Jack P. Friedman, Ph.D., CPA, is associate professor in the Finance, Real Estate, Law and Insurance Division. The University of Texas at Arlington. He has published articles in The Appraisal Journal, Real Estate Review, The Mortgage Banker, The Assessors Journal, The Real Estate Appraiser, and other journals. The author is grateful to the following persons for their helpful suggestions. Drs. Elbert Hubbard and Elliot Slocum of Georgia State University; Dr. Carl J. Tschappat, President, L.D.A., Atlanta, Georgia, and Dr. J.B. Lindeman H. University of Arkansas at Little Rock.