Real Estate Appraisals

Outline

1. Real
   Estate Appraisal
   1. Appraisal Approaches
   2. Uniform Standards of Professional Appraisal Practice (USPAP)
   3. The Uniform Residential Appraisal Report (URAR)
2. Characteristics
   of Real Estate
   1. Value Characteristics
   2. Physical Characteristics
   3. Property-Specific Factors Affecting Real Estate Value
   4. Economic Factors Affecting Real Estate Value
3. Defining
   Market Value
   
4. Making
   Land More Valuable
   
   1. Assemblage and Plottage
   2. Value of Frontage
5. The
   Sales Comparison Approach
   1. Substitution and the Typical Buyer
   2. Adjusting Comparable Sales
   3. Limits on Adjustments
   4. Sequence of Adjustments
6. Researching
   the Sale and Transfer of Properties
   1. Transfer History of the Subject
   2. Transfer History of the Comparables
7. Reconciliation
   and Indicated Value
   1. Sales Comparison Opinion of Value
   2. Final Reconciliation on the URAR Form
   3. Market Value
   4. Indicated Value Range
   5. ”As is”
8. Automated
   Valuation Models (AVM)
   1. Form 2075
9. Home
   Valuation Code of Conduct (HVCC)
   1. Enforcement
   2. Criticism of HVCC

Learning Objectives

1.       Provide the steps necessary to complete a real
   estate appraisal
2.       Understand the three appraisal approaches used
   to arrive at an opinion of value
3.       Know what elements are recorded on a Uniform
   Residential Appraisal Report (URAR)
4.       Understand how adjustments are made to
   comparable properties
5.       Understand the impact of the Home Valuation
   Code of Conduct (HVCC)

Teaching Methods:  

PowerPoints, Video PowerPoint Presentation and Optional Quiz