Join us in October for our all day class:
Determining Appraisal Adjustments
Friday, October 12, 2018 from 9am - 5pm
Presented by: Richard Hagar, SRA
OPINION ISN'T ENOUGH
The appraisal process is supposed to reflect reality - the reaction of buyers and sellers in the market place. Appraisers typically utilize three approaches to value. The appraisal process usually requires the appraiser to apply “market adjustments” when determining market value.
Adjustments used throughout the appraisal are not the appraisers opinion, they must be based upon the market’s response. Market adjustments must be based upon facts, proper support and should not be based upon subjective opinion. This 7 hour class will explain the various
methods and processes that can be used for determining or measuring the market’s response to a component and the processes available to the appraiser when creating an appraisal. This version of the class dives deeper into 13 different methods appraisers can use when
deriving adjustments and “walk through” several examples using the Excel program.
We'll discuss the following methods in this class:
- The Cost Approach-types of depreciation, and adjustments for depreciation
- The Sales Comparison Approach-order of adjustments, grouped analysis, paired analysis
- Allocation Method
- Regression Analysis
- Three adjustment methods using the Cost Approach
- Adjustments vs. Income
- Alternative Methods-market studies, interviews
The instructor is Richard Hagar, a nationally recognized authority on issues relating to compliance and legislation relevant to real estate appraisals, lending, and mortgage fraud. He is also an expert in recent federal and state laws impacting the entire industry.
This class is approved for 7 hours of continuing education by the California Bureau of Real Estate Appraisers (Approval #18CP986603085).
Because of the importance of the material, REAA Sacramento is extending member pricing to non-members for this class: $120 for everyone. Class includes lunch at the Dante Club.
YOU DO NOT NEED TO BE AN REAA MEMBER TO TAKE THIS CLASS. HOWEVER, YOU MUST HAVE AN REAA WEBSITE ACCOUNT (FREE) TO RECEIVE YOUR CLASS CERTIFICATE-NO EXCEPTIONS.
8:00 to 9:00 Check-in
9:00 to 12:00 Class-First Session
12:00 to 1:00 Lunch
1:00 to 5:00 Class-Second Session
Registration cut-off is Wednesday, October 10 at 5 PM. Please sign up on our website by then so we can know how many meals to order.
Joseph Lynch, President
Northern California Residential Appraisal Conference
Thanks to everyone who attended the first annual Northern California Residential Appraisal Conference. I hope everyone learned as much as I did.
Isaak Peck from OREP discussing hybrid appraisals
David Brauner from OREP discussing the Errors and Omissions issues with hybrid appraisals
Penny Woods gave us an in-depth review of scope of work and engagement letters for private party work
Ryan Lundquist on how to market yourself and use social media to promote your appraisal business
Saying good bye to a legend – Don Machholz
A retirement party was given for Don Machholz who is saying goodbye to the industry to pursue other interests in his chosen field of Astronomy. He takes with him thanks from the many appraisers who have benefitted from his use of Excel to harness the 1004MC form across many MLS systems. He will be missed.
Don, Michelle, and son Mark
Ryan Lundquist, 2018 Trussas Award Winner
Post Disaster Appraisals
The Tuesday night class featured four viewpoints of appraising Post Disaster Properties.
The night started off with Ryan Lundquist receiving the Trussas Award for his outstanding contributions to the appraisal industry in both the local and national areas from our own President of the REAA Corporate Board, Bill McKnight.
After a traditional March dinner of corned beef and cabbage, the first speaker was introduced; Bruce Ford of NorCal Quality Appraisals. He spoke of the recent fires in the Santa Rosa area.
The next panel member was Penny Woods who spoke about the affect the fires in Northern California had on the local economy and compared them to other fires in historical perspective.
The next informative speaker was Jim Glickman with the Sacramento County Assessor’s Office who spoke on the affect that damaged homes have on the assessment of properties and how their tax rates can be temporarily lowered due to the damage.
Last to address the audience was Steve Smith, who has been appraising over 40 years and has had a myriad of professions mainly dealing with the lending industry. He spoke of appraising after disasters or detrimental conditions. This includes fire, flood and earthquakes and the challenges involved with finding comparable properties and making sense of information gathered.
Overall it was an informative night with the audience involved with questions at the end of the presentation.
2018 Class Schedule
We have an exciting schedule planned for 2018. We offer classes to increase your skills, expand the types of appraisal work you can complete, and to increase your awareness in local markets. Hope to see you at the Dante.
Tuesday, March 13-Post Disaster Appraisals will be a panel of appraisal experts discussing appraising after disasters such as the recent Wine Country fires. This class is approved for 3 hours of continuing education. Please arrive one hour earlier than usual (check-in starts at 4:30) because of the longer than typical time. Sign-up now.
Tuesday, April 10-Stigmatized Property Appraisal-Instructor TBA. 2 hours of continuing education at the normal time.
Friday, May4-No May class at the Dante. Instead, REAA and the Northern California Chapter of the Appraisal Institute are jointly offering a full day symposium in Fairfield. More details to follow.
Tuesday, June 12-Appraising Small Acreage Residential Properties-Joe Lynch and Gary Muma are the instructors. 2 hours of continuing education at the normal time.
Tuesday, July 10-History of Local Real Estate-Instructor TBA. 2 hours of continuing education at the normal time.
Tuesday, August 14-External and Functional Obsolescence-Denis DeSaix is the instructor. 2 hours of continuing education at the normal time.
Tuesday, September 11-Market Update-Ryan Lundquist is the instructor. 2 hours of continuing education at the normal time.
Friday, October 12-Adjustments-Richard Hagar will return to provide us with a full day of discussion regarding adjustments. This will be a 7 hour class at the Dante Club. Note the date.
Tuesday, November 6-Planning/SACOG-This class is under development but will include discussion with local planners regarding future development in the Sacramento region. 2 hours of continuing education at the normal time.
A big 'thank you' to Alex Gilbert, speaker for our February class- Appraising Proposed Construction.
Please join us next month for our March meeting- Post Disaster Appraisals
This class is a panel presentation with multiple valuation experts to assist you in understanding the forces affecting the post-casualty appraisal process from various points of view.
- Penny Woods-Past President of REAA Corporate, Penny is an expert litigation appraiser who worked on appraisals after the Oakland Hills firestorm in 1991
- Steve Smith, MAI, SRA-Nationally known appraisal expert and founder of the National Appraisers Forum, Steve will discuss his experience completing assignments for FEMA after Hurricanes Harvey, Maria, and Irma and the recent fires in the Wine Country and Southern California
- Bruce Ford-Current President of REAA North Bay, Bruce will discuss his experience appraising after the Northridge Earthquake in Southern California
- Jim Glickman-an appraiser from the Sacramento County Assessor's office will discuss how disasters impact property assessments
Topics will include valuation issues and techniques plus the emotional and mental concerns in dealing with such devastating circumstances.
Class cost is $35 for members/$65 for non-members and includes buffet dinner at the Dante Club. This class is approved for 3 hours of continuing education by BREA (Approval#17CP986603076).
Online registration cutoff is Friday, March 9 at noon so we can let the Dante Club know how many meals we need.
THIS CLASS STARTS ONE HOUR EARLIER THAN USUAL BECAUSE OF LENGTH! WE WILL START THE CLASS PROMPTLY AT 6!
3:30 to 4:30 Chapter Board Meeting
4:30 to 5:15 Sign-in and networking
5:20 to 6:00 Dinner
6:00 to 9:00 The Panel
We look forward to seeing you there!