AP 330 - Foundations of Real Estate Appraisal

1.explain why real property appraisal is necessary and the purpose and use of appraisals.

2.discuss the various definitions of value and the forces that create and affect value.

3.explain the nature of real properties and its components.

4.list and describe the logical and orderly steps required in appraisal process which lead to a conclusion of market value.

5.explain the importance of neighborhood, site and improvement attributes with respect to determining value and to the appraisal process.

6.explain the importance of a highest and best use analysis in an appraisal.

7.describe the different methods available for land valuation and when it is appropriate.

8.explain the underlying theory for the three approaches to value: direct comparison, cost and income.

9.discuss the strengths and weakness of the approaches and when each is most appropriate for application.

10.apply the techniques of the direct comparison,  cost, and income approaches to value in a practical situation.

11.describe the reconciliation process and be able to complete a reconciliation to indicate an opinion of final value or value range.

12.describe how to report appraisal findings in an appropriate report format.

Required Resource Materials:
UBC Real Estate Division. (2023). The appraisal of real estate (4th Canadian ed.).

Real Estate Division, Sauder School of Business, University of British Columbia.

UBC Real Estate Division. (2023). Foundations of Real Estate Appraisal course workbook

(BUSI 330). Real Estate Division, Sauder School of Business, University of British

Columbia.

Optional Resource Materials:
None

Conduct of Course:
The course consists of lectures, labs, and/or fieldwork. Classroom instruction is delivered in a lecture format supported by visual aids. Questions and discussions are encouraged throughout to ensure understanding of the material. Assessment activities are completed during class time and cannot be rescheduled, as some materials are only available during scheduled sessions.

Regular attendance is essential for success in this course. Absence for any reason does not relieve a student of the responsibility to complete coursework and assignments to the satisfaction of the instructor. Poor attendance (more than 20%) may result in withdrawal from the course. The instructor will recommend that the Registrar withdraw any student who does not meet the established attendance requirements. A failing grade of RW (Required to Withdraw) will appear on the student’s transcript.

In cases of repeated absences due to illness, students may be required to submit a medical certificate. Instructors also have the authority to require students to attend classes.

Content of Course:
Lesson 1 - Real Property and the Nature of Value

Lesson 2 - Principles of Appraisal

Lesson 3 - Property Analysis

Lesson 4 - Market Studies, Highest and Best Use Analysis, and Site Valuation-Part 1

Lesson 5 - Market Studies, Highest and Best Use Analysis, and Site Valuation-Part 11

Lesson 6 - The Cost Approach and Depreciation Estimates- Part 1

Lesson 7 - The Cost Approach and Depreciation Estimates- Part 11

Lesson 8 - The Direct Comparison Approach- Part 1

Lesson 9 - The Direct Comparison Approach- Part 11

Lesson 10 - The Income Approach

Lesson 11 - Reconciling Value Indications and the Appraisal Report
Course Assessments:

• Official final grades will be available on My Lakeland. Grades posted in D2L should be considered interim grades.  
• “Lakeland College is committed to the highest academic standards. Students are expected to be familiar with Lakeland College policies and to abide by these policies. Violations of these policies are considered to be serious and may result in suspension or expulsion from the College.”  

Students must maintain a cumulative grade of C (GPA - Grade Point Average of 2.00) in order to qualify to graduate.

Every effort has been made to ensure that information in this course outline is accurate at the time of publication. Lakeland College reserves the right to change courses if it becomes necessary so that course content remains relevant.

In such cases, the instructor will give students clear and timely notice of changes.

No part of this course outline may be reproduced in any form or resold without written permission from Lakeland College.

Copyright©LAKELAND COLLEGE.
2602 - 59 Avenue, Lloydminster, Alberta, Canada T9V 3N7. Ph: 780 871 5700
  5707 College Drive, Vermilion, Alberta, Canada T9X 1K5. Ph: 780 853 8400
Toll-free in Canada: 1 800 661 6490 E-mail: admissions@lakelandcollege.ca