Why Haven't I Heard This Before?
Jan 17, 2018 8:00 AM
Jan 17, 2018 5:00 PM
Arrowwood at Cedar Shore Resort
John Widdoss, ARA, MAI
About the Course:
While the topic of property rights is basic and taught the first day of the first valuation class, something has been missed. Appraisers regularly report the “rights appraised” as fee simple, or sometimes appraisals are rejected by lenders because the appraiser reported or appraised something other than fee simple when full rights did not exist. Properties have evolved over the years; therefore, it is rare to find property that does not have encumbrances for something. The seminar will also discuss the impact of the encumbrances in cases where there is a resulting change in the highest and best use of the property.
1. understand that encumbrances are present in nearly every property and property type,
2. demonstrate and understand where to locate the encumbrances recorded for any one property,
3. demonstrate and understand the concept of “paired sales analysis” and research to determine if the encumbrance has an impact on market prices (encumbered v. unencumbered sale). Examples presented that show a differing impact on property and/or value depending on where an encumbrance (pipeline or powerline) cross a tract, i.e., through cropland v. pasture v. building site, v. irrigated, etc., a “second bite” with a second encumbrance parallel to or unrelated to the first easement.
4. Understand that easements add to, detract from, or have no impact on the whole property to which they are attached.
5. understand how other attendees found and evaluated
6. demonstrate and understand the importance of sale verification, i.e., as the number of encumbrances accelerate within any single property, verification of the details and way that is accomplished has an impact on the reliability and creditability of the data set,
7. understanding your attention to the most rudimentary details affects your appraisal credibility and your client’s perception of your work product.
Prior to class students are strongly encouraged to complete the following and bring with them to class
1.) Find 2 sales encumbered by something other than the mortgage, encumbrance can be but not limited to; specific deed restrictions from prior owners or interested parties at the agreement of the landowner; Life estates; Utility and/access easements (electric, telephone, roads, ditches, railroads, etc.); Cell tower sites; Conservation easements or restrictions on development rights; Deed restrictions; Mineral right or other subsurface reservations; Other surface estate reservations, e.g., sand, gravel, building stone, etc.
2.) Find 1 sale unencumbered property near one of the two sales chosen above.
3.) Prepare a short conclusion as to the effect of the encumbrance.
4.) Attendees will need to bring 2 copies of the results, each copy should include deeds from the two sales along with the encumbrance, deed of the unencumbered sale, and short conclusion.
This portion of the class challenges the student with every day real life appraiser problems and will set this course above typical continuing education, but will be most rewarding to the student with participation!
About the Instructor:
John Widdoss, ARA, MAI, is a South Dakota Certified General appraiser from Spearfish, SD.
Approved for 8 hours of CE through the SD Appraiser Certification Program and
Approved for 4 required hours and 4 elective hours of CE through the SD Real Estate Commission
Register by January 2, 2018:
Members of PAASD and ASFMRA: $150
After January 2, 2018, Add $25
NOTE: ASFMRA Members: Please enter "asfmra" in the coupon code area.
Wednesday, January 17, 2018
Sign-In: 7:30 am
Class: 8:00 am to 5:00 pm
Location: Arrowwood Resort & Conference Center at Cedar Shore
Take Exit 260 from I-90 - follow W Hwy 16 to Shoreline Dr
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Dress in layers as the temperature in hotel classrooms is difficult to regulate.
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Breaks and lunch included
Call Bev Luke, 605-716-9011 or email: email@example.com if you have questions.
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