Course Outline

BUSI 330 - Foundations of Real Estate Appraisal

LESSON 1 – Real Property and the Nature of Value
LESSON 2 – Principles of Appraisal
LESSON 3 – Property Analysis
LESSON 4 – Market Studies and Highest and Best Use Analysis
LESSON 5 – The Direct Comparison Approach – Part I
LESSON 6 – The Direct Comparison Approach – Part II
LESSON 7 – The Cost Approach Part I – Site Valuation
LESSON 8 – The Cost Approach Part II – Building Cost Estimates
LESSON 9 – The Cost Approach Part III – Depreciation Estimates
LESSON 10 – The Income Approach
LESSON 11 – Reconciling Value Indications and The Appraisal Report

Course Structure

Weekly multiple choice assignments: 15% of final grade.

Project 1: Appraisal research exercises: 10% of final grade.

This project requires the student to apply some of the course concepts towards several short practical case study scenarios while explaining various appraisal issues. They are then required to do field work. First, they must carry out a property inspection, involving a physical site analysis on a property selected by the student. Second, they are required to complete a research project focusing on an aspect of real estate appraisal chosen by the students, either on the Internet or based on published sources.

Project 2: Single-family residential appraisal: 25% of final grade.

This project requires students to carry out an appraisal of a residential property. This requires that students have physical access to a building for inspection as well as information on its ownership and financial attributes. Students must carry out field work including a neighbourhood analysis, data gathering, finding and reviewing comparable properties, interviews with market participants, etc.

Final exam: Multiple choice and short-answer written questions: 50% of final grade.

Textbook sold separately. See Table of Contents for the texbook for this course:

Additional Resources