Introduction to Right of Way Appraisals
This 7-hour course is an introduction to the specialized field of appraising real estate for right of way acquisitions, eminent domain, and other complex appraisal assignments, with an emphasis on partial acquisitions. Appraisers seeking to expand their practice into these appraisal “niches” will gain useful knowledge by taking this course.
It is intended to prepare appraisers to approach these often-challenging appraisal assignments by providing an overview of the high-level principles and challenges encountered when appraising properties for right of way projects, partial acquisitions, and related scenarios.
In this course, we will explore the concepts and considerations specific to appraisals in these areas of practice and how they compare to lending appraisals and other more “typical” appraisal assignments.
The material is designed to be practical for appraisers of all levels of experience. It includes residential and non-residential case studies based on real-world examples, and it is intended to benefit both newer and more experienced appraisers.
By completing this course, you’ll enhance your professional knowledge to confidently navigate the complexities of these specialized appraisals and expand your scope of practice.
Learning Objectives:
Upon completion of this course, participants will be able to:
- Define key terms related to right of way appraisals
- Distinguish real estate and real property from personal property
- Explain historical context and modern framework of eminent domain in the U.S.
- Describe the relationships among relevant laws, regulations, and standards
- Identify unique elements of consideration in right of way appraisals
- Differentiate the Federal (Before & After) Rule and the State (Part Taken plus Damages) Rule
- Summarize the necessary elements of Larger Parcel analysis
- Examine the feasibility of costs-to-cure
- Analyze the influence of general benefits, special benefits, and offset rules
- Describe various types of easements common in right of way appraisals
- Recall the seven steps in the valuation process
- Relate the elements of problem identification to right of way appraisals
- Recognize unique requirements in right of way appraisals
- Explain the importance of appropriate problem identification
- Develop an appropriate scope of work for right of way appraisals
- Identify subject and market data to be collected in right of way appraisals
- Recognize importance of Uniform Act requirements regarding property inspections
- Explain the role of market analysis in right of way appraisals
- Summarize four tests of highest and best use
- Express the importance of land valuation in right of way appraisals
- Apply data analysis concepts to right of way appraisals