Students will be introduced to the concepts, types, and approaches to value. They will learn about market value; selecting the best comparables when estimating real property value; and accurately determining square footage. This course addresses how to correctly make adjustments to value, market timing, and the reasoning and strategies as to why property sells.
Upon completion of this course, the student will be able to:
- Compare and contrast the three approaches to valuation; Describe the purposes and content of a comparative market analysis (CMA); Explain what comparables are used for and which to select when estimating real property value
- Analyze the factors affecting cost, price, and value; Identify the four characteristics necessary for real property to have value; Define key terms
- Estimate the value of properties using the cost method approach; Differentiate between the three forms of depreciation; Describe how replacement cost is determined
- Describe the income-capitalization approach to appraising the value of income-producing properties; Use the capitalization formula to calculate the value of a property; Explain the derivation of net operating income and how capitalization rates are calculated; Apply the gross rent multiplier
- Define the three classic approaches to value; and Explain a cost approach appraisal and when it is used.
- Describe a sales comparison approach appraisal; Follow the guidelines for when selecting comparable property; and Apply the 'two in, one out rule.'
This course covers the following topics:
- Comparative Market Analysis
- Replacement Value
- Income-Capitalization Approach
- Cost Approach
Pricing Property - Washington Department of Licensing
End of Course Instructions
Once you have completed this continuing education course you return to your student profile page where your Certificate of Completion is available for printing. Please keep a copy of your certificate for your own records.
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