This is a 2-day course suitable for residential appraisers of all experience levels. After a brief review of the basic appraisal principles, the student is guided through a comprehensive case study of a complete residential form type appraisal. The cost approach is covered utilizing the Marshall & Swift cost manual. Land valuation methods are addressed with five sales comparables supplied for analysis. The sales comparison approach includes nine comparables from which the student must select the best three, then complete an actual appraisal report. The income approach is discussed with a variation of possible valuation methods. Suggestions for complete report preparation and USPAP compliance are presented. Students must pass an examination to receive a certificate of completion.
- Review of basic appraisal principles
- USPAP – Scope of Work Rule
- Types and Definitions of Value
- Assignment Conditions – Extraordinary Assumptions, Hypothetical Conditions
- Sales Comparison Approach and Adjustment Methods
- Cost Approach, Land Valuation
- Income Approach
- Case Studies
- Report presentation
Total contact hours: 16
Prerequisite: CNA101 Introduction to Real Estate Appraising
This course is mandatory for the DAR designation.