Titlebook: Essays in Honor of William N. Kinnard, Jr.; C. F. Sirmans,Elaine M. Worzala Book 2003 Springer Science+Business Media New York 2003 Invest

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Roger Lehman,Konstantin Korotovured” or “controlled” appraisers (Williams 1993, 1994a-c; Eichenwald 1994a,b). Evidence of this behavior has the potential to affect more than just the directly involved parties; ultimately, trust in the related capital markets and its individual investors may be reduced.

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A Question of Value: A Discussion of Definitions and the Property Pricing Processlf. Appraisal practice has documented different bases of value or definitions of value both internationally and nationally. This paper discusses these definitions and suggests that there is a common thread that ties the definitions together.

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The Cost Approach and Functional Obsolescencesolescence is developed from notions about how present value and the cost-new vary across different levels of an attribute of a building as well as how the costs to cure functional obsolescence vary with changes in the attribute. The implications for appraisal practice are derived from the theory. A

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