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AQB approved, this 30-hour text helps users understand the six site and land valuation techniques as well as the different types of adjustments and how to apply them. They will gain a deeper understanding of the principles and process of the cost approach, perform calculations and apply various methods of costing. Using an open instructional design, each lesson blends theory and practice to engage users and pace material into manageable elements. "In Practice" scenario applications develop critical thinking skills in all real estate-related analysis and frequent reviews check student mastery. Authors Mark A. Munizzo and Lisa Virruso Musial are both practicing Certified General Real Estate Appraisers and award-winning instructors receiving the Instructor of the Year Award from the National Association of Independent Fee Appraisers (NAIFA) in 2002 and 2004 respectively. An Instructor Resource Guide, available online to adopters, provides timed lecture outlines, two final exams, exam answer keys w/rationale and PowerPoint instructional slides.
Introduction. Learning Objectives. Suggested Reading. I. VALUATION REVIEW. 1. What is Value? 2. Appraisal Principles. 3. The Appraisal Process. 4. Bundle of Rights. II. LAND. 5. Land/Site Geological and Geographical Characteristics. 6. The Neighborhood. III. LAND OR SITE VALUATION TECHNIQUES. 7. Sale Comparison Method. 8. Allocation Method. 9. Extraction or Abstraction Method. 10. Subdivision Development Method. 11. Ground Rent Capitalization Method. 12. Land Residual Method. IV. THE COST APPROACH. 13. Concepts and Definitions. 14. Methods of Cost Analysis. 15. Depreciation. V. CASE STUDIES. Appendix A: Appraisal Math and Statistics. Appendix B: Form of Ownership. Section Review Answer Key. Index.