Pastuszek Bio

The principal of Shepherd Associates is William J. Pastuszek, Jr., MAI, SRA, MRA. He has been involved in real estate appraising for more than 25 years and is licensed in several New England states.  His license number as a Massachusetts General Certified Real Estate Appraiser is #10.

Bill has a background in banking and property management/development. His appraisal experience includes residential and commercial practice areas His clientele includes financial institutions, attorneys, accountants, governmental entities, corporations and private individual. He has qualified as an expert witness in many jurisdictions.

An active instruction and education developer, Mr. Pastuszek teaches for a number appraiser and real estate organizations. He was chair of the Commonwealth of Massachusetts Board of Registration of Real Estate Appraisers and a member of the Appraisal Standard Board of the Appraisal Foundation.  He has served as Trustee of the Massachusetts Board of Real Estate Appraisers and on the Board of Directors for the local chapter of the Appraisal Institute. He was recently inducted into the Massachusetts Appraiser Hall of Fame.


William J. Pastuszek, Jr., MAI, SRA, MRA Professional Associations

  • MAI – Member Appraisal Institute
  • SRA – Senior Residential Appraiser, Appraisal Institute
  • MRA – Designated Member, Massachusetts Board of Real Estate Appraisers
  • ASA – Senior Member, Urban Property, American Society of Appraisers

Appraisal Certification

  • State Certified General Real Estate Appraiser, Commonwealth of Massachusetts, License #10, expires May 10, 2016.
  • State Certified General Real Estate Appraiser, State of New Hampshire, License #NHCG-566, expires December 31, 2016.
  • Appraiser Qualifications Board. AQB Approved Uniform Standards of Professional Appraisal Practice (USPAP) Instructor #10489.


  • Chairman, 1998- 2005, Commonwealth of Massachusetts, Board of Registration, Real Estate Appraisers. Board Member, Commonwealth of Massachusetts, Board of Registration, Real Estate Appraisers, 1996 – 2005.
  • Vice Chairman, Commonwealth of Massachusetts, Board of Registration, Real Estate Appraisers, 1997 – 1998.
  • Member, Educational Council of the Appraisal Foundation Sponsors (ECAFS), 2003 -2005.
  • Member, Appraisal Standards Board, The Appraisal Foundation, Washington, DC. 2006-2008.


Principal: Shepherd Associates and Shepherd Valuation Services, 1994- Present: Real Estate valuation consultancy serving a regional, national, and international clientele, specializing in complex and unique valuation assignments (current and retrospective), litigation support, and appraisal review.

Senior Staff Appraiser, Steven C. Byrnes Associates, Inc., 1991 – 1994: Specializing in the appraisal and evaluation of all types of income-producing and special purpose properties.

Vice President and Senior Appraiser, Boston Federal Savings Bank, 1980 – 1990: Residential and income property appraisal and review; appraisal administration and management, including supervision of regulatory compliance and development of bank appraisal policies.

Real Estate Experience, 1975 – present: Appraising, consulting, and market research for institutional and private clients, including lenders, attorneys, and investors. Experience includes consulting, brokerage, management, development, and construction services in varied settings.

Education B.A., Oberlin College, Oberlin, Ohio.

Types of Properties Appraised:

  • Commercial, industrial, retail, non-profit, institutional and special purpose properties, motels & hotels, automobile-related properties, medical properties, multi-family, residential properties, development properties and all types of land.

Types of Assignments Performed:

  • Market value opinions of fee simple, leased fee, and leasehold interests for residential and commercial properties of all types, including investment and owner-occupied properties, special purpose properties, and land of all types.
  • Specialized problem solving include highest and best use and feasibility analysis, rental values, contamination issues, marketability problems, corporate property disposition and site decision making, real estate tax issues, estates and other legal work, court testimony and litigation support, buy-sell decisions, limited scope appraisals, appraisal review, zoning analyses and telecommunications tower impact studies.

Clients Served:

  • Financial institutions, banks, attorneys, corporations, insurance companies, accountants, financial planners, individuals, trust departments, municipalities, state and federal agencies, and companies.

Expert Witness Testimony: Qualified in Middlesex Superior Court, Norfolk Probate Court, Middlesex, Norfolk and Suffolk Probate Courts, Bristol District Court, Barnstable District Court, Worcester District Court, and Federal Bankruptcy Courts in Boston, Worcester and New York City. Qualified at the Appellate Tax Board. Numerous ZBA hearings as a real estate expert.

Articles and Publications:

  • Banker and Tradesman: articles
  • New England Real Estate Journal: appraisal column
  • Development Reviewer: Fisher and Martin, Income Property Valuation (Dearborn Financial Publishing, Chicago)
  • Development Reviewer, Fisher and Tosh, Questions and Answers to Help You Pass the Real Estate Appraisal Examinations (Dearborn Financial Publishing, Chicago)
  • Newsletter, Massachusetts Board of Real Estate Appraisers, articles
  • Newsletter, Greater Boston Chapter of the Appraisal Institute Newsletter: articles

Education Offerings Written/Developed:

  • Review Appraising
  • 12 Things Residential and Commercial Appraisers Should Know
  • Distressed Property Appraising
  • Appraising in the Secondary Market/FNMA Guidelines/FNMA 1004 MC
  • Fair Lending/HUD Appraisals
  • USPAP Manual (for the Massachusetts Board of Real Estate Appraisers)
  • Income Property Appraising – Courses/Seminars
  • Effectively Using the HP 12-C Calculator
  • Technology and the Appraiser, Residential Appraisal Trends
  • Title 5 Seminar

Continuing Education: Mr. Pastuszek is in compliance with the continuing education or recertification programs of the Appraisal Institute, American Society of Appraisers, and the Massachusetts Board of Real Estate Appraisers.

Teaching/Educational Affiliations

-Cape Cod Community College, Barnstable, Massachusetts – Appraisal Instructor, USPAP, residential and income property classes courses, 2003 – present.

-Bentley College, Waltham, Massachusetts – School of Continuing and Professional Studies, Senior Instructor: Residential and income property appraisal courses, 1986- 1998.

Stonehill College, Easton, Massachusetts – Instructor, Continuing Education, Residential & Income Property Appraisal, Massachusetts Board of Real Estate Appraisers, 1984-85 & 1998-99.

Realtors Institute, Massachusetts Association of Realtors – Instructor, GRI III, 1989-1991.

Massachusetts Board of Real Estate Appraisers – Residential and income courses (1, 1A, 2, 2A), commercial review course, seminars.

Instructor, Panelist, and Seminar Leader: Organizations include assessors’ organizations, New England League of Savings Institutions, Risk Management Association, Massachusetts Mortgage Bankers, Massachusetts Board of R.E. Appraisers, Financial Managers Society, Massachusetts Association of Assessors (MAAO), IAAO, and various Realtors organizations.

Course/Curriculum Development: MBREA Uniform Standards of Professional Appraisal Practice (USPAP) Manual, MBREA Courses 2 & 2A, MBREA Residential Trends and Limited Appraisals Seminar, Update Seminar, Residential and Commercial Review seminars, Unique and Unusual Properties Seminar, Effective Communication Seminar, Limited Appraisals and Evaluations Seminar.


  • Society of Real Estate Appraisers: Courses 101, 102, 201, 202 & Standards of Professional Practice.
  • Appraisal Institute: Courses 1A-1, 1A-2; Standards of Professional Practice.
  • Massachusetts Board of Real Estate Appraisers: Courses I, II, III: 1980.


Appraisal Institute, Greater Boston Chapter

– Co-Chair, Legislative Affairs Committee, 1993; Seminars Chairperson, 1994
– Board of Directors, 1993-1995
– Young Advisory Council, 1992-93

Appraisal Institute, Eastern Massachusetts Chapter

– Board of Directors, Education Committee Chair, 1991; Chairperson, Research Committee, 1989

Massachusetts Board of Real Estate Appraisers

Current: Board of Trustees, Education, Professional Practice and Designation Committees
– President, 1990
– Chairperson, Education Committee, 1991-1993, 1996
– Member, Long Range Strategic Planning, Audit and Budget, Management, Professional Practice Committees
– Alternate Representative to Advisory Council, The Appraisal Foundation, 1993-1996

Massachusetts Board of Registration of Real Estate Appraisers

– Member, Education Review and Compliance Sub-Committees.