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FIN 4810
REAL ESTATE APPRAISAL
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Have you ever wondered how real estate is valued?
Finance 4810 should help answer this question.
The course will cover the basics of appraisal, the
three main approaches to valuation (sales comparison
approach, cost approach, and the income approach),
reconciliation, and the reporting of results. The topic
of mass appraisal and multiple regression analysis will
also be considered.
This class is designed as an advanced course in real
estate, as such; topics in real estate appraisal
(introduced in Finance 4610) are examined in more detail.
This course will primarily consider appraisal of residential
property; however, the principles learned are applicable to commercial and other types of property.
Course Objectives
This course should be beneficial to the university student,
the professional wanting to learn about real estate
appraisal, or the individual considering making appraisal a career.
A major objective of this course is to integrate recent advances
in appraisal techniques within the framework of traditional
appraisal methodology. In other words, the student will not
only be exposed to how appraisals are currently done, but
also what can be done to improve the current accepted
appraisal techniques. In this course, students should develop
an understanding of the following topics:
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The image of the frontier is probably one of the oldest images of mankind, and it is not
surprising that we should find it hard to get rid of.
-Kenneth E. Boulding (1910-1993),
The Economics of the Coming Spaceship Earth
1966
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Topic 1: The Appraisal Process and Real Estate Markets
- Real Estate Appraisals and the Appraisal Process
- Price and Value in Real Estate Markets
Topic 2: Property Analysis: The Determinants of Value
- Property Analysis: Location
- Property Specific Characteristics: The Site and the Improvements
- Expected Use Analysis
Topic 3: Estimating Value: The Sales Comparison Approach
- Direct Sales Comparison
- Sales Comparison with Basic Statistical Analysis
- Sales Comparison Using Regression Analysis
Topic 4: Estimating Value: The Cost Approach
- Special Considerations When Valuing Land and Sites
- Estimating Building Costs
- Estimating Depreciation
Topic 5: Estimating Value: The Income Approach
- Direct Capitalization
- Discounted Cash Flow Models
Topic 6: Reconciliation and Appraisal Reporting
- Reconciling Value Estimates
- Appraisal Reporting and Professional Practice
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