RPA112 - The Appraisal of Real Estate

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Last revision date 2018-07-30 11:09:29.416
Last review date 2018-07-30 11:10:42.873

Subject Title
The Appraisal of Real Estate

Subject Description
This subject provides a first exposure to the principles and techniques of real property valuation. It will introduce the concepts of both "market" and "highest and best use" analysis in the appraisal process. The student will study the theory, techniques and detailed applications of the direct comparison, cost, and income approaches to property valuation

Credit Status
This is a credit subject applicable towards the Real Property Administration Diploma Program offered through the School of Legal and Public Administration.
This is a credit subject applicable towards the Real Property Assessment Certificate Program offered through the University of British Columbia.
This is a credit subject applicable towards the AIMA and MIMA Designations with the Institute of Municipal Assessors.
This is a credit subject applicable towards the CRA and AACI Designations with the Appraisal Institute of Canada.

Learning Outcomes
Upon successful completion of this subject the student will be able to:

  1. Understand the distinct concepts of real estate and real property.  
  2. Demonstrate the services that professional real estate appraisers commonly perform for their clients.         
  3. Discuss the various types of value and their definitions.        
  4. Explain the economic principles upon which the discipline of appraisal is based.        
  5. Discuss the forces that influence the value of real property.               
  6. Illustrate the step-by-step process that appraisers follow to develop and report an opinion of value.             
  7. Explain the various interests and forms of ownership that make up the bundle of rights and how they affect the valuation process.  
  8. Explain how the real estate markets work in relation to the other investment options that compete for investors' funds.          
  9. Discuss the characteristics of land that an appraiser analyzes to determine its value.               
  10. Explain how the cost of developing land and improvements serves as a measure of value.  
  11. Apply the techniques used to analyze and make adjustments to comparable sales. 
  12. Demonstrate the calculation of quantitative adjustments for the various elements of comparison and the application of qualitative analysis.
  13. Demonstrate the fundamentals of the Income Approach.

Essential Employability Skills
Communicate clearly, concisely and correctly in the written, spoken and visual form that fulfils the purpose and meets the needs of the audience.

Respond to written, spoken, or visual messages in a manner that ensures effective communication.

Execute mathematical operations accurately.

Apply a systematic approach to solve problems.

Use a variety of thinking skills to anticipate and solve problems.

Locate, select, organize, and document information using appropriate technology and information systems.

Analyze, evaluate, and apply relevant information from a variety of sources.

Show respect for diverse opinions, values, belief systems, and contributions of others.

Interact with others in groups or teams in ways that contribute to effective working relationships and the achievement of goals.

Manage the use of time and other resources to complete projects.

Take responsibility for one's own actions, decisions, and consequences.

Academic Integrity
Seneca upholds a learning community that values academic integrity, honesty, fairness, trust, respect, responsibility and courage. These values enhance Seneca's commitment to deliver high-quality education and teaching excellence, while supporting a positive learning environment. Ensure that you are aware of Seneca's Academic Integrity Policy which can be found at: http://www.senecacollege.ca/about/policies/academic-integrity-policy.html Review section 2 of the policy for details regarding approaches to supporting integrity. Section 2.3 and Appendix B of the policy describe various sanctions that can be applied, if there is suspected academic misconduct (e.g., contract cheating, cheating, falsification, impersonation or plagiarism).

Please visit the Academic Integrity website http://open2.senecac.on.ca/sites/academic-integrity/for-students to understand and learn more about how to prepare and submit work so that it supports academic integrity, and to avoid academic misconduct.

All students and employees have the right to study and work in an environment that is free from discrimination and/or harassment. Language or activities that defeat this objective violate the College Policy on Discrimination/Harassment and shall not be tolerated. Information and assistance are available from the Student Conduct Office at student.conduct@senecacollege.ca.

Accommodation for Students with Disabilities
The College will provide reasonable accommodation to students with disabilities in order to promote academic success. If you require accommodation, contact the Counselling and Accessibility Services Office at ext. 22900 to initiate the process for documenting, assessing and implementing your individual accommodation needs.