Preliminary Submission Requirements
When applying for E-Demo, general Candidates must indicate their level of progress for each of the requirements listed below:

• Preliminary description of the site, site improvements, and building improvements. This relates to the subject property productivity analysis, or Step 1 of the six-step market analysis process.

   

• Preliminary fundamental market analysis information. This component of the appraisal relates to Steps 2 - 6 of the market analysis process. This information is intended to provide the basis for analysis of a supply and demand study as currently taught in Appraisal Institute courses and publications. The region and neighborhood analysis as historically done for many years will not be acceptable. It is highly recommended that attendees be very comfortable with fundamental market analysis techniques. If the obsolescence option is chosen, an inferred market analysis (Level B) is required). We further recommend a review of the material outlined in the most current edition of Market Analysis for Real Estate by Stephen F. Fanning, MAI. In addition, it is advisable to use Market Analysis for Real Estate, Appraisal of Real Estate, 13th Edition, and The Dictionary of Real Estate Appraisal, 5th Edition. The Appraisal of Real Estate and the dictionary can be purchased as a package by clicking here.

   

• Comparable data [inclusive]:
  1. site sales and/or listings;
  2. improved sales and/or listings; and
  3. income/expense comparables and/or listings.

   

• Preliminary cost data. Ideally, this will include multiple sources of reproduction cost new documentation and market support for all sources of depreciation (breakdown depreciation is required). If you are choosing to submit under the “obsolescence option,” you should have the framework and preliminary market data supporting the identified obsolescence. This option requires that the obsolescence be measurable from market information. It is not acceptable to simply perform the mathematical calculations in developing the estimate of obsolescence.

   

For more information on this or any other Designated membership requirement, please contact the Admissions Department at 312-335-4111 or admissions@appraisalinstitute.org.