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The Journal of the International Machinery & Technical Specialties The Journal of the International Machinery Volume 33, Issue 1, 1st Qtr 2017 & Technical Specialties Committee of the American Society of Appraisers $35.00 ASA Members, MTS Discipline $50.00 ASA Members, Non-MTS Discipline THE MTS JOURNAL Contents MTS Journal Editorial 5 Brad Hartsburg, ASA, CPPA, CSA Governor's Bulletin 7 Richard Berkemeier, ASA and David Crick, ASA, MTS Governors Auction Theory, Game Theory, and Appraisal 8 Walter W. O’Connell, M.E., ASA, SCSP Royalties and Valuation of Mineral Rights 14 Landy A. Stinnett, ASA, P.E. ASA and Embry-Riddle to Offer Courses for Accredited Aircraft Appraisers 18 Alison Ho Depreciation of Installation Costs 19 Raymond Springer, ASA 5th Annual Equipment Valuation Conference in Cleveland 22 Jean Jackson and David Helle, ASA ASA Advanced Mining Topics Course Report - September 23- 28, 2016 - Las Vegas, Nevada 27 Charles W. “Bill” Ruth, ASA The Value of Mining Equipment Appraisal Education 36 John J. Connolly III, ASA Chairman's Corner 37 John J. Connolly III, ASA MTS Journal 2016-17 Media Kit 38 American Society of Appraisers ASA Appraisal Review and Advanced Course 201 42 Roger Durkin, J.D,. M.S., FASA Purpose and Intent of IVSC 43 Jack Beckwith, ASA, CEA Fair Competition and Fair Gain 47 Peter Bolton King 2016 Market Overview 49 Mike Clark Insurance Valuations and Loss Preparedness 52 Alex Ruden, ASA (M&TS & ARM), CG/GA FDIC Rental Value - A Nontraditional Approach 54 Larry L. Perdue, ASA, MVS Why Net Book Value Does Not Equal Fair Value 62 J. Fernando Sosa, ASA, MRICS Aircraft Residual Value Puzzle 67 Mike McCracken Valuing Assets in Extractive Industries 69 Alexander Lopatnikov, ASA, RICS American Society of Appraisers Update 73 American Society of Appraisers Volume 33, Issue 1, 1st Qtr 2017 2 THE MTS JOURNAL Upon Receipt of the Inspection Report 74 Amanda Applegate Demystifying Engine Terms 76 James Becker, ASA Region 2 Governor's Bulletin 79 Mike Pratt, ASA Scope of Work within Appraisal Review 80 Joel D. Gonia, ASA Journal Advertising Notice 83 American Society of Appraisers Archived Articles Available for Your Library 84 Brad Hartsburg, ASA, CPPA, CSA The MTS Journal Subscription Form 104 American Society of Appraisers Your trusted Appraisers in Israel Ran Greenberg Eli El Al Mech. Eng. CPA ASA – MTS ASA - BV Fair Value Group, 20 Lincoln St. Tel Aviv, Israel, Tel: +972.3767.6966, fax: +972.3767.6964 E mail: [email protected] Volume 33, Issue 1, 1st Qtr 2017 3 THE MTS JOURNAL The International Machinery & Technical Specialities Committee MTS Committee Officers Paul Cogley, ASA – Rhode Island - Treasurer John J. Connolly III, ASA - New Jersey - Chair Robert W. Clark, ASA - Pennsylvania – Immediate Past Chair Samuel Shapiro, ASA - Massachusetts – Vice Chair Richard Berkemeier, ASA – Rhode Island - MTS Discipline Governor Karen M. Milan, ASA - Texas – Secretary David Crick, ASA – Australia - MTS Discipline Governor MTS Committee Members William M. Engel, ASA - NY Charles W. Ruth, ASA - NM Ildefonso Acevedo Reyes, ASA - Mexico Brad Hartsburg, ASA - Canada Joseph M. Santora, ASA - OH Nuno S. Agostinho, ASA - Argentina Norberto J. Levin, ASA - Argentina Bradley Schulz, ASA - IL Jamie Allen, ASA – IL Irina Rykun, ASA - Russian Federation Garrett Schwartz, ASA - CA Keith Bransky, ASA - GA Kevin S. Reilly, ASA - WI John C. Wood, ASA – Australia Peter J. Campbell, ASA - MI Harry J. Richardson, ASA - MI Michael R. Crismyre, ASA - IL Alexander Ruden, ASA - GA Emeritus Members Melvin Fineberg, ASA - NV H. Denis Neumann, ASA - CA Merritt Agabian, FASA - MA Alan C. Iannacito, FASA - CO Robert Podwalny, FASA - CA Kal Barrow, ASA - NY William F. Jacobs, ASA - OR Barry Savage, ASA - OH J.M. Clarkson, ASA - TX Norman F. Laskay, ASA - LA Robert Svoboda, ASA - TX John Connelly, III, ASA - NJ Leslie H. Miles, FASA - TX Victor Thompson, ASA - KY American Society of Appraisers 11107 Sunset Hills Rd, Suite 310, Reston, VA 20190 800-272-8258 ext 125 Editorial Office: Fortress Machinery Appraisals and Consulting Inc. 24 Clover Lane, Calgary, Alberta, Canada T3Z 1G9 Business Office: Asset Valuation Source, P.O. Box 39 Rowlett, TX 75030-0039 © 2016 American Society of Appraisers. All rights reserved. For permission to reproduce in whole or in part, and for quotation privilege, contact ASA’s International Headquarters. Neither the Society nor its editors accepts responsibility for statements or opinions advanced in articles appearing herein, and their appearance does not necessarily constitute an endorsement. Volume 33, Issue 1, 1st Qtr 2017 4 THE MTS JOURNAL MTS Journal Editorial Brad Hartsburg, ASA, CPPA, CSA Belated Seasons Greetings and all the best for 2017! My apologies on the tardy timing of this issue as we were busy putting out that Special Aviation Issue just as winter was upon us -- and thank you so much for all the kind comments about that Aviation Issue, your feedback was much appreciated! I welcome you to the first edition of the MTS Journal for the 2017 calendar year edition Volume 33, Issue 1, 1st Quarter 2017. I have placed a colorful late fall picture to help keep your hearts warm, wherever you are, as it should be winter? Where we are there is a couple feet of snow and the average temperature has been minus 30 degrees. Yikes! We continue to look for interesting articles our members and readers want to learn from. If there is a topic you are passionate about, please do not hesitate to contact me. There are plenty of you out there with unlimited knowledge and many looking to learn from it. I am more than willing to work with you on your article. I wish to thank all of you that assisted with interesting articles for this issue, there is a lot of great information and we hope it assists you with your daily work and activities. Our Chairman, John Connolly III, ASA has written to let us know what is happening within the MTS discipline as well as writing about The Value of Mining Equipment Appraisal Education in conjunction with Mine Expo which held in Las Vegas last fall. Our Governors, David Crick, ASA and Rick Berkemeier, ASA have updated us on the happenings of our MTS discipline and the society as a whole. Walter W. O’Connell M.E., ASA, SCSP has written an informative article about the Auction Theory, Game Theory, and Appraisal. Landy A. Stinnett, ASA, P.E., has penned an article about Royalties and Valuation of Mineral Rights Volume 33, Issue 1, 1st Qtr 2017 5 THE MTS JOURNAL Raymond Springer, ASA has written about Depreciation of Installation Costs The 5th Annual Equipment Valuation Conference in Cleveland Report was completed by Jean Jackson and David Helle, ASA. Charles W. “Bill” Ruth, ASA, has sent us an informative and photographic report about the course, ASA Advanced Mining Topics which was held in conjunction with Mine Expo in September 23- 28, 2016 - Las Vegas, Nevada The MTS Journal Advertising Media Kit has been included as well as 2017 ARM course dates by Yours Truly Jack Beckwith, ASA has written an article about the Purpose and Intent of IVSC Peter Bolton King reflects on the Rio Olympics and answers questions about the International Ethics Standards Coalition Mike Clark, has given us a 2016 Market Overview as he sees it from his industry Alex Ruden, ASA has written about Insurance Valuations and Loss Preparedness Larry L. Perdue, ASA has resurrected his 1989 MTS Journal article and updated it which is called: FDIC Rental Value, A Non Traditional Approach Why Net Book Value Does Not Equal Fair Value was written by: J. Fernando Sosa, ASA Mike McCracken has written about the Aircraft Residual Value Puzzle Russian member Alexander Lopatnikov, ASA has written an article about Valuing Assets in Extractive Industries Amanda Applegate has written about Business Aviation and what to do about: Upon Receipt of the Inspection Report The article titled, Demystifying Engine Terms was written by James Becker, ASA Joel D. Gonia, ASA has written an ARM textbook article titled: Scope of Work within Appraisal Review And finally, the list of Archived Articles Available for Your Library by your MTS Journal Editor -- Brad Hartsburg I hope that you enjoy this edition of the MTS Journal and all the best in 2017! Check your calendars and plan to attend the many interesting conferences and courses that are planned for this year. I will look forward to seeing you there! For more information, please see the ASA website: www.appraisers.org Respectfully submitted, Brad Hartsburg, ASA, CPPA, CSA and MTS Journal Editor Fortress Machinery Appraisals and Consulting Inc. Calgary, Alberta, Canada - 403-650-1122 E-mail - [email protected] Website - www.fortressmachineryappraisals.com Volume 33, Issue 1, 1st Qtr 2017 6 THE MTS JOURNAL Governor’s Bulletin Richard Berkemeier, ASA and David Crick, ASA, MTS Governors Dear MTS Members: What is currently on the Calendar for 2017 Embry-Riddle/ ASA Aircraft Education and USPAP Liquidity Services M&E 203, 204 Leeds England January 15 thru 21 DLL M&E 204 Philadelphia March 6, 7 and 8th M&E 203 and M&E 204, USPAP Melbourne Australia February 20-26 Conferences Cleveland ID Conference Cleveland Ohio June 6, 7, 8th Houston 2017 ASA International Appraisers Conference October 7-10 International Plant Conference Sydney, Australia September 4, 5, and 6th NAFA/Embry-Riddle/ASA 8 Hour Education Day Ft. Lauderdale March 21 Bombardier/ASA Seminar TBD Any questions or concerns for your two MTS Governor’s email or call: Richard Berkemeier [email protected] David Crick [email protected] Order Your Copy Today! Topics included: The Fundamental of Appraising
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