Introduction to Appraisals
Why take this course?
This course will introduce the basics of real estate appraisal to students. Students will learn the basic vocabulary of appraising, key appraisal concepts, including highest and best use, influences of value, types of appraisal reports, development and reporting of appraisals; how to read and understand appraisal reports. The course will introduce all three approaches to value, so that students will understand which approaches are used, when, and why, and understand the reconciliation procedure in an appraisal. Students will also learn the very basics of USPAP, and what distinguishes an appraisal from other valuation practices.
- Know how to define and apply basic appraisal terminology
- Understand influences on value
- Understand key concepts of property valuation
- Learn how to apply valuation concepts in brokerage venues
- Understand the concepts of highest and best use, and relevant characteristics and learn how to apply them
- Be able to identify different types of appraisal assignments and reports
- Identify the three approaches to value
- Have a basic understanding of both USPAP, and the appraisal process as it applies to appraisers and brokers and salespeople, and the difference between each party’s job.
Low appraisals are stalling 23% of home purchases. Read more here.