The ASFMRA has developed an exciting new curriculum and designation to assist those who manage and consult. The consulting area is designed to meet the needs of today's economy where spinoffs, mergers, and downsizing are affecting agriculture. This is the introductory course providing a broad array of coverage to areas such as the operation of the consulting business, basic financial analysis, management and leadership skills and marketing of products and services. Students will work in groups on case studies, as well as participate in class discussions. The course will also focus on and be taught with current technology in information management.

The course will be helpful to those who are new to consulting as well as provide a good update to those who are experienced consultants. Students should have an understanding of current agriculture trends and conditions. It is preferred that students have a college degree. This course is required for the Accredited Agricultural Consultant (AAC) Accrediting Examination.

This course will describe and illustrate those Standards of Practice which Professional Agricultural Consultants are expected to provide to their clients. Examples of proper communication, written contracts, sound consulting practice, and proper conduct are discussed. One-half of the course will be devoted to Standards. The remaining one-half will be a review of the Ethics of the ASFMRA.

Extensive use of actual case studies and student interaction will be encouraged. The course is designed as an introductory course for aspiring agricultural consulting members.

Clearly written, factual, and informative reports meeting the professional standards of the ASFMRA and the expectations of the client are discussed in detail in the Communications for Agricultural Consultant (C-15). A good report communicates the proper conclusions and the rationale on which those conclusions are based. Improper writing styles and habits that reduce effective communication in report writing are also discussed. This course focuses on proper grammar, writing, and organizational skills needed for a successful consulting report.

• Defines the various methods of organizing a report with particular attention to which methods are appropriate for the reader and the situation.
• Emphasizes the importance of writing for the reader.
• Examines the reasons for selecting a style that is appropriate to both the reader and the situation.
• Discusses the selection of technology for producing the appropriate document based on the reader and situation.
• Covers the selection of graphics that support the document and are understandable by the reader.

An introductory course in farm management, primarily for the manager who operates as an agent for or as an employee of the landowner. The basic functions of a manager are covered in detail, with emphasis on practical application. Students will complete parts of a farm plan to practice reporting and budgeting techniques.

Those who are new to management will find the course quite helpful in learning basic management responsibilities. Students should have an understanding of modern agriculture, and preferably a college degree. Those who are experienced in management will find this course a good refresher, particularly in budgeting and financial analysis.

This course will describe and illustrate those Standards of Practice which professional farm and ranch managers are expected to provide to their clients. Examples of proper communication, written contracts, sound management practice, and proper conduct are discussed. One-half of the course will be devoted to Standards. The remaining one-half will be a review of the Ethics of the ASFMRA.

Extensive use of actual case studies and student interaction will be encouraged. The course is designed as both an introductory course for aspiring members and a review for current members.

Clearly written, factual, and informative reports meeting the professional standards of the ASFMRA and the expectations of the client are discussed in detail in the Report Writing School (M-15/Farm Managers). A good report communicates the proper conclusions and the rationale on which those conclusions are based. Improper writing styles and habits that reduce effective communication in report writing are also discussed. This course focuses on proper grammar, writing, and organizational skills needed for a successful final management report.

• Defines the various methods of organizing a report with particular attention to which methods are appropriate for the reader and the situation.
• Emphasizes the importance of writing for the reader.
• Examines the reasons for selecting a style that is appropriate to both the reader and the situation.
• Discusses the selection of technology for producing the appropriate document based on the reader and situation.
• Covers the selection of graphics that support the document and are understandable by the reader.

An intensive course in farm management techniques developed to enhance the skills of experienced professional farm managers. Students should have at least two years' farm management experience. This course is also designed to be useful to any professional farm manager or experienced Accredited Farm Manager interested in upgrading their management skills.

This advanced course combines lecture with computer lab sessions. Problems and case studies are studied using Lotus 1-2-3/ Excel templates included with class materials. Entry-level skill in the use of DOS-oriented computers is required. A comprehensive farm plan is prepared by the student within the month following the course using prescribed farm data, spreadsheet tools and format. The post-course farm plan is required and may (if it receives the necessary grade) fulfill a portion of the requirements for the Accredited Farm Manager designation.

This comprehensive introduction to rural appraising provides a foundation for all the courses that follow. It covers the basic concepts, principles, procedures, and the valuation process.

For individuals who are new to rural appraising, this course explains what professional rural appraisers do, the procedures they follow, and the level of performance required in conducting the appraisal.

This course is also suitable for individuals with some real estate background and practitioners in other real estate fields such as finance, sales, and government who want a broader knowledge of the rural appraisal process in addition to reinforcing their understanding of appraisal fundamentals.

• Emphasizes the connection between the theoretical side of appraisal economics and the practical side of the market and the appraisal process.
• Forms a bridge between theory and practice by numerous examples, problems, and case studies as the work progresses from basic theories of property and markets to the comprehensive appraisal report.
• Develops an understanding of depreciation, income capitalization, sales analysis, and comparison processes.

Part I ­ ASFMRA Code of Ethics consists of 8 hours devoted exclusively to the discussion of the Code of Ethics of the ASFMRA Articles 1 through 15. This Section concludes with a written examination and may be taken alone or in conjunction with Part II.

This course provides practicing appraisers a standard for measuring professional work, while adhering to the standards of Professional Appraisal Practice approved by The Appraisal Standards Board of The Appraisal Foundation and the Board of Directors of the ASFMRA.

Examples of proper and improper responses to actual work situations and ethics problems are provided. Through discussion and use of examples, the instructors define acceptable work methods and products.

Part II Uniform Standards of Professional Appraisal Practice provides comprehensive coverage of the Uniform Standards of Professional Appraisal Practice including the Ethics, Competency, and Departure Provisions. It covers all aspects of the USPAP in 15 classroom hours ending with a one hour examination.

Clearly written, factual, and informative reports meeting the professional standards of the ASFMRA and the expectations of the client are discussed in detail in the Report Writing School (A-15/

Appraisers). This course focuses on proper grammar, writing, and organizational skills needed for a successful final appraisal report. A good report communicates the proper conclusions and the rationale on which those conclusions are based. Improper writing styles and habits that reduce effective communication in report writing are also discussed.

Defines the various methods of organizing a report with particular attention to which methods are appropriate for the reader and the situation.

• Emphasizes the importance of writing for the reader.
• Examines the reasons for selecting a style that is appropriate for both the reader and the situation.
• Discusses the selection of technology for producing the appropriate document based on the reader and situation.
• Covers the selection of graphics that support the document and are understandable by the reader.
• Does not focus on self-contained, summary, or restricted report content. Refer to (A-12 Parts II and III) for this information.

Building upon basic appraisal concepts, the student will explore the practical application of the appraisal process. Course lectures are supplemented with a case study.

Principles of Rural Appraisal (A-20) is a natural progression for individuals who have successfully completed the Fundamentals of Rural Appraisal (A-10) course and want to focus on the skills needed to solve rural appraisal problems. This includes data analysis, application of proper methods to derive essential information from the data, and the interpretation and examination of the soundness of the mathematical conclusions.

This course is also suggested for rural appraisers interested in updating their knowledge of the recommended methods and techniques used in the preparation of contemporary rural appraisal report.

• Reviews appraisal concepts and expands on practical applications of the three approaches to value.
• Incorporates the six financial functions of the dollar into the appraisal process.
• Examines the matched pairs procedure for terms, size, time and location to develop market-derived adjustments in the sales comparison approach, depreciation in the cost approach, income and overall rate in the income approach.

An intermediate course designed to demonstrate techniques used in preparing value estimates on properties subject to acquisition under Eminent Domain law. Students learn that condemnation appraising is different than other types of appraising since the situations are hypothetical­not factual. Additionally, students explore complications which may be encountered, e.g., severance damages, consequential damages, special and general benefits, condemnation blight, project enhancement, and inverse condemnation.

Case studies and short examples are used to convey the basic procedures.

This course covers the current Body of Knowledge on Unleveraged Income Capitalization. It begins with a basic summary of current methods and techniques of capitalization. Financial functions are explained in lecture and drill problems. Direct capitalization techniques are discussed. Unleveraged yield capitalization techniques are discussed, including drill problems. Lease valuation is also addressed.

This course covers the current Body of Knowledge on Leveraged Income Capitalization. It begins with a summary of current methods and techniques of leveraged capitalization. The mortgage equity formula is covered in all of its various configurations; that is, solving for value, yield, and required change in value.

The goal of the Highest and Best Use Seminar is to provide a forum for analysis and discussion of the impacts on the highest and best use of rural real estate. The course is considered to be at an advanced level and is designed for those appraisers having considerable experience in appraising rural real estate or for those who have completed the first two levels of core courses offered by the ASFMRA.

The seminar provides a review of the basics of the principle of highest and best use including some of the most elemental concepts of the appraisal process. This review provides a foundation for the application of the tests required to determine ultimate highest and best use: legally permissible uses, physically possible uses, financially feasible uses, and maximally productive uses.

Students will apply the concepts and techniques requisite to a complete Highest and Best Use analysis to a series of drill problems and case studies designed to provide practical application of appraisal theory. In addition, a forum for the discussion of theory and how to apply it to the practical day-to-day world of rural appraisal is provided with other appraisers possessing similar levels of experience and expertise.

This seminar provides an opportunity for the appraiser to obtain continuing education credits, to advance his/her knowledge of appraisal, to interact with other appraisers, and to better understand the concepts of Highest and Best Use in the changing economics of rural properties.

A thorough and comprehensive review of the appraisal process, plus advanced rural valuation techniques covering a wide array of property types is presented. This course brings together all advanced rural techniques and includes a narrative case study.

This Advanced Rural Appraisal (A-30) course is a necessity for practicing and/or reviewing appraisers.

• Enhances appraisal technique by emphasizing market abstraction for components used in all three approaches to value.
• Analyzes of leases (leasehold/ leased-fee).
• Advances income concepts such as discounted cash flow analysis, solving for internal rates of return and equity dividend rates, and will enhance one's technical skills,
• Emphasizes application of techniques using problems and a working case study.
• Presents advanced application of depreciation, capitalization, and market derived adjustments.

An intermediate to advanced course designed to apply valuation techniques learned in A-20 or A-30 to properties which include mineral rights, water rights, and/or timber. The course differentiates between each of these properties rights yet identifies similarities whereby the basic valuation processes can be applied. Sales analysis techniques include land allocation by direct component comparison and ratio techniques. Paired sales, direct sale comparison, ratio analysis, and discounted cash flow applications are demonstrated in the course.

The valuation of natural resources (timber, water, and minerals) is studied in this new course which presents three actual case studies. Appraisal procedures and techniques are addressed emphasizing market extraction for all components used in approaches to value.

The minerals section contains segments which consistently apply the appraisal theory and procedures to elements such as surface mining (sand, gravel, coal, precious metals, specialty clays, etc.) and drill problems covering similar situations for underground mining (oil, gas, etc.).

The water section deals with commercial and recreational applications, split estates, and ownership. The timber section will include discussion of pre-merchantable and merchantable timber.

Timber, mineral deposits, and water rights are uniformly analyzed to demonstrate common valuation processes applicable to otherwise unique and complex properties. This course provides practical applications through case studies, drill problems, and group discussions.

Advanced Appraisal Review is a "technical" review course which demonstrates the inter-relationships of the appraisal process and includes commercial, residential, and agricultural narrative and form appraisal reports. It is recommended for government and state agency reviewers, reviewers for federally-funded programs and various lending institutions. It covers the process of formally defining the responsibilities of a reviewer, the steps to a formal review, the minimum educational and experience requirements for a reviewer, the reviewer's role in the process, and the reviewer's reporting requirements.

Independent fee appraisers benefit greatly from taking this course. Through a better understanding of the review process, the fee appraiser can prepare appraisals that are more readily acceptable by the reviewer.

This course is based on Standard III of USPAP, which states that the "technical" review appraiser is responsible for preparing a separate report setting forth the results of the review process. Thus, this course begins with coverage of Standards #1, #2, and #3 of USPAP­inclusive of the Competency and Departure Provisions. The Appraisal Education Committee of the ASFMRA believes an understanding of the Uniform Standards is essential for background and required performance of the review appraiser.

The course material provides for "hands-on" review of nine appraisals of at least seven different properties. These range from agricultural to transitional, developmental, residential, and income commercial properties.

The purpose of this course is to help participants apply appraisal principles and analytical techniques to rural appraisal problems. Specialized property types are used to emphasize different parts of the appraisal process. The advanced applications include the breakdown method of depreciation, development cost, yield rate extraction, discounted cash flow analysis, and applications for data analysis.

The class divides into small groups to analyze and solve case studies. Drill problems that focus on individual appraisal procedures supplement the case study material.

This course was developed as a joint effort between the ASFMRA and Appraisal Institute.

Administrative Review of Appraisals provides education, guidance, and enlightenment to users of appraisals. Written for clients and users of appraisal services - attorneys, lenders, accountants, regulators, estate planners, etc., - the course helps the student better understand the report's acceptability, conformity to institutional, regulatory, and agency requirements. It will also help the student evaluate whether the appraisal meets the intended purpose within the framework of making a sound business decision.

The individual performing an administrative review may not have the appraisal education, data resources, or expertise required to complete an appraisal. However, after attending this seminar the reviewer will have the ability to recognize the strengths and weaknesses of the information used to arrive at a value conclusion. The ability to recognize report deficiencies and accepted appraisal methodology should assist in the making of sound business decisions including: buy/sell scenarios, establishment of book value, and collateral evaluation in underwriting.

Topics discussed include appraisal concepts, economic principles, USPAP Standards 1, 2, and 3, and the Federal Requirements on the Appraisals used. What reviews require USPAP compliance, the role and objectives of the reviewer, and selection of a qualified appraiser (including matching the assignment to the practitioner), reconciliation and conclusion of value, common deficiencies found in appraisal reports, and use of the Standard Administrative Appraisal Review Report form (SARR). The case studies are actual appraisal reports submitted to clients by appraisers. Any number of cases can be reviewed ranging from residential reports, form reports, and narrative reports. In offerings that are sponsored for closed sessions, cases from your institution can be incorporated in the curriculum on a one-time basis. The cases are used to stimulate discussion and to bring out strengths and weaknesses of various appraisal methodology and technique.

This is an entry-level course, not for the practicing appraiser. Directed towards bank examiners, regulators, loan and credit underwriters, accountants, lawyers, agency administrative reviewers, and corporate decision makers. Because this course is considered an entry-level offering, the first one-half day will include an in-depth, but abbreviated, overview of appraisal principles and valuation procedures. The student should be prepared to absorb a significant amount of detail and technical information.

A one-day seminar is also available upon special request by large groups including: lenders, ASFMRA chapters, or other potential sponsors. Contact the ASFMRA Education Director to schedule this informative seminar on your company's premises or in a nearby training facility.

Developed as a joint effort between the ASFMRA and American Society of Appraisers with the assistance of AgriBank, FCB, this two-day seminar provides specialized training for appraisers and loan officers who appraise agricultural personal property. Agricultural personalty appraisers specialize in crops, livestock, agricultural vehicles, and/or farm and ranch machinery and equipment. They are concerned with market value and many other forms of value for a variety of purposes, e.g., loan collateral, estate planning, property sales, etc. This course will provide standards, guidelines, and formats for preparing a professional agricultural and chattel appraisal.

Loan officers who either value, evaluate, or rely on another's appraisal of agricultural chattel will gain from this course. This course will discuss what goes into a professional appraisal, what a chattel appraisal report should look like, and hot to review and critique that report.

Individuals with other appraisal designations will benefit from this course by an expanded perspective of the principles of appraisal as applied to agricultural chattels. Student interaction is also encouraged.

The dairy valuation seminar can be offered in a one day or two day format and begins with a discussion of appraisal issues as they pertain to specialty livestock facilities. Appraisal issues that are important to the appraisal of special purpose livestock facilities will be discussed as follows:

• Definition of value issues such as value as vacant versus in production, liquidation value, business value, prospective value, value as complete, etc.
• Waste management, environmental and zoning issues
• Water supply and water rights
• Manure casements and leases
• Property rights values/fixtures/personal property
• Industry analysis/feasibility study
• Operating details of the specialty
• Hazards and detriments (what could go wrong)
• Improvement descriptions/plans and specifications
• Highest and best use
• Case study problems dealing with all three approaches
• Optional sessions address discounted cash flow analysis and more complicated income approach issues

The case study demonstrates the principles used in a complex dairy appraisal, and applies to any geographical area and also to other specialty livestock facilities. The assignment given to students is to provide an "as is" value today and a prospective value at the estimated completion date. An actual dairy appraisal completed on the UAAR form is also included in the student material.

Similar in nature to the dairy seminar, the presentation begins with the discussion of appraisal issues as they apply to specialty livestock facilities. Appraisal issues that are important to the appraisal of special purpose livestock facility will be discussed as follows:

• Definition of value issues such as value as vacant versus in production, liquidation value, business value, prospective value, value as complete, etc.
• Waste management, environmental and zoning issues
• Water supply and water rights
• Manure casements and leases
• Property rights values/fixtures/personal property
• Industry analysis/feasibility study
• Operating details of the specialty
• Hazards and detriments (what could go wrong)
• Improvement descriptions/plans and specifications
• Highest and best use
• Case study problems dealing with all three approaches
• Optional sessions address discounted cash flow analysis and more complicated income approach issues

The swine case study examines a large new facility to be constructed in an relatively new area. Students are to provide an "as is" value today and a perspective value at the estimated completion date. The prospective value is to be on a "vacant" basis verses an "in full production" basis.

Enhance your business skills through seminars developed by the Management Education Committee of the American Society. In cooperation with Dekalb Genetics Corporation, Sandoz, and ICI Seeds, these seminars offer farm managers and rural appraisers an opportunity to further enhance their skills in the following areas:

• Time Management
• Dealing with Difficult People
• Powerful Presentations
• Sales Negotiations

These four seminars can comprise a one and one-half day program or can be offered individually. Specifically, the seminar consists of one hour on Time Management from Dekalb; two and one-half hours on Dealing with Difficult People from Dekalb; four hours on Sales Negotiations from Kenneth Lund, Sandoz's Manager of Sales Training; and four hours on "Impact - How to Speak Your Way to Success" by Rowena Crosbie, sponsored by Garst Seeds.

The sales negotiation instruction will provide skill development in working with present land owner clients, negotiating with new prospective clients, and touches briefly on the selling fundamentals for real estate sales. The "Impact - How to Speak Your Way to Success" instruction enhances communication skills with a view toward gaining more audience acceptance of your ideas. Participants discover winning tools and techniques to present with confidence, conviction, control, and poise - and without fear. Group participation is a part of all instruction and handouts accompany all presentations.

Covers the basic operations, special features, compound discount-financial functions, using NPV to calculate future sales price, IRR programs, Six Functions of the $, cash equivalency & returns, and programming functions.

Calculator and market techniques for measuring the effect of "atypical" financing. Market value estimate using cash equivalency is required by major government agencies. Covers instances where alternative methods of extracting adjustment amounts are applicable.

Sets forth up-to-date techniques for establishing market value by estimating the current cost to reproduce or replace the existing structure. Teaches how to measure depreciation from market data. Covers when use of cost approach is most and least applicable and how to establish value when using this approach. Covers physical curable, physical incurable short lived, physical incurable long lived, functional curable, functional incurable, and accrued depreciation.

Present advanced techniques and DCF analysis. Discusses Net Present Value and Internal Rate of Return. Could be presented in conjunction with another seminar in a one or two day format.

This one-day seminar is designed to guide rural appraisers and farm managers in completing environmental "screens" or reports based on observation of a property. Many lenders, property owners or buyers and other management and appraisal clients are now demanding a level of environmental review on rural and agricultural property. Transaction screening (or environmental due diligence) is intended to be completed by persons who are not environmental professionals, but who are knowledgeable about property and farm managers and rural appraisers may qualify to do this work.

This seminar explores the responsibility of appraisers to report what is observed (with no opinion of impact unless the appraiser is also a qualified environmental expert) and the duty of managers to protect the landowner, under their fiduciary responsibility, by completing environmental due diligence steps and any follow-on requirements. Our intent is to alert managers and appraisers to their charges, not train environmental experts.

The course is centered around the American Society for Testing and Materials (ASTM) Transaction Screen. ASTM is an international organization dedicated to establishing commonly accepted industry standards. Students will complete an environmental screen for a case study on a Wyoming farm. The ASTM screen will then be compared to other environmental screens or checklists used by federal agencies and lenders.

A comprehensive presentation for lawyers, lenders, property managers, appraisers, and other real estate professionals. Lecture topics include Environmental Science­Basic Principles; Litigation, Common Environmental Hazards; Leases, Contracts, and Insurance; Contamination and Sampling; Permits and Permitting, Site Assessments; Regulatory Compliance; Politics and Ethics.

Case studies and class discussion enhances the learning experience. An optional examination is given at the completion of the two-day course. Funding to develop the seminar was provided by American Cyanamid through the Education Foundation of the ASFMRA.

This seminar will explore the complex area of appraising undivided interests in real estate. The seminar includes discussion on what constitutes a partial interest, how and what property rights are impacted, how to analyze sales of fractional interests and any indicated discount, and the relationship between the ownership percentage and any applicable discount. In addition, discussion on the difference between the "investment value" of a fractional interest and "market value".

Introduces improved techniques for estimating the value of income-producing rural property by converting anticipated benefits into property value. Studies the formulas used to derive the proper cap rates, income rates, and yield rates; methods of direct cap, yield cap, mortgage equity cap, and components of YE.

Designed for the professional appraiser interested in the complex appraisal problems associated with valuing minerals, mineral rights, and mineral lands. The valuation of properties with producing and non-producing oil, gas, coal, gravel, and other minerals is discussed.

This one day seminar covers all three approaches to value in the appraisal of permanent plantings. Included will be the market extraction of depreciation rates for permanent plantings, application of a modified economic age/life method, multiple variable regression analysis, and utilization of computerized spreadsheets to identify relevant factors of comparability.

It will also include paired sales analysis, income and expense analysis, and overall capitalization rates. The discounted cash flow method will explore various scenarios of differing holding periods with declining and increasing net operating incomes. The course concludes with lease analysis, exploring various types of leases and appropriate methods of valuing leased fee and/or leasehold interests.

This seminar provides rural appraisers with the most current theory and methodology in the field of ranch appraisal. The three approaches to value are covered with particular emphasis on the Direct Sales Comparison Approach. The seminar is available in two versions consisting of Great Plains Ranches or Hay Base Ranches depending upon the geographic area in which the seminar is to be presented.

The course consists of appraisal theory and ranch operations review in the morning and a detailed ranch appraisal case study prepared by the students in the afternoon. Come prepared to work. This offering is one day in length, and will require a working knowledge of basic appraisal theory (A-10 or equivalent) and a financial calculator in order to receive maximum benefit from this course.

This constantly evolving seminar keeps appraisers up-to-date with the latest revisions and changes to the Uniform Standards of Professional Appraisal Practice (USPAP) as adopted by the Appraisal Standards Board (ASB). Currently, students attending this seminar will study how to utilize the Departure Provision and Standard 1 to develop both Complete and Limited Appraisals, how to prepare their appraisal results using three reporting options of Standard 2 (self-contained, summary, and restricted) recognize when the use of these options is appropriate, and know how and when to provide an "evaluation."

During the morning session, you will learn about USPAP changes recently adopted by the ASB. The afternoon session will afford you the opportunity to apply this information by case study, critique, and discussion of an agricultural appraisal report.

This course does not satisfy the A-12 Part II, Uniform Standards of Professional Appraisal Practice (USPAP), requirement.

This two-day seminar provides specialized training for all appraisers, especially those who appraise businesses and real property. The program is also valuable for accountants, assessors, attorneys and bankers who perform appraisals or work with appraisers of rural businesses and real property.

If you are concerned with market value or other forms of value for a variety of purposes, such as loan collateral, estate planning, litigation and business sales, this seminar is for you! This powerful seminar will provide standards, guidelines, and formats for preparing professional rural-related business appraisals.

If you either value, evaluate or rely on another's appraisal of rural-related businesses, you will gain from this seminar. The seminar will discuss the critical thinking process that goes into a professional appraisal and will give you the tools you need to review and critique an appraisal of an agriculture-related business.

Professionals with other appraisal designations will benefit from this seminar by seeing different perspectives of the principles of appraisal as applied to intangible assets of rural-related businesses. The real property appraiser will gain from a review of the capitalization process, the analysis of financial statements and the use of market ratios in the valuation of a rural business.

This seminar was developed to provide rural residential appraisers with the most current theory and methodology in the field of rural residential appraisal; that is, appraising rural properties in which the highest and best use is residential. Techniques are presented to assist the practicing appraiser in working with the limited and varied data typically available in rural markets.

This course is two days in length. Day one will concentrate on the techniques used in assembling and analyzing data, understanding the contribution of excess land, the problems in valuing dwellings in transitional areas, developing local cost models, multipliers, and cost ratios from the market and extracting depreciation rates. Day two will concentrate on the direct sales comparison approach emphasizing sales selection, the adjustment process, and understanding the relationship between the cost and sales comparison approaches as well as the techniques for linking the descriptive data presented in the report to the valuation section of the report.

Comments will be weighed toward the Uniform Residential Appraisal Report but are applicable to other forms and narrative reports as well. Considerable emphasis is given throughout on the inherent problems of producing a satisfactory appraisal of a rural residence for the secondary market. There is also a new case study being introduced in 1997 which will explore a rural subdivision.

Students should have a good working knowledge of basic appraisal theory and application (A-20 or equivalent) and have at least one year of experience in the field of residential appraisal to receive maximum benefit from this seminar.

This seminar will demonstrate to attendees how to analyze the comparable sales gathered for an appraisal report; and after analyzing these sales, how to derive the capitalization rate from the market to be used in the Income Approach, to analyze the sales for depreciation from the market to be used in the Cost Approach, and the adjustment analysis to apply in the Sales Comparison Approach. All three approaches to value will not be applicable to all appraisal problems, but SALES ANALYSIS will always be applicable. The reader of an appraisal report deserves a detailed explanation of how one arrives at a final opinion of value.

#1 Smith Farm Case Study ­ Teaches how to do a detailed analysis of sales data to provide maximum use for each sale. Addresses methodology for developing adjustments in the SCA from market data through use of paired sales concept.

Reviews sale allocation and alternative methods of data analysis such as statistics and graphic techniques. Examines the analysis of comparable sales an appraiser should use for deriving the cap rate from the market for the Income Approach, for analyzing sales for depreciation from the market to be used in the Cost Approach, and the adjustment analysis to be applied in the Sales Comparison Approach.

#2 Alternative Market Measurements ­ Introduces a small statistics module combined with basic statistics terminology. Receive instruction on how to use an HP-12C to do a linear regression, analytical graphics with more than one variable, and study sales comparison valuation problems emphasizing price per animal unit, price per bushel, and abstraction and allocation of values for building intensive ag properties.

#3 Mountain States Irrigated Farm Case Study ­ Presents a short-cut method for analyzing sales data which makes maximum use of each sale and conforms to UAAR methodology. Reviews the procedures for developing adjustments from market data in the SCA through use of paired data analysis.

This workshop is a cooperative project by the ASFMRA, the Soil Conservation Service, and Pioneer Hi-Bred International. A major thrust of the 1985 Farm Bill was soil conservation through such techniques as residue management. This technique holds great promise for dealing with the soil and water conservation issues facing agriculture and rural America. However, for crop residue management techniques to be effective, the economics and cost effectiveness of these techniques must make sense for landowners and farm operators.

This workshop focuses on farm economics and the value of crop residue management techniques to landowners, farm managers, and operators. Program content is comprised of four sections: The Decision Making Process, Partial Budgeting, Enterprise Budgeting and a Case Study. The workshop will be useful for individuals who have not taken the ASFMRA M-10 or M-20 courses. Participants should bring a calculator.

A grain elevator, dairy farm (see Appraising Dairy Facilities), swine facility (see Appraising Swine Facilities), poultry facility, peanut farm, or cotton gin are all possible topics for the specialty property seminar. Discussion includes a market analysis of the structure.

Topics discussed include extraction of depreciation rates, income/expense analysis, and direct sales comparison for "building intensive" agricultural properties.

Explores the two general areas of statistical study and the basic statistical concept.

An intermediate to advanced seminar designed to apply valuation techniques learned in A-20 and A-30 to timber properties. Appraisal procedures and techniques are addressed emphasizing market extraction for all components used in the approaches to value. This seminar provides practical application through the use of a case study, drill problems, and group discussions.

An intermediate knowledge level seminar designed to demonstrate the use of the "original" Uniform Agricultural Appraisal Report (UAAR) form which has been endorsed by Farmer Mac, various insurance companies, and numerous banks and financial institutions. The seminar is in a lecture format which "talks" the appraiser through the use of the firm and the UAAR software. Course work incorporates in-depth coverage of the appraisal process including sales analysis, market adjustments, depreciation, and cap rate extraction from sales data. Case study includes an analysis of bare land sales, as well as structurally-improved sales to demonstrate all elements of the process.

A Restricted Agricultural Appraisal Report (RAAR) has also been developed to meet the Departure requirements. This report is a tool for appraising non-complex properties.

The Standard Appraisal Review Report (SARR) has also undergone several changes. It now contains several options which enable the appraiser to expand the form to a full review, or limit it to a two-page summary review.

All the above reporting formats are discussed in the seminar which is available upon special request by large groups including: lenders, ASFMRA chapters, or other potential sponsors. Persons or groups interested in this seminar should contact the Sheila Miller at Rapidata to schedule this informative presentation at or near your company's premises.

For those interested in purchasing the MAC or DOS (Windows) version of the software, please contact the distributor, Rapidata in Rapid City, SD, for information. Their phone number is 605/388-8648 and fax number is 605/388-8570. For those interested in purchasing the UAAR guidebook and form, please refer to the order form found in the back of this catalog.