Kim C. Bennett, Ph.D., ARA 
Montana Certified General Appraiser #174
Wyoming Certified General Appraiser #424
Accredited Rural Appraiser Member (ARA) #1051 of the ASFMRA
Montana Real Estate Broker
TERRA WESTERN ASSOCIATES, INC. Big Timber, Montana 1999-Present
OWNER, PRESIDENT
Provides independent real estate financial consulting to a variety of individuals and entities. Specializing in conservation easements (over 700,000 acres appraised for conservation through TWA in the past fifteen years) agricultural, recreational, and other types of rurual properties. Services include real estate apprasial, sales, fianancial feasibilty consulting related to real estate, and due diligence work for buyers and sellers.
Ms. Bennett specializes in rural property valuation on properties such as the following:
| • Conservation Easements | • Ranches | • Estate Planning & Settlement |
| • Dairies | • Land Exchanges | • Recreational Lands |
| • Irrigated & Dryland Grain Farms | • USFS Inholdings | • Wildlfe Habitat and Wetlands |
| • Mining Claims | • BLM & State Lands | • Yellow Book Appraisal |
| • Land Divisions | • Litigation Support | • Buyer/Seller Due Diligence |
| • Timbered and Rangeland Tracts | • Lending | • Feasibility Studies |
C21 ML PROPERTIES, Big Timber, Montana 2005 to 2022.
Sales Associate – Licensed sales agent since 1999. This sales license is associated with ML Properties in Big Timber, Montana. Activities inlcude sales of rural real estate, due diligence for buyers, and sellers, and real estate consulting.
NORMAN C. WHEELER AND ASSOCIATES, Bozeman, Montana 1999 to 2005
SENIOR ASSOCIATE APPRAISER, AGRICULTURAL CONSULTANT
Associated with the company in March of 1999 as a senior associate appraiser. Norman C. Wheeler and Associates is a 54-year-old appraisal and consulting firm with offices in Bozeman and Sheridan, Montana. Professional staff employed by the firm include four full time appraisers with four holding state general licenses as well as the designation of Accredited Rural Appraiser (ARA). Provided independent real estate and financial consulting. Specializing in agricultural, recreational and other types of rural properties. Services included real estate appraisal, financial feasibility consulting, cash flow projections and day-to-day management consulting.
HALL-WIDDOSS & COMPANY, Spearfish, South Dakota 1997 to 1999
ASSOCIATE APPRAISER, AGRICULTURAL CONSULTANT
Specializing in agricultural, intensive livestock operations including dairies and feedlots, ranches, and recreational properties. Appraisal work involves market value estimates for agricultural, commercial, rural, recreational, mountain development, and residential properties. The work performed is used for condemnation and other types of litigation, special-use agricultural valuations, financing for both proposed and existing properties, acquisitions, multi-state land exchanges, legal actions, and market studies.
INDEPENDENT FEE APPRAISER, Helena, MT – 1991 to 1998
Appraising rural properties consisting of ranches, recreational properties, dairies, diversified farming operations including row crops and permanent plantings, packing houses and rural residential subdivision properties. Also included some financial consulting. Work performed in Montana, California, South Dakota, Wyoming and several other western states.
SIERRA WESTERN AGRICULTURAL SERVICES, INC., Exeter, CA – 1989 to1998
ASSOCIATE APPRAISER, AGRICULTURAL CONSULTANT
Appraising ranch and dairy real estate, farm equipment, cattle and growing crops. Prepare and monitor farm operating budgets and farm management skills for commercial banks, CPA’s, attorneys and farming companies. Verify financial statement assets. Evaluate farm Net Operating Income for banks and investors, and farm property earning capacity for potential buyers. Conduct financial consulting for ongoing operations and debt restructure.
SECURITY PACIFIC NATIONAL BANK, Visalia, CA – 1984 to 1989
ASSISTANT VICE PRESIDENT
1988-1989: As Commercial Loan Officer for Visalia Dairy Industries Center, performed as lead officer in a wide range of financial management and business development responsibilities. Clients consisted of dairy operations, dairies with extensive farming operations, creameries. Managed production loan portfolio of $17 Million.
1984-1988: Served as A.V.P. Dairy Specialist, responsible for a wide range of financial and managerial customer evaluations in direct support of the bank credit officer: appraisal of agricultural real estate, dairy cattle, feedstuffs and farm equipment. Performed cash flow analyses and projections for dairy farms and general agricultural crops. Accounts consisted of farms and dairies located in California, Arizona, Oregon and Nevada. Also performed analyses and cash flows for operations with deciduous fruit, nuts and row crops.
MADDOX DAIRY, Burrell, CA – 1981 to 1984
YOUNGSTOCK MANAGER
Responsible for supervision of ongoing calf operation, supervising up to 3,600 head of youngstock, six employees, feed rations, record-keeping, veterinary treatments and maintenance of facilities. Mortality rate on 4,100 calves raised (0-2 mos) over two years – 1.0%
CAL POLY FOUNDATION DAIRY – San Luis Obispo, CA – 1977 to 1981
Held various positions, including Herdsman’s Assistant, calf feeder, milker and maternity manager.
EDUCATION
B.S. Cal Poly, San Luis Obispo, June 1981, Dairy Science
Senior Thesis – Progesterone Levels as an Indicator of Pregnancy in Dairy Cattle
Carnation Genetics Artificial Insemination School
College of Sequoias, Visalia, CA – Accounting 1A, 1B
American Bankers Association — Financial Statement Analysis;
Commercial Analysis for Lenders — USC Advanced Financial Management
Pacifica Graduate Institute – August 2008 – M.A. Depth Psychology
Pacifica Graduate Institute – July 2014 – Ph.D. Depth Psychology.
APPRAISAL COURSES COMPLETED
Report Writing (1989), Fundamentals of Rural Appraisal (A10, 1991), Principles of Rural Appraisal (A20, 1991), Advanced Rural Appraisal (A30, 1992), Eminent Domain (A25, 1992), Standards & Ethics (A12), 1991, 1994, 1997, Income Approach Capitalization Unleveraged (A18, 1995), Environmental Seminar, (1994), Open Forum on Public Interest Value, (1994), Lease Valuation Seminar (1998), Appraisal Electronic Spreadsheet Seminar, (1998), Conservation Easement Appraisal (1998), PAASD Building Measurement and Computer Tools Seminar (1998), Appraisal Institute Ethics 420 (1998), Appraisal Institute Standards & Ethics 410 (1999), Fundamentals of Real Estate, Connole-Morton (1999), Federal Land Acquisitions and Exchanges (Yellow Book) (2000). Fundamentals of Real Estate, Connole-Morton, (1999), Real Estate Ethics, Connole-Morton (2000), Is the Comparable Comparable? IFA (2002), Appraisal Review – Residential 7 hours (AI, 2002), Appraisal Review – General 7 hours (AI, 2002). Risk in Real Estate, Connole-Morton (2002), ASFMRA Ethics (2003), USPAP 7 Hr Course ASFMRA (2003). IFA Manufactured Housing (2004), IFA Defects in Residences (2004), IFA Land Use (2004), 7 Hour USPAP Course (2005), Appraisal Institute Mapping Course (2005), Appraisal Institute 2005 URAR Update C (2005). USPAP 7 Hour Update (2006), Discounting and Leases Seminar (2006), 4 hour madatory Real Estate Licensing Update and 8 Hours of continuing education Connole-Morton (2006). Montana Economic Conference (2007), IFA Easements and Licenses (2007), ASFMRA Appraisal Review (2007) 16 hours, ASFMRA Appraisal Review Under USPAP 22 hours (2007). 4 hour madatory Real Estate Licensing Update and 8 Hours of continuing education Connole-Morton (2007). Valuation of Conservation Easements 33 hour Certification Course – AI, ASFMRA, ASA, LTA (2008). ASFMRA Code of Ethics 4 hours (2008). Credit Crisis Continuing Education Connole-Morton 8 hours (2008). Gallatin Association of Realtors 4 hr Ethics Course (2008). ASFMRA Requirements of UASFLA – The “Yellow Book” (2008). Appraisal Institute USPAP 7 hr Update Course (2009). 4 hour mandatory Real Estate Licensing Update and 8 Hours of continuing Education Connole-Morton RE School (2009). Wind Powered Electric Generator Course AFMRA (10/2009). ASFMRA USPAP 7 hr Update Course (2010). ASFMRA Cost Apporach Seminar (2010). ASFMRA AFO/CAFO, (2011), ASFMRA – Ag. Trends in Ag. Finance, (2011), Real Estate License Update Course (12 Hours) 2011, iKuw Adobe Acrobat 9 Professional (2011), GIS for Real Estate and Appraisal, (2012), Montana Access and Easement Law, (2012), A-114, 2012-2013 7 Hour USPAP Update Course (2012). Appraisal Institute – Fundamentals of Separating Real Property, Personal Property, and Intangible Business Assets (2012). 2012 Montana Association of Land Trusts continuing education for Conservation Professionals (10/2012). NAR Realtor Ethics, 4 hrs (11/2012). Financial Strategies for Agricultural Families (12/2012). Connole-Morton Real Estate School Mandatory and Core Continuing Education (9/2013). 2014-2015 7 Hour USPAP Update Course ASFMRA (2/2014), ASFMRA Ethics Course (2/2014), Montana DNRC Water Rights Course (2/2014). Appraisal Institute – General Appraiser Market Analysis and HIghest & Best Use (4/2014). Connolle-Morton Real Estate School 8 Hrs (9/2014). Value in Rural Subdivision Design 4 Hrs (10/2014). Appraisal Institute Litigation Appraising: Specialized Topics and Applications (10/2015). Connole-Morton Real Estate Continuing Education 12 hours (9/2015). ASFMRA 7 Hour USPAP Update Course (2/2016). ASFMRA Rural Case Studies 1 (2/2016). NRCS Conseration Easement Workshop Bozeman, MT (4/2016). Connole-Morton Real Estate School Real Estate Law, Ethics & Relevant Court Cases 2016 and Price Counseling & Property Acquisition Challenges (9/2016). DNRC Flood Zone Class 4 hrs (1/2017). Uniform Standards for Federal Land Acquisitions – The Yellow Book – The Appraisal Foundation (6/2017, 21 Hours). 2018 7 Hour USPAP Course (1/2018) ASFMRA, ASFMRA Report Writing Seminar 8 Hrs (1/2018). Valuing Rural America 8 Hours (2/2019). Heirs Property Partition (2/2019), Mapping and GPS for Rural Land Appraisers (2/2019), Back to Earth: The Current State of 1031 Exchanges (2/2019). 7 Hour USPAP Update Course (1/2020), ASFMRA Property Rights Seminar (1/2020), Map Right Course (1/2020), Water Rights Valuation Seminar (1/2020). Rapid Response: Market Analysis in Volatile Markets – Appraisal Institute (2/2021), Subdivision Valuation – Appraisal Institute (4/2021). Real Estate Continuing Education: Contract to Close, Title Bootcamp, Escrow Bootcamp (10/2021).2022-2023 7 Hour National USPAP Update course (2/2022). Green Building Concepts for Appraisers (2/2022). New Construction Essentials: Luxury Homes (2/2022). Lead Alert Guide for Property Managers (2/2022). NAR Ethics: May the Code be With You (2/2022). Performing Quality BPOs (2/2022). What Everyone Should Know About Their Credit History (2/2022). Winter Real Estate Educational Roundup, Bozeman, MT (3/2023), For Land’s Sake (3/2023). Understanding Family Business Dynamics & MSU Ranch Mangement (3/2023). Current Issues, New/Changing Regulations & Mixed Bag Appraisal Assignments (3/2023).
CIVIC AND PROFESSIONAL INVOLVEMENT
National Dairy Shrine Member; Accredited Member of the American Society of Farm Managers and Rural Appraisers (ARA); Montana Farm Bureau Member; National Mentor Chair for ASFMRA 1995-1998; 1998-99 ASFMRA Accrediting Committee member; Regional Appraisal Review Committee Chair; State legislative Committee Chairman and Real Estate Board Liaison for ASFMRA (4 years). Past State Mentor for Chapter. Past Montana ASFMRA State Chapter President (1995), Vice President and Director. Associate member of the Appraisal Institute, Member of University of Montana Western Advisory Board (2002). Sweet Grass County High School Booster Club Member (2016-17). Crazy Mountain Stock Grower’s Association (2008-2016), Member National Association of Realtors, Member of the Southwest Montana Farm and Ranch Brokers (ongoing). Member of the Big Sky Multiple Listing Service. Farm Bureau Member.
