Online Basic Real Estate Appraisal Course Title: Online Basic Real Estate Appraisal Instructor: David W. Johnson, MAI, CCIM (562) 928-2118 Office Hours E-Mail: firstname.lastname@example.org This is the online course for Basic Real Estate Appraisal. The Real Estate Appraiser is Ethically Required to be Objective, Independent and Impartial. This course deals with the formal appraisal process as described in the Uniform Standards of Professional Appraisal Practice. There are many concepts to learn in this course including legal considerations and market economics. This course provides an introduction to the fundamental concepts of real estate appraisal. Research methods, comparable sales acquisition & analysis, and valuation methodology and theory are discussed. Highest and Best Use analysis is introduced as the basis for valuation of the subject property. The three major approaches to valuing real estate, the cost approach, the sales comparison approach and the income approach are presented. Reconciliation of the three approaches and the methods used to report the appraisal opinion are discussed. Goals & Objectives: 1. To provide a foundation for a career in real estate appraisal. 2. To give students an appraisal knowledge useful to a real estate broker and agent. 3. To give students an appraisal knowledge useful for a real estate investor-operator- developer. 4. To introduce the Concepts of the Uniform Standards of Appraisal Practice Course Text: Basic Real Estate Appraisal; Principles and Procedures, Richard M. Betts and Silas J. Ely, MAI. Seventh Edition, Thomson Publishing. ISBN 0-13-742891-x Recommended Resource Books: The Appraisal of Real Estate 13th Edition, The Appraisal Institute, 2009 This book may be obtained from www.appraisalinstitute.org Uniform Standards of Professional Appraisal Practice (USPAP) www.appraisalfoundation.org The cost is $25 per copy per year. The HP12c Calculator is required for this class. Please go to the Course Documents Section of Blackboard and download the HP12c calculator program. Other calculators may be used but will not be supported. A financial calculator is used to enhance this course. A tutorial on the HP12c is available as the “HP12c mini presentation”. Grading: There are 488 points available in this class. You will need to accumulate 317 to pass the course or 65%. An “A” will require 439 points, a B will require 390 points and a C will require 342 points. A “D” will be given for scores between 317 and 342 points. An F will be recorded for an accumulation of points less than 317. Final – 100 pts, Mid Term = 100 pts, Quizzes = 180 pts, Site 10 problem = 10 pts, Sale Comparison = 16 pts, and Accrued Depreciation = 32 pts, Appraisal Report 50 points. Total 488 points. The appraisal report and all other course work are due by the end of the class. Please note that All Course Grades Are Final. Course Outline and Assignments First off please complete a review of the posted announcements. You have already downloaded this document so this is a good start! Let me suggest that you make a folder on your hard drive and call it UCLA Appraisal or some other name. All of the Excel, word, and HP12c files may be downloaded and placed in this folder or sub-folders. This will make it easier than trying to open the files in blackboard. The chapter lectures are designed to work through blackboard and are not downloadable as power point files. It is recommended that you no go through all sections of the course. In “Course Information” you will find a course overview. This will provide a grasp of the course material. Next Go to the “Staff Information”. This will provide you with some of my background information. If you need my CV for any reason it is available at www.johnsononeill.com. Next go through the “Course Documents”. This section has the Chapter Quizzes. There are 18 separate quizzes. These quizzes are true and false and are designed to help you study the material and the concepts. The location of the answers is provided for each of the quizzes. There is the examination folder. This folder has the mid term and the final. In addition it has examinations that will allow you to report on the answers for the “Assignments outside the Textbook”. The HP12c Learning Presentation is a full power point presentation on how to use the HP12c Calculator. Following this presentation and using the HP12c will give you a new set of skills. “Handouts” are word or excel documents that still have some information that you may find helpful. Much of this information has been converted to power point presentations but I have left this handout information for you. “Assumptions and Limiting Conditions are a set that you can use as a template for your own appraisal work. These are not copywrited and you may use them. They have been compiled over the years and cover most subjects in real estate appraisal. “Mello Roos” is an article that explains this California Legislation. It does not apply exactly outside of California. “Bradford Technologies” is one of many form software companies for Real Estate Appraisal. They are the publishers of the software included with your textbook. You will need to download this software. Sorry no MAC support. For MAC you need to load parallels and then XP from Microsoft. There are many others that you may find with a search engine. Next Go to “Assignments”. This section has all of the assignments for this course. The first is the “Assignments outside the Textbook”. The remainder of the “Assignments are all of the chapter lectures. These lectures are streamed for your convenience. The last folder in this section is the “Text Lectures Folder”. These are some of the old text lectures that I have left in the system. You cannot download the lectures and play them. Next go through the “Communications”. Here you may read any announcements, find the collaboration section, Discussion Boards, Group Pages, the Roster, and the E-mail section where you may send me and others e-mail. I usually check in 2-3 times a week and check the discussion boards. For immediate attention use my e-mail through blackboard. Next go to the “Books” section. Here you will find the Textbook, Appraisal Institute Publications for advanced learning and the location where you may order USPAP. USPAP is not required for this class but is recommended as it the Standard to which the appraisal industry adheres. If you plan on being an appraiser you will need this document. Next go to the “Discussion Board and read the threads. Add your own thread so all of us may meet the others that are taking the class. It is always nice to see who is taking the online course. You may introduce any Real Estate Topic into the Discussion Forum. Next you will find in “Groups” that no groups have been set up!! Next Go to “External Links”. You will find Hp12c Links and Articles, Governmental and Professional Organization links for the Appraiser, Data Links for the Appraiser, Bradford Form Software for Appraisers and Real Estate Valuation magazine. Next go to the “Tools” section. Here you will find tools for you to use in Blackboard. Required Appraisal Report You are required to prepare a single family appraisal and appraisal report. Use the software that is included with the textbook. You will find a lot of the information in the practical aspects of appraising at the end of each chapter. There is a new section under Course Documents. It is called, Clickforms-Practical Applications. There are two options. Some of you may wish to appraise an actual single family dwelling. If you have the data sources and wish to do so that is fine. If this is difficult for you then the resources on blackboard under “Clickforms-Practical Applications will give you the information that you need to fill out the appraisal report. There are 6 comparable sales and you will have to choose at least 3 of these comparables for your analysis and with this, form an opinion of value. This is a new section of the class. It is still being developed as this is only the second quarter that it has been used. Please e-mail me your finished “appraisal” in PDF format. How to Proceed? It is recommended that you complete at least two chapters each week. Some of you will have more time to spend each week than others. Naturally you may work at your own pace but don’t get behind. Two chapters a week will allow you plenty of time to study and complete all of the requirements. The following is a schedule we use for the onsite classes. It is only a guide. Good luck with the course. E-mail me with any questions and if desired we can meet in the Collaboration section for a live discussion. Session #1: Chapters 1 & 2: Real Estate Appraisal and You and Legal Considerations in Appraisal. Session #2: Chapter 3 The Formal Appraisal Process Session #3: Chapters 4 & 5 Focus on Neighborhood, Community and Market and Real Estate Economics and Value Session #4: Chapter 6 & 7 Chapters to cover are Property Inspection and Analysis and The Site and Improvements Session #5: Chapter 8 & 9 The Sales Comparison Approach and Analyzing and Adjusting Comparable Sales. Complete the exercise “Case Study for Sale Adjustments”. Session #6: Mid-Term Examination: There are 50 multiple choice questions. These questions are predicated on the questions at the end of each chapter. The Midterm is 100 points of your grade. The Mid-Term will be available during this sixth week. Session #7 Chapter 10: Valuation of the Site and then complete the Site Valuation Exercise through blackboard. Session #8: Chapter 11 & 12: Introducing the Cost Approach and Estimating Loss in Value or Accrued Depreciation. Complete the “Extracting Accrued Depreciation from Sales Comparables” exercise in blackboard. Session #9: Chapters 13 & 14: The Income Approach and Income Capitalization: Rates and Techniques Session #10: Chapters 15 & 16 Reconciling the Value Estimates and Reporting Appraisal Opinions Session #11: Chapters 17 & 18 Appraising Special Ownerships and Interests and The Professional Appraiser Session #12: Power Point Lecture: Uniform Standards of Appraisal Practice. The Final Examination will be available this week without prior permission. The final examination is by the last day of the course. There are 100 points and questions on the examination. You will have 4 hours to complete the examination. Good Luck!
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