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This course provides an in-depth look at basic appraisal procedures. It builds on the Basic Appraisal Principles course, which should be taken as a prerequisite to this course. It is structured to conform to the criteria for the beginning courses that are needed to become a Real Property Appraiser Trainee. This course is also a common requirement for all levels of licensing and certification for real property appraisers.
This course starts with the valuation procedures that should be followed when appraising any type of property. These steps include:
•Defining the problem •Collecting and selecting the data •Analyzing the data •Reconciliation and final value opinion •Communicating the appraisal •Scope of work will be defined and illustrated and its importance will be stressed.
Data sources for this information will be presented. There will be coverage on the geographic and geologic characteristics of the land/site. Location and neighborhood characteristics will be discussed. Housing styles and construction basics will be illustrated.
There will be an overview and introduction to the three approaches to value. These are the cost approach, sales comparison approach and income capitalization approach. The three elements of the cost approach will be discussed and illustrated in separate chapters. These include site valuation, estimating reproduction/replacement cost, and estimating depreciation.
The sales comparison approach and income capitalization approach will each be presented, along with appropriate examples, in subsequent chapters. The last chapter will cover reconciliation and report writing.
There is a required three-hour exam at the end that must be taken in a monitored classroom setting.