Basic Appraisal Principles

About this course

If you’re considering a career in professional valuation services, your journey should begin with Basic Appraisal Principles. This course will introduce you to real property concepts and characteristics, legal considerations, influences on real estate values, types of value, economic principles, real estate markets and analysis, highest and best use, and ethical considerations. The course should provide a solid foundation in basic appraisal principles no matter what appraisal specialty you pursue.

Co-developed by the Appraisal Institute, ASA, and ASFMRA

What you’ll learn

Recognize the components of ethical and competent appraisal practice.
Recognize the distinctive differences among land, real property, real estate, and personal property.
Recognize and identify the three major land description systems.
Recognize the major components that appear in all definitions of market value.
Recognize the definitions of the economic principles of change, anticipation, supply and demand, competition, substitution, balance, externalities, and highest and best use.
Solve basic real estate math problems in fractions, decimals, and percentages.
Solve for mean, median, and mode.
Use a financial calculator to perform mortgage calculations and to solve problems in simple and compound interest.
Recognize the definitions of appraisal practice, valuation services, appraisal review, and other key terms.
Identify the basic components in the appraiser’s scope of work decision.