CLE Online

Welcome and Introduction

Steven G. Coull, IFAS, DAC, Certified Appraisal Reviewer — Strategic International Appraisement Services Ltd., Parksville
John A. Hossack — John A. Hossack & Associates, Parksville

What Do Appraisers Do

• appraisal
• appraisal report

Steven G. Coull, IFAS, DAC, Certified Appraisal Reviewer — Strategic International Appraisement Services Ltd., Parksville

Sample Appraisal Report 

• the quick check system
• the big flaws in most appraisal reports

Steven G. Coull, IFAS, DAC, Certified Appraisal Reviewer — Strategic International Appraisement Services Ltd., Parksville

Appraisal in General  

• why do the lenders need appraisals
• what is an appraiser
• what appraiser credentials and designations mean, the big myth
• appraiser professional standards
• what is a review appraiser
• what is appraiser negligence
• when do you need a review appraiser
• relation of appraisal review to the legal profession
• the interaction of appraisers and lawyers

John A. Hossack — John A. Hossack & Associates, Parksville

Final Value v. How the Appraiser Actually Got There

• California judgment

Steven G. Coull, IFAS, DAC, Certified Appraisal Reviewer — Strategic International Appraisement Services Ltd., Parksville

Effective Age

• the most important ingredient in valuation

Steven G. Coull, IFAS, DAC, Certified Appraisal Reviewer — Strategic International Appraisement Services Ltd., Parksville

Typical Life Expectancy

• using the chart

Steven G. Coull, IFAS, DAC, Certified Appraisal Reviewer — Strategic International Appraisement Services Ltd., Parksville

Break

Cost Approach Mechanics

• how to quickly review the cost approach section of any appraisal report
• what goes where
• land valuation

Steven G. Coull, IFAS, DAC, Certified Appraisal Reviewer — Strategic International Appraisement Services Ltd., Parksville

Basic Rules When Dealing With Appraisals 

• when to hire a review appraiser
• get the appraiser’s credentials, education, experience
• have all appraisal reports reviewed
• separate the reviewer and the appraiser
• the appraiser is the advocate of their report only
• preparing your case with input from the review appraiser
• when you need a retro appraisal
• subsequent sale of a foreclosed property and the listing description

Steven G. Coull, IFAS, DAC, Certified Appraisal Reviewer — Strategic International Appraisement Services Ltd., Parksville
John A. Hossack — John A. Hossack & Associates, Parksville

Networking Lunch 

Litigation Involving Appraisals and Appraisers

• appraisal report format, form type or narrative
• affidavits and other documentation
• highest and best use analysis
• choice of comparables
• quality of adjustments, empirical v. judgment based

James D. Fraser — Lawson Lundell LLP, Vancouver

Sales Comparison Approach Mechanics

• market abstraction and how it works
• dissection of appraisal reports using simple market abstraction
• identifying appraisal fraud

Steven G. Coull, IFAS, DAC, Certified Appraisal Reviewer — Strategic International Appraisement Services Ltd., Parksville

Break

Residential Appraisal Reports: Reviewing Case Studies 

• condo appraisal report reviewing case study
• the quick way to value condos

Steven G. Coull, IFAS, DAC, Certified Appraisal Reviewer — Strategic International Appraisement Services Ltd., Parksville
John A. Hossack — John A. Hossack & Associates, Parksville

Reviewing Commercial or Income Approach Appraisal Reports

Steven G. Coull, IFAS, DAC, Certified Appraisal Reviewer — Strategic International Appraisement Services Ltd., Parksville

Closing Questions and Comments