The Appraisal Practices Board (APB) of The Appraisal Foundation has announced it is seeking Subject Matter Experts (SMEs) to assist in the research and development of voluntary guidance on “Collection and Verification of Data used in the Sales Comparison Approach for Non-Residential Properties.”
The APB issues voluntary guidance on recognized valuation methods and techniques and emerging industry issues. The APB seeks to identify and provide examples of commonly accepted methods and techniques with evaluative commentary where appropriate. The APB accomplishes this by utilizing panels of volunteer SMEs, which will be comprised of individuals with expertise in the specific topic being considered.
The SME panel will research and cite all pertinent sources of existing information on the given topic, which may include multiple recognized methods or techniques (and may also include some which are not recognized). The SME panel will work in conjunction with an assigned liaison(s) from the APB in drafting the guidance. After review by the APB, it will subsequently vet the issue through a public exposure process. The APB may, at their discretion, ask other Appraisal Foundation Boards or panels to also provide comment. Based upon the feedback from the exposure process, the APB may return the document to the panel or ultimately adopt guidance that addresses the specific topic.
Project goals
The SME panel chosen to address “Collection and Verification of Data used in the Sales Comparison Approach for Non-Residential Properties” will accomplish its goal by, at a minimum, gathering, citing and researching all existing literature and publications pertaining to how to evaluate recognized methods and techniques as they apply to the topic, particularly:
- Identifying sources of sales data and conditions of use and reliability for non-residential properties.
- Identifying what impact the absence of full sales disclosure can have on the methods identified above.
- Identifying what General Data is needed by appraisers to produce credible assignment results.
- Identifying what Specific Data is needed by appraisers to produce credible assignment results.
- Identifying the amount and type of data needed for a credible Sales Comparison Approach.
- Identifying the proper verification process of transactional and property data utilized in the Sales Comparison Approach.
The SME panel may also address other aspects related to the Scope of Work stated above, but only if they are relevant and critical to the process. Revisions to the Scope of Work will have to be approved by the APB.
SME panelists are not compensated for their time and serve on a voluntary basis. They are not considered to be members of the Appraisal Practices Board, nor employees of the Appraisal Foundation, but dedicated professionals on a pro bono basis. Attribution of their work will be provided in the final accepted voluntary guidance adopted by the APB and become a matter of public record. Any APB approved expenses will be reimbursed in accordance with TAF travel policy requirements.
Any person, including appraisers, lenders, underwriters, attorneys, government employees or other interested parties may apply for consideration to this SME panel by completing an application.
Qualifications for SMEs
The APB envisions individuals selected for this SME panel to have experience in appraising real property or tangible personal property in Collection and Verification of Data used in the Sales Comparison Approach from the perspective of one or more of the following:
- Certified general real estate appraisers;
- Tangible personal property appraisers or mass appraisers;
- Related trades or professions;
- Users of appraisal services;
- Educators, writers and researchers; or
- Service in a government or government-related agency.
How to apply
All interested parties should submit a completed application along with a resume, CV or other statement of qualifications to Staci Steward, appraisal practices administrator, via e-mail at ([email protected]) no later than the close of business on June 6. Steward may also be reached by calling (202) 624-3052.