valuation Valuation in the Real Estate Market-
Thomas O. Jackson, PhD, MAI, place
and J. Michael Sowinski Jr., JD, Richard J. Roddewig, MAI, and
Contingent Valuation: Not an Appropri- 328-332 James D. Frey, 267-280
ate Valuation Tool
Albert R. Wilson, 53-61
Neighborhood Stigma Twenty Years Toxic Mold Liability Update: Implica-
Later: Revisiting Superfund Sites in tions of Kilian v. Equity Residential
Cost-Based Property Tax inequity: Suburban New Jersey Trust
Evidence from Indiana Michael Greenberg, PhD, and Robert J. Aalberts, JD, and Richard
John W. Birch, PhD, Mark A. Sun- Justin Hollander, 161-173 W. Hoyt, PhD, MAI, SRA, 174-182
derman, PhD, and Brent C Smith,
PhD, 257-266
Opportunities for Growth: The Ap- Valuing First Nation Land Claims and
praisal Institute and International Real Other Historical Damages
Estate Markets Arthur J. Hosios, PhD, and Law-
Brain A. Glanville, MAI, and rence B. Smith, PhD, 43-52
William E. Endsley, 285-290
Authors
Aalberts, Robert J., 174-182 Hoell, Sue, 203-204 Pornchockchai, Sopon, 77-85
Allen, Marcus T., 291-292 Hoesli, Martin, 14-29 Presto, Jennifer J., 144-160
Ball, Michael, 220-225 Hollander, Justin, 161-173 Rattermann, Mark R., 30-32,
226-231
Barna, Anthony C., 202-203 Holmes, Kathleen M., 379-381
Rabianski, Joseph S., 33-42
Barnes, Robert K., 93-94 Hosios, Arthur, J., 43-52
Reynolds, Judith, 183-191
Birch, John W., 257-266 Hoyt, Richard W., 174-182
Roddewig, Richard J., 267-280
Bleich, Donald H., 127-134 Jackson, Thomas O., 117-124,
328-332 Rode, David C., 144-160
Bourassa, Steven C., 14-29
Kerr, Ellie, 125-126 Slade, Barrett A., 347-357
Boykin, James H., 239-249
Kilgore, Michael A., 367-379 Smith, Brent C, 257-266
Calek, Anne, 192-201
Kummerow, Max, 358-366 Smith, Lawrence B., 43-52
Coleman, Stephanie, 232-238
Luzod, Andrew M., 86-90 Sowiuski, J. Michael, Jr., 328-332
Dean, Steve R., 144-160
Mann, George R., 86-90 Stiegler, M. H., 1-4, 105-108, 207-210,
313-317
DeJong, Alyce, 125-126
McDonald, John F., 250-256
Stoops, Dwain R., 333-346
DeLisle, James R., 5-13, 109-116,
211-219, 318-327 McLaughlin, James A., 239-249
Sun, Jian, 14-29
Endsley, William E., 285-290 Morton, Justin R., 382-384
Sunderman, Mark A., 257-266
Epley, Donald R., 62-76 Owens, Robert W., 135-143
Vasquez, Magdalene, 192-201
Fischbeck, Paul S., 144-160 Paez, Antonio R., 144-160
Weber, Karl E., 77-85
Frey, James D., 267-280 Perera, Ranjith, 77-85
Wilson, Albert R., 53-61
Glanville, Brian A., 285-290 Pitts, Jennifer M., 117-124
Wolverton, Marvin L., 94-95,
Greenberg, Michael, 161-173 Pomerantz, Nathan, 92-93 333-346
Haginas, Pete J., Jr., 293-294 Yurova, Yuliya, 250-256
Cases in Brief
Before and after rule not exclusive Lost profits admissible in eminent view not compensable in eminent
method of measurement in partial domain proceeding, 1-2 domain case, 316-317
condemnation case, 313
Marketed but unused city land not Signage expert deemed qualified
Challenge to reassessment denied, no tax exempt, 105 expert witness, 209
injury in fact shown, 1
Methods of proof offered by expert Supplemental assessments limited to
Church’s retreat house not entitled to witnesses lack reliability in con- improvements on land, not changes
tax exemption, 2-3 demnation case, 313 in value of land, 314
Condemnation to build spur road ac- Out-of-state comparable sales Taking of access rights by inverse
cessing private business constitutes deemed appropriate to assess fair condemnation entitles commercial
public purpose, 105-106 market value, 210 landowner to compensation, 4
Cost to cure admissible to determine Possibility of assemblage not applied Tax exemption based on property’s
consequential damages in inverse to taxation, 315-316 use, not owner’s status, 1
condemnation case, 2
Pre-condemnation activities con- Tax exemption for disabled veteran
Delayed zoning decision not a taking sidered in computing fair market denied, 210
of property, 108 value, 107
Temporary injunction not a taking
Enhanced value from betterments Property tax assessment requires without just compensation, 3-4
applicable toward property’s overall consideration of federal tax credits
value, 3 and restricted rental rates, 207 Vacant, commercial property held as
investment deemed tax exempt, 106
Erroneous classification of property’s Purchase price of property is true
description may result in repay- value in arm’s-length transaction, Value of incentives not applicable in
ment of overpaid taxes, 209 207-208 eminent domain case, 315
Established, unique business award- Rebuilding neighborhood’s infra- Wetlands regulations did not affect
ed damages due to imminence of structure entitles taxpayer to prop- a compensable taking of property,
condemnation, 105 erty tax exemption, 314-315 208-209
Intended user of appraisal report Restricted access due to condemna- Wildlife regulation not a taking of
included lessees, 208 tion not compensable, 107-108 property without just compensa-
tion, 106-107
Land used for duck hunting not clas- Right of reasonable access and loss of
sified as agricultural, 316
Columns
Book Reviews Institutional Controls and Contami- Comments on “Contemplating the
nated Property Valuation Future of Business Enterprise Valu-
Marcus T. Allen, PhD, 291-292 Thomas O. Jackson, PhD, MAIL, and ation” (Spring 2006), 304-305
Financing Residential Real Estate, J. Michael Sowinski Jr., JD, 328-332
13th edition News from NCREIF
by Megan Dorsey and David Rock- Financial Views
well Valuation Committee Meeting Notes
The Capital and Spatial Markets: Alyce DeJong, MAI, and Ellie Kerr,
Anthony C. Barna, MAI, SRA, Converging or Diverging? MAIL, 125-126
202-203 James R. DeLisle, PhD, 109-116
Building Type Basics for Housing
by Robert Chandler, John Clancy, Economy Set for Soft Landing Notes and Issues
David Dixon, Joan Goody, Geoffrey
James R. DeLisle, PhD, 318-327
Wooding, with Jean Lawrence
2006 USPAP and Scope of Work
The Storms Behind, the Markets The Appraisal Standards Board,
Robert K. Barnes, MAI, 93-94
Ahead 281-284
Shaping the Skyline: The World
James R. DeLisle, PhD, 5-13
iecording to Real Estate Visionary
Julien Studley Federal Agencies Offer Guidance on
by Peter Hellman Summer Cycle on Solid Ground Appraisals for Federal Tract Develop-
ments
James R. DeLisle, PhD, 211-219
Andrew M. Luzod, MAI, SRA, and
Pete J. Haginas Jr., MAI, 293-294 George R. Mann, MAI, SRA, 86-90
Confessions of a Real Estate Entre-
preneur International Appraising Federal Government Appraisal Work:
by James A. Randel Where to Find It and How to Get It
Boom Remains in Most European Kathleen M. Holmes, MAI, 379-381
Sue Hoell, 203-204 Housing Markets
Construction Specifications HWriting, Michael Ball, 220-225 Opportunities for Growth: The Ap-
5th edition praisal Institute and International
by Harold J. Rosen and John R. The Price of Aesthetic Externalities Real Estate Markets
Regener Jr. Steven C. Bourassa, Martin Hoesli, Brian A. Glanville, MAI, and
and Jian Sun, 14-29 William E. Endsley, 285-290
Nathan Pomerantz, MAI, 91-93
The Insider’s Guide to Making Post-Aelo Legislation on Eminent
Vioney in Real Estate Letters to the Editor Domain Impacts Valuations
by Dolf de Roos and Diane Kennedy Justin R. Morton, JD, 382-384
Comments on “The Effects of a
Marvin L. Wolverton, PhD, MAI, Defective Construction Lawsuit on
94-95 the Value of Condominiums: A Case Residential Appraising
Study” (Fall 2005), 6
Dictionary of Real Estate Terms, 6th
edition Considerations in Gross Rent Multi-
by Jack P. Friedman, Jack C. Harris, Comments on “Contingent Valuation: plier Analysis
and J. Bruce Lindeman Not an Appropriate Valuation Tool” Mark R. Rattermann, MAIL, SRA,
(Winter 2006), 295-304 226-231
Environment and the Appraiser Coemnmcee ntUnsi veorns it“yF acSttourdse nTth atI ntIenrfelsut- in CRhesaildleenntgieasl AAhpepraadi sing: Changes and
the Appraisal Profession” (Spring
Innocent Landowner Programs and 2006), 304 Mark R. Rattermann, MAI, SRA,
Their Effects on Environmental Risk 30-32
and Property Value Impacts
Thomas O. Jackson, PhD, MAIL, and
Jennifer M. Pitts, 117-124