COLORADO CHAPTER APPRAISAL NEWS Appraisal Institute · please be advised that the colorado chap-ter...

LOCATION: Summit Conference and Event Center 411 Sable Blvd., Aurora, CO 80011SCHEDULE: 7:30 am – 8:00 am Registration and Continental Breakfast 8:00 am – Noon — Seminar Presentation Noon – 1:00 pm — Lunch and Chapter MeetingFEE: Members of the Appraisal Institute:

$55.00 (INCLUDES LUNCH) Non Members: $75.00 (INCLUDES LUNCH) Lunch Only: $25.00 Colorado Chapter MeetingCONTINUING Appraisal Institute – 4 Hours EDUCATION: State of Colorado – 4 Hours Real Estate Continuing Education – 4 Hours –

State of ColoradoSPEAKERS: 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 will feature presentations & case studies and examine how investors create value in single family, multi-family & commercial properties through renovation & repositioning in the Denver & Colorado markets. Topics will include evaluating potential properties, scoping the renovation, securing financing & the execution of the planned construction & repositioning. Common mistakes & pitfalls will be discussed as the presenters will include 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!

Attendance In order to receive continuing education creditRequirement: for this seminar, you must attend 100% of the

program.

AppraisalInstitute®

Professionals ProvidingReal Estate Solutions

COLORADO CHAPTER APPRAISAL NEWS

Volume 27, No. 2 — April, 2017

Publisher: Sherry Engleberg www.colo-ai.org

The Colorado Chapter of the Appraisal Institute Presents

Recreating Value — APRIL 6, 2017

Registration Form – No Phone Reservations Please!E-mail [email protected] • FAX 303.757.0158 • MAIL 1540 S. Holly St. #5. Denver, CO 80222

No later than ???????

Name _______________________________________________________________ Designation: _____________________

Phone: (_______) _____________________________ E-Mail Address: ____________________________________________

Company _____________________________________________________________________________________________

M VISA M Master Card M American Express M CHECK #_______________

Credit Card Number: _________________________________________ Expiration Date: ________________ CCV #_______

Billing Address ______________________________________________ City, State, Zip ______________________________

Signature _____________________________________________________________________________________________

Questions: 303.691.0487, Outside Denver Area: 1.800.571.0086

• Board of Directors Meeting • 1:15 PM – 3:00 PM

Appraisal Institute Members Guests

Seminar & Lunch M $55 M $75

Lunch only M $25 M $25

TOTAL $______________

AppraisalInstitute®

Professionals ProvidingReal Estate Solutions

Please note: This program was developed by the Colorado Chapter who is solely responsible for the contents. The Appraisal Institute national organization was not involved in developing or organizing the Program. The content of this program, including but not limited to any written materials and presenter comments, does not represent the viewpoint of the Appraisal Institute.

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:

Member Non-Member

Full Page 7" x 10" $165 $175Half Page 7" x 5" or 33⁄4" x 10" $ 90 $100Quarter Page 31⁄2" x 41⁄2" $ 50 $ 601/8 Page (Bus. Card size)

31⁄2" x 2" $ 30 $ 40

Colorado Chapter does not endorse any product or serviceadvertised in this newsletter.Send camera-ready copy and check to:

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

www.colo-ai.org

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.

ONLINE EDUCATION: LEARN AT YOUR OWN PACE

ANYTIME, ANYWHERE!Top-notch Appraisal Institute courses and seminars come straight to your desktop with online education!. Learn from any computer anywhere, whenever you have time. It’s easy, convenient and a great way to get the education you want. Check out the current course listing now!

www.appraisalinstitute.org/online EDUCATION

Click on the link for online education.

“As it turns out, the media in this country is quite powerful. Who knew?” said nobody, ever.

Remember those news articles published a few months ago, in which lenders and home-buyers were frustrated by the long turnaround times and high fees for residential appraisals?

Those stories appear to have captured the atten-tion of some enterprising folks who would like to get into the appraisal business. Our chapter’s principles and procedures classes are experiencing relatively strong demand com-pared to the past few years, which means our chapter may capture some new members to replace those who will be retiring in the next few years.

However, before we celebrate a turnaround just yet, its essential to point out the crucial next step: Several of these newly educated individu-als need to be trained to do the job the right way. It is up to us to teach these aspiring appraisers to produce the high-quality work that Appraisal Institute members are known for. Give it some thought before the buying season gets in full swing again.

One last note, if you have strong feelings about the return of the registered appraiser license, we will be discussing it at the chapter board meeting on April 6 with Lee Ormiston, the pres-ident of the Colorado Coalition of Appraisers. To be clear, these are preliminary discussions to determine whether reinstatement is worth pur-suing. There are no formal commitments at this point. Please RSVP with the Chapter office if you wish to attend the Board of Directors meeting.

PRESIDENT’S REMARKSby Jon Vaughan, MAI

YMARK YOUR CALENDARS… SUPPORT YOUR CHAPTER… COLORADO CHAPTER EVENTS…

APRIL 6 CHAPTER GENERATED SEMINAR, MEMBERSHIP MEETING, BOARD MEETING

APRIL 25–28 GENERAL APPRAISER INCOME APPROACH, PART I

MAY 22 7 HOUR USPAP

MAY 16–19 GENERAL APPRAISER INCOME APPROACH, PART II

JUNE 1 CHAPTER GENERATED SEMINAR, MEMBERSHIP MEETING, BOARD MEETING

AUGUST 10 POTPOURRI, MEMBERSHIP MEETING

SEPTEMBER 8–10 FALL EVENT, BRECKENRIDGE

SEE THE COLORADO CHAPTER WEBSITE FOR ADDITIONAL COURSE OFFERINGS www.colo-ai.org

ORDER YOUR PERSONALIZED NAME BADGE TODAY!

ABC ReproGraphics, 8400 E. Iliff Avenue Unit #2, Denver, CO 80231

1. CALL TO ORDER 303.755.8984 — FAX # 303.755.89462. GIVE THEM THE INFORMATION: COLORADO CHAPTER

APPRAISAL INSTITUTE NAME BADGE3. GIVE THEM THE NAME AND INFORMATION YOU WANT ON YOUR BADGE4. GIVE THEM YOUR MAILING ADDRESS5. GIVE THEM PAYMENT INFORMATION. $13.00 INCLUDES BADGE AND MAILING CHARGE

PROUDLY WEAR YOUR CHAPTER NAME BADGE AND ATTEND COLORADO CHAPTER MEETINGS AND OFFERINGS – SUPPORT YOUR CHAPTER!

Nothing happens in a vacuum. Forces that we think are unique to appraisal and its challenges may be symptoms of a far more pervasive societal trend.

There are patterns that we sometimes do not see, which inexorably impact, in ever so subtle a fash-ion, the world we live in. We have seen it with pure technology, we now see it as it changes the very fabric that defines us as valuation professionals.

I used to think that appraisers were uniquely singled out for punishment in some type of cos-mic financial karma. I was never sure what we had done-but I saw the effects of ever-increasing regulation, lack of financial vitality, the impact of competitive technologies, etc.

After a lot of reflection, I now see a larger pat-tern. We are but part of a far broader, far more comprehensive and even game-changing trans-formation. It is clear that the fundamental under-pinnings of all of the professions are radically changing.

We are at an inflection point-the early stages of a shift as profound as that brought on by the Industrial Revolution. Not only are the new tech-nologies exponential, digital, and combinatorial, but most of the gains and changes are still ahead of us. In the next twenty-four months, the planet will add more computer power than it did in all previous history. Over the next twenty four years, the increase will likely be more than over a thou-sand-fold. The amount of data that is being dig-itized is growing even faster than Moore’s Law. Technology creates possibilities and potential, but ultimately, the future depends on the choices we make.

Professionals and the Great BargainA modern society cannot function without a social division of labor. No one is an expert on everything. We prosper because we specialize, developing for-mal and informal mechanisms and practices that allow us to trust one another in those specializa-tions and gain the collective benefit of our individ-ual expertise.

The technological and economic progress that ensures the well-being of a population requires a

division of labor, which in turn leads to the cre-ation of professions.

Historically, the expert’s service to the public is part of the social contract, often called the “Grand Bargain”. Society made a pact with members of the professions. Whether lawyer, doctor, accountant, etc., society rewarded the keepers of specialized knowledge with special privilege, remunera-tion and powers in exchange for their focus and specialization in areas of knowledge that were important to the proper functioning of society.

This bargain has effectively given the keys to a number of professionals who make a greater than average level of compensation and prestige from society because we are entirely dependent upon them for their knowledge, experience and expertise.

Defining a ProfessionalProfessionalism encourages experts to do their best to serve their clients, respect their own knowledge boundaries, and demand that their boundaries be respected by others, as part of an overall service to the ultimate client: society itself. We see an echo of this in the preamble to USPAP.

Over a half century ago, the historian Richard Hofstadter wrote that “the complexity of modern life has steadily whittled away the functions the ordinary citizen can intelligently and compre-hendingly perform for himself.”

And so we turned to professionals. We termed these professionals “experts”.

Experts can be defined loosely as people who have mastered the specialized skills and bodies of knowledge relevant to a particular occupation and who routinely rely on them in their daily work. Put another way, experts are the people who know considerably more about a given subject than the rest of us, and to whom we usually turn for edu-cation or advice on that topic. They don’t know everything, and they’re not always right, but they constitute an authoritative minority whose views on a topic are more likely to be right than those of the public at large.

Guest EditorTectonic Transformation:

The Future of Appraisal and the ProfessionsBy Mark R. Linné, MAI, SRA, AI-GRS

(continued on next page)

How do we identify who these experts are? In part, by formal training, education, and profes-sional experience, applied over the course of a career. Teachers, nurses, and plumbers all have to acquire certification of some kind to exercise their skills, as a signal to others that their abilities have been reviewed by their peers and met a basic standard of competence. Credentialism can run amok, and guilds can use it cynically to generate revenue or protect their fiefdoms with unneces-sary barriers to entry. But it can also reflect actual learning and professional competence, helping separate real experts from amateurs or charla-tans. Beyond credentials lies talent, an immutable but real quality that creates differences in status even within expert communities. And beyond both lies a mindset, an acceptance of membership in a broader community of specialists devoted to ever-greater understanding of a particular subject.

Experts agree to evaluation and correction by other experts. Every professional group and expert community has watchdogs, boards, accred-itors, and certification authorities whose job is to police its own members and ensure that they are competent and live up to the standards of their own specialty.

One area where the professions have arguably been successful is as a pathway to good work: work that is stable, well-compensated, intellec-tually engaging and often motivated by values beyond the market.

The Challenges to the Professions The professions have earned a privileged posi-tion in society, essentially a mandate for control in their fields of specialization.

At their core, the professions are a type of social contract: they are the gatekeepers to special-ized knowledge and expertise, they are allowed to self-regulate their activities, and we place our trust in them to advise and help us.

Many have argued that this social contract has many drawbacks – in particular the fact that the professions are notoriously conservative and reluctant to change – but until recently there was no better system. Now, though, technology allows us to consider alternatives, and it is these alterna-tives that promise both opportunity and tumult for the future.

This grand bargain with the professions appears to be failing economically, technologically, psy-chologically, morally, qualitatively, and in terms

of their inscrutability. There are challenges to this relationship, due to the breathtaking changes in data and technology. Technology offers alterna-tives that will displace much of the current pro-fessional workforce. The internet has created a model where most professional advice is avail-able free to users. Many of these trends suggest a decline in demand for the traditional professions and the conventional professional worker.

The Transformation of the ProfessionsPeople who once had to turn to specialists in any given field now plug search terms into a Web-browser and get answers in seconds—so why should they rely on some remote clerisy of arro-gant professionals? Information technology, how-ever, is not the primary problem. The digital age has simply accelerated the collapse of communi-cation between experts and laypeople by offering an apparent shortcut to erudition. It has allowed people to mimic intellectual accomplishment by indulging in an illusion of expertise provided by a limitless supply of facts.

Many argue that these so-called “destructive innovations”, offer services that were previously offered by high-priced professionals. As infor-mation services become more readily available online, as derivative and enhanced information is built upon core data, many professionals see a trend towards the diminution or even the destruc-tion of their profession as a process that needs to be resisted at all costs, with barriers both real and regulatory.

It is clear that the services that professionals are doing, are at price point points that are not afford-able by the majority of consumers or at a level that the market seeks endlessly to reduce. These services can be demystified, unbundled and pre-sented in a stream of separate off-the-rack cheaper services which can be performed by non-profes-sionals and even by the machines. Think it can’t happen? Think again.

What is Happening?It is hard to see, understand and implement change. We’ve grown accustomed to the decaying hulls of factories and re-purposed shopping centers. We’ve begun to see the hollowing out of suburban office parks and we can even envision being transported


Tectonic Transformation: The Future of Appraisal and the Professions (continued)

by fleets of robot taxis. Terms like co-working and co-living are emerging as different ways to work and live. Yet we are working, studying and legis-lating as though our schools, courts and hospitals will continue as hubs of economic activity abuzz with an app-enabled but largely unchanged cadre of educators, lawyers and doctors. There are key reasons as to why our professional institutions will not, and should not, endure.

Is it possible that professionals-appraisers in particular, are operating with limited vision and flawed assumptions about the future of profes-sional work?

Disruptive innovation continues in education and health, advisers, appraisers, lawyers, man-agement consultants and architects. In each case technology will make expertise much more acces-sible to consumers and leave a smaller role for human experts.

What Professionals Should DoAs professionals, we need to seriously evaluate our existing professions and the systems and peo-ple that will replace them. Our focus is on doc-tors, lawyers, teachers… and yes-appraisers. In the long run we will neither need nor want pro-fessionals to work in the way that they did in the twentieth century and before. We are already see-ing, at the fringes of many professions, increas-ingly capable machines, operating on their own or with non-specialist users that continue to take on many of the tasks that have been the historic pre-serve of the professions.

We must understand that the end of the profes-sional era is characterized by four trends:

1. The move from personalized service to a standardized service

2. Bypassing traditional gatekeepers (e.g. edu-cational software designers rather than teachers)

3. A shift from a reactive to pro-active approach (e.g. from waiting for a client to anticipating needs)

4. More-for-less (more professional service at less cost).

These trends are driven by technology which stores, represents, shares and re-uses expertise in digital form, driven by automation and innovation. Importantly these changes provide more access to expertise, and hence more power and autonomy, for clients rather than service providers.

Another important trend will be the need for different/new competencies and skills from pro-fessionals, such as new ways of communicating (e.g. social media), mastery of ‘big data’, and more advanced technology competence, includ-ing the acceptance that many ‘professional’ tasks will be better performed by machines than even experts.

Theory and predictionAs in all things in our society-information tech-nology is having a dramatic impact on the pro-fessions. The move from a print-based to an IT/Internet-based society changes the nature of how information is not only stored and structured but also processed and analyzed, and this will have profound consequences for how expertise and specialist knowledge are accessed. This second stage – knowledge management and dissemina-tion – is still in the process of development and has not yet been fully exploited, but is known and therefore we can confidently extrapolate from this at least four main developments in IT over the next five to ten years:

• exponential growth in IT (Moore’s Law): for instance, an average desktop computer will have more processing power than a single human brain by 2020;

• increasingly capable machines: many tasks that currently require human beings will be performed better by machines – including professional services, through a combination of:• Big Data• Augmented Reality• AI (e.g. IBM’s Watson; speech recognition;

brute force computing)• Robotics (e.g. driverless cars)• Affective Computing: systems that can

detect and express emotions

• increasingly pervasive devices• increasingly connected humans

What is increasingly clear is that machine learn-ing has allowed the increasing ability of machines to replace even sophisticated human abilities in professional fields.



ConclusionsYes, we need to change, to do things better, to use technology more intelligently, to build new pro-cesses, to increase access to high quality services, but this needs to be done within a broader view of the effects these changes will have on society as a whole, and in particular the professional areas being changed. This is an endeavor with a high risk of unintended consequences. We cannot for-get the ramifications of the great financial crisis of 2007.

It is easy to be seduced by the potential of big data and artificial intelligence (AI). I believe that big data, machine learning, and to a lesser extent, AI, will have many benefits, and will lead to some profound changes in the way professions are organized and delivered. But they are unlikely to address the bigger issues of collateral valuation, and the key issues of the knowledge and skills needed that will not yield so easily to big data and AI solutions, or whose application, more impor-tantly, may lead to major failures within a pro-fession, as with derivatives in finance in 2008, if professionals lose control over the algorithms and decision-making.

We are all interested in preservation of the cur-rent “status quo” that all appraisers would like to see. How often do we complain and moan about the impact of AVMs, AMCs, or reasonable fees, in an era of fee compression and dominance by inter-mediaries who get between the appraiser and our clients? The truth is, we will never go back to the halcyon days that we imagine and remember. We must make do and prosper in an entirely different landscape. A landscape in which we are but one of many players, all of whom seek to enable financial transactions.

In the last several decades, we have seen one bastion after another of human uniqueness fall before the inexorable onslaught of innovation. It has become harder to ignore, and this trend will only accelerate.

It is hard to have confidence that any given task will be infinitely resistant to automation. It is no different with appraisers. That means that we will need to be more adaptable and flexible in our func-tional place in the greater financial services envi-ronment in which we interact. We need to seize new opportunities where machines complement and augment human capabilities. Its very easy to be complacent and underestimate the power of digital, exponential, and combinatorial innovation.

It is clear that the status quo has been unsat-isfying to many appraisers for quite some time. But we must be careful about the alternatives. But we need to be careful what we wish for, and in particular we need to be careful not to throw the baby out with the bathwater. At the same time, we need to be aware of these subtle and oft-times not so subtle changes in our own and other profes-sions and seek proactively to determine solutions on how our services might best meet the needs of an ever-changing valuation landscape. Joseph Schumpeter talked of “creative destruction”. We must seek to creatively demolish and re-imagine the status quo and create the fabric of an adapt-able and sustainable business model for the future. Our failure to do so could very well mean the continuing decline that we have seen in many aspects of our own profession. This is not the acceptance that such decline is inevitable. What is inevitable, however, is that we must change to avoid such a dystopian future. The advent of tech-nology and data and machine learning all provide the potential ingredients for a bright and mean-ingful tomorrow. The fact that the professions are changing should be seen as the challenge that it is.

Technology does not have be our destiny. We shape our destiny.

In the same way, being resistant to change is not a solution. Instead, as valuation professionals, we must seek to embrace this creative destruction and ride the wave to a brighter and more engag-ing future, by recognizing the role we could play as professional experts.

It’s not just a theoretical concept-rather, it defines the path for survival and reinvention as valuation professionals.

Mark R. Linné, MAI, SRA, AI-GRS, was selected as the 2012 winner of the Valuation Visionary award by the members of the Collateral Risk Network, made up of the nation’s Chief Appraisers, GSE’s and key national stakeholders, Mr. Linné is recognized as the nation’s leading valuation futurist, as well as an author or co-author of four books, more than 50 articles, keynote speaker, presenter, expert witness, blogger, software developer/inventor with two patents, columnist, instructor, course developer and serial entrepreneur and presently serves on the Editorial Review Panel of The Appraisal Journal, and numerous other committees and panels throughout multiple organizations. Mark can be reached at [email protected].


2/22 – Wednesday

The AI National Board of Directors (BOD) orien-tation was held from 3pm to about 8pm. This has traditionally been an annual requirement for all of the Directors on the day before the Q1 BOD meeting. The orientation includes both important information and legal instructions for the Direc-tors while serving as fiduciaries of the Appraisal Institute. This year also featured discussion about short and long term goals, strategic initiatives, and some outside-of-the-box ideas. During the orien-tation, we met with a contingent from the Japan Association of Real Estate Appraisers (JAREA). They were in Chicago visiting the leadership of AI and spoke to the Directors for a few minutes. JAREA is 60 years old and the message from their delegation to the BOD was continued and strong support for AI to maintain its role as an Interna-tional leader of the profession.

Ten new Directors took the oath of office as Vice Chairs on the Board, including Region II’s Rodman Schley, MAI. Ten former Chairs rolled off the Board, including our own Kerry Jorgensen, MAI. The average age of the BOD now might be the youngest in AI history. The new Vice Chairs are a bright group of AI professionals with vary-ing backgrounds and experience, and they have already brought a lot of energy to the BOD.

2/23 – Thursday

Officers Reports: Each AI Officer and the CEO gave an overview of their activity in the first quar-ter of 2017.

Domestic – Predominantly travel to Chap-ter meetings/installations, Regional meet-ings or calls, and some meetings with other national organizations (ASB/AQB meetings, bankers and trade conferences, etc.). An offi-cer will attend a Chapter event only when invited, so if you would like to have a visit by an officer please reach out to national.

International – Not much travel in this cat-egory so far in 2017. As a point of informa-tion, most international travel is also by invitation to speak at an event or meet with another organization’s leadership. From a spending perspective, 2016 saw the rev-enue/expense balance from the interna-tional initiative to be about break even.

Meetings: Upcoming meetings were discussed. a. 2017 LDAC currently had 95 individu-als registered out of the 100 spots. It has since subsequently filled and is closed at this time. Region II’s Rodman Schley was elected the Vice-Chair of LDAC for this year, and will be its Chair in 2018.

b. 2017 Chapter Leadership Program (CLP): Dates of October 26–27 in Chicago at the InterContinental Hotel with manda-tory attendance for each Chapter’s incom-ing 2018 President (at a minimum).

c. 2017 International Conference with AI Canada, June 8–11, Ottawa, Ontario.

Region II Leadership ReportFirst Quarter BOD Meeting in Chicago – Feb 23-24, 2017


Region II Committee,

Attached please find our notes from the first quarter national Board of Directors meeting. It was held in Chicago on February 23-24, 2017. Based on your requests during the recent December and January Region II conference calls, we’ve decided to update you after each BOD meeting. We want you to be fully aware of the content and discussions at each of those meetings going forward.

Feel free to distribute this information in your Chapter newsletters or in any other form that you feel would best be received by the members.

We are all looking forward to seeing you in Tulsa, and hope that you have made your airline and hotel reservations already!

Craig Steinley, SRA, AI-RRS, Region II Chair

Rodman Schley, MAI Region II Vice-Chair

The second quarter BOD meeting will be held on June 6-7 in advance of this joint conference.

Committee Reports: Various committee reports were delivered to the BOD by the respective Chairs, including Finance, Education, GRC (Government Relations Committee), PSGC (Professional Stan-dards and Guidance), IRC (International Relations Committee), BOK (Body of Knowledge), ADQC (Admissions, Designations, and Qualifications Committee), and SPC (Strategic Planning Com-mittee). Those with motions before the BOD at this meeting also explained their genesis and ratio-nale. Special points of interest from the Finance Committee report:

a. 2016 ended with a $673,000 surplus (6th year in a row ending in a surplus).

b. 2016 Reserves – $12.6m with a 3.1% return on reserve earnings, 8.2 months of total reserves, and 7.3 months of unre-stricted reserves.

c. Corelogic purchase of FNC – This resulted in a financial gain for AI as explained in the most recent President’s message. This was emailed to all members on Friday, 2/24/17. If you didn’t receive the message and the explanation about AI’s stake in FNC, let one of us know and we will gladly forward the information to you.

AI Department Overviews from Staff: Depart-ment heads presented a brief overview of what role their department serves and provides for members, along with various accomplishments and challenges in 2016.

Leadership Resource Registry: The deadline for the LRR for 2017 is September 1st. If you are interested in serving at the Regional or National level in 2018, please get yourself registered for the many committees/panels which will have open-ings to be filled by President Elect Murrett. You MUST be registered on the LRR to be considered for these positions.

New Designations Issued: Total of 704 in 2016 (428 MAI, 114 SRA, 125 AI-GRS, and 37 AI-RRS). Of these, 513 were first-time designations.

2/24 – Friday

Motions: The BOD discussed and debated various minor motions, including election of AI profes-sionals to AIRF and AI Holdings, etc. The major motions considered are discussed next.

45-Day Notice Items: Included were three motions as proposed by ADQC for amend-ments to Regs 1, 2 and 3.

a. Defining Experience – This motion was pulled by the committee for further con-sideration and clarification. It was not dis-cussed or acted upon by the BOD. Motion Postponed to a Date Certain, meaning that the motion was postponed to the next reg-ularly scheduled BOD meeting (June in Ottawa).

b. College Degree Requirement – To elim-inate the college degree requirement for certified appraisers who do not have a degree and wish to pursue a designation. Note that this would include only those cer-tified appraisers that are now credentialed and don’t have a college degree. Essen-tially, this is a grand-fathering clause since new certified appraisers now must have a college degree by action of the AQB effec-tive in 2015. There was a good debate on

Left to Right: Region II Vice Chair Rodman Schley, MAI; President Jim Amorin, MAI, SRA, AI-GRS; President Elect Jim Murrett, MAI, SRA; Region II Chair Craig Steinley, SRA, AI-RRS. Photo taken in the AI National Office in Chicago, Feb. 23, 2017.

Region II Leadership Report (continued)


this motion with many viewpoints: how many potential candidates? (unknown really but many Directors told of knowing individual(s) who were immediately inter-ested in signing up; and others who were opposed – final suggestion was maybe 100 members might choose this path to a des-ignation); does it “water-down” the desig-nation? (some expressed the opinion that it did, while other Directors thought ‘no’ due to the other rigorous requirements in the designation process and the limited num-ber of potential candidates that would be affected). Vote taken; motion passed.

c. Harmonization of Regs 1, 2, and 3: The housekeeping part of passing these motions which addresses change to regulation wording for consistency. Motion passed after being placed on the unanimous con-sent calendar.

2018 Annual Conference Location: After a presentation of several possibilities by staff, Nashville, TN was chosen. The host site will be a brand new JW Marriott (sub-ject to final contract). This hotel will be opening in early summer 2018 and the deal to book our conference pre-completion was extremely competitive. Vote taken; motion passed.

2019 Annual Conference Location: Other cities/hotels were reviewed. However, the Board requested that Meeting Services research a few other cities. The general consensus was that AI should go to the West Coast for this meeting after being in the central and eastern US the past few years. Note that some cities will likely never be in consideration due to high hotel/facility costs (i.e. NY, San Francisco, Chicago, etc). Motion was Postponed to a Date Certain and will be considered in Ottawa.

Property Rights Symposium: It was pro-posed by Body of Knowledge Committee (BOK) to have AI host a two-day symposium for 40–50 invitees from various organiza-tions to consider appropriate methodologies in valuing the fee simple estate in property that may or may not be leased. Generally,

BOK feels that a consensus can be achieved on this issue – which currently has varying viewpoints. The rationale provided was that AI should take a leadership role in defining and debating the issue. The result would a ‘white paper’ exposed to AI profession-als for comment. Once revised to account for this membership exposure, BOK would seek BOD approval for eventual inclusion of the white paper in our Body of Knowl-edge. This motion is in line with AI’s Strate-gic Plan to lead in the valuation profession and continue to serve as the developer and keeper of the body of knowledge for real property valuation. Vote taken; motion passed. Budgetary impact: $139,000 to be taken from AI reserves.

Education Committee Members Attend-ing AI Education: A motion was presented to allow each Education Committee mem-ber to attend one national AI education offering per year, provided space is avail-able, at no tuition cost for the offering. The committee member would pay his/her travel and other expenses. The commit-tee member would report to the Education Committee whether the offering fulfills its educational strategies. Rationale: Monitor-ing AI educational offerings to ensure they fulfill the Education Committee’s strate-gies is one of its duties. Vote taken; motion passed. Budgetary impact: none to minimal.

Continued Discussion on CFMAP: The Direc-tors discussed significant Chapter and individual feedback on the CFMAP that was passed by the BOD on November 18, 2016 and subsequently sus-pended indefinitely in January 2017. The Finance Committee reported on progress made with beta-test Chapters. The BOD will continue to listen to feedback, so please provide that to us in the com-ing weeks and months.

Governance Structure Project Team: The GSPT updated the Board of Directors on its progress toward fulfilling its charge, which is the following:

“The overall focus of the Governance Struc-ture Project Team (GSPT) should be on



member value, while the structural focus should take into account market realities. The project team is to review and build upon the conceptual framework that was accomplished by the Strategic Planning Committee in 2014.

The project team is tasked with making recommendations to the Board for possi-bly altering the structure of the Chapters and Regions and the overall AI governance structure to find the optimum mix of mem-ber services and the efficient delivery of those services.”

Consistent with this charge, the project team, which was appointed in 2015, has continued to examine:

• Chapter and Region structure, their gov-ernance and their financial stability.

• Delivery of member services and at what level of the organization structure.

• Achieving cost-efficiencies at all levels of the organization structure.

• Board composition and the means of populating the Board.

• Legislative and regulatory advocacy.• Financial/accounting management.• Dues and fees.• Chapter minimum criteria requirements.• Education delivery.

The Board plans to review and decide by this summer what proposals regarding governance structure, if any, should be considered. Proposals regarding governance structure will be distrib-uted to AI professionals for review and input prior to Board decisions to adopt any changes.

Executive Session: On Friday, the BOD spent a rather long period of time in executive ses-sion. Please understand that this was due to cir-cumstances out of our control. Overall, the need

to enter executive session is not desired by the Directors, or for that matter, by the officers. The Executive Committee openly discussed, and Presi-dent Amorin has promised, that executive sessions will continue to be used only for issues that have a legal or strategic premise, or involve actions (typically by others) that have or would expose the organization to risk. Unfortunately, because AI is the leader of the profession, there are many of these issues that surface. As the Region II commit-tee, you have entrusted your Chair and Vice Chair to comprehend these threats and act responsibly on your behalf, as needed.

Additional Meetings: Chair Steinley attended an in-person meeting of the Professional Liabil-ity Insurance Program Committee (PLIPC) on Wednesday morning. He was elected by the mem-bers of the BOD to serve a 3-year term (2016-2018) on PLIPC. The committee is in the process of considering AI’s options as the current agree-ment with LIA to be the preferred E&O carrier for AI professionals expires at the end of 2018. The endorsement is valuable, and returns significant dollars to the AI from LIA, as well as providing numerous benefits to LIA (more to follow).

Steinley and Schley also attended an in-person meeting of the Strategic Planning Committee (SPC) on Saturday. Steinley was elected by the members of the BOD to serve a 2-year term on SPC (2017-2018). The committee has several ini-tiatives under consideration, including the work of the GSPT mentioned above. Both Steinley and Schley serve on the GSPT, which was constituted in 2015.

Final Thoughts: Again, please feel free to contact either of us by phone or email with questions or concerns. Our goal is to be as transparent as pos-sible to the elected members of the Region II Com-mittee and to the leaders of its Chapters.

Craig Steinley, SRA, AI-RRS, Chair Rodman Schley, MAI, Vice Chair


Presenters:

Mike Rinner, MAI, AI-GRS, Meyers Research LLC, Senior Vice President

Jeb Marsh, Meyers Research LLC. Bill James, MAI, James Real Estate Service.Brad Weinig, TOD Program Director, Enterprise Commu-

nity Partners, Inc.Nate Currey, Senior Manager, Public Relations, RTD, Jacob Riger, DRCOG

Discussion was held on review of appraisals of real estate development properties including T.O.D projects. Discus-sion of affordable housing and equitable TOD. Exploring attracting impact investment/social purpose capital to real estate and valuation. What is TOD (Transit-Oriented Development)? Discover community development that includes a mix of housing, office, retail and/or other com-mercial development amenities integrated into a walk-able neighborhood and located within a ½ mile of quality public transportation.

New technologies and tools and practices that will be available for valuation professionals analyzing transit-re-lated projects. Transportation, technology and real estate. Multiple trends in the transportation industry will have great effect on the configuration of all real estate in the future, largely resulting from the advancements in recent years of communication technology and evolving social trends. What is DRCOG’s federally required long range transportation planning process, particularly the Metro

Vision Regional Transportation Plan (MVRTP). The MVRTP is the Denver region’s vision for a multimodal transpor-tation system needed to respond to future growth and demographic trends. It defines the major transportation projects, programs, and services to be provided over the next 25 years based on forecasted available revenues. DRCOG leads the long range transportation planning process in partnership with CDOT, RTD, the region’s local governments, and many other stakeholders

FRIDAY, JANUARY 27, 2017The Colorado Chapter of the Appraisal Institute Presented the ANNUAL

Colorado Economic Review & Outlook for 2017“TRANSITING LIFESTYLES”

Glenmoor Country Club • 110 Glenmoor Drive • Cherry Hills Village, CO 80113

2017 INSTALLATION

2017 Colorado Chapter Officers installed by Doug Nitzkorski, MAI, AI-GRS

Rodman Schley, MAI, thanks Michael Sullivan, MAI, SRA, AI-GRS for his commitment and time to the Colorado Chapter as the 2016 Chapter President.

We welcomed presenters Mike Rinner, MAI, AI-GRS, Bill James, MAI,

Jeb Marsh, Brad Weinig, Nate Currey and Jacob Riger.

20 Past Presidents attended the January 27, 2017 Installation Banquet!

Kansas Chapter: Mike Rinner, MAI, AI-GRS; RE Appraisers CO Chapter #22, Bonnie Roerig, MAI, GRS

Colorado Chapter: 1991, Rick Mosier, MAI, 1992, E. Nelson Bowes, MAI, 1996, Don Shannon, MAI, SRA, 1997, Thomas Power, MAI, SRA, 1998, Robert Stevens, MAI, SRA, 2000, Marcus Scott, MAI, 2002, John Schwartz, MAI, 2004, Jack Nisley, MAI, SRA, 2006, Harold McCloud, MAI, 2008 Matthew George, SRA, 2009, Virginia Messick, MAI, AI-GRS, 2010, Bret Poole, MAI, 2011, Doug Nitzkorski, MAI, AI-GRS, 2012, Louis Garone, MAI, SRA, AI-GRS, 2014, Charles Nelson, MAI, 2015, Rodman Schley, MAI, 2016, Michael Sullivan, MAI, SRA, AI-GRS

Available Appraiser Trends in Colorado-February 2017 per BOREA

2008 2009 2010 2011 2012 2013 2014 2015 2016

Licensed 790 634 518 399 329 314 293 266 241

Certified Residential 1,437 1,447 1,404 1,365 1,321 1,292 1,282 1,287 1,255

Certified General 1,154 1,151 1,131 1,098 1,094 1,088 1,049 1,053 1,013

Totals: 3,381 3,232 3,053 2,862 2,744 2,694 2,624 2,606 2,509

0

200

400

600

800

1,000

1,200

1,400

1,600

2008 2009 2010 2011 2012 2013 2014 2015 2016

Licensed

Certified Residential

Certified General

Available Appraiser Trends in ColoradoFebruary 2017 per BOREAAvailable Appraiser Trends in Colorado-February 2017 per BOREA

2008 2009 2010 2011 2012 2013 2014 2015 2016

Licensed 790 634 518 399 329 314 293 266 241

Certified Residential 1,437 1,447 1,404 1,365 1,321 1,292 1,282 1,287 1,255

Certified General 1,154 1,151 1,131 1,098 1,094 1,088 1,049 1,053 1,013

Totals: 3,381 3,232 3,053 2,862 2,744 2,694 2,624 2,606 2,509

0

200

400

600

800

1,000

1,200

1,400

1,600

2008 2009 2010 2011 2012 2013 2014 2015 2016

Licensed

Certified Residential

Certified General

Virginia Messick and Nelson Bowes

Daryl GoehringAfter spending sometime overseas (i.e. Peru & Singapore; due to father being a pilot) at young age (4-5), we settled in Clovis, CA. I remained in Clovis, CA from first grade through college (receiving my B.S. degree in Business Admin./Management, from Fresno State in 1993). Shortly after obtaining my degree, I moved to Vail, CO, in 1993 to continue my pursuit for the love of the outdoors (and skiing). The trip was intended to be a short stay (1993-1994 ski season). Twenty-four

years later, I still reside in the Vail Valley (Edwards, CO). Married in 2004 (to my wonderful wife Stacey, also from same hometown and high school as me... whom I re-met in Vail by chance), we now have two amazing daughters (Clara, 10 and Lela, 8). Though I get far less days on the ski hill these days due to a growing family and business, I still enjoy getting out on the hill when possible. Additionally, helping run and manage a local adult soccer club throughout the years has also demanded a lot of my time while providing a number of amazing and unforgettable travels to places far and near.

After my first couple of years in Vail, CO, I had the inclination that I may be staying in the gen-eral area for many more years to come. With addi-tional studies in Real Estate Law, Finance and Principals in college, Appraising (Real Property) offered some opportunities within the growing and dynamic area of Eagle County, CO. Beginning in 1994-1995, I took the necessary steps to obtain my first level of licensing and my first associated job was with the Eagle County Assessors office (working with now Eagle County Assessor, Mark Chapin), which provided an excellent founda-tion. After a short time, I accepted a job on the fee side with long-time local appraiser (Tim Savage), which I worked under for a number of years. Numerous classes and continuing education through the Appraisal Institute, further enhanced my knowledge base, creating more opportunities as my own business continued to grow, becoming even more specialized in the high-end resort and surrounding markets. The SRA demo alternative class with instructors (and AI members) Sandra Adomatis, SRA, Leed Green Associate and Mark Smeltzer, SRA, MAI, AI-RRS, was a very positive experience, further moving me along the path to achieving the SRA designation. Further appreci-ation to Angela Servies and Kurt Lemme (long-time local appraisers), Connie Weigel and AI instructors for providing additional insight, cri-tiques and/or support over the years and addi-tional thanks to Gregg Near, MAI, SRA, for taking the time to be a Candidate Advisor.

Advise? Well balanced and supported reports stand out from many. Take the time and do not hesitate to ask questions.

Virginia Messick, MAI and Nelson Bowes receive their AI-GRS certificate from Michael Sullivan, MAI, SRA, AI-GRS

Michael Sullivan, MAI, SRA, AI-GRS presents the designation certificate to Daryl Goehring, SRA

Congratulations on Achieving Your Designations!


Stephen R. HennisI was raised in Kearny, New Jersey, a small town just outside of New York City. I came to Colorado to attend college at the University of Denver back in 1990 and have been here ever since. So, I’ve been in Colorado almost 27 years, but am often reminded by my wife that I will never qualify as a “native.” I went to the Knoebel School of Hospital-ity Management and took a job with HVS prior to graduation. That’s where I learned the real estate side of the hotel industry.

My first boss out of college, Greg Hartmann, has had the most influence on my career. I inter-viewed with him without having any knowledge of HVS; I simply had some free time and knew they were looking for students from the hotel program. Two weeks later I was working for him. Greg had just opened the HVS office in Boulder and it was a bit of a start-up environment. Despite being a neo-phyte in the industry, he empowered me to take the ball and run with it. And if I had a problem, he was always there to help me out or back me up. I was lucky to have that type of flexibility and free-dom so early in my career. My experience with Greg is what has driven me to be successful in my subsequent roles. It really set the standard for my work ethic over the past 20+ years.

I’ve learned that if you simply do what the job description requires, you will never get ahead in your career. I always consider whether a certain project, be it internal or external, has the potential to make a bigger impression if I either do it a little differently and/or take a few extra steps to exceed expectations.

As I look ahead, there are certainly a lot of routes my career could still go, whether it’s in an investment role at a hotel company or back in tra-ditional consulting. A few years ago, I expected to run my own consulting practice for the rest of my career, but then an unexpected opportunity popped up. Nevertheless, the end goal is to finish my career on a beach in Kauai.

I have been married for almost 17 years to Nikki and we have two sons, Tyler and Owen, who keep us on our toes.

Traveling is my biggest passion, and obviously fits well with my job. I enjoy seeing new places and experiencing everything from culture and history to great food and, of course, cool hotels. In my free time, I enjoy snowboarding and hik-ing with my family, playing pond hockey with my boys, and cheering for them on the soccer field.

Brent HoagLike many current residents of Colorado, I grew up elsewhere. I grew up in the Chicago suburbs and I graduated from Indiana University with a degree in Finance/Real Estate and a minor in American History. I worked for a few years in the Chicago area in commercial mortgage banking and as a commercial fee appraiser before vacationing with my future wife in sunny Colorado, where we enjoyed the beautiful hiking and ample fishing. After another fun vacation and encouraged by the dynamic growth in the real estate market in the early 1990s, we decided to move to Denver.

I have been married to my sunny wife since our move to Denver and we have raised two daugh-ters who are now in high school and college. We bought a house in Aurora where we still live as we both hate packing and moving. We have six current pets, including three rats, two mutts and a cat. As we contemplate our next challenges, I recall my career in commercial real estate.

Michael Sullivan, MAI, SRA, AI-GRS presents the designation certificate to Stephen Hennis, MAI

Brent Hoag, MAI receives his designation from Michael Sullivan, MAI, SRA, AI-GRS


Congratulations on Achieving Your Designations (continued)

I was an analyst in the commercial mortgage banking field for five years. After an unsuccessful attempt to become a loan officer, I went back into commercial fee appraisal. I have been a commer-cial fee appraiser for most of my career. I enjoy the variety and analysis every day in commercial appraisal, though I have not always enjoyed writing the sometimes lengthy and complicated reports. As communicating the analysis is the most important part of the process, I continue to plug away at the reports in order to deliver concise and supportable analysis without putting the reader to sleep.

I’ve told my daughters on more than one occa-sion that I gossip and then write research papers for a living. While it is little consolation to them as they write their own research papers in high school and college, they will know that there is at least one potential future career where they can apply those skills. As the market continues to change, there will always be a future for thought-ful analysis and commentary along the way.

I have been with JPMorgan Chase Bank for the past four years. My focus is on the multifamily market in the greater Denver metro area.

My MAI designation was the result of a sec-ond attempt after giving up. I encourage anyone who may have tried in the past to give it another shot. The classes are not only educational, but opportunities to meet and collaborate with your colleagues.

I did the Capstone program for my demo, which I really enjoyed. While the analysis and report was challenging, I thought that the case study was well presented and the instructors provided great insights along the way. I urge any future partic-ipants in the Capstone program to complete the analysis and report on schedule prior to the class time in order to get the most out of the experience.

I enjoy riding my road bike and being in the great outdoors, whether I’m hiking, fishing or hunting. I’ve been an avid homebrewer for a long time and a volunteer at the Great American Beer Fest; I’m always happy to share a story and a brew or a dram.

I would like to express my deep and enduring gratitude to Jim Erwin, MAI, SRA, who was my advisor and colleague at JPMC, for his many words of wisdom and guidance throughout my MAI can-didacy. I would like to thank Peter Gloodt, MAI in Chicago, who gave me my earliest opportunity to be a commercial appraiser, who trusted my judge-ment and research on many complex commercial assignments around the country. In Denver, I’ve had the opportunity to work and collaborate with

some great appraisers; I look forward to continued future collaboration.

JP NisleyI was born and raised in Grand Junction. I moved to Fort Collins to study at Colorado State Univer-sity. After graduation, I moved back to the western slope, got married, and started raising our family.

My father, Jack Nisley, MAI, SRA has guided me along the path and has been the best mentor I could imagine. He has given me the knowledge, support, and the occasional (necessary) kick in the rear end to find success in our profession. Even while going through chemotherapy and radiation treatments, he gave me the guidance and wisdom to keep the family business afloat. Bonnie Roerig, MAI, AI-GRS has also been a valuable mentor. Her motivation and support helped push me to finish the designation as quickly as possible. Har-old McCloud, MAI has also been a terrific mentor. Mac and Bonnie have always been willing to share their knowledge and experience for any questions I’ve had over the years.

Valuable lessons: Keep learning. The tools and technology available to appraisers are changing every day. I think most of us get into a routine and forget that there are new tools that will increase both our efficiency and quality, making us more valuable to our clients.

I look forward to a long career in the valuation profession. I want to give back to the organization which has been so kind and generous to my family. I was amazed and humbled at how the Appraisal Institute members rallied around my family and I want to pay that generosity forward.

I’m married to my amazing wife, Ellie. We have two wonderful daughters, Anna (5) and Emily (3).

I like spending time with family and friends, mountain biking, and reading.

Congratulations on Achieving Your Designations (continued)

Jack Nisley, MAI, SRA, presents the MAI designation to his son JP Nisley, MAI.

DeceasedArthur C. Simms, MAI, SRACommercial real estate professional Arthur C. Simms died Dec. 30.

Simms was the son of a coal miner who grew up in the mining camp of Hiawatha, Utah, now a ghost town, nearly 100 miles southeast of Provo. At 16, he left his home to work in the resort town of Jackson Hole, Wyoming. He started out as a bus boy and became a chef; cooking became his passion.

Simms’ time at the University of Utah gave him the foundation for his life’s work; his service in the U.S. Army gave him a clear path and his bulldog determination; and his intelligence propelled him into a successful business career in real estate counseling and appraisal.

He earned his bachelor’s degree in science and math from the University of Utah. Simms joined the Army, and within a year, he was assigned to work as a computer programmer on the Safeguard Missile Project at the Pentagon. In 1970, he joined Donald Trigg Appraisal Co. and began his appraisal career. He later joined Moore Mortgage Co. as a commercial appraiser in 1972. Simms earned the SRA designation through the Society of Real Estate Apprais-ers and MAI designation through the Appraisal Institute. In 1974, he formed Simms & Associates and continued his appraisal practice until his death.

He and his wife of nearly 26 years, Cecilia, spent countless hours cooking and entertaining for friends. They loved working in the yard and garden together, and Simms enjoyed his annual hunting trips with his sons Adam and Barrett. He and his wife also had a daughter, Amanda.

I met Simms in 1976 when he became one of my clients to the Roddy Report. Our friendship was born from his willingness to spend time with me on feedback and advice for our young company. He was a brilliant and generous man, and understood the meaning of “Your word is your bond.”

Simms shared nearly a halfcentury of real estate wisdom and knowledge and generosity to many and was one of the most genuine individuals I have known. He will be missed.

Arthur C. Simms

COLORADO CHAPTER APPRAISAL NEWS Appraisal Institute · please be advised that the colorado chap-ter...

Documents

Transcript of COLORADO CHAPTER APPRAISAL NEWS Appraisal Institute · please be advised that the colorado chap-ter...