AI Property Rights Symposium seeks consensus on fee simple.
Valuation experts discussed valuing the fee simple interest in real estate sold as leased at the Appraisal Institute's Property Rights Sympo sium, held Sept. 6-7 in Chicago. This issue is cril ical for eminent domain and property taxation scenarios, which seek the value of fee simple, and for mortgage lending, among others.
Nearly 50 participants, all experienced in valuation theory and practice, were invited by the AI Body of Knowledge Committee to participate in the symposium based on their prior work and achievements. The event was moderated by professional facilitator and strategic planner Dr. Duke Kuehn.
Participants explored value definitions and the methodology currently used by appraisers and those who use appraisal services, and engaged in a consensus-building exercise to identify problems and propose solutions. A white paper summarizing the proceedings and outlining potential definition changes is expected to be exposed for comment early next year.
In related news, the International Association of Assessing Officials in September published "Commercial Big-Box Retail: A Guide to Market-Based Valuation," which describes a process that is intended to help appraisers support market value estimates for big-box retail properties. The Appraisal Institute heard from several Designated Members who expressed concern about the document because of inconsistencies with appraisal practice and standards. AI currently is reviewing the document.
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|Title Annotation:||Reports in Short: From the Appraisal Institute|
|Date:||Sep 22, 2017|
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