Residential Site Valuation and Cost Approach
Tracking # 20-1197146
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Course overview
This course focuses on the valuation of vacant land parcels and the development of the cost approach. Create a current cost estimate using market extraction, discover effective interview techniques, and explore information provided by professional cost data sources. An in-depth case study takes you from the origin of the appraisal assignment to a final value estimate using various cost approach applications.
Subject areas
This course counts toward the state boards and subject areas below.
Michigan Board of Real Estate Appraisers
Real Estate Appraiser - Certified General
15h
Qualifying Education
Real Estate Appraiser - Certified Residential
15h
Qualifying Education
Real Estate Appraiser - Limited
15h
Qualifying Education
Real Estate Appraiser - State Licensed
15h
Qualifying Education
New Hampshire Real Estate Appraisers Board
Apprentice Appraiser
15h
General
Certified Residential Appraiser
15h
General
Licensed Residential Appraiser
15h
General
Disclosure statements
- Identify all steps in completing a cost approach. The step-by-step process of estimating current construction cost is the focus.
- Recognize how to use data sources and the comparative-unit method of cost calculation.
- Apply the age-life and market extraction methods of estimating depreciation.
- Apply the breakdown method of estimating depreciation, including physical deterioration, functional obsolescence, and external obsolescence.
- Recognize elements of cost approach summation, including reconciliation of depreciation estimates.
- Identify residential site valuation principles and how they relate to the concept of market analysis and the development of a highest and best use conclusion.
- Identify the elements of comparison and the units of comparison as they are applied in the sales comparison approach for estimating site value.
- Recognize steps in the extraction and allocation methods of site valuation.
- Reconcile multiple site value indications to a final opinion of site value.