Plenary Sessions

Tuesday, August 30th Plenary

Fee Simple . . . It’s Not So Complicated
Peter F. Korpacz, MAI, CRE, FRICS, Korpacz Realty Advisors, Inc.

Sales of leased income properties reflect leased fee transactions, investor surveys reflect leased fee expectations, and the Band of Investment technique usually reflects leased fee assumptions. So, where do fee simple data for cap rates and prices come from? This session will provide the answers.

Learning Objectives:
  • How to ask the right fee simple related questions when verifying a comparable sale
  • Understand what a fee simple proxy is
  • How you can use all comp sales to derive a fee simple cap rate and price conclusion
  • Learn how to use fee simple proxies to fine-tune your conclusion
  • See examples of extracting fee simple cap rates and prices per square foot from leased fee data
  • Understand practical applications of qualitative and quantitative adjustment grids to derive fee simple conclusions

Wednesday, August 31st Plenary

Identifying & Allocating Intangible Assets for Property Appraiser’s Office
Led by Tim Wilmath, MAI, SRA, Chair, of the IAAO Special Committee on Intangible Assets, with panel members including:  Mark Linné, MAI, SRA; Peter Korpacz, MAI, CRE, FRICS; Mark Kenney, MAI, SRPA, MRICS, MBA; Toni Viens, MAI; and Gaylord (Jay) Wood, Esq.

This plenary presentation will discuss the various approaches to identifying and allocating intangible value and make recommendations that are specific to property tax assessments. Because so many industries are concerned with intangible value, an abundance of methods to identify and value these assets have appeared over the years. Business appraisers, accountants, financial executives, lenders and appraisers all have reasons for allocating intangible assets and the techniques they use may be appropriate for their purposes, but not for others.

In 2015, the IAAO created a special committee to review the topic of intangible assets. This committee was charged with reviewing the various methods utilized to identify and allocate intangible value. In addition to researching the abundance of articles, papers, texts, and court cases related to the topic, the committee also surveyed market participants to evaluate how they treat intangible assets. This plenary presentation will present the results of the committee’s work and review the various approaches to identifying and allocating intangibles, and make recommendations.


2016 Annual Conference Premier Sponsor