Appraisal 101 introduces the basic economic concepts that form the
building blocks of current valuation theory. These principles are related to the
actual process of appraising residential and commercial properties. Appraisal
101 is not designed to make participants qualified appraisers. Instead, this
course will foster an understanding of what an appraisal is and how it works.
The course describes the regulations, principles, and processes of estimating
the value of residential and commercial properties.
Course Outline:
Lesson 1 - The Nature of Appraisals
- Purpose and Use of the Appraisal
- Nature of Real Estate
- Legal Concepts
- Property Rights
- Specialized Fractional Ownership
- Private Limitations on Ownership
- Public Limitations on Ownership
Lesson 2 - The Nature of Value
- The Nature of Value
- Factors of Value
- Types of Value
- Other Types of Value
- Economic Principles
- External Forces
Lesson 3 - Markets
- Introduction to Markets
- Market Characteristics
- Market Analysis in Real Estate Markets
- The Supply and Demand of Money
- The Federal Reserve System
- Sources of Capital for Real Estate
Lesson 4 - Data Collection and Neighborhoods
- Data Collection and Analysis
- Examining Local Conditions
- Sources of General Data
- Specific Data
- Neighborhood Analysis
- District Analysis
Lesson 5 - Estimating Value
- Principles Underlying the Three Approaches
- Cost Approach
- Sales Comparison Approach
- Income Capitalization Approach
- Reconciliation
Lesson 6 - The Appraisal Profession
- The Appraisal Profession
- Clients
- Report Types
- Trends
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