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Digital research resources.

About This Column

Resource Center is about all types of helpful Information resources for appraisers and real estate analysts--books, articles, presentations, data sources, and websites. (1) This edition of Resource Center discusses business research resources, including books, articles, and data sources available through the Appraisal Institute's Lum Library and on the Internet.

This edition of "Resource Center" discusses business research resources across a wide sphere. Many of these resources are available through EBSCO Research Databases. Some, but not all, of the resources discussed and cited in this issue of "Resource Center" are from international perspectives, i.e., authors' experiences and observations from a variety of countries. Since market analysis and valuation principles familiar to most Appraisal Journal readers are essentially the same as those present in real estate markets in many countries, these sources may be of assistance in your work and fields of interest.

Exploring EBSCO

E-Book Resources

The EBSCO Research Databases include the non-Appraisal Institute e-book holdings of the Lum Library. These holdings continue to expand, offering broader and more in-depth information to AI professionals. To take a look at the latest, go to the homepage of the Lum Library (http://bit.ly/LumLibrary; login required). There, at the far right of the homepage, you will see the box titled "EBSCO Research Databases." Click on the "EBSCO e-books" link within that box and you will see the full list of EBSCO e-books, including the new ones described below. But, if you have not already done so, click on the "Tutorial" link for how to search e-books as well as the YouTube tutorial on how to download an e-book; viewing this information will save you time in the end.

Some of the recent additions to the e-book collection available to Appraisal Institute members through the Lum Library include the following.

Business Applications of Multiple Regression

By Richardson, Ronny. 2nd ed. New York: Business Expert Press, 2015. Part of the series Quantitative Approaches to Decision Making by Business Expert Press.

Business Applications of Multiple Regression is a clearly written publication covering correlation, simple linear regression, and multiple linear regression. The reader need only have a basic to intermediate understanding of statistics. Techniques and examples are provided using Microsoft Excel as well as SPSS (a specialized professional statistics program). The fourth chapter, "Model Building," discusses the quality of the regression results. The material explains its topics quite well. For multiple regression, particularly, the author provides a basic understanding of not only the process, underlying ideas, and mechanics, but some key tests and measures as well, such as correlation and multiple correlation coefficient (r), coefficient of determination (R), F-test, partial F-test, Student t-test.

Recommendation. I recommend this e-book for readers who have a basic through intermediate understanding of statistics (particularly correlation and regression) and are interested in expanding practical applications skills.

Modern Methods of Valuation

By Shapiro, Eric, Gary Sams, and David Makmin. 11th ed. Abington, Oxon: Estates Gazette, 2013.

Modern Methods of Valuation is a long-time valuation textbook in Great Britain, first published in 1943; now, some seventy years later, it is still a text intended for university and college classes as well as general readers. The guidelines, statutes, case law, and the Localism Act cited in the text are all from Great Britain. It is an interesting read, but not an essential one for valuers in the United States. The valuation method and terminology differences will keep US readers on their toes ("outgoings" rather than expenses, and "voids" rather than vacancy periods, for example).

The book has helpful tables of statutes, cases, statutory instruments, and acronyms up front. For US readers, looking at the acronyms is a must since there are some that may be unfamiliar. For example: GEA--gross external area; GIA--gross internal area; IRI--internal repairing and insuring; IR--internal repairing; FRI--full repairing and insuring; and VS--valuation standards.

Property Rights and Land Policies

By Hong, Yu-hung, and Gregory K. Ingram. Cambridge, MA: Lincoln Institute of Land Policy, 2009.

Property Rights and Land Policies has recently been added to the e-book collection but it is now slightly dated. This publication is from Lincoln Institute's third annual land policy conference exploring connections between property rights and land policies. This work is a collection of essays from several writers. Topics include regulatory takings, use of eminent domain (expropriation) in land assembly, emergence of private property rights in transition economies, marketable emission permits, natural resources management, and impact of ownership type, or tenure choice, on development.

A number of geographic areas and countries are referenced and examined. Topics include property rights and what has been learned about such rights being affected by land policy, US private property rights in international perspective, China's land system, property rights protections in European countries, and two controversial matters of particular interest--myths and realities in using eminent domain for economic development, and the question of government payment for property value decreases caused by regulations.

Private Rental Housing: Comparative Perspectives

By editors Kemp, Peter, and Tony Crook. Cheltenham: Edward Elgar Publishing, 2014.

Private Rental Housing: Comparative Perspectives is made up of pieces from several contributors from a variety of western economy countries. It stems from "30 years of research in the private rented sector of the housing market for over three decades." (page ix) Among the countries represented are Germany, The Netherlands, Spain, Denmark, Norway, Australia, England, and the United States.

Recommendation. This e-book provides a good look at the private residential rental market characteristics in several countries; interesting for some US valuers but not a must. It is likely to be of more interest to developers and planners.

Real Estate Valuation Theory: A Critical Appraisal

By Mooya, Manya M. Berlin: Springer, 2016.

If you have ever wondered about, or questioned, some of the foundations of valuation theory and practice, Real Estate Valuation Theory: A Critical Appraisal is a book that you will want to read. It evaluates theories that are the foundation of valuation. It examines the background of appraisal theory, practice, and the early economists and economic schools of thought. Most valuation practitioners have probably not thought much about these underpinnings for a long time, but often complex problems can be better approached, analyzed, and solved by some back to basics. The book's preface offers some insight about its content:
   It has been over a century since Alfred Marshal and others
   created the basis for standard real estate valuation
   theory, by successfully merging the supply-side approach
   of the classical scholars on value with the demand-side
   theories of Austrian or marginal utility school. Neoclassical
   economic theory, which was the product of this synthesis,
   has been the dominant paradigm in economics
   for much of the past century and continues to be so up
   to the present. Standard real estate valuation theory
   (and practice) thus largely reflects its roots in neoclassical
   (i.e., mainstream) economics.

   A critical assessment of the present state of real
   estate valuation theory and practice should come to the
   conclusion that it is in crisis in the Kuhnian sense. This
   state of affairs is, in turn, reflective of the deep malaise
   that mainstream economic theory finds itself in, a malaise
   that has been sharply accentuated by the 2008
   global financial crisis. The unexpected and unforeseen
   collapse of real estate values in the USA which presaged
   that crisis provided a compelling indictment of the parlous
   state of mainstream economic theory generally,
   and real estate valuation theory more particularly. With
   regard to the latter, other, less dramatic, markers of crisis
   include declining academic research interest in the
   subject and failure to agree on fundamental terms and
   concepts (such as the real meaning of the concept of
   market value itself). In the area of professional practice,
   numerous experiments around the world have repeatedly
   demonstrated that valuers are unable to estimate
   "market value," as conventionally defined, with reasonable
   precision. The hegemonic position of neoclassical
   economic theory in economic thought for its part has, in
   the last few decades, come under serious threat from a
   variety of contenders, collectively described as hetero
   dox theories. The implications of these alternative theoretical
   frameworks for real estate valuation theory are
   yet to be worked out and have not appeared in the
   extant literature.

   This book critically reviews and updates real estate
   valuation theory in light of developments in "heterodox
   economic theory." Heterodox economic theory, principally
   institutional economics and critical realism, is used
   as [a] critical lens through which problems in standard
   valuation theory and practice are expatiated. The book
   provides for a radical departure from the standard treatment
   of the subject matter, thereby providing the basis
   for an alternative and competing paradigm, (page v)


Chapter topics include the following:

1. Standard Theory of Real Estate Market Value: Concepts and Problems. The concept and definition of market value; defining economic value; the role of theory in knowledge production; good and bad theory; paradigms and research programs; neoclassical economics foundations of standard market value theory; crisis in real estate valuation; problems in valuation theory and practice; alternative theory; and barriers to progress.

2. Aristotle to Marshall: The Evolution of Economic Value Theory. The Greco-Roman period and Middle Ages; mercantilism; physiocracy; classical school; and the neoclassical and equilibrium schools.

3. Neoclassical Economic Theory and Traditional Valuation Methods. Ontological and methodological principles; use of principals and problems in the sales comparison method, investment method, and economic theory [think income approach]; accounts method [similar to income approach, with business enterprise and non-realty components]; the cost method; the residual method [think residual techniques of capitalization]; and the premise of the value of land being residual and based in its productivity. The concept of factors of production and that land only receives its "rent" after all other factors have received their share.

4. Neoclassical Economic Theory and Automated Valuation Models. Types of automated valuation models (AVMs); hedonic models; econometric forecasts; intelligent systems; house price index models; tax assessed value models; AVMs and neoclassical economic theory and methodology of AVMS; positivist methodology; the covering-law model; regression function as general law; and contrasting AVMs and traditional valuation models.

5. Real Estate Markets and Neoclassical Economic Theory: A Heterodox Critique.

6. An Alternative Theory of Market Value: Ontological Foundations. Social reality, being and becoming; stratified ontology; and the paradox of market value.

7. An Alternative Theory: Market Value as Convention and as Emergence. A realistic conception of real estate market value, and market value as convention and as emergence.

8. Applications to Problems of Theory and Practice. New versus, old, comparing the alternative to standard theory; problems with definition, character, and determination of market value; the problem of thin or absent real estate markets; price bubbles and crashes; AVMs versus manual valuations; and economic forecasting.

Recommendation. The volume has some terminology differences vis-a-vis most US valuation publications, but it does have some root-level food for thought. It will take you back to the first course you probably took in the field of valuation, but it will give you more depth, background, and a basis for thinking about the future of valuation theory and practice. Again, if you have ever questioned some of the basis for valuation theory and application, you will want to read this publication.

Understanding German Real Estate Markets

By Just, Tobias, and Wolfgang Maennig, eds. 2nd ed. Switzerland: Springer International, 2017.

Understanding German Real Estate Markets includes sections by several experts addressing German real estate markets of various real estate asset classes and types. Discussion includes the resiliency of German real estate markets, and the regulatory, demographic, and economic influences making the German real estate market unlike much of the rest of Europe and attractive, in all real estate asset types, not only to investors from Germany but investors from many other countries as well. The German real estate market is widely regarded as a safe haven, relatively stable, and situated in a solid and growing economy. Below is a summary of topics, by section.

Part 1 The Macro Environment. Real estate data sources in Germany; size and impact of real estate sector and its role for business cycles and growth; demographic outlook and the implications for real estate markets; Germany's regional structure; the German city system.

Part 2 Judicial Framework. Regulations and laws on real estate agents, notaries, cadastres, and rent increases; legal framework for real estate asset class; valuation of real estate in Germany; what Germany's amended tenancy laws do and what they don't; commercial leases; and planning and building law.

Part 3 Tax and Subsidy Framework. Tax framework for investing by asset classes; German taxation of inbound real estate investments; monument protection and zoning regulations; and public support from an international perspective.

Part 4 Financing. Commercial property financing; going public and M&A in the German real estate market; German open-end real estate funds; German closed-end funds; REOCs and REITs; and possible application of derivatives.

Part 5 Asset Classes. Development of residential property; German office markets; retail property markets, hotel market; and "Unternehmensimmobilien" (2)--an asset class of high potential, and ongoing catch-up potential for German real estate returns, (page 423)

Part 6 Public Real Estate. Public real estate, PPP, and infrastructure.

Introducing Property Valuation

By Blackledge, Michael. 2nd ed. London: Routledge, 2017.

The second edition of Introducing Property Valuation is the most recent edition of a valuation textbook. It offers an introduction to valuation concepts and methods. The author uses "guidance provided by the International Valuation Standards Council and the Royal Institution of Chartered Surveyors" to outline "the five traditional methods of valuation" as well as "the practical applications of the two main approaches, the comparison and investment methods." Discounted cash flow and quarterly in advance calculations are also included. The book has good chapter summaries, further reading suggestions, and online material to accompany the material with questions, answers, and pre-made Excel spreadsheets.

Contents also cover valuation principles; mathematics, formulae, and tables; valuation methods--comparison method, investment methods, discounted cash flow, residual method, profits method, and cost approach; valuation standards; and applied valuations including landlord and tenant valuations and loan and asset valuation.

Recommendation. Take a look at this one to learn what is being taught in many parts of the world about valuation. This textbook is aimed at an international readership and classes, not particularly US audiences. Thus, many of the terms and acronyms are different than those used by US valuers, but the ideas and explanations are outstanding thought stimulators for US readers.

A Primer on Property Tax: Administration and Policy

By Walters, Lawrence C., Gary C. Comia, and William J. McCluskey. Hoboken, NJ: Wiley-Blackwell, 2013.

A Primer on Property Tax: Administration and Policy is more than a simple "primer"--it is full of good information on the theoretical basis for the property tax, and systems for administering it. Since property tax in most jurisdictions is a key element in providing a stable funding source for basic public services, it is important to understand it and its fair and logical application. Topics include the following:

* Value-based approaches to property taxation

* The politics of the property tax

* Establishing a tax rate

* Property tax collection and enforcement

* Principles of property tax reform

* Tax criteria: design and policy advantages of property tax

* Estimating property tax revenue potential

* Taxing public leasehold land in transition countries

* Property tax and informal property; the challenge of third-world cities

* Non-market value and hybrid approaches

* Computer assisted mass appraisal and property tax

* GIS and importance of location and informed decision-making

If you are interested in the property tax field, as an appeal agent, ad valorem valuer, or interested in property tax administration, this one is a logical "must."

Property Taxes and House Values

By Yinger, John, Edwin S. Mills, Axel Borsch-Supan, and Howard S. Bloom. Burlington: Academic Press, 2013.

Property Taxes and House Values is of particular interest to readers involved in real property ad valorem taxation on residential properties, particularly legislators, policy makers, academics, taxing and valuation officials, and economists--but not especially tax agents, homeowners, or valuers. The book deals with Massachusetts, however some concepts and ideas would be of relevance to readers interested in the general real estate taxation topic in other jurisdictions.

For policy makers it notes in chapter 1, "Students of local public finance have long recognized that property taxes may be reflected in house values. This phenomenon, which is known as property tax capitalization, is the subject of this book." The authors state, "all else equal, higher property tax payments can lead to lower house values. This book explains the link between property taxes and house values."(page ix) The first and last chapters are relatively non-technical; the intervening five chapters are indeed technical and intended for the types of readers mentioned above.

The main topic addressed is "property tax capitalization"--that is the notion that property taxes may be "capitalized." The term "capitalization" and "capitalized" in this context have a somewhat different meaning than "capitalization" as generally used in the US and elsewhere in connection with the income approach. As used in the book, property tax capitalization as a concept holds that
   If the value of a house is $1.00 lower whenever the
   stream of property tax payments on the house is $1.00
   higher, then property taxes are said to be fully capitalized
   into house values; in other words, the degree of tax
   capitalization is 100%. Our objective is to estimate the
   degree of capitalization, (page 1)


Further,
   Property taxes are capitalized into house values because
   of simple economics: all else equal, the lower the property
   taxes on a house, the more a household is willing to
   pay for it. (page 4)


This book offers a rather unique way of looking at real estate taxes, different than that of valuers typically, but it is good for those in valuation, particularly valuation for ad valorem property tax, to have an understanding of the big picture of property tax as considered by economists and policy makers.

Bibliographies

For general business research, EBSCO has thousands of US and international academic and trade journals, research papers, reports, newspapers, working papers, magazines and e-books. This information is located in the EBSCO Business Information Database, which is viewable and searchable only by Designated members of the Appraisal Institute. Within the EBSCO box on the Lum Library homepage select either "Basic" or "Advanced" search to enter this virtual room with all manner of published resources. (Non-Designated members may contact the Lum Library for assistance in locating information that may be within the database.)

Also within the EBSCO box on the Lum Library homepage, Designated members will find a section titled "Bibliographies," which lists sources and links to information and materials on various topics. Here are examples of what you'll find within each Bibliography category.

* Under "Operating Income and Expense Data" you will find links to data and information on conventional apartments, office buildings, shopping centers, condos, co-ops, PUDs, and federally assisted apartments.

* Under "Market Research Handbooks" you will find market information related to the arts, entertainment, advertising, commercial, and marketing; health, medicine, and healthcare business; recreation and leisure studies; restaurant, dining, food and foodservice industries; retail industry; and travel, tourism, hotels, and resort industries.

* Under "Industry and Market Research Reports" you will find information for both US and international sources.

* Under "Browse Selected Real Estate Academic Journals & Trade Publications" you will find a variety of helpful real-estate related publications. Clicking on the name of a publication will take you to EBSCO's complete archives for that publication. These archives are searchable by key word, topic, and author. The publications listed within this bibliography include the following:

** BVUpdate (business valuation topics)

** Canadian Property Valuation

** Cornell Real Estate Review

** Journal of Property Research

** Journal of Property Tax Assessment & Administration

** Journal of Real Estate Finance & Economics

** Journal of Real Estate Literature

** Journal of Real Estate Portfolio Management

** Journal of Real Estate Research

** Journal of Retail & Leisure Property

** Journal of ASFMRA

** Mortgage Banking (numbers section with market data charts, graphs, and diagrams)

** Multi-Housing News

** National Real Estate Investor

** Real Estate Economics

** Real Estate Finance

** Real Estate Issues

** Retail Property Insights

** Retail Real Estate Business Conditions

** Right of Way

** Tierra Grande

International Papers

EBSCO's database includes a wide variety of international publications. Valuers wishing to broaden their investigation beyond EBSCO, however, may want to take a look as some recent conference papers available through the Royal Institution of Chartered Surveyors. Some papers of special interest are discussed below; to view papers on additional topics go to http://bit.ly/ConferencePapers.

"An Approach Property Practitioners to Establish when the Property Cycle Reaches Bubble Territory," by Charles Cardozo and Charles Ostroumoff (downloadable PDF at http://bit.ly/EstablishBubble), is a paper from The Construction, Building, and Real Estate Research Conference of the Royal Institution of Chartered Surveyors held in Toronto, Canada, on September 20-22, 2016. The premise of the paper is that in the inevitable of property cycle there exists "a simple approach to help identify when the property markets are overheating and in 'bubble territory.'" (page 3) The authors state,
   Using historic market index data for real estate values, a
   simple approach is created to monitor the property
   cycle and identify a measure of market overvaluation--or
   "bubble measure." This measure has historically preceded
   significant market corrections. This approach
   uses historical capital values (adjusted for inflation) of
   several UK and US property segments (both commercial
   and residential). When property market values deviate
   more than 20% above their long run average trend a
   subsequent 30% peak to trough real fall in the market
   value index over the next 5 years is likely. The approach
   may help real estate practitioners to smooth the cycle
   and improve absolute returns by applying "risk on / risk
   off" strategies, (page 3)


The approach described in the paper is an interesting one and logical to follow. The article makes for good thought stimulation. Many readers will think of refinements, consideration of additional influences, and leading indicators. It's well worth a look.

"Managing Risk in Commercial Real Estate Investment," by Bryan Reid (downloadable PDF at http://bit.ly/CRErisk), is based on the premise that commercial real estate is becoming an increasingly prominent part of institutional investment and "from the multi-asset-class context to the 'market', 'portfolio', 'asset' and 'tenant' level, investors are changing the way they look at real estate risk." The author states that although "considerable effort has been devoted to improving our understanding of real estate risk ... [and] despite a growing institutional appetite for real estate, many investors still find it difficult to understand the risks of real estate exposure and integrate any analysis with other asset classes." (page 3) The paper considers real estate and the challenges of integrating it into a multi-asset-class portfolio then goes on to look at some underlying levels of real estate risk.

The paper is well-written and generally to the point. While not definitive, it does make a contribution to the pursuit of understanding of risk, measuring relative risk, and application of one or more risk metrics to real estate investment.

"BIM and The Value Dimension: A Property Perspective," by Julie R. Jupp and Sara J. Wilkinson, (downloadable PDF available at http://bit.ly/BIMvalue) discusses building information modeling (BIM), which is generally defined as "a modeling technology and associated set of processes to produce, communicate, and analyse building models." (page 4) The concept has existed since the 1970s, but the term didn't come into widespread use until 2002. (3) BIM advocates hold that it has many benefits, such as quicker approvals and development along with efficiencies and economies in development and operation of building projects.

The paper's introduction states that its purpose is "to identify how BIM can be leveraged by the property domain; it is therefore necessary to consider its technological, process, and protocol abilities relative to the chief concerns and interests of the property market." The authors look to the concept of value and three fundamental determinants, namely: risk, growth and depreciation, which they refer to as the 'value dimension." They define this dimension as the "data required to describe, represent, or assess the risk, growth and depreciation of a property through life'." (page 3)

BIM is a model-driven approach to analysis of buildings and it "requires the generation of a smart, shared and computable 3D model." The authors posit that the 3D model can link to a fourth dimension--workflow scheduling--and a fifth dimension--cost data. BIM therefore is a series of interconnected models and databases that integrate information from separate software systems "allowing participants to exchange and reuse information for design and construction purposes in a coordinated and efficient manner." (page 3)

This article is a worthy read for those interested in BIM; while not definitive, it will contribute to the reader's overall understanding of the concept.

"Investigation of Factors Effecting BIM Adoption in Facility Management Institutional Case in Australia," by Edirisinghe, Ruwini, Pushpitha Kalutara, and Kerry London (downloadable PDF at http://bit.ly/BIMadoption) is another paper on the topic of BIM. It starts with the premise that BIM's objective is to support the "whole-of-life project life-cycle." It notes, however, that "this promising technology appears so far to have been limited to the design and construction phases, with little emphasis on facility management." The goal of the paper is to evaluate awareness and willingness to adopt BIM, to identify the motivators and challenges, and to explore the strategies and potential issues of BIM adoption.

Sources for Standards, Regulations, and Guidelines

Standards, regulations, and guidelines are important resources to valuers. It is essential for professionals to keep up-to-date on current and proposed language related to valuation practices. Below are some quick links to the latest available items.

Appraisal Institute Practice Commentaries, Standards, and Guidelines. All Appraisal Institute materials related to appraisal practice are accessible on its website and may easily be downloaded.

On the AI Standards of Professional Appraisal Practice webpage, http://bit.ly/AIstandards, you will find links to The Preamble to the Standards of Professional Appraisal Practice, the Appraisal Institute Standards of Valuation Practice, the Certification Standard of the Appraisal Institute, and the Guide Notes to the Standards of Professional Appraisal Practice.

On AI's Professional Practice Documents webpage, http://bit.ly/ProfessionalPractice, you'll find the latest edition (2016) of The Standards of Valuation Practice & Valuers Code of Professional Ethics, exposure drafts of proposed Guide Notes, the latest Common Errors and Issues monographs discussing specific issues in appraisal work, and a self-audit form for self-critique of compliance with the Uniform Standards of Professional Appraisal Practice (USPAP). On this webpage, you will also find links to practice-related documents, including sample agreements for services, sample certification statements, state requirements for supervisory and trainee appraisers, and links and information related to commercial and residential forms along with applicable federal regulations.

Uniform Standards of Professional Appraisal Practice. Valuers in the United States are very familiar with the Uniform Standards of Professional Appraisal Practice (USPAP). The latest edition (2016-2017) is accessible electronically at http://www.uspap.org/. You can also purchase a hard copy or a downloadable e-copy of USPAP, 2016-2017 edition, at http://bit.ly/USPAPpurchase. The next edition of USPAP is currently under development. To view or download a copy of the exposure draft for the next edition (2018-2019) go to http://bit.ly/USPAPexposure.

Uniform Appraisal Standards for Federal Land Acquisitions. The new edition (2016) of the Interagency Land Acquisition Conference's Uniform Appraisal Standards for Federal Land Acquisitions is available online. A downloadable version can be found at http://bit.ly/FedAcquisitions. (4)

International Valuation Standards. The new edition of the International Valuation Standards (IVS) was issued in January 2017. A copy of the latest edition (as well as previous editions) can be purchased on the International Valuation Standards Council webpage, http://bit.ly/IVS2017.

Note, the Lum Library has an related e-book, International Valuation Standards: A Guide to the Valuation of Real Property Assets, by David Parker. Visit the Lum Library's EBSCO e-books section to take a look. This e-book is designed to be a "road map to using the new International Valuation Standards in everyday practice for real estate assets," explaining content and application of the standards. It "takes a thematic format, focusing on the application of IVS to investment property and owner-occupied property." (5)

Key chapters include the following:

* Market Value. Covered topics include globalization and valuation; evolution of valuation standard setting; market value; business and business interests; intangible assets; and financial instruments.

* Concepts. Covered topics include conceptual framework; reconciliation with capital market theory; definition of the market; and value versus cost versus price.

* Definitions. Covered topics include definition of contextual terms; and principal approaches to valuation.

* Valuation Process. Covered topics include preliminary questions; instructing the valuer; undertaking the valuation; and reporting the valuation.

* Valuation of Investment Property. Covered topics include valuation of investment property for financial reporting and secured lending.

* Valuation of Owner-Occupied Property. Covered topics include valuation of owner-occupied property for financial reporting and secured lending.

Recommendation. This is helpful book for an understanding of the International Valuation Standards and their application, although it predates the latest edition of the IVS.

by Dan L. Swango, PhD, MAI, SRA

Dan L. Swango, PhD, MAI, SRA, is president of Swango Real Estate Counseling and Valuation International in Tucson, Arizona. He is experienced in valuation and consulting involving equity investment, debt security, risk reduction, profit optimization, estate planning and settlement, buy/sell opportunities, and eminent domain. Swango is an instructor and communicator with domestic and international experience. He is namesake of The Appraisal Journal's Swango Award, past Editorial Board chair and editor-in-chief of The Appraisal Journal, and a current member of the Journal's Review Panel. Contact: danswango@yahoo.com

If you know of additional resources of interest to real estate analysts and valuers--or would like to suggest topics for this column--please contact the author.

(1.) For easy, direct access to the URL addresses noted throughout this article, read this column online. Go to http://bit.ly/TAJarticles and dick on "View Current Issue." (Login required.)

(2.) This type of real estate involves flexible floor layout to accommodate administrative, storage, manufacturing, or services; think flex space type real estate.

(3.) A very thorough overview discussion of the topic is available at http://bit.lyAA/ikiBIM. The discussion includes extensive references and further reading at the end of the article.

(4.) For information on the Appraisal Institute two-day course on the standards, "Uniform Standards for Federal Land Acquisitions: Practical Applications," see http://bit.ly/FedlandAI.

(5.) From publisher e-book description, EBSCO collection.
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Title Annotation:Resource Center
Author:Swango, Dan L.
Publication:Appraisal Journal
Article Type:Recommended readings
Date:Jan 1, 2017
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