Evening star., 1936-10-10
APPRAISERS HEAD
DESCRIBES DUTIES
Standards for "Real" Eval.
uation Are Described
to Convention.
Special Dispatch to The Star.

Special Dispatch to The Star.
- SPRINGFIELD, Mass, October 10
The social and economic revolution
that whole peoples and whole nations
have been going through has had in
fluence on the choice of investment on
the part of great many people. The
period has been one of economic con-
vulsions defying economic judgment.
There has been no such thing as price
stability In this period. challenging
all knowledge that was based on ex-
perience, the task of the real estate
appraiser has become more difficult
than at any time during the past 20
years, Maurice F. Reidy, Worcester,
Mass, president of the American Insti-
tute of Real Estate Appraisers, said IN
opening appraisal discussion at the
New England regional convention OF
realtors of the National Association
of Real Estate Boards here yesterday.
But in this period we have learned
that fundamental economic principles
do yet prevail" Reidy said.
I'm the years just behind us. the true
relation between price and real value
has been much misunderstood Reldy
said. The difference between the two,
the real appraiser always knew. That
mice and value should be relatively
the same. he insisted.
True Value Of Property.
"These years have emphasized the
principle that the true value Of piece
of real estate is to be measured by the
benefit it will render to its owner In
earnings, in service, in its possession.
"These are the fundamentals that
have been confirmed in our MINDS.
There is nothing new about them. But
to all of us there is something new to
be learned that is of great Importance.
It is this: That there is science IN
appraising that we have not hereto
fore realized. that We know now that
we are only approaching knowledge
OF this science, that we are just begin
ming the practice of 1t, but that lts
truth is compelling"
1--WE have learned this also: There
are related economic facts. having
their influence on the value OF real
estate, that we must learn II we are
to understand its value.
"The appraisers task for the future
is first to find out what effects certain
attending circumstances general ouSl-
ness. economic conditions, social
changes and the Gke) have on a real
estate situation.
How shall it be done? Not by
standing alone as individuals, but bV
combining and distributing our knowl-
edge, by going to school to each other,
and by establishing research institu-
tions that will in time teach us what
real estate really is and how other
things affect it.
Better Appraisers Needed.
I'VE in the American Institute OF
Real Estate Appraisers are deter
better appraisers, than we were before
and that We are going to have the
knowledge gained by all of us available
for all of us. But this is only the start.
We are going to have schools for the
distribution of this knowledge and
some day we are going to have re-
search institutions that will go into the
science of appraising, into the knowl-
edge that is necessary to determine
values in a profound way.
Now we are just the pioneers.
I'VE are assembling a library; We
are trying to departmentalize that so
that If one of our members anywhere