Basic Appraisal Principles

• Recognize the components of ethical and competent appraisal practice.
• Recognize the distinctive differences among land, real property, real estate, and personal property.
• Recognize and identify the three major land description systems.
• Recognize the major components that appear in all definitions of market value.
• Recognize the definitions of the economic principles of change, anticipation, supply and demand, competition, substitution, balance, externalities, and highest and best use.
• Solve basic real estate math problems in fractions, decimals, and percentages.
• Solve for mean, median, and mode.
• Use a financial calculator to perform mortgage calculations and to solve problems in simple and compound interest.
• Recognize the definitions of appraisal practice, valuation services, appraisal review, and other key terms.
• Identify the basic components in the appraiser’s scope of work decision.

Program Overview:
Table of Contents and Overview
Course Schedule

Assignments:
No

Equipment:

• A financial calculator is required. The accepted model used in the program is the HP-12C. AI education programs that require a financial calculator are developed with HP-12C keystrokes; using this model is highly recommended.
• You must be familiar with calculator operation when the program begins. Do not enroll expecting to be taught how to use a financial calculator.
• Free Review: Using a Financial Calculator: Formulas, Symbols, Math Review, and Sample Problems; and Financial Calculator Practice Exercises.
• For additional help with the HP-12C calculator, take Using Your HP-12C Financial Calculator.
• HP-12C calculator User’s Manual.
  

Additional Information:

Requirements:
None

• The Appraisal of Real Estate, 15th ed.
• The Dictionary of Real Estate Appraisal, 7th ed.