Basic Real Estate Appraisal: Principles and Procedures (with CD-ROM)
Learn the fundamentals of real estate appraisal from a professional. BASIC REAL ESTATE APPRAISAL, 7e makes it easy providing a clear overview of the profession and basic appraisal techniques. Completely updated to meet the new 2008 qualifying education requirements, this popular real estate appraisal book provides a thorough outline of fundamental real estate appraisal theory and practice. Like so many previous users, you'll appreciate the clear step-by-step calculations with detailed...
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Learn the fundamentals of real estate appraisal from a professional. BASIC REAL ESTATE APPRAISAL, 7e makes it easy providing a clear overview of the profession and basic appraisal techniques. Completely updated to meet the new 2008 qualifying education requirements, this popular real estate appraisal book provides a thorough outline of fundamental real estate appraisal theory and practice. Like so many previous users, you'll appreciate the clear step-by-step calculations with detailed explanations in addition to how simple and complex subjects are covered in easy-to-understand terms. Practical examples throughout illustrate real-life situations real estate appraisers will encounter in everyday practice. PLUS—you will gain valuable on-the-job experience completing applications using the popular Clickforms" software used throughout the real estate appraisal industry. This book also references and explains the Uniform Standards of Professional Appraisal Practice (USPAP), introducing all of the appraisal related topics listed in new educational requirements for universal state licensing and certification."
PREFACE: \ Preface\ This fifth edition of Basic Real Estate Appraisal is a thorough outline of current appraisal theory and practice, providing a practical guide to real estate appraisal for students, real estate professionals, and consumers. Importantly, this text introduces all of the topics listed in the educational requirements for state licensing and certification.\ Crafted to build upon the classical appraisal process, Basic Real Estate Appraisal describes how this important valuation model has been refined and made more explicit in recent years by the Uniform Standards of Professional Appraisal Practice. References and abstracts of USPAP appear throughout the book. More detailed text of those USPAP Rules and Standards directly governing appraisals may be found in the addendum. Finally, this text describes how computers are used in appraisals, including their use to access on-line appraisal data services, and other resources available on the Internet. Web sites of representative services and resources are included in the text.\ Based on the authors' years of teaching at both the community college and university levels, and their years of practical appraisal experience, Basic Real Estate Appraisal has been written for easy reader comprehension. Both simple and complex subjects are covered in terms that are easy to understand yet accurate. Throughout, typical appraisal tasks and problems are described and illustrated. Charts and currently used appraisal forms are used as appropriate.\ As to the format of the book, the chapters are subdivided into sections, usually three or four. Each chapter starts with a previewparagraph and statement of learning objectives. These should help the reader to identify the important elements in the chapter. The major sections of the text material follow. Each chapter concludes with a comprehensive summary and a list of important terms and concepts. A group of chapter review questions is provided to help the reader review his or her understanding. The answers to these questions are provided at the end of the book.\ The appraisal concepts and techniques covered in this book are important tools that are useful to people in every field of real estate. We hope that our presentation will provide many helpful ideas and skills for use in your daily real estate endeavors.\ Richard M. Betts\ Silas J. Ely
Meeting the AuthorsPrefaceAcknowledgmentsCh. 1Real Estate Appraisal and You1Ch. 2Legal Considerations in Appraisal14Ch. 3The Formal Appraisal Process36Ch. 4Focus on Neighborhood, Community, and Market62Ch. 5Real Estate Economics and Value94Ch. 6Property Inspection and Analysis: The Site118Ch. 7Property Inspection and Analysis: The Improvements158Ch. 8The Sales Comparison Approach186Ch. 9Analyzing and Adjusting Comparable Sales214Ch. 10Valuing the Site248Ch. 11Introducing the Cost Approach272Ch. 12Estimating Loss in Value: Accrued Depreciation298Ch. 13The Income Approach320Ch. 14Income Capitalization: Rates and Techniques350Ch. 15Reconciling the Value Estimates384Ch. 16Reporting Appraisal Opinions396Ch. 17Appraising Special Ownerships and Interests435Ch. 18The Professional Appraiser463Answers to Reviewing Your Understanding Questions487Glossary491Uniform Standards of Professional Appraisal Practice (Excerpts)510Index523
