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2017 ASA Advanced Business Valuation Conference Wrap-Up

The American Society of Appraisers recently held its 2017 Advanced Business Valuation Conference on October 7-10, 2017 in Houston, Texas at the Hilton Americas.

This conference presented the most comprehensive Business Valuation educational programming available, taught by the world’s top Business Valuation professionals. This three-day event offered attendees with three distinct educational tracks with highly focused educational sessions in areas of business valuation, fair value and a variety of specialized topics. The 2017 Advanced BV Conference was held in conjunction with ASA’s 2017 International Appraisers Conference, allowing a unique opportunity for attendees to expand their global professional network and interact with attendees and exhibitors. The conference kicked off Saturday night at the Welcome Reception giving attendees the opportunity to mingle and network with one another.

The conference began Sunday morning with introductions and welcome remarks from International President, Sharon A. Desfor, ASA. Following the opening remarks was a keynote presentation by Tom DeLuca, whose approach of education through entertainment, taught us how to overcome obstacles to success. Breakout sessions followed the keynote and included topics such as Cash and Working Capital in the DCF Method; Regression Analysis: Construction and Interpretation; PCAOB Current Topics: Auditing Standards Update; Case Study: Calculating the WACC; Methodologies for Calculating Personal Goodwill Gain Traction in Marital Dissolution Proceedings; and Maintaining Your Sanity Throughout the Audit Review Process for Valuations for Financial Reporting by Trey Stevens, ASA; Mark Shirley; Adam Smith, ASA; Travis Harms; Robert B. Morrison, ASA; Keith Konen, ASA; and Shlomo Lang, ASA.

Sunday afternoon consisted of 9 sessions discussing topics of Normalizing Owner Compensation; Options-Based Techniques for the Valuation of Complex Debt and Equity Instruments; Latest Developments in Contingent Consideration Valuation; Pitfalls in Determining Terminal Value in the DCF Model; Using New REIT Data to Value FLPs: Theory and Application; Performing Purchase Price Allocations for Financial Reporting Purposes; Forecasting Balance Sheets and Cash Flow Statements for DCF Analyses; Evidence of DLOMs for Controlling Interests; and Valuation Dilemma for Preferred Warrants: BSO vs. OPM. These presentations were taught by Stephen Kirkland; David C. Dufendach, ASA; Alok Mahajan; Gilbert Matthews, FASA; Spencer Jefferies; James R. Park, ASA; Shlomo Lang, ASA; Joseph Emanuele, ASA; Ronald DiMattia; and Keith Konen, ASA.

Sunday evening was the Educational Foundation Auction and the President’s Networking Reception. There was a silent auction, which was a huge success due to over 60 items being donated. Items in the silent auction included jewelry, wine, books, classes and even liquor. The auction and President’s Networking Reception concluded the first full day of the conference.

Monday began early with a second keynote presentation by Donna J. Walker, FASA, ARM-BV, Carla Glass, FASA, Sheryl Gillett, FASA, and Richard W. Gilmore, FASA on Changing Perceptions of Value. Breakout sessions followed with presentations by Bethany Hearn on DCF Case Study; Michael A. Paschall, ASA on Critiquing a Valuation Report: The Top 20 Errors; Oksana Westerbeke on ASC 805/ASC 718 Reconciliation Dilemma: Control Purchase vs. Minority Backsolve Value; Jefferson Davis on Financial Institutions – Black Holes of Valuation; David Aughtry, Esq. on Bulletproofing Your Valuation for Tax Court; William A. Johnston, ASA on How to Obtain Your CEIV Designation; William H. Frazier, ASA on Update on IRS Regulations Including S Corp Tax Affecting; Joseph Leauanae, ASA and Jennifer Allen on BV and Forensic Accounting: Navigating the Intersection of Fact and Fiction; Nathan DiNatale on Purchase Price Allocations: ASC 805 Application and Best Practices; Neil J. Beaton, ASA on Valuing Biotechnology Companies; Jim Andersen, ASA on Maintaining Objectivity in Your Adjustments and Normalization; Joseph W. Mease, ASA on Economic Obsolescence in Purchase Price Allocations. The last session of the day was a general session for all BV attendees — Ask the Experts with moderator Nathan DiNatale and experts Michael A. Paschall, ASA; Adam M. Smith, ASA; and Oksana Westerbeke. Tuesday evening was the inaugural Women’s Networking and ASA’s Rising Stars Receptions. These receptions gave attendees the opportunity to meet and network with prominent women across all of ASA’s appraisal disciplines as well as rising professionals in the appraisal industry.

Wednesday was the last day of conference and included 8 educational sessions taught by 12 experts in the field. Topics of discussions included Practice Growth 102: An Integrated Approach by Evan Tierce and Catherine Seitz; Valuing Right of Publicity: Rock Stars, Movie Stars and Other Famous People by Mark Roesler and Audrey Wessel; Valuing Companies Owning Real Property by Alan Kaplan and Keith J. Klemowits, ASA; Valuation of Winery Brands and Operations by Jim Andersen, ASA; Valuation of Options and Option-Like Instruments by Oksana Westerbeke; Market Participant Acquisition Premiums (MPAP): The Final Word by Andrew Fargason; Toy Story: Forensic Files EditionReal Life Litigation Case Study – Opposing Experts Face Off by Marie Ebersbacher and Kim Onesko; and Applications of the Market Approach Relief from Royalty (RFR) Method to Value Intellectual Property by Robert F. Reilly, ASA.

Those unable to attend the conference in person were able to sign up and view key sessions from the conference via live streaming online.

ASA hosted a series of pre-conference educational courses in Houston prior to IAC2017. The given courses were BV202 – Introduction to Business Valuation, Income Approach; BV204 – Advanced Topics in Business Valuation; BV401 – CEIV Course – Valuation for Financial Reporting; MD220 – Ethics and the Appraiser.

The American Society of Appraisers would like to thank HeliValue$, Inc.; Knowcraft Analytics; Trugman Valuation; Business Valuation Resources; Sweeney & Bartlett; MG Valuation; Kersten’s Antiques; ASA Houston Chapter; The MTS Journal; ASA PAC; BV Review; Valuation Review; Borrowman; Veristrat, Inc.; New Orleans Auction Gallery; TagnFi; RCReports; American Business Appraisers; International President and Conference Chair Sharon A. Desfor, ASA; and the planning committee and advisors Matthew Kaufman, ASA; Juanita E. Addeo FGA GG, ASA, MGA; Paul R. Cogley, Jr., ASA; Melanie Modica, ASA, ARM-PP; Ronald E. Prat, ASA; William M. Engel, ASA; Bruce A. Johnson, ASA; Rosanne Aumiller, ASA; Jaclyn Burket, ASA; Jay E. Fishman, FASA; George Hawkins, ASA; Kevin M. Janke, ASA for all of their hard work and support. Photos from the 2017 International Appraisers Conference can be viewed here.

Save the Date! Make plans to attend the 2018 Advanced Business Valuation Conference at Anaheim, CA on October 7-10, 2018.

Thank you again to all of our sponsors for making ASA’s 2017 Advanced Business Valuation Conference a great success!

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2017 ASA International Appraisers Conference Wrap-Up

The American Society of Appraisers recently held its annual 2017 International Appraisers Conference on October 7-10, 2017 in Houston, Texas at the Hilton Americas. In keeping the tradition of providing the highest-level of education for appraisal experts, this year’s IAC featured more than 40 sessions of the most comprehensive educational programming available taught by preeminent thought-leaders from all appraisal disciplines. IAC’17 kicked off Saturday night with a Welcome Reception, allowing attendees to get to know one another and network.

Sunday was the first full day of the conference with introductions and welcoming remarks from the Conference Chair and International President, Sharon A. Desfor, ASA. Immediately after was the keynote presentation by Tom DeLuca, whose approach of education through entertainment, taught us how to overcome obstacles to success. Following the keynote presentation, attendees adjourned to the appropriate specialized educational track they chose.

The first educational sessions of the day included presentations on Oil/Gas: Refining Trends and Outlook by Karl Bartholomew, ASA; Forevermark Diamonds, Value Beyond the 4Cs by Sam Panasiuk; Navigating Current Markets and Estates with Millennials by Mark Prendergast; Conducting a Reappraisal for Ad-Valorem Taxes – The Mass Appraisal Experience by Lisa A. Hobart, ASA; and Attacking & Defending while Staying Out of Trouble by Ted Whitmer, MAI, AI-GRS, CRE, CCIM. Educational sessions continued with topics on Estimating the Fair Market Value of a Solar PV Project; Top Ten Report Corrections: Make Your Next Report Your Best Report; David Webb: An American Classic Past and Present; and Scope of Work within Appraisal Review by Steve Dean, ASA, Sandra J. Tropper, ASA, Mark Emanuel, and Joel D. Gonia, ASA-ARM & MTS respectively.

Lunch and the International Awards Presentation followed these educational sessions. During the Awards Presentation, ASA members, volunteers, chapters and staff were recognized and honored for their achievements. William A. Johnston, ASA won the Jerry F. Larkins Award in recognition of exceptional volunteer service to and support of ASA, its members, its staff and the appraisal profession, Joy L. Brown of ASA headquarters staff won the Sylvia Wade Olson Award in recognition of outstanding dedication and commitment to ASA and invaluable service to the appraisal profession, Sandra J. Tropper, ASA won Examiner of the Year in recognition of exemplary ethical standards, and Cheryl Kessler, ASA won Chapter Member of the Year in recognition of outstanding dedication and commitment to ASA’s San Diego Chapter. Chapter awards winners included NorCal Chapter for Best Membership Recruitment Program; Philadelphia Chapter for Outstanding Chapter Education Event; NorCal Chapter for Best Outreach Program; and Chicago Chapter for Outstanding Chapter of the Year.

After lunch, sessions touched on topics of Plastics Industry Market Trends and Recent Developments & State of the Semi-Conductor Industry by Kenneth M. Heyse, ASA and Alexander Steele, ASA; Dealing with Disasters: Documentation, Standard Practices and Case Studies by Elissa Gydish, AM, Rosa Lowinger, and Steve Pine; Focus on Fluorescence – Exploring UV LW/SW Testing of Gems by Claire Mitchell, FGA, DGA; Valuation Issues as They Relate to The Assessment of Complex Commercial and Industrial Properties by Alexander Hazen, ASA, IFAS and Joseph G. Kettell, ASA; and What’s New at the IRS on Estate and Gift Tax Matters by James F. Hogan. The last sessions of the day included presentations on Truck & Trailer/Construction Equipment by Wade W. Whitenburg and Michael E. Winterfeld, ASA; Print Identification: Old Masters to Modern Processes by Kelley Magill, Ph.D.; The Emergence of ’60’s & ’70’s Jewelry by Gina D’Onofrio, ASA, MGA; Introduction to Going Concern Valuation by Robert C. Schlegel, FASA, L. Deane Wilson, ASA, and William P. (Bill) Wilson, FASA; and Tax Assessment and Appraisal Review by Richard J. Conti, ASA, ARM-PP.

The Educational Foundation Auction and President’s Networking Reception followed Monday’s educational classes in the evening. There was a silent auction, which was a huge success due to over 60 items being donated. Items in the silent auction included jewelry, wine, books, classes and even liquor. The auction and President’s Networking Reception concluded the first full day of the conference.

Monday was busy with over 20 educational sessions from more than 30 industry experts. A second keynote presentation was scheduled for Monday morning at 8:00am. Donna J. Walker, FASA, ARM-BV, Carla Glass, FASA, Sheryl Gillett, FASA, and Richard W. Gilmore, FASA presented on Changing Perceptions of Value. Educational sessions began immediately after with topics ranging from You’re the Expert: Write Your Own Blue Book; Bayou Bend and Rienzi: Two Houses and Collections of the MFA Houston; ROLEX – Vintage Sports Watches a Chronological History; Being a Better Expert Witness: Real Property Mock Trial; You’re the Expert: Write Your Own Blue Book; Mass Appraisal of Business Personal Property; ARM: Report Reviews Affect All Appraisers; ASA Update; and Appraisal Review in the Banking & Finance Industry. Leaders in the profession instructing these sessions were Sharon A. Desfor, ASA; Dave Mendenhall; Mike Clark; Bradley Brooks; Misty Flores; Adam Harris; Bruce D. Greenberg, ASA, ARM-RP; Brent Bersin; Christina Maccio; James Munisteri; Steve Ryan; Robert Stanley; Susanne Alaman; Hal Long; Jack Young, ASA, ARM-MTS; Theresa Brossmer, ASA, MGA, ARM-GJ; Melanie Modica, ASA, ARM-PP; John Russell; Todd Paradis; and Paul R. Cogley Jr., ASA.

Following lunch were presentations on Preparing for an Appraisal Review – Financial Statement Audits and Litigation by Robert S. Svoboda, ASA and Robert J. Stall, ASA; The Great Divide: Difficulties in Divorce Property Cases by Robert Goldberg, ASA; Classification of World’s Opal by Damien Cody: Is There A Place for Iowa Curve Analysis by Richard Ellsworth, ASA; Moving the Estate Appraisal to Market: Liquidating Unique Residential Contents by Shirley Sanders; Issues Affecting Appraisers and Synthetics by Tiffany Stevens; Marketing Your Appraisal Services by Bruce D. Greenberg, ASA, ARM-RP, Melanie Bartlett, Kimberly Bindra, Todd Paradis, and Debra Sweeney; A Bridge to International Standards by Thomas Boyle; MTS and BV – How Two Disciplines Work Together by Raymond D. Rath, ASA; They Came, They Installed, They Valued: Monumental and Unusual Works by Beatrice Chan, Laurance D. Triplette, ASA, and Kyle Young; The Organics of Coral by Eric Fritz; Market Extracted Adjustments by Gary Snowdon, ASA; Common USPAP-Related Errors and What’s New in USPAP by Carla Glass, FASA.

The Women’s Networking Reception and ASA’s Rising Stars event was held Tuesday evening. These receptions gave attendees the opportunity to meet and network with prominent women across all of ASA’s appraisal disciplines as well as rising professionals in the appraisal industry.

Wednesday was the last day of the conference and consisted of over 10 educational sessions ranging from How to Market and Grow Your Visibility as an Appraisal Professional by Analee McClellan, ASA; Impossible Comps and Possible Solutions: Navigating Market Road Blocks Successfully by Jane C. Jacob, ASA; The New Moving Target: Vetting Synthetics by David Skuza; Real Property Appraisal Review from Basics to Business Development by Travis L. Avant, ASA; Writing Effective Reports by J. Mark Penny, ASA, ARM-BV; Elements of an Appraisal Report by Sandra J. Tropper, ASA; Using Effective Social Media Profiles to Drive Business Development Results by Shavonna Roberts Schreiber; Pricing and Rarity of Fancy Colored Diamonds by Oren Schneider; Deepening Learning for Participants in Your Workshops and Classes by Jack Young , ASA, ARM-MTS; Reports in Courts: How to Write Reports to Withstand the Witness Stand by Charles T. Rosoff, ASA, Kenneth Linsner, ASA, and Edith Yeomans, FASA; Developing a Database For Your Practice by Matthew Kaufman, ASA; and an off-site tour to Minute Main Park for all Machinery and Technical Specialties attendees.

ASA hosted a series of pre-conference educational courses in Houston prior to IAC2017. The given courses were AR208 – Appraisal Review Report Writing Workshop; BV202 – Introduction to Business Valuation, Income Approach; BV204 – Advanced Topics in Business Valuation; BV401 – CEIV Course – Valuation for Financial Reporting; MD220 – Ethics and the Appraiser; ME202 – Machinery and Equipment Valuation Methodology; ME204 – Machinery and Equipment Valuation – Advanced Topics and Report Writing; PP445 – Personal Property Appraisal Report Writing Update.

The American Society of Appraisers would like to thank HeliValue$, Inc.; Knowcraft Analytics; Trugman Valuation; Business Valuation Resources; Sweeney & Bartlett; MG Valuation; Kersten’s Antiques; ASA Houston Chapter; The MTS Journal; ASA PAC; BV Review; Valuation Review; Borrowman; Veristrat, Inc.; New Orleans Auction Gallery; TagnFi; RCReports; American Business Appraisers; International President and Conference Chair Sharon A. Desfor, ASA; and the planning committee and advisors Matthew Kaufman, ASA; Juanita E. Addeo FGA GG, ASA, MGA; Paul R. Cogley, Jr., ASA; Melanie Modica, ASA, ARM-PP; Ronald E. Prat, ASA; William M. Engel, ASA; Bruce A. Johnson, ASA; Rosanne Aumiller, ASA; Jaclyn Burket, ASA; Jay E. Fishman, FASA; George Hawkins, ASA; Kevin M. Janke, ASA for all of their hard work and support. Photos from the 2017 International Appraisers Conference can be viewed here.

Save the Date! Make plans to attend the 2018 International Appraisers Conference at Anaheim, CA on October 7-10, 2018.

Thank you again to all of our sponsors for making ASA’s 2017 International Appraisers Conference a great success!

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Event Spotlight: 7th International Forum on New Development of Valuation

On December 3, 2017, the American Society of Appraisers had the pleasure of supporting the 7th International Forum on New Development of Valuation held in Beijing, China. Jointly sponsored by the American Society of Appraisers; China Appraisal Society; Capital University of Economics and Business; Business Value Research Center of Zhongnan University of Economics and Law (ZUEL); Economic School of Xiamen University; and the International Association of Consultants Valuators and Analysts, this event brought together more than 300 attendees from China, Japan, the United States, and Russia.

The forum generated a platform for valuation experts to present ideas on the latest development of asset valuation on an international scale. Professor, Dongxu Yao, Dean of the School of Finance and Taxation at Capital University of Economics and Business, lead the opening ceremony along with Professor Kaizhong Yang, Vice President of Capital University of Economics and Business; Guochun Zhang, Secretary General of China Appraisal Society; Chengjun Wang PhD, ASA Co-Chairman of ASA’s China Chapter Committee; and Dr. Dengqing Liu, President of Beijing Zhongqiahua Assets Appraisal Company. Together they highlighted the expansion and influence of this grand affair. The reoccurring theme of the forum was the reform, innovation, and development of China’s appraisal profession in the new era. The Chinese valuation profession has grown rapidly in the past decade and unlike other countries, China started its valuation profession in the late 1980s. With an increase of market demand and regulatory requirements, China’s valuation industry has pushed for a reform of its management, strategy, and development. Chengjun Wang PhD, ASA, Co-Chairman of ASA’s China Chapter Committee, indicated ASA’s participation in the development of China’s valuation profession since the 1980s and their promise to expand the profession in various areas. ASA members such as Sammy Lai, ASA, the Co-Chairman of ASA’s China Chapter Committee; Paul A. Bauman, ASA; and Alexander N. Lopatnikov, ASA also presented at the forum expanding on topics such as market value, fair value, and investment value.

ASA Headquarters would like to thank ASA’s China Chapter for their commitment and pursuit towards the development of the valuation industry.

For more information on upcoming ASA Chapter events visit us at ASA Online or call us at (800) 272-8258.

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2017 AICPA Conference Event Recap

On November 13-15, 2017, the American Society of Appraisers participated at the Forensic and Valuation Services Conference in Las Vegas, Nevada. This three-day event, hosted by the American Institute of Certified Public Accountants (AICPA), offered astonishing sessions, first class exhibitions, and unparalleled networking opportunities. Supported by an exceptionally strong roster of speakers, this conference represented a unique platform that featured distinct perspectives of valuation and forensic accounting with additional guidance on litigation, practice management and fair value measurement. ASA was represented by Texas-based business valuation appraiser Bruce A. Johnson, ASA and ASA’s Marketing and Communications Assistant, Jennifer Aguilar.

Jennifer speaking with an attendee

Our volunteers spent most of their time addressing the need for qualified valuation professionals, the reasons why they should join ASA, and how ASA can help benefit them and their career. Many were unaware of ASA’s Professional Education Equivalency Program, a program allowing ABVs and CPAs to bypass certain accreditation requirements, and were interested in learning more. ASA also held a raffle offering a grand prize of 1 Yeti cooler and 2 Yeti mugs.

The American Society of Appraisers would like to thank our volunteers for their time and efforts for representing our society.

For more information on ASA Professional Education Equivalency Program, Visit ASA Online or call us at (800) 272 -8258.

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Spotlight on ASA’s NorCal Chapter Rising Star Event

On Tuesday, October 24, 2017, ASA’s NorCal Chapter launched its Rising Stars event in San Francisco, California. This remarkable affair took place at the University Club of San Francisco creating an ambiance of style and sophistication.

Coordinated by dedicated members of the Chapter, this occasion was driven to attract individuals from the area who were unfamiliar with the organization but were interested in learning more. This event also featured a presentation from Christine Hueber, a Linkedin expert, who discussed best practices in connecting with people on LinkedIn and how to convert those connections into sales and meetings. After the presentation, attendees enjoy sparkling cocktails and scrumptious hors d’oeuvre in a private area of the facility. The relaxed atmosphere sparked conversations amongst attendees which allowed them to meet others in the profession.

ASA would like congratulate the NorCal Chapter for their hard work in hosting this marvelous event.

For more information on upcoming chapter events, visit ASA Online or call us at (800) 272-8258.

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Conference Spotlight: ASA Attends World of Gems Conference

On September 23-24, 2017, ASA attended one of the largest gathering of Gems and Jewelry professionals at the World of Gems Conference in Glenview, Illinois. Globally recognized as a premier industry event, this international conference offered cutting edge topics on current market trends and gemological education. ASA was represented by California-based gems & jewelry appraiser, Theresa Brossmer, ASA, MGA, ARM-GJ and Florida-based gems & jewelry appraiser, Amy Walter, ASA, MGA. Our volunteers spent most of their time answering questions regarding ASA membership, emphasizing the importance of the Master Gemologist Appraiser certification, and distributing ASA branded giveaways.

The American Society of Appraisers would like to thank Theresa Brossmer, ASA, MGA, ARM-GJ and Amy Walter, ASA, MGA for dedicating their time in representing our society.

For more information on ASA membership, Visit ASA Online or call us at (800) 272 -8258.

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ASA Visits the Bright Lights of Las Vegas for the IAAO Conference

Representatives from ASA’s Real Property Discipline recently participated in the International Association of Assessing Officers (IAAO) annual conference on September 24-26, 2017 in Las Vegas, NV. This year’s event featured one of the most knowledgeable and respected analysts on Wall Street, Steve Eisman, who inaugurated the conference with his keynote address. In addition to Mr. Eisman’s presentation, IAAO offered approximately 60 courses on eight tracks and presented exclusive programs on The Secret to Hotel Casino Valuation and Understanding and Using Comparable Transactions during the three-day event. In between sessions, attendees gathered in the exhibit hall to hear the latest news on products and services from vendors in the industry.

From Left to Right: Mike Pratt, ASA and G. Adrian Gonzalez Jr., ASA distributing materials at the IAAO Conference

ASA-RP members, Mike Pratt, ASA and G. Adrian Gonzalez Jr., ASA, operated ASA’s booth during this enormous event. Our volunteers spent most of their time speaking to attendees on topics such as the need for qualified appraisers, the reasons why they should join ASA, and the Society’s Real Property Discipline’s educational and accreditation programs. The purpose in attending this event was to promote the Society’s Ad Valorem/Mass Appraisal designation program and the reciprocity with other private professional organizations in an effort to bolster membership.

ASA would like to thank Mike Pratt, ASA and G. Adrian Gonzalez Jr., ASA for representing our society.

For more information about Ad Valorem/Mass Appraisal specialty designations, visit ASA Online, call (800) 272-8258.

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ASA Visits the Golden State for the Jerry A. Kasner Estate Planning Symposium

ASA recently participated in the 13th Annual Jerry A. Kasner Estate Planning Symposium on September 7-8, 2017 in Santa Clara, CA.

This event featured diverse programs from nationally recognized speakers offering topics of interests to estate planning attorneys, accountants, and financial service professionals. Additionally, the conference held two bootcamp workshops and bonus credits became available after the close of the Symposium containing topics on ethics, competence, elimination of bias, and law office management. More than 550 attendees from major banks, financial institutions, law firms and related media partners participated in the event as exhibitors/sponsors.

James O. Brown operating the booth for the Kasner Conference

Representing ASA was California-based business valuation professional, James O. Brown, ASA, who is a business valuation consulting partner with Perisho Tombor Brown and is the chair of ASA’s Business Valuation Discipline Marketing Subcommittee. Mr. Brown managed ASA’s booth by answering questions, distributing handouts and branded giveaways and promoted the benefits of hiring designated members to the attending estate planning attorneys, accountants, certified life underwriters, bank trust and investment officers, financial advisers and wealth planning professionals.

For more information on ASA membership, Visit ASA Online or call us at (800) 272 -8258.

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The Importance of Voting YES for the ASA-NAIFA Merger

By Ernest A. Demba, FASA, ARM-RP
Real Property Discipline Governor

Ernest A. Demba, FASA, ARM-RP
Real Property Discipline Governor

As one of your Real Property representatives on the Board of Governors (BOG), I want to take this opportunity to urge you to cast your vote -“YES”- to unify the real property valuation profession. By voting YES, you vote to merge the NAIFA and the ASA Real Property Committee and Disciplines. If you have not already done so, please do so as soon as possible before our national meeting in Houston.

“In my view, and others, the long-term future
of our profession depends on a YES vote.
We owe it to those who follow in our footsteps
to take this position and lay the foundation
for success for others.”

Last week I celebrated my 71st birthday and will not be in the profession long enough to see all the benefits of the unifications just beginning. However, for the benefits of our profession, these steps must be taken and these are the rights ones. I was Chairman of the Real Property Committee back in the early 1990’s when the first steps began with the NAIFA and this is the time to finish the process. ASA is the only major national appraisal organization representing six appraisal and valuation Disciplines. And under this unique umbrella concept, each valuation discipline will continue to grow and thrive. As an example, this growth of our Real Property Discipline with the NAIFA may be just the first of potential future growth opportunities which are in the future. However, currently, this growth for the Real Property Discipline within the current ASA structure may add an additional 60% of new membership to our Real Property ranks. Just think what this means to our position within both the ASA and the profession.

If you didn’t receive your ballot invitation, please contact ASA at mergerinfo@appraisers.org or call (800) 272-8258. If you still have doubts about the benefits of a YES vote, or seeking additional information, please contact me at (636) 227-0321 (my office) or by e-mail at demba@wustl.edu.

Thank you for your time and consideration in this matter and your participation in the ASA.

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Member Spotlight: Jack P. Friedman’s Dictionary of Real Estate Terms

Editor’s Note: The American Society of Appraisers is an organization of close to 5,000 respected, professional appraisers, many of whom are distinguished in their fields for their proficiency, knowledge and expertise. ASA is honored to have extraordinary members one of which is Dr. Jack P. Friedman, ASA. Dr. Friedman has written and co-authored more than 200 scholarly articles and more than 20 books, many of which have been published by Prentice-Hall, John Wiley, Warren Gorham & Lamont, MacMillian Free Press, Reston, and Barron’s Educational Series. ASA sat down with Dr. Friedman to talk about the ninth edition of Dictionary of Real Estate Terms which he co-authored.

Jack P. Friedman, ASA

Q: How much research went into sculpting this edition and what type of research did you do?
A: A very significant amount of research went into sculpting this edition. In the five years since the previous edition was prepared, my co-authors and I have continuously collected newly coined terms from reading journal articles, newspapers, and various real estate web sites, publications, and consulting experiences. We step up our efforts in the year leading up to the preparation of the new edition.

We consider matters from A to Z: Appraisal to Zoning.

New laws and regulations cause constant changes, especially in appraisal, financial regulation (lending laws), Fair Housing, environmental regulation, eminent domain, property development or construction standards, taxation, and land use regulation. Real estate finance is constantly changing in areas such as the availability of loan types, down payments, interest and principal repayment arrangements, Reg Z regulations.

We reviewed each and every existing definition for completeness, accuracy, and changing use. We add important new organizations, both government agencies and private associations that were in the previous edition. We updated name changes, mission changes, publication names, and contact information.

Q: What is the most difficult part when adding new terms?
A: When adding new terms, the most difficult part is synthesizing the matter into few words that are readily understandable, without losing accuracy. For example, new government legislation might be written in hundreds of pages of “legalize” which we must try to consolidate or synthesize into a brief and easily understood explanation, with a clear example. We also try to see whether our draft definition might be misunderstood, and make efforts to avoid that.

Q: What challenges did you face when gathering information?
A: Challenges we face when gathering information include verification and support. We use the primary document as a major source. If secondary sources must be used, we must determine their reliability and accuracy. To avoid plagiarism, we put aside reference materials and write definitions in our own words. Where appropriate, we write easily understood explanations with conviction.

Q: How has publishing your first edition change your process of writing the current edition?
A: The first edition, released in 1984, had approximately 2,000 terms, nearly all of which were defined and explained simply. The language of real estate has expanded considerably. New terms have been introduced, and old terms can take on additional or revised meanings.

Our book has several hundred cross-references. When we add a new term or drop one that has become obsolete, the cross references can change. We must be alert to new cross references when appropriate, and delete cross references when they no longer apply.

As time and editions passed, we have become better writers Jack Harris and I have co-authored several books. We try to get ahead of deadlines to deliver the revised manuscript ahead of schedule. This improves the quality because we are not rushed or scrambling to finish on deadline. We are goal oriented and we know what is needed to finish the job.

Q: What’s next for you? What are you working on now?
A: Every new edition of the Dictionary of Real Estate Terms has been followed by a new edition of the Real Estate Handbook. That is a hard bound book which includes the entire dictionary plus additional materials. It includes a Home Buyers Guide, Home Seller’s Guide, How to Analyze Investment Opportunities, Careers in Real Estate, Federal Regulations, Guide to Appraisal Review, Real Estate Web Sites, and financial tables for mortgage payments and amortization balances. A revised edition of that will be next.

Q: Finally, if you could pass on a single piece of advice to authors out there reading this interview, what would it be?
A: The best advice to potential authors is to think of a topic that you do very well and can explain clearly. Writing on a subject that you understand will come much easier than writing on a subject that you must learn.

About Interviewee:
Dr. Jack P. Friedman, ASA is a State Certified General Appraiser with licenses in Illinois, Texas, Florida, Georgia and Kentucky. He holds the MAI, SRA and SREA designations from the Appraisal Institute; and the ASA from the American Society of Appraisers. He is a Counselor of Real Estate (CRE) awarded by the American Society of Real Estate Counselors, and a stockholder of the Real Estate Consulting Group of America. He is a Weimer Fellow in the Homer Hoyt Institute. He has been licensed as a real estate broker in Texas for more than 40 years.

 

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