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William N. Kinnard, Jr. (September 12, 1926 - April 6, 2001) was one of America's leading real estate educators, authors, and experts in the field of appraisal. [1]
| | This article needs additional citations for verification .(March 2011) |
William N. Kinnard, Jr. (September 12, 1926 - April 6, 2001) was one of America's leading real estate educators, authors, and experts in the field of appraisal. [1]
He received a bachelor's degree with honors in economics from Swarthmore College, an MBA in finance from the Wharton School and, later, a Ph.D. in economics from the University of Pennsylvania. He taught at Wesleyan University before becoming director of Urban Redevelopment for the City of Middletown.
Dr. Kinnard was an emeritus professor of finance and real estate at the University of Connecticut. He joined the faculty there in 1955, eventually chairing the Finance Department and serving as Associate Dean and Acting Dean before retiring in 1981. He was also the Director of the Institute of Urban Research and the Founding Director of the Center for Real Estate and Urban Economics. A real estate scholarship and a Professorship in Real Estate and Finance are sponsored at UConn in his name. [2] He also taught as a visiting professor at the University of Florida, UCLA, and Brown.
Dr. Kinnard was a president of the American Real Estate and Urban Economics Association and the founder of the Real Estate Counseling Group of America. The Appraisal Institute annually gives the Kinnard Award in his honor to the leading real estate appraisal educator in the U.S. After his death, the American Real Estate Society and the Appraisal Institute co-published the text Essays in Honor of William N. Kinnard, Jr. as a memorial. Contributing editors and authors constitute a cross-section of the leading real estate appraisal experts in the world. [1]
He was widely regarded[ by whom? ] as one of the leading authors, lecturers, and experts on the topic of real estate valuation. His text, Income Property Valuation, published in 1971, is still considered a classic in the field. [3] Altogether, he authored or co-authored thirty-five texts and manuals and innumerable refereed journal articles, manuscripts, and essays starting in 1956 and continuing actively until his death in 2001.
Dr. Kinnard was awarded professional designations from the Society of Real Estate Appraisers, the American Institute of Real Estate Appraisers, the American Society of Appraisers, the Institute of Property Taxation, the American Institute of Corporate Asset Management, and the National Association of Realtors. He was inducted into Beta Gamma Sigma, Pi Gamma Mu, and Phi Kappa Phi honor societies. He was awarded the Armstrong/Kahn Award from the Appraisal Journal in 1999 and the James A. Graaskamp Award from the American Real Estate Society in 1995, among numerous other honors. He was a Fellow of the Homer Hoyt Institute.
Market value or OMV is the price at which an asset would trade in a competitive auction setting. Market value is often used interchangeably with open market value, fair value or fair market value, although these terms have distinct definitions in different standards, and differ in some circumstances.
Real estate appraisal, property valuation or land valuation is the process of developing an opinion of value for real property. Real estate transactions often require appraisals because they occur infrequently and every property is unique, unlike corporate stocks, which are traded daily and are identical. The location also plays a key role in valuation. However, since property cannot change location, it is often the upgrades or improvements to the home that can change its value. Appraisal reports form the basis for mortgage loans, settling estates and divorces, taxation, and so on. Sometimes an appraisal report is used to establish a sale price for a property.
Dr. William Dudley "Billy" Geer, also known as W. D. Geer, was a Christian educator who served as the first Dean of the School of Business at Samford University in Birmingham, Alabama. His research interests focused on finance, insurance, applied economic analysis, real estate, and economic history.
Just compensation is a right enshrined in the Fifth Amendment to the U.S. Constitution, which is invoked whenever private property is taken by the government. Under some state constitutions, it is also owed when the government "damages" private property.
The sales comparison approach (SCA) is a real estate appraisal valuation method that relies on the assumption that a matrix of attributes or significant features of a property drive its value. For examples, in the case of a single family residence, such attributes might be floor area, views, location, number of bathrooms, lot size, age of the property and condition of property. This method is in contrast to the two other main pricing methods for real estate which are cost approach and income approach.
Highest and best use is a concept in real estate appraisal that originated with early economists such as Irving Fisher, who conceptualized the idea of maximum productivity.
Real estate investing involves the purchase, management and sale or rental of real estate for profit. Someone who actively or passively invests in real estate is called a real estate entrepreneur or a real estate investor. In contrast, real estate development is building, improving or renovating real estate.
Farmland development rights in Suffolk County, New York began in 1975 in Suffolk County as the state of New York began a program to purchase development rights for farmland to insure they remained as farms and open space rather than being developed for housing.
The Appraisal Institute (AI), headquartered in Chicago, Illinois, is an international association of professional real estate appraisers. It was founded in January 1991 when the American Institute of Real Estate Appraisers (AIREA) and the Society of Residential Appraisers merged. The AIREA and the Society were respectively founded in 1932 and 1935. Real estate appraisal emerged as a profession at this point in response to the crash of home values as a result of the Great Depression, building on the intellectual frameworks developed over the course of the 1920s by land value theorists like Ernest McKinley Fisher, Frederick Babcock, Homer Hoyt, and Richard T. Ely. As of February 2007, the Appraisal Institute has more than 21,000 members and 99 chapters throughout the United States, Canada, and overseas.
The Appraisal Foundation (TAF) is the United States organization responsible for setting standards for the real estate valuation profession. The organization sets the congressionally authorized standards and qualifications for real estate appraisers, and provides voluntary guidance on recognized valuation methods and techniques for all valuation professionals. The aim is to ensure appraisals are impartial, objective and independent, are conducted without bias and are performed in an ethical and competent manner.
The Real Estate Counseling Group of America (RECGA) was founded in 1970 by William N. Kinnard, a former president of the American Real Estate and Urban Economics Association, who sought to bring together a small group of top U.S. real estate appraisal and consulting experts to meet regularly, consult with each other on complex topics, and serve as co-authors and co-references for a growing body of complex valuation literature.
The income approach is a real estate appraisal valuation method. It is one of three major groups of methodologies, called valuation approaches, used by appraisers. It is particularly common in commercial real estate appraisal and in business appraisal. The fundamental math is similar to the methods used for financial valuation, securities analysis, or bond pricing. However, there are some significant and important modifications when used in real estate or business valuation.
The American Society of Appraisers (ASA) is an American nonprofit organization which serves as a professional affiliation of appraisers. The organization is a multi-discipline, voluntary membership, trade association representing and promoting their member appraisers.
Mahlon "Sandy" Apgar IV was an American government and business consultant. He served as a housing, infrastructure, and real estate consultant to global corporations and government agencies, and a non-resident Senior Advisor at the Center for Strategic and International Studies (CSIS). He is known as the "father" of the United States Army's housing privatization program, the largest such public-private partnership program in the Department of Defense. He was a partner and senior advisor at the Boston Consulting Group (BCG), and a partner at McKinsey & Company where he led its operations in Saudi Arabia, and a Senior Scholar at the Woodrow Wilson International Center for Scholars where he wrote the playbook on public-private partnerships.
In the field of real estate appraisal, extraordinary assumptions and hypothetical conditions are two closely related types of assumptions that are made as predicating conditions of an appraisal problem. Under the Uniform Standards of Professional Appraisal Practice (USPAP), they are two of the assignment conditions on which an appraisal assignment is predicated, the others being general assumptions, laws & regulations, supplemental standards, jurisdictional exceptions, and other conditions affecting scope of work. Making the distinction between the two is important when compiling or reporting appraisals in the United States or other jurisdictions where USPAP is considered the professional standard because USPAP has different specific disclosure requirements for each in an appraisal report and specifies different conditions under which each can be made.
The Russian Society of Appraisers (RSA) is a premier organization of valuation professionals in Russia, embracing about 50% of recognized valuation professionals in the country from across various specialisms and geographical regions. It was the first national professional valuation society to be established in 1993 and the only Valuation Society to attain 'All-Russian Public Organization' status, with branches in the majority of constituent entities of the Russian Federation. It has the status of self-regulated organization (SRO), with current membership reaching over 6,000 individuals. Members of the Russian Society of Appraisers comprise both property and business valuation professionals.
HVS is a consulting firm that specializes in providing services to the hospitality industry. As of 2020, HVS operated out of 47 offices located in North America, Europe, Asia, Africa and the Middle East. HVS offers expertise across all types of hospitality assets, including hotels, restaurants, casinos, shared-ownership lodging, mixed-use developments, golf courses, and spa and wellness, as well as conventions, sports, and entertainment facilities. In addition to market studies, feasibility studies, and appraisals, HVS provides multiple hospitality services and specializations in areas such as executive recruitment, brokerage, hotel management, asset management, operational consulting, litigation support, court-appointed receivership services, hospitality interior design, tax advisory, and hotel brand and management selection.
Susan M. Wachter is the Albert Sussman Professor of Real Estate, and Professor of Finance at The Wharton School of the University of Pennsylvania, the Director for the Wharton GeoSpatial Initiative and Lab, and the co-director of the Penn Institute for Urban Research. She also co-directs the Spatial Integration Laboratory for Urban Systems at the University of Pennsylvania. As an economist, she is frequently sought for comment on real estate market trends in well known media outlets—a recent interview with the International Monetary Fund summarizes her views and research.
Clement Lowell Harriss (1912–2009) was an American economist, a past president of the National Tax Association and a former executive director of the Academy of Political Science. He was one of the United States' leading tax experts and the author of highly regarded economics textbooks and other books on economic subjects. He was professor emeritus of economics at Columbia University and taught there for 43 years. He was the professor for whom the C. Lowell Harriss Professorship of Economics and International Affairs at the School of International and Public Affairs at Columbia was named.
Jeffrey D. Fisher is an American author and professor emeritus of real estate at the Indiana University Kelley School of Business where he was the founding director of the Center for Real Estate Studies and Charles Dunn Professor of Finance and Real Estate. He is also a visiting professor at Johns Hopkins University and a member of the advisory committee at Sterling Valuation Group. He is the president of the Homer Hoyt Institute and is a research and education consultant to the National Council of Real Estate Investment Fiduciaries (NCREIF). He is also a founding Partner in the Pavonis Group and a board member of RealNex.
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