The Unique Role of the Independent Appraiser
Transcription
The Unique Role of the Independent Appraiser
5IF641"1DPVSTFIBTCFFOPSHBOJ[FEUPDPOGPSNUPUIFDSJUFSJBTFUGPSUICZUIF "QQSBJTBM'PVOEBUJPOJO8BTIJOHUPO%$1BSUJDJQBOUTNFFUGPSBUPUBMPGIPVST JODMVEJOHUIFFYBNJOBUJPO"DFSUJGJDBUFJTQSFTFOUFEUPTUVEFOUTXIPTVDDFTTGVMMZ DPNQMFUFUIFDPVSTFBOEFYBN""".FNCFSTXIPBUUFOEXJMMSFDFJWFQPJOUT UPXBSETDFSUJGJDBUJPOPSSFDFSUJGJDBUJPO 3FHJTUSBUJPO """*4""4".FNCFST/PO.FNCFST4QBDFJTMJNJUFE3FHJTUFSFBSMZ *OTUSVDUPS (BZMF4LMV[BDFL"""1SFTJEFOU"CJHBJM)BSUNBOO"TTPDJBUFT*OTUSVDUPS/FX:PSL 6OJWFSTJUZµT"QQSBJTBM4UVEJFT1SPHSBN "SU-BX4ZNQPTJVN /FX BU/FX:PSL6OJWFSTJUZPO'SJEBZ/PWFNCFS C6I > D C6 A 8 D C ; : G : C 8 : • • • • • • • • • • • • • • CDK:B7: G – 6II= :N6A:8 AJ7 C:L NDG@ 8 >IN > C8 AJ9> C< 6C 6GI A6L HNB E D H> JB DC ; G> 96N CDK: B 7 : G 6I CN J Park Avenue South, Suite New York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µPFVWSFTXJMMCFTFSWFE G : < > H I G6I > D C (list in formation) :K:C>C<G:8:EI>DC °QN Independent Appraiser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he Unique Role of the "UUFOEFFTSFDFJWFQPJOUTQFSEBZGPS 'SJEBZ4BUVSEBZ4VOEBZBOE.POEBZ $POGFSFODFBUUFOEFFTQBSUJDJQBUJOHJOUIF GVMMDPOGFSFODFXJMMSFDFJWFQPJOUT HDI=: 7N’H H I6 > G < 6 A A : G > : H I: E E: G <6A A: G> : H +PJOUPQMFHBMFYQFSUTJOUIFGJFMEGPSBEBZMPOHTZNQPTJVNPOBXJEFSBOHFPGGSFTI BOEUJNFMZBSUMBXUPQJDT8FµMMHPJOEFQUIUPFYQMPSFJTTVFTTVDIBTJOUFSOBUJPOBM MBXJOMJHIUPGUIFSFDFOUTFSJFTPGEJTDPWFSJFTPG*SBRJ&VSPQFBOBOE4PVUI"NFSJDBO BSUBOEBSUJGBDUTQSPUPDPMTGPSUIFBQQSBJTFSXIFODPOGSPOUJOHUIJTUZQFPGNBUFSJBM XIFOUPSFQPSUJUUIFDJWJMBOEDSJNJOBMSBNJGJDBUJPOTBOEEVUJFTBOEPCMJHBUJPOT UPUIFDMJFOUEJTDMPTJOHQSPWFOBODFBOEUIFOFX²QSPWFOBODF³JOTVSBODF1MVTUBY USVTUBOEFTUBUFJTTVFTQFSUBJOJOHUPBSUDPMMFDUPSTBOEEFBMFSTJODMVEJOHBSFQPSU POJNQPSUBOUMFHJTMBUJWFDIBOHFTFGGFDUJOH2VBMJGJFE"QQSBJTBMTBOEQBSUJBMHJGUT QSPQPTFEFTUBUFUBYSFGPSNMFHJTMBUJPODPOUSBDUMBXTUPMFOBSUBOETUBUVUFTPG MJNJUBUJPOGSBVEUJUMFBSUCBTFEMFOEJOHBOEPUIFSDPNNFSDJBMUSBOTBDUJPOT 4QFBLFST+PIO3$BIJMM&TR'SJFENBO,BQMBO4FJMFS"EFMNBO--1/:+FTTJDB -%BSSBCZ&TR"SUPG$PVOTFM4IBSPO'MFTDIFS*'"3/:$"%S;Pq,PTNJEPV &NCBTTZPG(SFFDF%$-BXSFODF.VTIJOTLF64%FQBSUNFOUPG)PNFMBOE 4FDVSJUZ/:1BVM.3PZ&TR8JUIFST#FSHNBO--1/:-BXSFODF4IJOEFMM"SJT $PSQ8*3BOEBMM8JMMFUUF'JOF"SU8FBMUI.BOBHFNFOU-POEPO BNPOHPUIFST G : 8 : G I > ; 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