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This course is designed to provide the student with a comprehensive
knowledge of the development and application of the sales comparison
approach and the income approach in residential appraisal assignments.
The course begins with how the fundamental principles of valuation and
appraisal standards apply to an assignment in which the sales comparison
and/or income approach is relevant in the scope of work, and details
the development steps in the appraisal process through reconciliation.
As part of the progression, the student will become acquainted with
accepted methodology and techniques that can be applied in the
assignment using the sales comparison and/or income approaches. Included
and emphasized, through numerous illustrations and application case
studies, are choosing comparable data, derivation and application of
adjustments for various elements, derivation and application of rates of
capitalization, and the logic and rationale applied during
reconciliation. Also included is an introduction to the HP 12c financial
calculator as well as a discussion about using the sales comparison and
income approaches in special situations.