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.
In 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.