BUSN 2324 - Real Estate Appraisal

Credit hours: 3

Course Description:
This course examines the basic terminology, principles, procedures, and issues related to the appraisal of real estate, including nature of value, principles of value, appraisal process, market approach, cost approach, capitalization of income approach, gross rent multiplier approach, and appraisal reports.

Student Learning Outcomes:
Student will be able to:

Understand the concepts of market value and appraisal in regards to valuation of property.
Understand the different purposes and the varied uses of a real estate appraisal, the importance of value influences and different principles of value, and how they provide the foundation that an appraiser carries about the market place into the appraisal process.
Understand the mechanics (including the sequence of steps) of the cost, sales comparison and income approach to property valuation and when each approach is most appropriate and the techniques used in the valuation of land.
Understand time value of money and its application to the valuation of real estate and the difference, as well as the application of direct capitalization and discounted cash flow models of property valuation.
Understand the role and the mechanics of reconciling value estimates in order to arrive at a supportable single estimate of market value and be able to discuss the different types and uses of various forms of appraisal value reporting.