This course is designed to meet the
criteria for a 30-hour course as part of the required course curriculum
under the Appraiser Qualifications Board requirements for general
appraiser certification. It provides an in-depth look at the market
analysis process and highest and best use analysis for non-residential
properties. This is an advanced course and builds on the principles and
practices learned in earlier courses.
Concepts related to market analysis are
explored, including fundamentals and definitions. Supply and demand
analyses are then covered; this section of the course culminates with
the six-step market analysis process and the various uses for market
analyses. The concepts related to market analysis and supply and demand
are then applied to highest and best use analysis. The four test
constraints for highest and best use are examined in depth, through
examples and case studies. Special considerations in market analysis and
highest and best use are addressed, as well as related USPAP
requirements. Issues related to the reporting of the market analysis
process and highest and best use conclusions are covered. Finally,
several case studies require the student to apply the concepts and
techniques that were covered in the course.
There is a required three-hour exam at the end that must be taken in a monitored classroom setting.
addition to the end-of-chapter quizzes and final exam, this course
contains mini-quizzes that will test the knowledge of the material at
various points throughout each chapter. The mini-quizzes will help
prepare students for not only the end-of-chapter quiz, but also for the
cumulative final exam at the end of the course.