|Res Market Analysis and Highest & Best Use (MK)|
The Residential Market Analysis and Highest and Best Use qualifying education course of instruction will acquaint the student with the basics of analysis. The student will learn some of the methodology and techniques used by appraisers to extract information from the marketplace. Some of the definitions and terminology commonly used in the analysis of market trends and conditions are presented for the student’s benefit. Several discussion type exercises have been included to further challenge the student’s proper interpretation of data gathered from the marketplace. General type data and specific type data examples have been identified in the course to provide the student with the various areas of available research for data. The theory of Highest and Best Use and the theory of Consistent Use are defined and explored for the student’s understanding. The components of analysis to be used in the determination of Highest and Best Use for a given property are outlined for the student. Several class discussion problems and application based exercises are presented to further demonstrate this analysis process. A basic calculator is recommended for this course.
- This course will provide a basic knowledge of the market fundamentals, characteristics, and definitions used in the analysis of the market.
- The course will provide a basic understanding of the supply side and demand side characteristics prevalent in the marketplace.
- The student will be able to recognize the several components used by the appraiser in the determination of highest and best use.
- The student will be able to provide sufficient market analysis to support his or her considerations in the use of appropriate market analysis throughout the appraisal development process.
- The student will gain a general understanding for the testing and application of the Highest and Best Use standards for the land and any improvements contained therein.