Written by instructors for instructors, Basic Real Estate Appraisal covers the fundamentals of the appraisal business, making concepts accessible for aspiring real estate appraisers. It also helps real estate salespeople, brokers, consumers, investors, and all others seeking a better understanding of the role of appraisers in today’s real estate market. This ninth edition reflects the major changes in appraising and appraisal regulations in recent years, including changes to the Uniform Standards of Professional Appraisal Practice (USPAP) in the 2014–2015 Edition, as well as those approved for the 2016–2017 Edition. This edition also addresses the Uniform Appraisal Dataset (UAD) and the Market Conditions Addendum used in single-family residential appraisals for lending purposes.
Table of Contents
1. Real Estate Appraisal and You.
2. Legal Considerations in Appraisal.
3. The Formal Appraisal Process.
4. Focus on Neighborhood, Community, and Market.
5. Real Estate Economics and Value.
6. Property Inspection and Analysis: The Site.
7. Property Inspection and Analysis: The Improvements.
8. The Sales Comparison Approach.
9. Analyzing and Adjusting Comparable Sales.
10. Valuing the Site.
11. Introducing the Cost Approach.
12. Estimating Loss in Value: Accrued Depreciation.
13. The Income Approach.
14. Income Capitalization: Rates and Techniques.
15. Reconciling the Value Estimates.
16. Reporting Appraisal Opinions.
17. Appraising Special Ownerships and Interests.
18. The Professional Appraiser.
Answers to Reviewing Your Understanding.