Course Summary
Credit Type:
ACE Course Number:
11 weeks (48 hours)
Dates Offered:
Credit Recommendation & Competencies
Level Credits (SH) Subject
Lower-Division Baccalaureate 3 Real Estate, Finance, or Business


The course objective is to explain all areas of the Uniform Standards of Professional Appraisal Practice, including all of the appraisal related topics listed in educational requirements for universal state licensing and certification.

Learning Outcomes:

  • Define the four governmental restrictions on the private ownership of all property
  • Describe the four construction classification types
  • List and explain the four steps in the sales comparison approach
  • List the five basic steps of the cost approach
  • Define the reproduction cost and replacement cost, and explain their use in appraisals
  • Explain the gross income multipliers in the income approach
  • List the two methods used to calculate the overall capitalization rate
  • List the three conventional formats of written appraisal reports
  • List the key elements of becoming a competent appraiser
  • And define the typical state requirements for appraiser licensing and certification
  • Upon completion of the course, the student will be able to explain the difference between and formal and an informal appraisal report
  • Define real estate, real property, and personal property
  • Explain the four steps in the appraisal process
  • Outline the three approaches to value, and explain how they are used in the appraisal reports
  • List and give examples of the broad forces that affect value
  • List the four criteria for highest and best use
  • Name the six steps in the income approach to value

General Course Topics:

  • Real estate appraisal and you
  • Legal considerations in appraisal
  • The formal appraisal process
  • Focus on neighborhood, community, and market
  • Real estate economics and value
  • Property Inspection and analysis: the site
  • Property inspection and analysis: the improvements
  • The sales comparison approach
  • Analyzing and adjusting comparable sales
  • Valuing the site
  • Introducing the cost approach
  • Estimating loss in value: accrued depreciation
  • The income approach
  • Income capitalization: rates and techniques
  • Reconciling the value estimates
Instruction & Assessment

Instructional Strategies:

  • Computer Based Training
  • Discussion
  • Lectures
  • Practical Exercises

Methods of Assessment:

  • Examinations
  • Performance Rubrics (Checklists)

Minimum Passing Score:

Supplemental Materials

Other offerings from Center for Financial Training Atlantic & Central States, Inc.