Foundations of Real Estate Appraisal

Description

This course examines the theory and fundamentals underlying the valuation of real estate. Land rights, property utility, physical improvements, restrictive uses, and other factors that make up value are discussed. Approaches of appraisal are explored with a description of the three most common techniques of establishing value: the market approach, the cost approach and the income approach. Also the basic principles underlying real estate valuation such as the principle of highest and best use, the principle of substitution, the principle of contribution, and the economic forces underlying real estate values are discussed.