This approach to real estate appraisal is reviewed through lecture, discussion, and problem solving. The sales comparison approach includes discussions of principles of substitution, data, matched pair of sales, comparable sales and listing, regression analysis, percentage and dollar adjustments, elements and units of comparison, sequence of adjustments, gross rent multipliers, and other related techniques. Narrative report writing of the sales comparison analysis will be featured. Completion of this course partially meets the requirements of a Certificate in Real Estate Appraisal. Discussion of income approaches address both residential properties and investment properties, progress to income capitalization, analysis of cash flows, discounted cash flow, capital gains, analysis of expenses, direct capitalization, band of investment, and mortgage equity capitalization.
Instruction includes lecture presentations, small group and individual problem solving activities.
Narrative report writing for the income approach to valuations. Applies to general certification only. Completion of this course partially meets the requirements of a Certificate in Real Estate Appraisal. Examination of the standards and ethics of real estate appraisal as delineated by the Uniform Standards of Professional Appraisal Practice by the Appraisal Foundations. Provisions for ethics, competency, and departure are examined along with the provision for jurisdictional exception and the supplemental standards.