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Degree Applicable Glendale Community College
October, 2006
COURSE OUTLINE
Real Estate Course 2
Residential Real Estate Appraisal
(60 Hours — 3.5 Units)
I. Catalog Statement
Real Estate Course 2 which focuses on residential appraisals, meets the requirements of the 2008 Appraisal Qualifications Board of the Appraisal Foundation and follows their outline modules. It covers the following major areas:
1) Residential Market Analysis and Highest and Best Use — 15 Hours;
2) Residential Appraiser Site Valuation and Cost Approach — 15 Hours; and
3) Residential Sales Comparison and Income Approach — 30 Hours.
This course meets the license education requirements for all levels of appraisal licensure. It is required for the trainee license, residential license, certified residential license, and certified general license. This course qualifies with the California Department of Real Estate as a statutory/pre-license real estate course for both the salesperson and broker education requirements. In addition, this course may also qualify as the second appraisal course for broker education requirements referred to as Advanced Real Estate Appraisal. Emphasis is on residential properties, such as single-family homes, 1-4 unit apartments, condos, mobile homes, and manufactured homes.
Units - 3.5
Lecture hours - 3.5
Prerequisite: None.
II. Course Entry Expectations
Skills Level Ranges: Reading 5; Writing 4; Listening/Speaking 4; Math 2.
III. Course Exit Standards
Upon successful completion of the required course work, the student will be able to:
1. define Real Property concepts as they relate to residential properties;
2. categorize land/site considerations when applying the highest and best use principle;
3. demonstrate the tests of highest and best use in determining real estate value;
- demonstrate the application of the sales comparison approach, the cost approach, and the income approach to correlating value for residential properties;
- identify and describe seven basic construction components of a building;
- explain how the market comparison approach is a response to the influence of supply and demand;
- list and explain three sections in a Uniform Residential Appraisal Report (URAR) Appraisal Report.
IV. Course Content
- Residential Market Analysis 8 hours
1. Market fundamentals, characteristics and definitions
2. Supply analysis
3. Demand analysis
4. Use of market analysis
B. Highest and Best Use 6 hours
1. Test constraints
2. Application of highest and best use
3. Special considerations
4. Market analysis
5. Case studies
C. Residential Appraiser Site Valuation 6 hours
1. Methods
2. Case studies
D. Cost approach 8 hours
1. Concepts and definitions
2. Replacement/reproduction cost new
3. Accrued depreciation
4. Methods of estimating accrued depreciation
5. Case studies
E. Valuation Principles and Procedures — Sales Comparison Approach 3 hours
F. Valuation Principles and Procedures — Income Approach 2 hours
G. Finance and Cash Equivalency 1 hour
H. Financial Calculator Introduction 1 hour
I. Identification, Derivation and Measurement of Adjustments 8 hours
J. Gross rent multipliers 3 hours
K. Partial interests 3 hours
L. Reconciliation 3 hours
M. Case Studies and Applications 4 hours
N. Testing 4 hours
1. Midterm
2. Final
TOTAL HOURS - 60
V. Methods of Presentation
The following instructional methodologies may be used in the course:
1. lectures;
2. guest speakers;
3. online;
4. virtual tours;
5. field trips.
VI. Assignments and Methods of Evaluation
- Quizzes.
- Reports/projects.
- Midterm examination.
- Final examination.
VII. Textbooks
Huber W., Messick, L., IFAC Residential Real Estate Appraisal,
Covina: Educational Textbook Company, Inc. 2006. (626) 339-7733
10th Grade Textbook Reading Level. ISBN: 978-0-0916772-23-9
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