ILR1-08 Course Description   |   ILR2-08 Course Description   |   ILR3-08 Course Description

ILR2-08 is the follow-up course to AIAREE Basic Appraisal Principles course and covers the entire valuation process. The course provides the student with a “hands on” type experience through a sales comparison case study, using “paired sales analysis” for extracting data from the market. The Cost Approach and Incom e Approaches (Direct Capitalization and Multiplier Method) are further explained and utilized. The Income approach and direct capitalization techniques are explained. The reconciliation process and the step-by-step preparation of a residential appraisal report on the URAR form are also covered. The student learns statistical concepts, and gets a basic introduction to using a financial calculator for appraising.*

• Review of principles and the appraisal process
• Appraisal mathematics
• Site valuation
• Sales comparison case study (paired sales methodology)
• Cost approach and depreciation
• Income approach and direct capitalization
• Reconciliation, final value estimate, and residential appraisal report writing
  (on the URAR appraisal form)
• Use of financial calculators in appraising (*basic introduction to student- provided Hewlett Packard 12-C calculator)
• In addition to passing tests associated with the courses, students must apply to the state and pay application/testing fees to take the Associate Real Estate Appraiser exam (approximately $300).

* Students are to purchase the Hewlett Packard 12-C financial calculator, and should spend a minimum of two hours becoming familiar with the HP 12-C calculator prior to class.

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