Real Estate Appraisal

In order to own and convey property in a market economy it is necessary for that property to be assigned a specific monetary value. This process—unlike that of assigning value to durable goods with specific materials, production, and marketing costs—can be somewhat more involved. With property, the fixed costs (building materials and labor costs) are always accompanied by more esoteric factors that make property more (or less) valuable. Becoming a member of the group that understands and applies these factors is a bit more complex than simply being able to understand a balance sheet.

This course covers the theories, rules, duties, and activities that guide the real estate appraisal process. An appraiser must also conduct him or herself professionally, ethically, and honestly. There are guidelines regarding professionally and ethically correct behavior of appraisers. The entire appraisal process should be carried out in the best possible way for consumers and licensees as well as the real estate market.

As well as touching upon general standards by which the value of property should be established, this course is broken down into separate lessons which cover:
 

• The Role of an Appraiser
• Appraisal Purposes and Regulations
• Value Principles
• The Dynamics of the Real Estate Market
• Approaches to Appraisal
• The Appraisal Process and Practice

After finishing this course, the student will be familiar with the basic rules of appraisal, the ways to carry out a real estate appraisal, the different types of licenses and certificates an appraiser can get, the different types of appraisals, and the certificate or license that corresponds to types of appraisals. The course also looks at the effects of appraisal on housing needs and supply in the market as well as the overall economy. The last lesson of this course is a real-world practice lesson in which the students can apply and test their acquired knowledge with examples and case studies.