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FIRE 484. Real Estate Appraisal

Credits: 3
Department: Finance, Insurance & Real Estate
Description: Cost, income, and market approaches to value of real property assets. Professional narrative appraisal employing comparable sales analysis, depreciated cost analysis and discounted cash flow analysis. Professional ethics and uniform standards of professional appraisal practice.
Prerequisites: FIRE 378
Semester Offered: Spring
Grading Method: ABCDF

Student Learning Outcomes

1. Formulate a complete narrative appraisal of a single family dwelling.
2. Critique each of the 3 approaches in the appraisal process and identify the strengths of each approach.
3. Calculate and apply capitalization rates in the income approach using both market extraction and band of investment techniques.
4. Apply cash equivalency techniques to determine the value of below market rate financing when adjusting a comparable sale in the sales comparison approach.
5. Calculate (estimate) value using a discounted cash flow procedure.

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