Learning Objectives
– Describe the different purposes an appraisal may serve
– Define and state the relationship between ceiling price, floor price, and sale price
– Define value to the owner and market value, and the difference between an estimate of each
– Provide a suitable definition of market value
– Discuss redevelopment potential and identify a property’s highest and best use
– Describe the factors affecting the demand and supply of real property, and how they impact on the value
– Provide examples of how real estate markets can
be classified
– Identify potential sources of data, data collection, and analysis with respect to the subject property
– Briefly describe the three appraisal approaches, and provide examples of properties most suited to each
– Discuss options for reporting final value estimates: oral or written and the comparative market analysis (CMA)
– Explain the legal consideration for appraisers, the legal consequences resulting from a negligently prepared appraisal report, and how compensation may be awarded
– Discuss AVMs and the future of appraisal
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