General Appraiser Site Valuation and Cost Approach

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Who should enroll Those seeking general real property appraiser certification
Description General Appraiser Site Valuation and Cost Approach is a practical, hands-on course that concerns two basic aspects of real estate appraisal: land/site valuation and the development of the cost approach. Extensive use of problems and case studies will give you practice in applying site valuation and cost approach methods learned in previous courses. Special attention is given to the appraisal of various types of sites and the various means of measuring depreciation.

Two in-depth case studies are presented in this course. Summerville Case Study addresses the valuation of an industrial property and demonstrates the fundamentals of site valuation, estimation of current improvement cost, and various methods of recognizing and measuring depreciation.

The second case study, Oakvale Terrace, is a short one, featuring valuation of a residential subject site using the sales comparison approach, extraction, interview techniques, and information provided by professional cost data sources.

By successfully completing the course and exam, you will have met most states' education requirements in the content area identified as general appraiser site valuation and cost approach.

Objectives
  • Develop a complete cost approach. The step-by-step process of estimating current construction cost is the focus.
  • Identify and use data sources and the comparative-unit method of cost calculation.
  • Apply the age-life and market extraction methods of estimating depreciation.
  • Apply the breakdown method for estimating depreciation, including physical deterioration, functional obsolescence, and external obsolescence.
  • Recognize elements of cost approach summation, including reconciliation of depreciation estimates.
  • Identify basic site valuation principles and how they relate to the concept of market analysis and the development of a highest and best use conclusion.



Refer to this page for details of state approval hours for this course.

  • Attended Only:

    175
  • Attended Only:

    175
  • Attended Only:

    175
  • Attend and Pass Exam:

    225
  • Attend and Pass Exam:

    225
  • Attend and Pass Exam:

    225
  • Pass Exam Only:

    200
  • Pass Exam Only:

    200
  • Pass Exam Only:

    200
27 hours
90

No

 

Yes
3
Intermediate
None specified

Online Education FAQ

Synchronous Requirements

Course Materials Include:

  • Course Handbook (426 pp.)
  • Solutions Booklet (150 pp.)
  • Self Study Problems (67 pp.)
  • Pre-Class Memo (1 p.)
  • Student Letter (1 p.)
  • Case Study (28 pp.)

You will be asked to clear the calculator’s memory before and after the examination. Only one calculator is permitted in the testing room. Examinees taking most AI exams may bring their own calculator to use during the exam. Laptops, cellular phones, tablets, iPads, wearable technology (smart watch, Apple Watch, Google Glass, etc.), and other devices that can store data or connect to the Internet are NOT permitted during the exam. In addition, all watches, wallets, bags, and purses must be removed and stored out of reach prior to taking the exam.

Exam:
You will have 90 days from the time that you complete the course to take the proctored, offline exam. Testing center locations in your area can be found by clicking on this link:www.pearsonvue.com/ai.
Exam FAQ

Online Course Access
Go to www.appraisalinstitute.org and log in with the username and password you used when you registered. Click on the red “My Account” button if you are not automatically taken to your account page.
1. Click "Education and Events" on the right navigation menu.
2. Find the course under the “Online Courses” heading and click the “Begin” button.
IMPORTANT NOTE: Once this button is clicked, your access length time (e.g. 90 days) will begin. Only click when you intend to start the course. If you are returning, once you have started the course, click the “Continue” button to continue.

Technology-Based Education Student Disclaimer
I agree to the terms and policies set forth under the Appraisal Institute Education Policy. I also certify that I am the person identified under Personal Data and that I will personally complete each assigned component of instruction and any examination(s). I understand and agree that if I misrepresent my identity or arrange for someone else to represent himself or herself as me at any time during the Appraisal Institute online course or seminar, I will be immediately removed from the course or seminar and I will not be entitled to any refund. I further understand that if I am a Designated member, Candidate for Designation, Practicing Affiliate, or Affiliate of the Appraisal Institute and participated in any misrepresentation of identity, by affirmative act or failure to act, I will be the subject of a peer review proceeding under Regulation No. 6 for violation of the Code of Professional Ethics and Standards of Professional Practice of the Appraisal Institute, and such peer review proceeding may result in termination of my Appraisal Institute membership, candidacy, and/or affiliation.

Other Details
For information about how on demand online education programs work, registration and cancellation policies, and other details, see our On Demand Online Education Frequently Asked Questions.



This course allows the option to test out of the course. Click to Challenge examination.


NOTE: States DO NOT  provide credit for challenge examinations.

Classroom Offerings

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Synchronous Offerings

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