Exposure Drafts

Documents posted on this page are for exposure and comment only. They have not yet been approved by the IAAO Executive Board.

Big Box Task Force Draft Document -  Download

The Big Box Task Force has completed work on the draft document and a copy is available for review and comments.

Send general comments or comments referencing line number June 30, 2017, to IAAO Research Manager Margie Cusack, cusack@iaao.org. (posted June 1, 2017)  

Scope

This position paper provides information and guidance for the application of the three approaches to value for commercial big-box retail. Some jurisdictions require consideration of all three approaches while others require one approach specifically or take a tiered process with one approach preferred over another approach. The paper provides aid regardless of the specific methodologies required by a jurisdiction. The scope of the paper is limited to big-box retail stores from 50,000 square feet to 200,000+ square feet in size; however, it is acknowledged that the market trend for box retail is shifting to both smaller and larger stores. For example, one major retailer has six different prototype stores that vary from 15,000 square feet to 260,000 square feet depending on trade area characteristics. The discussion in the paper may be applied to any size retail store and also to other property types.

IAAO Bylaws - Amendments

The IAAO Executive Board approved submitting for exposure several proposed amendment changes to the IAAO Bylaws. A document with showing the proposed changes is available for download. A copy of the complete bylaws, with suggested changes, are also available for download.

Send comments by June 11, 2017 to Cindy Mead at mead@iaao.org.

The proposed are limited changes to existing Bylaws impacting conference registration for Past Presidents, time frames for ratification of Executive Committee actions, Appraisal Foundation appointment terms, notice for special meetings, and adding a definition on who is awarded the new Mass Appraisal Specialist designation.

Standard on Assessment Valuation Models (AVMs) Download

The entire standard was revised, updated and/or corrected. The original wording of the standard can be accessed at Technical Standards.

The intent and effect of this exposure draft is to provide an updated technical standard.

Send comments by May 31, 2017, to IAAO Director of Publications Chris Bennett, bennett@iaao.org. (posted April 26, 2017)  

Scope

This standard provides guidance for public and private sector mass appraisal activities, private sector single property appraisals, and programs for the review of appraisals, real estate held in portfolio, and mortgage backed securities that depend on Automated Valuation Model (AVM) systems. The standard provides recommendations, guidelines, and best practices for the design, preparation, and interpretation of results when developing and using AVMs for the valuation of real property. AVMs can be used when sufficient economic data exists to permit development of representative and valid statistical samples. The standard’s layout follows the recognized steps used in the development and operation of an AVM. Each section includes descriptions of governing principles. This is followed by rules related to minimum and preferred requirements, as well as best practices. In addition, the appendixes present the methodologies used in developing and implementing various types of AVMs and related topics. As presented in this standard, the development of an AVM conforms to USPAP Standard 6.