New Appraisal Institute Textbook Addresses Time-tested Valuation Principles for Today’s World

In the midst of a global pandemic and social justice concerns, the Appraisal Institute published “The Appraisal of Real Estate,” 15th edition. The textbook long has been recognized as the valuation profession’s most comprehensive source of information for appraisers and other real estate professionals.

“We find ourselves in a situation much like 2008 today, with a global pandemic and social justice concerns affecting all areas of the economy—and many other aspects of daily life—in the United States and around the world,” Appraisal Institute President Jefferson L. Sherman, MAI, AI-GRS, wrote in the book’s foreword. “Today, appraisers and users of appraisal services do not know what the future will look like.”

“The Appraisal of Real Estate,” 15th edition, is a book that fits current times. It reflects a renewed commitment to the essential principles of appraisal and the sound application of recognized valuation methodology. In addition to updated information on changes in real estate markets and valuation standards, longtime readers of “The Appraisal of Real Estate” will notice these significant changes in this edition:

  • New chapters focused on applications of market analysis and highest and best use analysis;
  • Additional emphasis on identifying the property rights to be appraised in an appraisal assignment; and
  • Deeper discussion of accepted techniques for allocating value among real estate, personal property and non-realty items.

Sherman further noted, “History confirms that the applicability and importance of different valuation techniques may rise and fall as real estate markets expand and change, and as society continues to evolve. Nevertheless, the basic principles of valuation that are at the core of this book, and fundamental to the appraiser’s skill set, remain unchanged.”

Previous editions of “The Appraisal of Real Estate” have been translated into 10 languages and have been used in valuation courses at various colleges and universities. The first edition of the textbook was published in 1951.

“The Appraisal of Real Estate,” 15th edition, (ISBN: 9781935328780) is a 705-page hardcover book; a PDF is also available. They are available for $140 ($110 for Appraisal Institute professionals) each, or $196 ($154 for Appraisal Institute professionals) if purchased together. Call 888-756-4624 or order online.

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