BUZZ:  We heard that the Appraisal Institute recently released The Appraisal of Real Estate, 13th edition.  Who is this publication geared toward, and what can readers expect to learn?

WAYNE:  To start, The Appraisal of Real Estate is a primary resource and reference book that demonstrates how to overcome obstacles and perform appraisal assignments with consistency, competence and integrity.  Although it’s geared toward those in the appraisal industry, the publication also offers insight to anyone interested in learning more about the valuation profession and what goes into an appraisal.

BUZZ: So, lucky number thirteen.  What is the reasoning behind coming out with a new edition? Why now?

WAYNE:  (Laughing) Well, I’m glad you think it’s lucky, but we felt it was necessary.  Why now?  The short answer is that: it was time. Historically, an edition of The Appraisal of Real Estate has had a five- to seven-year shelf life, and the 12th edition came out in 2001. In the period between editions of the textbook, markets have changed, the regulatory environment has changed, professional standards have evolved and, perhaps most importantly, educational requirements for appraisers have evolved.

BUZZ:  What does the new edition cover that the 12th edition did not?

WAYNE: Good question. There are quite a few new topics worth noting.  Green building is definitely a hot topic these days, much more so than it had been in 2001, when the 12th edition was published.

We’ve also added a section on valuation for financial reporting (VFR).  It’s been around for a long time, but recent changes in accounting standards have opened up the playing field for real estate appraisers to do more work related to fair value opinions for financial reports.

Also, the 13th edition covers data standards and statistics.  Information technology is always changing and real estate data standards are finally catching up to standards in other areas. Similarly, today the study of statistics is a much more significant part of the educational curriculum (thanks to the AQB) than it had been and, recognizing this, the discussion of statistics in the 13th edition has moved out of the appendixes and into the text as a freestanding chapter.

BUZZ:  How can those interested get a hold of the new edition of The Appraisal of Real Estate?

WAYNE: Thanks for the softball question, I always enjoy answering these.  You can visit the Appraisal Institute’s Web site (www.appraisalinstitute.org) for ordering information or call 1-800-504-7440 to order by phone.  The price per copy is $85; $70 if you’re a member of the Appraisal Institute. And if you’re not yet a member, you can join by visiting www.appraisalinstitute.org/membership/join.aspx.

Also, don’t forget to check out the Appraisal Institute’s Summer Book Sale. Through September 1, customers can take 30 percent off select titles. For more information or to make a purchase, visit www.appraisalinstitute.org/2008summersale.