The Centre for Advanced Property Economics

What is the primary purpose of The Centre for Advance Property Economics (CAPE)?

The Centre for Advanced Property Economics, established in late 1998, is a joint education and research institute formed by the Appraisal Institute (AI), American Society of Appraisers (ASA), American Society of Farm Managers and Rural Appraisers (ASFMRA), and other leading organizations, universities, and corporations. The Centre provides advanced multi-disciplinary research and educational symposia for real estate professionals who practice valuation, anlysis, and consulting. The Centre primary focus is on advanced property economics research, validation of technical methodologies, industry analysis, and sponsors public forums and debates on issues of interest to the real estate industry.

CAPE purpose is threefold that is to promote research and publication of materials that further the advanced education and professional needs of the appraisal and real estate professions; to provide advanced education symposiums or seminars for members of the appraisal industry; and to cooperate with appraisal organizations on issues of mutual concern.

Why was the Centre created?

Senior members of the valuation profession recognized a need for different, structured, and more advanced opportunities for professional development. The Centre was created to help appraisers manage change through education, research, and information exchange.

Why should I be interested in the Centre?

The world of real estate is changing quickly. Three fo the five mega trends identified as having the greatest effect on the profession-----technology, globalization, and securitization----are directly the concern of the Centre. The Centre will give you the opportunity to develop the skills and insight necessary to compete in a completely transformed marketplace with new clients, greater transparency of information, more advanced analytics, and a multi-disciplinary international scope. Those who commit to understanding and responding to change will discover fantastic opportunities.

Is the Centre for Advance Property Economics (CAPE) a membership organization?

No. CAPE is not a membership organization. CAPE is comprised of dedicated professional appraisers organized for researching and studying issues in advanced property economics. CAPE is endorsed and supported by several leading North American Appraisal organizations.

What is the governance structure of CAPE?

A thirteen member Board of Regents, which includes the Chairman of the Board, governs CAPE. An Executive Director handles administrative and day-to-day business affairs of the Association. Additionally, CAPE has three active subordinate Boards; a Board of Research, Board of Publications, and Board of Programs. Each of the three Boards are comprised with a chairperson and three additional members.

Where is CAPE incorporated?

The Centre for Advance Property Economics (CAPE) was originally incorporated as the Center for Advanced Real Estate Analysis. This was a corporation formed by the Board of Directors of the Appraisal Institute in the State of Illinois as a not for profit corporation under the Illinois General Not For Profit Corporation Act of 1986, as amended.

Later, the Appraisal Institute restructured, organized and incorporated the Centre for Advance Property Economics (CAPE) as a separate and distinct corporation under the State of Illinois as a not for profit corporation under the Illinois General Not For Profit Corporation Act of 1986, as amended. These changes as a separate corporate entity occurred in 1999. CAPE was formed as a 501-(c)-6 corporation.

Subsequent to the incorporation as a separate 501-(c)-6 entity in Illinois, the Board of Regents, on October 19, 2004 restructured, reorganized and incorporated CAPE in the District of Columbia, Washington, D.C. as a NonProfit Corporation under the Non-Profit Corporation Act (D.C. Code 2001 edition, Title 29, Chapter 3), as a 501-(c)-3 corporation of the Internal Revenue Service code.

What are the activities of the Centre?

The Centre will sponsor many educational activities and symposia such as:

A series of high-profile debates on controversial technical questions and emerging issues of immediate interest to the real estate industry will take place in locations around the country. Debates, such as, Automated Valuation Models, Public Interest Value, Senior Housing (Section 8 Comparability), Time Share Valuation, Business Enterprise Valuation, Conservation Easements, Book Value vs. Mark-to-Market Value, Financial Reporting, Water and Timber Rights are just a sample of appealing planned debates.
The Centre will partner with leading organizations t publish multi-disciplinary readings as companions to the debates, and on other topics as well.
The Centre will sponsor technical programs for in-depteh skills and knowledge development.
In addition, the Centre will sponsor a formal program of research into emerging technical issues affecting the real estate industry.

What technical programs will be offered?

Programs under development or consideration include series in:

Creating Value: Contemporary Real Estate Development and Financing
Advanced Litigation Skills
Advanced Residential Valuation
Advanced Automated Valuation Models
Advanced Studies in Real Estate Damages
Advanced Resource Analysis
Advanced Econometrics (Building Statistical and Analytical Models)
Advanced Studies in Environmental Issues

What appraisal organizations currently support the Centre for Advanced Property Economics (CAPE) and its mission and goals?

American Society of Appraisers (ASA), American Society of Farm Managers and Rural Appraisers (ASFMRA), Appraisal Institute (AI), Appraisal Institute of Canada (AIC), and the International Association of Assessing Officers (IAAO).

Are other appraisal and or real estate oriented organizations, associations, and groups encouraged to join and participate in the Centre for Advanced Property Economics (CAPE)?

Yes. CAPE encourages any organization, association, or group that is interested in advanced property theory, techniques, and economics as an advocate for continual advancement and improvement of the appraisal profession is welcomed.