SUBJECT TODAY
TEXTBOOK CHAPTERS 1 & 2
Chapter 1 – Introduction to Appraisal
Purpose of Appraisal
Defines appraisal as a professional, unbiased opinion of value. Distinguishes appraisal from informal price opinions by brokers, developers, or owners.
Role of the Appraiser
Explains licensing, certification, ethics, and competency. Emphasizes independence, objectivity, and adherence to USPAP and professional standards.
Why Appraisals Are Needed
Used in lending, litigation, taxation, eminent domain, estate planning, and investment decision-making.
Types of Value
Introduces market value, use value, investment value, insurable value, assessed value, and fair value.
Chapter 2 – Land, Real Estate, and Ownership of Real Property
Land vs. Real Estate vs. Real Property
Clarifies that appraisers value rights and interests, not physical land alone.
Bundle of Rights
Explains ownership rights such as use, exclusion, transfer, and enjoyment.
Public Restrictions
Taxation, eminent domain, police power, and escheat.
Private Restrictions
Easements, covenants, deed restrictions, and encumbrances.
Forms of Ownership
Private vs public ownership and various ownership structures.
Continue Reading Main Textbook,
Next Class Chapters 3 and 4.
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