This seminar is aimed at the non-appraiser; people who have an interest in appraising but are not technically qualified or licensed to act as appraisers. Examples are students, career changers, para-appraisers, researchers, appraisal assistants, introductory level field appraisers, users of appraisals, underwriters, lenders, relocation specialists and real estate brokers and sales persons.
This seminar introduces the basic economic concepts that form the building blocks of current valuation theory. These principles will be related to the actual process of appraising residential and commercial properties.
Note that this seminar is not intended to be a course to become a qualified appraiser. That process begins in the two Appraisal Institute courses Basic Appraisal Principles and Basic Appraisal Procedures. This seminar is an excellent introduction to those courses; the focus, however, is on an understanding of what an appraisal is and how it works, not how to do one.
Module 1: The Appraisal Profession
Module 2: The Nature Of Appraisals
Module 3: The Nature Of Value
Module 4: Markets
Module 5: Data Collection And Neighborhoods
Module 6: Three Approaches to Value
• Examine the basic concepts of land and land value, along with various economic principles and definitions that shape the appraisal.
• Explore important forces that affect value, such as legal and governmental policies.
• Examine the differences between definitions of value, and the distinctions between value, price and cost.
• Describe how basic economic principles create and sustain value in real property.
• Explore real estate markets compared to other kinds of markets such as money markets and capital markets.
• Examine the process of collecting data and illustrate economic base analysis.
• Discuss and differentiate neighborhoods and districts.
• Introduce the three basic approaches to value: the Cost Approach, the Sales Comparison Approach, and the Income Capitalization Approach.
• Discuss various kinds of appraisal reports along with the stages through which an appraisal report might travel.
• Discuss future trends in the appraisal profession.
AI CE Credit for Designated members and Practicing Affiliates
• Attend Only = 35 points