Course Outline of Record

Item	Value
Top Code	051100 - Real Estate
Units	3 Total Units
Hours	54 Total Hours (Lecture Hours 54)
Total Outside of Class Hours	0
Course Credit Status	Credit: Degree Applicable (D)
Material Fee	No
Basic Skills	Not Basic Skills (N)
Repeatable	No
Grading Policy	Standard Letter (S),  Pass/No Pass (B)

Course Description

Basic principles and methods of appraisal generally used in establishing the market value of real estate, along with the knowledge and skills necessary for application and interpretation of basic entry-level appraisals. ADVISORY: RE C100. Transfer Credit: CSU.

Course Level Student Learning Outcome(s)

1. Given a hypothetical valuation situation, define and discuss the cost approach to value, the income approach to value, depreciation, and the use of a capitalization rate.
2. Through a hypothetical appraisal situation, demonstrate knowledge of the eight steps to organize and prepare an appraisal and satisfactorily explain the definition of and purposes for appraisals.
3. Based on real estate trends, analyze a site; define and discuss methods to value a site; and, based on this analysis, prepare a simple income and expense statement, then formulate a value trend in a neighborhood. (Prices and Tending to increase or decrease.)
4. Given a sales situation, discuss and explain the market Data Approach and types of appraisal reports such as forms, letters, and narrative report.

Course Objectives

• 1. Define, reconcile and apply the three accepted approaches to value: income approach, cost approach and market value approach.
• 2. Apply federal and state laws governing real estate appraisers.
• 3. Indicate the order and purpose of the steps in the appraisal process.
• 4. Describe the USPAP standards that appraisers must follow in federally regulated transactions.
• 5. Solve appraisal problems using basic math, algebra, and statistics.
• 6. Examine case studies as related to the appraisal process.
• 7. Explain characteristics of markets that are integral to real estate transactions—money markets, mortgage markets, and real estate markets.

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Lecture Content

Introduction to Real Estate Appraisal Forces Influencing Value Nature of Real Property Principles of Valuation Methods of Appraisal Appraisal Process Data Collection Legal Description Area and Volume Cost Approach Residential Construction Depreciation Market approach Market Analysis Income Approach Income and Expense Analysis Capitalization Rate Residual Techniques

Method(s) of Instruction

• Lecture (02)
• DE Online Lecture (02X)

Instructional Techniques

A variety of instructional techniques will be employed to encompass different student learning styles. These may include, but are not limited to, lecture, discussion, projects and small group activities. Instruction will be supplemented, where appropriate, by digital media presentations resources, guest speakers and field trips.

Reading Assignments

Required manuals, documents, license agreements, textbook readings and industry updates.

Writing Assignments

Weekly projects, plans, revisions, discussion topic responses that will demonstrate application of concepts through industry simulated projects.

Out-of-class Assignments

Read/View the required materials, conduct appropriate research, prepare documents/plans, complete and revise projects, and prepare for quizzes/exams.

Demonstration of Critical Thinking

Projects will be completed to demonstrate competencies in the workplace in relation to industry standards in the areas of real estate salesperson, brokering and lending. Written assignments, projects and skills demonstration.

Required Writing, Problem Solving, Skills Demonstration

Weekly projects, plans, revisions, written reviews/critiques and discussion topic responses that will demonstrate real estate related skills application through authentic projects.

Eligible Disciplines

Business: Masters degree in business, business management, business administration, accountancy, finance, marketing, or business education OR bachelors degree in any of the above AND masters degree in economics, personnel management, public administration, or Juris Doctorate (J.D.) or Legum Baccalaureus (LL.B.) degree OR bachelors degree in economics with a business emphasis AND masters degree in personnel management, public administration, or J.D. or LL.B. degree OR the equivalent. Masters degree required. Real estate: Any bachelors degree and two years of professional experience, or any associate degree and six years of professional experience.

Textbooks Resources

1. Required Appraisal Institute. The Appraisal of Real Estate, 14 ed. Appraisal Institute, 2015 Rationale: - Legacy Textbook Transfer Data: Legacy text 2. Required Mark Rattermann. The Student Handbook to The Appraisal of Real Estate, 14 ed. Appraisal Institute, 2015 Rationale: - Legacy Textbook Transfer Data: Legacy text

Other Resources

1. Any OER available for Basic Appraisal class. 2. Coastline Library