colorado chapter appraisal news appraisal institute · [email protected] richard m. borys, sra...
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AppraisalInstitute®
Professionals ProvidingReal Estate Solutions
COLORADO CHAPTER APPRAISAL NEWS
Volume 27, No. 3 — July, 2017
Publisher: Sherry Engleberg www.colo-ai.org
The Colorado Chapter of the Appraisal Institute Presents
The Annual Potpourri Seminars
AUGUST 10, 2017
• Board of Directors Meeting • 1:15 PM – 3:00 PM
SUMMIT CONFERENCE AND EVENT CENTER411 SABLE • AURORA, CO 80011
8 HOURS OF CONTINUING EDUCATION8:00 AM – 5:00 PM
NOON CHAPTER MEETING/LUNCH
WATCH FOR SPECIFIC TOPICS AND DETAILS SOON
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PRESIDENT:Bret R. Poole, MAI................................................303.297.0400.........................................................bpoole@bowesandco.com
VICE PRESIDENT:Doug Nitzkorski, MAI..........................................303.789.1515..................................................................doug@avcvalue.com
SECRETARY/TREASURER:Louis J. Garone, MAI, SRA..................................303.324.3403...............................................................Garone3@comcast.net
PAST PRESIDENT:J Virginia Messick, MAI.......................................303.623.4908......................................................................jvmenb@msn.com
DIRECTORS:One Year
Sue Dickinson, [email protected]. Michael Rinner, MAI ..................................303.662.0155
[email protected] A. Schwartz, MAI ....................................303.671.7511
[email protected] Years
Arthur R. Alarcon, SRA ....................................303.914.2919arthur.alarcon@va.gov
Sue Anne Foster, MAI, SRA [email protected]
Dana L. Larson.................................................303.914.9565dana@cradenver.com
Three YearsDeane L. Davenport, MAI, SRA ............................................
[email protected]. Becky Krone, [email protected] Nelson, [email protected]
One-Year Term Jack Nisley, MAI, [email protected]
Mark Pope, [email protected]
Marge [email protected]
Two Year Term John D. Freeman, MAI, [email protected]
Rodman Schley, [email protected]
Karen L. Tool, [email protected]
Tom W. Webb, [email protected]
Alternates: Richard C. Mosier, MAI, [email protected]
Richard M. Borys, [email protected]
M. James Tiedemann, [email protected]
Millie K. [email protected]
Advertising Policy1. Advertisements must be camera-ready.2. Advertisements must represent closely-related businesses or
services to the real estate appraisal field.3. All advertisements submitted for publication are subject to
the Editor and Publisher’s approval.4. Appeals for rejections will be submitted to the Board of
Directors and their decisions are final.5. Fees are as follows:
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Appraisal Institute, 1540 S. Holly, #5, Denver, CO 80222
If you have questions, please call 303-691-0487Outside Denver metro area 1-800-571-0086
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Admissions - Member Retention & DevelopmentGeneral:
Charles Nelson, MAI [email protected]:
Claudia D. Klein, SRA [email protected] News Editor
Barb Kazmarek, MAI [email protected]
Richard C. Mosier, MAI [email protected]’ Coordinating
General: John (Jack) W. Nisley, MAI ........jnisley@qwest office.net
Residential: Nancy L. Wyatt, [email protected] Chilcutt [email protected]
Associate GuidanceGeneral:
Timothy Lindsey, [email protected]:
Steve Snyder, [email protected]/Program
Margaret Moore [email protected] Relations
Rodman Schley, [email protected] Dickinson, [email protected]
Planning Committee for 2010Doug Nitzkorski, MAI [email protected]
Public RelationsDonald E. Boyson, MAI, SRA [email protected] G. Stahl, MAI, [email protected]
WebsiteDeane Davenport, MAI, SRA..................................deane.davenport@bankofthewest.com
2017 OFFICERS AND DIRECTORS
PRESIDENT Jon Vaughan, MAI ....................................... [email protected]
VICE-PRESIDENT Susanne Dickinson, MAI [email protected]
SECRETARY/TREASURER Benjamin Davidson, MAI, SRA ....... [email protected]
PAST PRESIDENT Michael D. Sullivan, MAI, SRA, AI-GRS ..... [email protected]
DIRECTORS 1 Year William Bush, MAI [email protected] Brent Henry, SRA, AI-RRS [email protected] Michael R. Nash, MAI [email protected]
2 Years Jason Letman, MAI [email protected] Scott McHenry, MAI, AI-RRS ...... [email protected] Warren B. Boizot, III, MAI [email protected]
3 Years Jeovani Gaytan, SRA ......... [email protected] Justin Atwell, MAI .......................... [email protected] Christopher McDermott, MAI .. [email protected]
2017 CHAPTER COMMITTEE CHAIRS
Bylaws Chair Richard C. Mosier, MAI .............................. [email protected]
Candidate Guidance Advisors Bonnie Roerig, MAI, AI-GRS [email protected] Joshua Walitt, SRA ..................... [email protected]
Candidate Guidance Committee General: R. Scott Woods, MAI ........ [email protected] Residential: Warren B. Boizot, III, [email protected]
Education Chair Mike Nash, MAI, AI-GRS [email protected]
Government Relations Susan Ebert-Stone, Chair ............................... [email protected]
Guest Editor Mark Linne, MAI, SRA ..................... [email protected]
2017 REGION II REPRESENTATIVES
One Year Term Sara Hillman, SRA [email protected] Lisa Roberts ...................................... [email protected] Mildred Wilson [email protected] Susanne Dickinson, MAI [email protected]
Two Year Term Charles Nelson, MAI .... [email protected] Marge Moore ................................ [email protected] Mike Smith, MAI [email protected]
Alternate Nickell Close, MAI Ron Gazvoda, MAI Joshua Walitt, SRA Michael Wood, MAI Jacob Antillon, SRA
FIND AN APPRAISERCOLORADO CHAPTER MEMBERS OF THE APPRAISAL INSTITUTE
PLEASE BE ADVISED THAT THE COLORADO CHAP-TER OF THE APPRAISAL INSTITUTE MAY NOT SPE-CIFICALLY RECOMMEND AN APPRAISER.WHEN THE CHAPTER OFFICE RECEIVES A PHONE CALL REQUESTING THE SERVICES OF AN APPRAISER WE MAY ONLY DIRECT THAT CALLER TO THE WEBSITE AND RECOMMEND THEY CLICK ON “FIND AN APPRAISER NEAR YOU”THIS POLICY IS ASSOCIATION BEST PRACTICE AND IS MANDATED BY THE APPRAISAL INSTITUTE.
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Click on the link for online education.
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Summer is here, so it’s time to kick back, relax, and enjoy the warm weather…as long as you’re not an appraiser. For appraisers, it’s time to start consuming coffee via an intravenous drip so that we can try to keep up with client demands over the summer buying season. With that in mind, let me just say that you’re doing a great job.
Seriously.I know you probably haven’t heard that from
enough folks recently, so let me say it again: you’re doing a great job. Thanks for providing
independent and unbiased opinions of value so that buy-ers, sellers, and lenders can make informed decisions in real estate transactions. Thanks for telling everyone the truth, even when they’ve signed a contract waiving the appraisal, and agreeing to purchase it regardless of the value. Now grab another energy drink and keep up the good work!
PRESIDENT’S REMARKSby Jon Vaughan, MAI
YMARK YOUR CALENDARS… SUPPORT YOUR CHAPTER… COLORADO CHAPTER EVENTS…
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SEE THE COLORADO CHAPTER WEBSITE FOR ADDITIONAL COURSE OFFERINGS www.colo-ai.org
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Part 1: What do you do With AVMs?All of the controversy surrounding the recent law-suit filed by a Chicago attorney who is suing Zil-low lead me to think about the evolution of AVMs, how people view them, and their relationship with appraisers.
For years appraisers have been suspicious (often for very good reasons) of the role that AVMs play in the greater valuation/financial services space. AVMs were touted as the next evolution, the “next great thing” when they were first introduced in the 1990’s. Initially, AVM vendors, in trying to gain the support of appraisers, began to create inelegant fusions of man and machine, resulting in products with unwieldy names such as Appraiser-Assisted Automated Valuation Models (AAAVMs).
When appraisers rejected these early attempts at kumbaya, AVM vendors exploded with differ-ent product offerings. Its hard to know how many real AVMs there are, since so many are actually built on other AVM products and repackaged, but a good guess is 20-30.
Full Disclosure: in those heady early days, hav-ing just come from an assessor’s office and filled with the concept of valuation modeling and its benefits, I too worked with a development team to bring an AVM to a local bank to help their loan officers gain some initial insight into value while meeting with bank customers. While I haven’t been involved with that project for more than a decade, its fascinating to see that it is still in exis-tence in a multi-state geography, often used for purposes that have absolutely nothing to do with residential valuation.
Its funny, but much of what we did in the early days still defines how AVMs are built and pack-aged today. What has changed is the data avail-able. I have previously written about the impact of Big Data and how it is changing every facet of the world-appraisal included. What I have not talked about is the prevalence of Bad Data. Regardless of the data vendor, I am often surprised how lit-tle data in the real estate world has changed. Cer-tainly there have been efforts to make the data pile bigger, but I’m not sure the bigger pile is always relevant. The core data still comes from assessors, and based on the jurisdiction, the data can be impressively complete or entirely lacking, and the resulting valuation efforts by vendors reflect this.
AVM vendors, especially those who own MLS systems, have worked to aggregate more Realtor data from MLS Boards into the data stream, and in many cases this has resulted in a more complete view of the data. It also added a lot of irrelevant junk-a lot of “noise” to the data pile.
AVM creation remains a labor-intensive pro-cess, where a relative small group of data “scien-tists”, modelers and others work to leverage their labor to value 110,000,000 residential properties nationally.
What happens when we pull back the curtain?I was amazed a few years ago to find out that a nationally-known vendor of multiple AVMs employed a staff of only 1.5 full time equivalent employees to create, validate and maintain their AVMs. Its seems they would just tinker with the models that had been built a decade earlier, com-paring them to recent sales to “tweak” the results. What is sobering is that these very products were being used to validate the work of appraisers and used to make lending decisions by some of the nation’s largest banks.
When things hit the fan in 2007/2008, its seems that appraisers were the sector towards which most fingers pointed as blame was being meted out. I recently saw some narrative that explained that a PhD’s examination of a wide swath of appraiser’s work product during this time con-cluded that appraisal values were dramatically inflated and that not a single appraisal could be relied upon that was completed during that period. What was left unsaid by this AVM developer, is that AVMs played a significant role in the financial crisis. I am reading a fascinating book by several academics who point fingers at AVMs as having been an undeniable component in the collapse of the financial sector, and which raises questions about the proper role of automated valuation in the financial markets.
We remain suspicious of AVMs, but is there something we can learn about the early initial and ongoing acceptance by the market?
It is clear that there are elements within the construction of AVMs, such as regression analy-sis and other analytic techniques, that could truly
Guest EditorBy Mark R. Linné, MAI, SRA, AI-GRS
(continued on next page)
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benefit appraisers as they analyze markets and prepare appraisals.
I truly believe that much of our industry was reluctant to adopt any of the techniques utilized by our competition for much of the last ten years. This attempt to distance ourselves from the technology began to change with the publication of books by the Appraisal Institute on the role of statistics and statistical modeling, and bringing practical tech-niques that appraisers could use in the valuation process. While there was a lot of hesitation in the early days, I can now clearly see a pattern of more classes, more software, more open-minded accep-tance that there are paths we can take as a profes-sion that can incorporate advanced analysis.
Don’t get me wrong-AVMs are still a threat, and they have certainly made a resurgence in recent years, adding so much data, photos and other eye-candy that they almost seem like an appraisal.
Appraisers remain a superior alternative, though often limited in the products that they offer their clients. What we need to recognize is that there is an opportunity to offer more products and services to our clients, specifically, services that directly compete with the perceived benefit of what AVMs offer. Appraisers are still recognized as a superior alternative to other products such as AVMs and Broker Price Opinions (BPO), but we are also perceived as more expensive and more time-consuming. In a world dependent on speed, me need to come up with a means of providing a quicker indication of value that is both cost effec-tive and timely.
Our strength, as appraisers, is that we visit the house, we see the property, we evaluate the total package from the perspective of a buyer and seller. We can evaluate floorplans, views, functional issues, and the whole host of items that undeni-ably make an appraiser a better judge of value than any automated process. One AVM developer told me, not so long ago, “I don’t need to see the property. I can accurately value any property in the country with a satisfactory value, and I can do it instantly”. Really? I later saw some validation sta-tistics that this academic provided that indicated his AVM was so accurate, so valid, so good, that on a portfolio with a value (based on sale prices) of some $32 billion, he came within $11.00 (Eleven Dollars!) of the actual sales prices in the aggre-gate- I kid you not.
In reality, of course, there are many shortcom-ings that I could point out on why an appraiser is
ultimately a better judge of value than any auto-mated process. That is just common sense.
AVMs have been exploiting the fact that they can provide a product, that while not as accurate as an appraisal-may be good enough in certain situations.
Have AVM vendors taken advantage of circum-stances, their lower cost, their ease of use? Yes.
Have appraisers been conflicted about how to respond, how to provide different and competitive services? Without a doubt.
Appraisers still have, I believe, the opportunity to demonstrate that they can use big data, analyt-ics, and meet client needs by varying their prod-uct/service offerings. This is the Wild West-with lots of new products, new services, new opportu-nities are either here or on the horizon. I’m not going to say which make sense and which don’t. Everyone should keep their eyes and their options open. See what is out there. See if it makes sense. See if it might work for you. That doesn’t mean you have to lower your standards-far from it. But you need to keep up with the advances. The 1004 will not be here forever. I have it on good author-ity that the time will soon be here where greater flexibility might be the word of the day. Be ready for that day and be open to change.
Part 2: The Blowback on ZillowSpeaking about AVMs-lets talk for a moment about the most well-known AVM in the country-Zillow. Zillow has done an amazing job of creating brand awareness with an AVM that is publicly available and free. They have created a compelling business model that has created an odd synergistic love/hate relationship with real estate brokers. Now, some fear, they are poised to take ever greater control of the actual sale and listing of real estate-all with a mediocre AVM.
It’s really amazing.But it appears that the greater karmic balance of
the universe may be tilted in an unfavorable way.Barbara Anderson, a Glenview, Illinois home-
owner has filed suit against Zillow over use of its Zestimate. Anderson, who recently had a town-home for sale, alleges that Zillow’s Zestimate has impaired the marketability of the sale of her home. Taking up an opinion that many others have put forth, she claims Zillow’s Zestimate constitutes
(continued on next page)
Editorial (continued)
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the unlicensed practice of real estate appraising, and on top it all it doesn’t do a very good job! Many people in the biz agree with her, especially about the quality of the product.
Many home buyers turn to Zillow for infor-mation about homes for sale. Included in that is a Zestimate or estimate of market value. It is a ready tool and easily understood on the surface. However, Realtors and mortgage lenders get tired of explaining to home buyers the many flaws with the Zestimate and find it causes some home buy-ers to pass on looking at homes that might just work for them (all because of a flawed Zestimate).
In a recent interview, Ms. Anderson revealed a very simple underlying reason for her lawsuit. In this case, the problem is that Ms. Anderson has assembled evidence that Zestimates tend to trend low, they are overly conservative. When Anderson went to list her house, the lower Zestimate was a stumbling block to listing her house for the value that her broker felt she could get. She went to Zil-low and told them that her value was inappropri-ately low-but they refused to do anything about it. After many attempts to correct the value-she filed a class-action lawsuit. Her biggest issue is that the majority of potential buyers look to Zillow for preliminary information, and when they see the value that is listed for a given property-they give it a great deal of credibility. It is some type of human psychology that when something is print-ed-it becomes more real. That is what happened with Zestimates.
Anderson feels that her property has been impacted, and the public trust has been hurt. She feels that Zillow is “sloppy” that their algorithms are “secret” and that they are giving valuation a bad name. She further feels that there is no peer review, that Zillow is injuring consumers, and she went so far as to opine that this could very well constitute fraud.
While this case is still in its early stages, it’s interesting to see what kind of information is dredged up in court. Zillow, in response to some of the unfavorable publicity, has instituted a public “contest” in which they challenge consumers to come up with ways to help them improve-offering a $1,000,000 prize.
What does this all tell us? AVMs have flaws. AVMs are not invulnerable. They are not inevi-table. The curtain may be drawing back with the Zillow lawsuit, and people may come to under-stand that automated valuation leaves a lot to be desired.
AVMs are, however, a real threat. They always have been-they always will be. But appraisers can fight back. They can make a choice on how they continue to meet this competitive threat.
I cannot tell you with certainty how that battle should be fought. But fought it must be.
Keep your mind open to new development. The status quo can be a powerful force, keeping us from exploring alternatives. Keep your eyes and options open as well.
I am.
Editorial (continued)
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Don’t miss any important candidate deadlines!
Do you have designation education to take towards your MAI, SRA, AI-GRS or AI-RRS designation? You may be eligible for scholarships.
You may be eligible for a scholarship that will cover the cost of the course*:
• AI Candidate for Designation Scholarship• AI Education Trust AI Course Scholarship • AI Education Trust Minorities & Women AI Course Scholarship• Applications are due by July 1!**
The AI Education Trust awards scholarships quarterly to worthy candidates.
The next deadline for the AI Education Trust AI Course Scholarship and Minorities & Women AI Course Scholarship is October 1. The Candidate for Designation Scholarship is awarded once a year in July.
For more information on AI Education Trust and scholarships available, visit our website now. Have a question, please email us at [email protected] or call 312-335-4133.
*Scholarships ONLY cover tuition for designation education needed for designation. Scholarship funds cannot be used for the Demonstration of Knowledge requirement, Experience re-quirement and or Comprehensive Exam do not qualify for AIET Scholarships.
**Applications will only be accepted for courses being held after September 1, 2017.
AI EDUCATION TRUST SCHOLARSHIPDoes your chapter have Candidates who are trying to meet their deadlines but may need assistance?
Are your Candidates aware of the available Appraisal Institute Education Trust Scholarships?
The Appraisal Institute Education Trust offers options to Candidates for Designation to assist them in completing their education deadlines. Upcoming scholarship dead-lines: July 1• Appraisal Institute Education Trust AI Course Scholar-
ship• Appraisal Institute Education Trust Minorities and
Women AI Course Scholarship• Appraisal Institute Education Trust Candidate for Des-
ignation Scholarship Note: While the other scholarships only pay for one course, these scholarships pay for ALL designated-level education needed for Candidacy.
Candidates are eligible to receive one scholarship per calendar year.
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As I pulled the tape measure across the garage of a non-descript, suburban home 15 years ago, NEVER did I think that one day I would be lobbying in Washington D.C. on behalf of my industry. This is just another amazing expe-rience that being involved with the Appraisal Institute has given me.
I was fortunate enough to travel to Washing-ton D.C., thanks to my local chapter with Sue Dickinson and J.P. Nisley for the Appraisal Insti-tute LDAC conference. This was an opportunity to meet other AI designated representatives in literally every state in the U.S. Over the three days, we broke into “teams” to have in-depth discussion groups about many topics directly related to the issues and challenges facing our industry today and the future. In these discus-sions, led by other seasoned LDAC leaders, I was able to hear my peers in other markets discuss the issues that they face each day and how they handle them. My biggest take away from these discussion groups was that although I have experienced some the issues that other residential appraisers are facing in other mar-kets, I am thankful to be an appraiser in Den-ver, CO. Our market is extremely strong and some of the volume issues noted by appraisers elsewhere is NOT an issue here, (at least for now). Although it is wonderful to be busy and to live a bit of a “bubble” for the time being, it was nice to get a sense of perspective on those in markets that aren’t as strong. It reminds us that although things are good now, we MUST always remember things operate in cycles and we should always be prepared for the not so good times!
Another large part of the LDAC conference is having the opportunity to partner with other Colorado appraisers, (three of us), to meet with those willing House/Congress members and discuss current issues facing our industry. We found that some were up to date and informed about some of these issues, and those not so up to date, but 100% willing to learn! It was my first year so the lobbying process was new and a bit intimidating, but my more than capable partners, JP and Sue handled things brilliantly and professionally. It really motivated me to get more and more involved in the process and become more educated on appraisal industry issues so that I can be more of a participant rather than a spectator next year.
2017 LDACFirst Quarter BOD Meeting in Chicago — Feb 23–24, 2017
by Warren B. Boizot III, SRA, RAA
Warren Boizot, SRA and Sue Dickinson, MAI
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SPEAKERS: Scott A. McHenry, MAI, AI-RRS, Commercial Review Appraiser, CoBiz Bank, Brent Hoag, MAI, JPMorgan Chase Bank, Kyle Malnati, Madison & Company Properties, Brad Licht, Licht & Company, Inc. Sonny Mercier, Vice President, GenRes Holdings, Inc.
TOPICS: This seminar featured presentations & case studies and examined how investors create value in single family, multi-family & commercial properties through renovation & repositioning in the Denver & Colorado markets. Topics included evaluating potential properties, scoping the renovation, securing financing & the execution of the planned construction & repositioning. Common mistakes & pitfalls were discussed as the presenters included experienced brokers & principals who have created value through renovation & positioning. Discussion of high end value & renovations. What works & what does not work. Interesting amenities of the rich & maybe famous!
Steve Sommers, MAI, Brad Licht, Steve Letman, MAI, Jason Letman, MAI
APRIL 6, 2017The Colorado Chapter of the Appraisal Institute presented
April Seminar — RECREATING VALUE
Brad Licht and Sue Dickinson, MAI
Scott McHenry, MAI, AI-RRS and Sonny Mercie
Jon Vaughan, MAI and Brett Wilkerson
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Bonnie Roerig, MAI, AI-GRS, Region II Finance Chair, Rodman Schley, MAI, Region II Vice Chair, Sara Hill-man, SRA, Colorado Chapter Region Representative and Sherry Engle-berg, Region II Executive Director attended the Region II 2Q in person meeting in Tulsa, OK. The Chapter welcomed the Region II Committee, Education Chairs, Region Represen-tatives and AI President, Jim Amorin, MAI, SRA, AI-GRS. The meeting included a leadership meeting, edu-cation meeting, Region II meeting and interesting guided tour of Tulsa and tour and dinner at the fabulous Gilcrease Museum. We thank the Green Country of Oklahoma (Susan Lamkin, Executive Director) for their hard work, efforts and welcome to assure this to be a most successful event!
And we must add that the Officers and Rep-resentative from the Colorado Chapter sent
their votes via the “lounge at DIA.” Unfortu-nately, due to weather, their flight to Tulsa arrived, did not land, and made an immediate u-turn back to Denver!
Rodman Schley, MAI, Region II Vice Chair; Jim Amorin, MAI, SRA, AI-GRS, AI President; Jim Murrett, MAI, SRA, AI President-Elect; Craig Steinley, SRA, AI-RRS, Region II Chair
REGION II MEETING, TULSA, OK / AI OFFICERSAPRIL 21/22
Bonnie Roerig, MAI, AI-GRS, Region II Finance Chair, Rodman Schley, MAI, Region II Vice Chair,
Sara Hillman, SRA, Region II Representative, Craig Steinley, SRA, AI-RRS, Region II Chair
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John A. Schwartz, MAI, is the winner of The Appraisal Journal’s 2016 Outstanding Service Award. This award recognizes the member of The Appraisal Journal’s Editorial Board, Review Panel, or Academic Review Panel who during the previ-ous year has shown exceptional commitment to The Appraisal Journal through outstanding ser-vice. Schwartz is the owner and chief operating officer of the valuation firm Schwartz & Company, located in Aurora, Colorado, and is a licensed cer-tified general appraiser in Colorado and Wyoming with assignments primarily in the metropolitan Denver area and mountain resort areas of Colo-rado. His valuation practice covers a multitude of property types, from business-intensive athletic clubs and hotel/motels to proposed single-family subdivisions for cities and counties for determin-ing park and school contributions. He is a rec-ognized expert in the valuation of conservation easements for preservation of historic properties, and he represented the historic Drake Hotel in Chicago in the land lease renegotiation in 2000.
Schwartz has been a member of the Appraisal Institute and its predecessor organization since 1973, and he received the MAI designation in 1983. He is a past president of the Appraisal Institute’s Colorado Chapter, and he has held numerous other chapter positions, including vice president,
secretary-treasurer, education program chair, and board of directors member.
Schwartz also has held numerous volunteer positions at the national level, serving on the Appraisal Institute’s National Experience Review Panel, National Nominating Committee, Publi-cations Committee, Publications Review Panel (chair), Educational Publications Review Panel, Educational Programs and Publications Commit-tee (chair), Educational Publications Committee (chair), Region II Educational Liaisons Subcom-mittee, and The Appraisal Journal Editorial Board. He currently is a member of the Appraisal Insti-tute Diversity Panel and The Appraisal Journal Review Panel.
Additionally, Schwartz has been a member of the development and review panels for online seminars as well as a number of texts, includ-ing The Appraisal of Real Estate, editions eleven through fourteen, and The Dictionary of Real Estate Appraisal, editions four through six, and most recently, Appraising Manufactured (Mobile) Home Communities and Recreational Vehicle Parks and Rural Property Valuation. Schwartz received the President’s Award in 2002for his work on the twelfth edition of The Appraisal of Real Estate.
Schwartz has a B.S. in business administration and urban affairs from the University of Kansas.
Appraisal Journal Outstanding ServiceAwardFor Exceptional Commitment in 2016
John A. Schwartz, MAI