Latest Publications

The Appraisal Foundation Seeks Applicants for Boards Positions

Deadline for qualified applicants is approaching on April 1, 2010

The deadline for qualified applicants on The Appraisal Foundation Board of Trustees and the new Appraisal Practices Board is fast approaching on April 1, 2010. Candidates chosen for in-person interviews for boards positions will be interviewed in a public forum May 20-21, 2010 in California.

Vacancies on the Board of Trustees
The Board of Trustees of The Appraisal Foundation is charged with funding the work of and appointing members to the AQB and ASB, as well as providing oversight of these two Boards. The Board of Trustees meets twice a year, in the Spring and Fall. Trustees are reimbursed for travel expenses and are not compensated for their time. There are three At-Large Trustee seats available as of December 31, 2010 with one incumbent eligible for re-election. The individuals selected for positions on the Board of Trustees will serve three-year terms commencing January 1, 2011.

The Appraisal Foundation is interested in expanding the diversity of its Board by considering applications from business leaders with an interest in valuation or involved in various appraisal disciplines.

The At-Large Trustee application form and factsheet is available on the Foundation’s web site: The deadline for completed applications is April 1, 2010.


Vacancies on the Appraisal Practices Board
The purpose of the new Appraisal Practices Board (APB) is to issue voluntary timely guidance to appraisers on emerging valuation issues that are occurring in the marketplace. This guidance will be of assistance to appraisers, appraiser regulators and educators. The new Board will enlist the help of market surveys to identify issues that need to be addressed and will empanel small groups of volunteer Subject Matter Experts (SME) to draft the guidance for review and approval by the Board. The SME panels will be selected by the APB to address specific topic issues within agreed upon timeframes. It is anticipated that the SME panels will be established in the latter part of 2010.

The Appraisal Foundation is seeking qualified candidates to serve on the APB. The APB will commence work in July 2010. Members of the APB will be compensated for their time and reimbursed for travel expenses.

Examples of qualifications that the Boards Nominating Committee will seek in candidates include the following:

  • A minimum of ten years of appraisal experience
  • A strong familiarity with the Uniform Standards of Professional Appraisal Practice (USPAP)
  • Familiarity with valuation methodology and techniques
  • Experience in writing on valuation topics and/or curriculum development
  • Experience with public speaking and/or teaching on valuation topics
  • Experience in serving on a publicly accountable board

The APB will be a multi-disciplinary board and therefore, The Appraisal Foundation is seeking candidates from various appraisal disciplines.

The APB application form and factsheet is available on the Foundation’s web site: The deadline for completed applications is April 1, 2010.

Individuals may not apply to both Boards, but rather must apply to either the Board of Trustees or the Appraisal Practices Board.

Any questions about these vacancies or the selection process can be directed to Paula Douglas Seidel ( or Anne Raley (


ASA Offering Webinar on LEAPS

Last Chance to Join Us for this new Webinar Presenting…

LEAPS: For a Market Based DLOM
Wednesday, March 24
1:00-3:00pm EST
2 CPE Credits

Recent studies show that discounts change over time and vary significantly by industry. A highly regarded valuation adjustment, LEAPS can prove a significant discount for lack of marketability.

Valuation professionals can use LEAPS to determine the minimum discount for lack of marketability in your clients’ assignments, saving you both time and money.

In this Webinar, you will learn about LEAPS, how to use LEAPS through a case study analysis, the important factors in determining DLOM, and latest study results on LEAPS and discounts.

This is a jam-packed session sure to impress!
Registration: $129 Members, $159 Nonmembers

Don’t Miss Out – Register Today!


ASA Member Charles Warren Quoted on The Watch List Article on Restricting CRE Lending

Thinning Loan Loss Coffers May Restrict CRE Lending
Efforts To Squirrel Away More Cash Keeping the Lid on Commercial Real Estate Lending

In addition to keeping an eye on declining property values, falling rents and rising vacancy rate numbers, the commercial real estate community is also concerned over ominous signs in banking industry numbers.

One big area of concern is the fact that banks are stowing away more money to cover problem loans. The amount being set aside is rising rapidly and is now higher than it has been for a quarter of century. Meanwhile, the amount of problem loans is rising at even more than twice that rate.

The implications of the increased loan loss coverage for the commercial real estate industry is that it will likely further limit the amount of money available for borrowings. Those numbers also signify that this will continue to encourage “extend and pretend” policy that some lenders have pursued, and it may further encourage lenders to be optimistic about their recovery rates to avoid taking further losses/writedowns. And at the same time, lenders won’t hesitate in demanding more money out of borrowers’ pockets.

Trying to Cope –
“Everybody is trying to spread the manure out, hoping that there isn’t so much it just burns the plants. Folks knew in their heart of hearts that the music would stop. The party would be over, but now that it is, they’re just trying to cope day by day.”
– Charles B. Warren, MRICS ASA-Urban Real Property, Pleasant Hill, CA

Click here to read the complete article:


ASA Brings Education to Annapolis Next Month

Join Us in Springtime Annapolis!

Advancing the Professional…and the Profession.

April 8-11, 2010
Annapolis, MD

up to 27 CPE Credits

Start or continue your appraisal training with the American Society of Appraisers. ASA continues to set the standard of excellence with our premiere courses and advanced seminars. Add value to your business skills and learn from leading industry experts. Whether a novice practitioner or a seasoned appraiser, ASA’s training will increase your expertise and your profession.

Annapolis, MD’s April Course Schedule:
Introduction to Business Valuation – Part 1 (BV201)
This course will introduce the novice practitioner to the three basic approaches to valuation. The valuation process as outlined in Revenue Ruling 59-60 will be the focus of the course, including instruction on how to do company analysis, industry and economic analysis and financial analysis. A full explanation of the Market Approach will emphasize the application of the subject company’s qualitative and quantitative analysis to the valuation process.
$1195 Nonmembers; $995 Members; $499 Designated Members

Business Valuation Case Study (BV203)
This is a capstone course which applies the theory learned in BV201 and BV202 in an actual valuation case study. The subject company is analyzed in a group format. Lecture is only used to present each section of the case study. Groups of 4 to 6 students are responsible for deriving their own opinion of value.
$1195 Nonmembers; $995 Members; $499 Designated Members

Machinery & Equipment Valuation – Advanced Topics and Case Studies (ME203)
The objective of this course is to introduce more advanced concepts and techniques than those taught in ME201 and ME202. A review of case studies illustrating a range of operating entitites will be employed. This course will explore exponential pricing techniques; cost estimation; reproduction vs. replacement costs; quantifying functional obsolescence; use of research data; time value of money calculations, and more.
Prices: $995 Nonmembers; $895 Members; $447.50 Designated Members

Appraisal Report Writing (ALL215)
The objective of this multidiscipline course is to introduce students to the mechanics of appraisal report writing and to assist experienced professionals to improve their written appraisal reports. Topics address the difficulties of writing and how to overcome them, types of writing styles used in appraisal reports, critical thinking skills, argument analysis, logical fallacies and examples of good and poor writing.
Prices: $725 Nonmembers; $600 Members; $300 Designation Members

Not an ASA Member? Learn how you can join the leading appraisal association for recognized leaders in the profession.

“Membership is the ace in your pocket when the public seeks to hire a professional appraiser. It amounts to immediate recognition that its members have been trained, tested and have earned their designation in a specific type of property.” -Corrine Cain, ASA

Visit us at


American Society of Appraisers Launches New Business Valuation Education Accreditation Series

Herndon, VA, March 9 – The American Society of Appraisers (ASA)’s Business Valuation Committee is pleased to announce the update of their Principles of Valuation (POV) Education Series with a new and improved curriculum. This new curriculum is designed to address current topics which appraisers face. Required coursework to achieve the ASA designation, appraisers can take advantage of these updated courses on their journey towards achieving the preeminent accreditation for appraisers, Accredited Member or Accredited Senior Appraiser. ASA accredited appraisers enjoy a multitude of member benefits, a competitive advantage in the marketplace, and opportunities to further their professional development.

Introduction to Business Valuation – Part 1 (BV201)
This introductory course provides students with an overview of the three basic approaches to valuation as well as an in-depth knowledge of the market approach. Focusing on IRS Revenue Ruling 59-60, the 3-day course includes instruction on how to do company analysis, industry and economic analysis and financial analysis.
April 8-11, 2010 – Annapolis, MD • May 13-16, 2010 – Chicago, IL

Introduction to Business Valuation – Part 2 (BV202)
The 2nd of 4 courses in the Principles of Valuation (POV) series presents the theory and application of the income approach and its various methodologies, as well as the asset-based approach. Basic capitalization models and discounting models are shown in the context of earnings and cash flow measurements, as well as equity and invested capital assignments.
March 18-21, 2010 – Manhattan Beach, CA • June 10-13, 2010 – Manhattan Beach, CA

Business Valuation Case Study (BV203)
This capstone course applies the theory learned in the first two courses in an actual valuation case study. Building upon the concepts learned, students work in groups to analyze the subject company and derive their own opinion of value.
April 8-11, 2010 – Annapolis, MD • June 10-13, 2010 – Manhattan Beach, CA

BV204: Advanced Topics in Business Valuation (BV204)
The final POV course presents experienced appraisers with 5 advanced valuation topics. Current topics include valuation adjustments, issues in the valuation of pass-through entities, valuation in volatile markets, international cost of capital and accounting for intangible value.
May 13-16, 2010 – Chicago, IL

For more information about ASA’s Education Courses, please visit us at

About ASA
The American Society of Appraisers is an international organization of appraisal professionals and others dedicated to the education, development and growth of the appraisal profession. ASA is the oldest and only major organization representing ALL disciplines of appraisal specialists, originating in 1936 and incorporating in 1952. ASA’s headquarters is in the metropolitan Washington, DC area. To find an accredited appraiser near you, visit or call (800)272-8258.



HERNDON, VA — The entire appraisal group of Marsh RVS recently completed the American Society of Appraisers (ASA)’s Machinery and Technical Specialties POV courses (ME201-ME204) at its headquarters in Durban, South Africa. Marsh RVS—an international appraisal firm based in Durban—is a subsidiary of Marsh, the world’s leading insurance broker and risk advisor.

ASA Executive Vice President Jane Grimm commented, “Our strategic relationships with multi-national companies are integral to our goal of enhancing ASA’s international training curriculum. We are impressed with Marsh RVS’s commitment to their employees, and we’re proud to play a central role in the growth and success of their business.”

David Zovitsky, Managing Executive at Marsh RVS, emphasized the positive outcome. “We have been a specialist Insurance valuation practice for 20 years. The material covered in the course has helped to quantify and streamline some of the methods which we use as well as defining our standards.”
About Marsh
Marsh RVS, an international appraisal firm based in Durban , is a subsidiary of Marsh (Pty) Ltd, the South African branch of Marsh, the world’s leading insurance broker and risk adviser. Marsh is a unit of Marsh & McLennan Companies (MMC), a global professional services firm with approximately 52,000 employees and annual revenue of $11 billion.

For further information, contact Christy Jones, Marketing and Communications Director, ASA, at (703) 733-2124, or via email at; or David Zovitsky, Managing Executive Marsh Reinertsen Valuation Services at 27 (031) 275 4680, or via email at


New Year’s Resolutions Should Include Review Of Personal Assets

Given the current economic situation, it is clear that maximizing personal assets is important. The American Society of Appraisers suggests that people take the opportunity at the beginning of the new year to resolve to document and assess personal assets.

“The contents of most peoples’ homes are worth tens of thousands of dollars and they don’t even realize it,” said Sharon Ring Rollins, chair of the personal property committee of the American Society of Appraisers.

When people count up their assets, they normally include the value of their home and other real estate, cars, bank accounts, retirement accounts, stocks and bonds, etc. What many people forget, however, is that their personal assets include the contents of their home including artwork, antiques, jewelry, collectibles, etc. The value of those items needs to be considered for estate planning purposes, to ensure that they are properly covered by their homeowners or renters insurance policies in case of a loss, and for sale or charitable donation purposes.

The American Society of Appraisers offers tips for homeowners or renters to get started reviewing their personal assets.

– Documentation. Take an inventory of the items in your house. Open cabinets and closets and document the contents with video or photos. Make lists of what you own, where you got each item, etc., and keep receipts.
– Make note of potentially valuable items. Make a list of items that you think might be especially valuable, including family heirlooms, artwork, and antique furniture.
– Get an appraisal of valuable items. If you think you have valuable items and want to know more about their value, consult an accredited appraiser.
– Review your homeowners or renters policies. These policies have a certain coverage amount for the contents of your home. Do a rough calculation of the value of the contents of your home if you had to replace everything. Does the amount in your currently policy cover it? If not, talk to your insurance agent about raising the limit or get special riders for extremely valuable items. Owning a few pieces or fine art or a few good antiques may mean that the coverage in your policy is less than adequate.

“Appraisals are important documents like wills. They provide proof of the worth of a piece of property,” said Rollins. “An appraisal performed by an accredited appraiser will stand up in court, with the IRS, or the insurance company if need be.”

For more information, to find an accredited appraiser near you, or to learn more about appraisals log on to or call 1-800-ASA-VALU.

About ASA
ASA is an international organization of appraisal professionals and others dedicated to the education, development and growth of the appraisal profession. ASA is the oldest and only major organization representing all disciplines of appraisal specialists, originating in 1936 and incorporating in 1952. ASA’s headquarters is in the metropolitan Washington, D.C., area.




Even though the economy has put a damper on charitable donations this year, the holiday season is still the time when most people make donations, allowing them to get end of the year tax write-offs.

In the last few years, the IRS has greatly increased its scrutiny of charitable donations so taxpayers need to review the regulations, document donations properly, and get donations appraised by a “qualified appraiser” when required by the tax code.

The IRS requires that a “qualified appraiser” prepare a “qualified appraisal” for individual household items donated to charity which are worth more than $500. This is true also for other donated items such as art and antiques that have a fair market value of more than $5,000. Taxpayers need to attach IRS form 8283 with appraisals. The IRS offers tips for deducting charitable contributions on its Web site.

“The best way to find a ‘qualified appraiser’ is to use an appraiser who is accredited by a ‘recognized professional appraisal organization’ that complies with the Uniform Standards of Professional Appraisal Practice (USPAP),” said Sharon Ring Rollins, an Accredited Senior Appraiser member of the American Society of Appraisers.

Taxpayers should also make sure they are submitting an appraisal that was prepared using the correct valuation method for charitable contributions. All appraisals done for the Internal Revenue Service conclude the fair market value of the item or items. The fair market value is the amount that the item would sell for on the open market at the time of donation. Fair market value takes into account the condition of the piece or pieces, the value of sales of similar properties at the time, and the market for those types of items.

For more information, or to find an accredited appraiser near you or to learn more about appraisals, log on to or call 1-800-ASA-VALU.



American Society of Appraisers Gets New Executive Vice President

The Board of Governors of the American Society of Appraisers has announced that Jane Grimm will become ASA Executive Vice President effective October 1, 2009, succeeding Laurie Saunders. Saunders, who resigned in order to devote more time to her young family, will complete her service as ASA’s Executive Vice President on September 30. Saunders will be serving as a part-time consultant to ASA until November 15.

Grimm, who has served as ASA’s Director of Education and Accreditation since February 2007, brings 19 years of experience in all areas of professional association management. During her time at ASA, she has implemented many time- and money-saving initiatives in the Education Department, changing outdated processes and placing emphasis on customer service. She successfully managed a 100 percent increase in on-site course offerings and held a forum with the University Partners to share successes and challenges. In recognition of her service, staff and leadership voted her the recipient of the 2009 Sylvia Wade Olson Award of Merit.

Within three months of employment at ASA, she assumed responsibility for the accreditation department and its three-member staff. Within six months of employment, she took on the hotel contracting and all logistics for the association’s national course program. She also served as a member of the directors’ team and the liaison for BV and ARM. Educational activities make up 42 percent of ASA’s budget.

Before joining ASA, Grimm served the American Society of Pension Professionals & Actuaries (ASPPA) for nearly 10 years as Chief Programs Officer and Managing Director. During her tenure at ASPPA, her accomplishments included helping the organization achieve an annual membership growth rate of 7-plus percent and a 96 percent retention rate for credentialed members; increasing the attendance at the 401(k) SUMMIT from 500 to 1,600 over a five-year period; collaborating with the IRS and Department of Labor to develop educational conferences; growing association revenue from $3 million to $9 million; automating the exam process through a program with Prometric; putting on 11 conferences a year; and restructuring the organization to simplify processes, eliminate redundancies, and establish clear and measurable goals.

Grimm’s experience includes education development and implementation, membership growth and retention, project management, conference logistics, and writing and editing. She has overseen the relocation of an office, implemented two Web sites and three Web site upgrades, served as project manager for two database implementations and supervised a staff of 27.

In accepting the position, Grimm said, “I believe in building strong collaborative teams of members and staff that work closely together toward a common goal.” She added, “I believe that members should do what only members can do, which is provide content, while fully engaged staff should make things easier on them by performing logistical and project management details.”



ASA Responds to Treasury Dept. ‘Making Home Affordable’ Program

Released: March 6, 2009

HERNDON, Va. – The nation’s leading professional appraisal organizations (the American Society of Appraisers; the Appraisal Institute; the American Society of Farm Managers and Rural Appraisers and the National Association of Independent Fee Appraisers), representing 35,000 real property appraisers in the U.S., released the following statement in response to today’s release of the underwriting details of the Administration’s “Making Home Affordable” program:

On March 4, the Treasury Department provided the underwriting details of how millions of troubled mortgage loans are to be refinanced or modified under the “Making Home Affordable” program. Our organizations applaud the fact that the plan will allow millions of families to remain in their homes. However, we are deeply troubled that the Treasury Department’s $75 billion government guaranteed modification program fails to protect taxpayers from avoidable losses when reworked loans default in the future, as some of them inevitably will; and fails to protect homeowners from mistakenly being declared ineligible for modification because they are told, erroneously, that the current market values of their homes do not meet plan underwriting criteria. Further, the plan retreats from prudent and long-standing banking regulations that encourage the use of appraisals in loan modifications and refinancings.

Reliable appraisals of the current values of homes are central to the success of the plan: for refinanced loans owned or guaranteed by Fannie Mae and Freddie Mac, homeowners will be declared ineligible for help if their mortgage loan exceeds 105% of the current value of their property. For homeowners seeking loan modification, they will be turned away if the net present value of cash flows expected from modification is less than the cash flows expected from allowing the mortgage to default. The current value of the collateral property is an essential component of establishing net present value. As a matter of good public policy, these critical home valuation decisions should only be made by valuation professionals.

Today, there are 120,000 professional appraisers in the U.S. who are highly trained, tested and supervised by appraiser regulatory agencies in the 50 states and U.S. territories. For reasons we find inexplicable, Treasury’s plan ignores this invaluable “safety and soundness” human resource and, instead, relies on computer generated values and the opinions of real estate agents who are not subject to nationally accepted appraisal qualifications and standards to safeguard taxpayers and determine whether homeowners are or are not eligible to decrease their mortgage burden.

Professional real estate appraisers deliver a diverse menu of valuation services with many designed specifically to address distressed properties and others that can be used for most non-complex transactions. Examples of the types of products that appraisers can deliver for loan modification or distressed asset purchases include:

— Appraisal updates and reviews, or updates to existing appraisals

— Drive-by appraisals, or appraisals of the exterior of the property

— Desktop appraisals, or appraisals performed from the appraiser’s desktop without any exterior or interior inspection

Today’s technology and current methodology allow real estate appraisers to deliver necessary services quickly and securely. Given the advances in technology, these services are very cost effective and affordable with delivery from the thousands of designated, certified, and licensed appraisers in every community in the country.

Treasury should do everything in its power to encourage the use of products prepared by regulated professionals in accordance with industry standards that have the force of law, particularly where there have been material changes in market conditions, as we see in many parts of the country today.

While we recognize that proper underwriting to determine the ability of a prospective borrower to repay a loan is the most critical element in any loan, the current economic crisis has shown the corollary importance of having current, competent measures of current market value of the underlying security, the real property, in the event of economic downturns that could affect a borrower’s ability to repay a loan as well as the probability that the real property value will decline.

However, instead of relying for accurate valuations on the nation’s 120,000 professional appraisers, the Administration’s plan relies on computer-generated Automated Valuation Models (AVMs) and the estimates of real estate agents who are not subject to government mandated and nationally accepted appraisal training and ethical requirements. While we believe the valuation requirements established by Fannie Mae and Freddie Mac (in connection with their new mortgage refinancing program) are far superior to Treasury’s loan modification plan, we also believe that the opinions of professional appraisers provide consumers and taxpayers with the most reliable determinations, by far, of residential home values.

We do not believe that homeowner eligibility for the mortgage relief programs and the protection of taxpayers should be dependent on the market value determinations of “black box” computer programs or any real estate agent who lacks appraisal training required by the federal government and 50 states. Broker price opinions are not overseen by any governmental regulatory authority, and they do not adhere to a uniform set of nationally accepted and tested valuation standards. Further, broker price opinions are provided by individuals who may have an interest in whether a mortgage is refinanced or defaults and the collateral property resold. While we acknowledge that AVMs and BPOs are cheap, they should not be regarded as acceptable alternatives to the conclusions of professional appraisers, who are tested and trained in valuation theory and practice and who are regulated by state appraiser licensing boards. The omission of professional appraisers from the foreclosure prevention plan (most glaringly from Treasury’s loan modification program) is a serious mistake we hope the President or Congress will rectify.