Content
40 modules
Rating
Course length
6 hours
Instructor
Niki Ackels
Description
This course introduces the elements, terminology, and principles of appraisal. The three approaches to value, as well as the forces that influence them are explored in some detail. Practical exercises allow the student to apply each approach to real-life situations.
Objectives
Upon completion of this course, the student will be able to do the following:
- Generalize the role of the appraiser and the appraisal in a real estate transaction.
- Evaluate the forces at work in the marketplace as they affect appraisals.
- Apply the principles of appraisal to understand an appraisal report.
- Classify the various types of value.
- Use all applicable approaches to value when pricing various types of properties.
- Calculate the square footage of living area and the total lineal footage of a subject property.
- Predict what an appraiser will “look for” in the exterior and interior of a subject property.
- Relate the differences between an appraisal and a comparative market analysis (CMA.)
- Illustrate the differences between physical depreciation, functional obsolescence, and external obsolescence and how they affect property values.
1.
Introduction
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2.
Introduction Continued
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3.
Function of an Appraisal
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4.
Understanding the Marketplace
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5.
Exercise: Understanding the Marketplace
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6.
Exercise Follow-Up: Understanding the Marketplace
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7.
Law of Supply and Demand
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8.
Exercise: Buyer vs. Seller's Market
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9.
Exercise Follow-Up: Buyer vs Seller's Market
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10.
Knowledge Check: Introduction to Appraising
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11.
Steps in the Appraisal Process
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12.
Appraisal Principles: HBU
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13.
Appraisal Principles: Substitution, Supply and Demand, and Contribution
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14.
Exercise: Principle of Contribution
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15.
Appraisal Principles: Change, Anticipation, and Conformity
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16.
Exercise: Principle of Change
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17.
Types of Value: Market, In Use, and Investment
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18.
Types of Value: Assessed, Insurable, Liquidation
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19.
Knowledge Check: The Appraisal Process
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20.
Three Approaches to Value: Sales Comparison Approach
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21.
Sales Comparison Approach Continued
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22.
Activity: Sales Comparison Approach 1
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23.
Sales Comparison Approach Continued
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24.
Activity: Sales Comparison Approach 2
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25.
Activity Follow-Up: Sales Comparison Approach Activity 2
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26.
Three Approaches to Value: Cost Approach
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27.
Depreciation
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28.
Activity: Cost Approach
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29.
Activity Follow-Up: Cost Approach
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30.
Three Approaches to Value: Income Approach
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31.
Activity: GRM Practice
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32.
The Capitalization Rate (CAP RATE) Technique
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33.
Knowledge Check: Approaches to Value
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34.
Form Reports
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35.
What an Appraiser Looks for
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36.
The Comparative Market Analysis
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37.
Additional Secondary Market Considerations
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38.
The Appraisal Profession
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39.
Knowledge Check: Appraisal Reports
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40.
References and Appendices
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