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AQB approved, this 60-hour text is divided into two sections giving users a solid understanding of the income approach to value while reinforcing the application of principles and practices in previous general courses under given circumstances. "In Practice" case studies engage classroom discussion and develop problem-solving skills. Frequent reviews throughout check student mastery.
Authors Mark A. Munizzo and Lisa Virruso Musial are both practicing Certified General Real Estate Appraisers and award-winning instructors receiving the Instructor of the Year Award from the National Association of Independent Fee Appraisers (NAIFA) in 2002 and 2004 respectively.
An Instructor Resource Guide, available online to adopters, provides timed lecture outlines, two final exams, exam answer keys w/rationale and PowerPoint instructional slides.
List of contents
Introduction.
Learning Objectives.
Suggested Reading.
I. VALUATION REVIEW.
1. The Income Game.
2. Value Analysis.
3. Valuation Models.
II. TIME VALUE OF MONEY.
4. Six Functions of a Dollar.
5. Time Value Factors.
III. DIRECT CAPITALIZATION.
6. Direct Capitalization.
7. Income Analysis.
8. Mortgage and Equity Capitalization Rates.
9. Developing the Overall Capitalization Rate.
IV. YIELD CAPITALIZATION.
10. Yield Capitalization.
11. Developing Discount Rates.
12. Yield Capitalization Formulas.
13. Lease Analysis.
V. CASE STUDIES.
Appendix A: Appraisal Math and Statistics.
Appendix B: Forms of Ownership.
Appendix C: Annual Compound Interest Tables.
Appendix D: Monthly Compound Interest Tables.
Section Review Answer Key.
Index.
Summary
