Dennis L. Smith, MAI – Managing Partner

After 7 years of with Bank of America in their appraisal department Dennis and his wife moved to the Alamo-Danville area in 1979. Dennis started his own appraisal business at this time, it was an office of one. The business has grown over the years to its present size with two offices and a large full-time staff including several appraisers with the MAI designation. Dennis still enjoys the appraisal process, training, review and the customer interaction.

Over the years, Dennis has completed appraisals, market rental estimates and consulted on various property types including residential, commercial, vacant land and special purpose properties.  Dennis has also been qualified as an Expert Witness in various jurisdictions. While most of his experience is in California, he’s completed appraisals in Nevada, Washington, Oregon, Hawaii and Guam.


John E. Carrothers, MAI – Managing Partner

John began his career in the appraisal industry after graduating from the University of California at Davis.   In 1991 he started working for Dennis Smith, MAI, at Smith & Associates and helped the company to expand its Sacramento operation.  John currently manages an office which includes appraisers averaging more than 20 years of experience in the business.  He has continued his advancement and knowledge of the commercial/residential real estate business and actively prepares appraisals, while also reviewing reports and mentoring new appraisers.

Over the years, John has focused mainly on land valuation and subdivision analysis in the Northern California region.  However, he finds all assignments have differing nuances, and continues to appraise many property types including retail, office, industrial and multi-family projects.  While most of his projects are in California, he has branched out to other states including Nevada and Arizona.


Terry S. Larson, MAI – Partner

Terry S. Larson, has over thirty-five years of appraisal experience specializing in litigation, eminent domain, and special purpose properties while managing the litigation group. He holds the MAI designation from the Appraisal Institute and is a qualified expert witness in several counties.

Terry’s appraisal background includes industrial, R&D, office, retail, restaurants, apartments, land, subdivisions, golf courses, hotels, food processing, RV Parks, senior housing, fixed base operations, jet hangars, airports, and railroad and utility corridors. He specializes in litigation support, eminent domain, arbitration, mediation, and special purpose properties working with government agencies, lenders, attorneys, developers, and private property owners.

Terry testified in cases involving eminent domain, fire damage, diminution in value, contract fraud, land slide, and breach of fiduciary responsibilities in real estate transactions. He is an Expert Witness in Santa Clara, Contra Costa, Marin, Alameda, Monterey and Sacramento Counties. He testified at San Mateo County Tax Board regarding the $1 billion Redwood Shores Special Assessment District and in Santa Clara County Criminal Court in a real estate fraud case.

Terry is a California Certified General real estate appraiser and an MAI with the Appraisal Institute. He served on their Board of Directors, Education Committee, Spring Litigation Committee, developed the Commercial Appraisal Symposium for Unique Properties, and was awarded the Volunteer of Distinction award. He is a member of the International Right of Way Association and graduated from the University of Oregon with a degree in Business Finance.