Book 1 - Appraisal Institute of Canada
Book 1 - Appraisal Institute of Canada Book 1 - Appraisal Institute of Canada
Learning AdvisorySpotlight on Continuing Professional DevelopmentFEED YOUR FUTUREwith CPD FRIDAYSThe UBC Real Estate Division continues its series of live, online,web-based seminars or webinars on Friday, March 5, 2010, from8 am - 10 am Pacific time (11 am - 1 pm Eastern time). TheseCPD Fridays webinars consist of a 2-hour presentation with an expertinstructor, who will present an interactive online classroom sessionand answer any questions you may have. By attending the session andcompleting two hours of pre-reading on your own, you will receive fourAIC CPD credit hours. There is no quiz or exam required to receive thesecredits.In this article, we highlight three upcoming webinars in the UBC RealEstate Division’s CPD Fridays series. Feed Your Future!CPD 101: Business Enterprise ValuationPresented March 5, 2010 by Ron Muller, CGA, CBV, CIM, ASAReal property professionals increasingly require an understanding ofbusiness valuation principles. For example, when valuing the real estateholdings of a business, separating the real estate value from a sharesale transaction, or analyzing the real property value in a mixed assetportfolio, there is a complex blend of real estate value and business valuethat must be addressed. International Financial Reporting Standards (IFRS)also brings increasing complexity to the valuation of real estate, whenbusiness entities are involved.This course introduces students to the valuation of businessenterprises, including accounting fundamentals, the reasons that businessvaluations are required, and the basic principles of business valuations.The materials and case studies emphasize both asset-based valuations,such as the liquidation method, plus valuation approaches applicable togoing-concern businesses, including goodwill and its application to anearnings/cash-flow based valuation.This course provides an introduction to a variety of applicationsof business valuation, and does not focus solely on hotel valuation orproperty tax assessment. The issues related to ‘business enterprisevaluation’ for these contexts are touched upon briefly in this course, butare not explored in depth.CPD 125: Green Value –Valuing Sustainable Commercial BuildingsPresented May 7, 2010 by John Peebles, AACI, P. App.A cursory review of real estate promotional literature suggests that ‘greenreal estate’ is increasingly important to market participants. This growthcan be attributed to many causes, including legislative and buildingcodes changes, reducing operating costs, improving leasing potential,and maintaining property value. However, a key reason for the recentinterest in green concerns may be societal change – people are nowdemanding more responsible real estate development that looks beyondthe traditional bottom line.This course examines what a ‘green building’ is in terms ofarchitectural design and building construction practices. The agenciesthat evaluate and rate green buildings are reviewed, most notably theLeadership in Energy and Environmental Design (LEED) program.The course focuses on how green issues impact real estate decisionmaking.We compare the costs of building green against the benefitsto see if green features really do add to real estate’s market value. Is theso-called ‘green premium,’ or increased construction cost for sustainablereal estate, compensated by higher market value? Is ‘green value’ factor fantasy? How does a triple bottom line approach impact real estatedecisions and with what impact on you, the real estate professional?Those offering real estate advisory services will increasingly need toaddress green issues, as this becomes an expected part of a consultant’sdue diligence.30Canadian Property Valuation Volume 54 | book 1 | 2010 Évaluation Immobilière au Canadaclick here to return to table of contents
Note that this course focuses primarily on commercial real estate,including office, retail, industrial, and multi-family residential. We leaveresidential issues to the CPD 126 course described below.CPD 126: Getting to Green –Energy Efficient and Sustainable HousingPresented June 4, 2010 by Paula Steele, MA, LEED APSimilar to the commercial uses outlined above, interest in greenresidential applications also appears to be growing. In commercial realestate, the key issues are payback of investment with operating savingsand improved leasability and absorption. For homeowners, the key issueis reducing energy consumption, in one part for reducing energy costs,but also for social reasons: mitigating climate change and reducing one’scarbon footprint.This course assists market participants recognize and evaluate featuresof energy efficient and sustainable real estate. We will illustrate ‘BuildingScience 101,’ in terms of how the components of a home work togetherto control the flow of air, heat, and moisture to maintain healthy indoorenvironments. The economic and governmental mechanisms that drivegreen real estate forward will be explored. The green homes trend isadvancing quickly in Canada – this course looks at success stories worldwide,demonstrating the potential for a greener future.Upcoming CPD Friday webinars:• Friday, March 5, 2010: CPD 101 Business Enterprise Valuation• Friday, May 7, 2010: CPD 125 Green Value – Valuing SustainableCommercial Buildings• Friday, June 4, 2010: CPD 126 Getting to Green – Energy Efficient andSustainable HousingFor more information on these and other UBC CPD offerings,please visit our website: www.realestate.ubc.ca/webinaor www.realestate.ubc.ca/cpdap•prais•al \ -’pr -z l\ n (1817) : an act or instance of appraising; esp : a valuation of property by the estimate of anNEW EDITION!authorized person ap•prais•al \ -’pr -z l\ n (1817) : an act or instance of appraising; esp : a valuation of property by theestimate of an authorized person ap•prais•al \ -’pr -z l\ n (1817) : an act or instance of appraising; esp : a valuation ofAN ESSENTIAL TEXTproperty by the estimate of an authorized person ap•prais•al \ -’pr -z l\ n (1817) : an act or instance of appraising; esp: a valuation of property by the estimate of an authorized person ap•prais•al \ -’pr -z l\ n (1817) : an act or instance ofCREATED BY APPRAISERS, FOR APPRAISERSappraising; esp : a valuation of property by the estimate of an authorized person ap•prais•al \ -’pr -z l\ n (1817) : an act orinstance of appraising; esp : a valuation of property by the estimate of an authorized person ap•prais•al \ -’pr -z l\ n (1817) :Dozens of dedicated valuation professionals debatedan act or instance of appraising; esp : a valuation of property by the estimate of an authorized person ap•prais•al \ -’pr -z l\and discussed the language of real estate to create then (1817) : an act or instance of appraising; esp : a valuation of property new edition by the of estimate The Dictionary of an authorized of Real Estate person Appraisal. ap•prais•al\ -’pr -z l\ n (1817) : an act or instance of appraising; esp : a valuationThis highlyof propertyanticipated,by thestate-of-the-artestimate an authorizedreferencepersonwork includes:ap•prais•al \ -’pr -z l\ n (1817) : an act or instance of appraising; esp : a valuation of property by the estimate of an• Over 5,000 definitions and termsauthorized person ap•prais•al \ -’pr -z l\ n (1817) : an act or instance • Seven of freestanding appraising; esp glossaries : a valuation pertaining of property to business by theestimate of an authorized person ap•prais•al \ -’pr -z l\ n (1817) : valuation, an act or instance statistics, of architecture, appraising; esp construction, : a valuation agriculture ofand the environmentproperty by the estimate of an authorized person ap•prais•al -’pr -z l\ n (1817) : an act or instance of appraising; espThe dictionary will be anessential tool for years to come!Copyright © 2010 Appraisal InstituteORDER NOW!View the full description and order online:www.appraisalinstitute.org/REdictionaryCanadaThe Dictionary of Real EstateAppraisal, Fifth EditionPrice: $85*Member Price: $70*Stock Number: 0730M*plus shipping and handlingclick here to return to table of contentsCanadian Property Valuation Volume 54 | book 1 | 2010 Évaluation Immobilière au Canada 31
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Note that this course focuses primarily on commercial real estate,including <strong>of</strong>fice, retail, industrial, and multi-family residential. We leaveresidential issues to the CPD 126 course described below.CPD 126: Getting to Green –Energy Efficient and Sustainable HousingPresented June 4, 2010 by Paula Steele, MA, LEED APSimilar to the commercial uses outlined above, interest in greenresidential applications also appears to be growing. In commercial realestate, the key issues are payback <strong>of</strong> investment with operating savingsand improved leasability and absorption. For homeowners, the key issueis reducing energy consumption, in one part for reducing energy costs,but also for social reasons: mitigating climate change and reducing one’scarbon footprint.This course assists market participants recognize and evaluate features<strong>of</strong> energy efficient and sustainable real estate. We will illustrate ‘BuildingScience 101,’ in terms <strong>of</strong> how the components <strong>of</strong> a home work togetherto control the flow <strong>of</strong> air, heat, and moisture to maintain healthy indoorenvironments. The economic and governmental mechanisms that drivegreen real estate forward will be explored. The green homes trend isadvancing quickly in <strong>Canada</strong> – this course looks at success stories worldwide,demonstrating the potential for a greener future.Upcoming CPD Friday webinars:• Friday, March 5, 2010: CPD 101 Business Enterprise Valuation• Friday, May 7, 2010: CPD 125 Green Value – Valuing SustainableCommercial Buildings• Friday, June 4, 2010: CPD 126 Getting to Green – Energy Efficient andSustainable HousingFor more information on these and other UBC CPD <strong>of</strong>ferings,please visit our website: www.realestate.ubc.ca/webinaor www.realestate.ubc.ca/cpdap•prais•al \ -’pr -z l\ n (1817) : an act or instance <strong>of</strong> appraising; esp : a valuation <strong>of</strong> property by the estimate <strong>of</strong> anNEW EDITION!authorized person ap•prais•al \ -’pr -z l\ n (1817) : an act or instance <strong>of</strong> appraising; esp : a valuation <strong>of</strong> property by theestimate <strong>of</strong> an authorized person ap•prais•al \ -’pr -z l\ n (1817) : an act or instance <strong>of</strong> appraising; esp : a valuation <strong>of</strong>AN ESSENTIAL TEXTproperty by the estimate <strong>of</strong> an authorized person ap•prais•al \ -’pr -z l\ n (1817) : an act or instance <strong>of</strong> appraising; esp: a valuation <strong>of</strong> property by the estimate <strong>of</strong> an authorized person ap•prais•al \ -’pr -z l\ n (1817) : an act or instance <strong>of</strong>CREATED BY APPRAISERS, FOR APPRAISERSappraising; esp : a valuation <strong>of</strong> property by the estimate <strong>of</strong> an authorized person ap•prais•al \ -’pr -z l\ n (1817) : an act orinstance <strong>of</strong> appraising; esp : a valuation <strong>of</strong> property by the estimate <strong>of</strong> an authorized person ap•prais•al \ -’pr -z l\ n (1817) :Dozens <strong>of</strong> dedicated valuation pr<strong>of</strong>essionals debatedan act or instance <strong>of</strong> appraising; esp : a valuation <strong>of</strong> property by the estimate <strong>of</strong> an authorized person ap•prais•al \ -’pr -z l\and discussed the language <strong>of</strong> real estate to create then (1817) : an act or instance <strong>of</strong> appraising; esp : a valuation <strong>of</strong> property new edition by the <strong>of</strong> estimate The Dictionary <strong>of</strong> an authorized <strong>of</strong> Real Estate person <strong>Appraisal</strong>. ap•prais•al\ -’pr -z l\ n (1817) : an act or instance <strong>of</strong> appraising; esp : a valuationThis highly<strong>of</strong> propertyanticipated,by thestate-<strong>of</strong>-the-artestimate an authorizedreferencepersonwork includes:ap•prais•al \ -’pr -z l\ n (1817) : an act or instance <strong>of</strong> appraising; esp : a valuation <strong>of</strong> property by the estimate <strong>of</strong> an• Over 5,000 definitions and termsauthorized person ap•prais•al \ -’pr -z l\ n (1817) : an act or instance • Seven <strong>of</strong> freestanding appraising; esp glossaries : a valuation pertaining <strong>of</strong> property to business by theestimate <strong>of</strong> an authorized person ap•prais•al \ -’pr -z l\ n (1817) : valuation, an act or instance statistics, <strong>of</strong> architecture, appraising; esp construction, : a valuation agriculture <strong>of</strong>and the environmentproperty by the estimate <strong>of</strong> an authorized person ap•prais•al -’pr -z l\ n (1817) : an act or instance <strong>of</strong> appraising; espThe dictionary will be anessential tool for years to come!Copyright © 2010 <strong>Appraisal</strong> <strong>Institute</strong>ORDER NOW!View the full description and order online:www.appraisalinstitute.org/REdictionary<strong>Canada</strong>The Dictionary <strong>of</strong> Real Estate<strong>Appraisal</strong>, Fifth EditionPrice: $85*Member Price: $70*Stock Number: 0730M*plus shipping and handlingclick here to return to table <strong>of</strong> contentsCanadian Property Valuation Volume 54 | book 1 | 2010 Évaluation Immobilière au <strong>Canada</strong> 31
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