General Appraiser Site Valuation and Cost Approach


This 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. The first 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 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.


Sponsor Date Location Delivery Format Check
State Approvals
Appraisal Institute On Demand Online  Check Register
Massachusetts/Rhode Island and Maine Chapter October 18-21, 2023 Woburn, MA Classroom  Check Register
Atlanta Area Chapter October 30 - November 2, 2023 Sandy Springs, GA Classroom  Check Register
Appraisal Institute December 11-21, 2023 Synchronous  Check Register
North Star Chapter February 05-08, 2024 Bloomington, MN Classroom  Check Register

Program State Approval & Hours

Some AI educational programs may not be approved in every state and every delivery format. To see a list of all state approvals across all formats for this course, please use the link below.

View all approvals for this course

Who should Enroll

Those seeking general real property appraiser certification


  • 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.



Yes, 3 hours



Appraisal Institute CE Points

Attend: 175 AI Points,  Attend and Pass Exam: 225 AI Points,  Pass Only: 200 AI Points

Class Time

27 hours


Classroom & Synchronous



Program Overview

Required and/or Recommended Equipment


·        A financial calculator is required. The accepted model used in the program is the HP-12C. AI education programs that require a financial calculator are developed with HP-12C keystrokes; using this model is highly recommended. 

·         You must be familiar with calculator operation when the program begins. Do not enroll expecting to be taught how to use a financial calculator.

·         Free Review: Using a Financial Calculator: Formulas, Symbols, Math Review, and Sample Problems; and Financial Calculator Practice Exercises.

·         For additional help with the HP-12C calculator, take our online seminar Using Your HP-12C Financial Calculator.

·         HP-12C calculator User's Manual.

Online & Synchronous

Additional Information

Classroom & Synchronous

Course Materials Include:

  • Course Handbook (428 pp.)
  • Solutions Booklet (150 pp.)
  • Self Study Problems (67 pp.)
  • Pre-Class Memo (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.


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
Exam FAQ

Online Course Access
Go to 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.

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.

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