By CFE Vernon Martin
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Additional info for Fraud Prevention for Commercial Real Estate Valuation
Sample text
The recent global financial crisis has indeed punished careless lenders, but with far-reaching consequences to millions of innocent people. The public deserves better than this. Other prominent appraisers believe that compliance with the Uniform Standards of Professional Appraisal Practice (USPAP) is all that is needed to accomplish fraud prevention. Recent court decisions may cause them to rethink this position. The appraisal profession in the United States originally emerged to correct the financial abuses leading to the bank failures and Great Depression of the 1930s.
No part of this publication may be reproduced, modified, rewritten, or distributed, either electronically or by any other means, without the express written permission of the Appraisal Institute. Library of Congress Cataloging-in-Publication Data Martin, Vernon, 1957- Fraud prevention for commercial real estate valuation / by Vernon Martin. p. cm. Includes bibliographical references. ISBN 978-1-935328-22-3 Ebook ISBN 978-1-935328-26-1 1. Commercial real estate–Valuation–United States. 2. Fraud–United States–Prevention.
CS hired the appraisal firm to appraise each resort according to an unorthodox methodology known as “total net value” (TNV), which basically ignores the time value of money in estimating the present value of each of these resort developments. The developments were going to take years to sell out, but future revenues were not discounted for time. The TNV methodology merely subtracted the costs of development without respect to the timing of revenues. It was tantamount to creating discounted cash flow models with 0% discount rates.