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.
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
- Classify six types of value
- Illustrate the differences between various types of depreciation and how they affect property value
Students will be exposed to rules and regulations governing appraisals and this course is completed with a final exam.