General Appraiser Market Analysis and Highest & Best Use-Schedule.pdf

Course Schedule SECTION 1. (Day 1 Morning) Morning) Overview

8:00–8:30

30 minutes

Registration

8:30–8:35

5 minutes

Orientation (Classroom Rules and Procedures)

Part 1. Real Estate Markets and Analysis

8:35–9:05

30 minutes

Overview: Market Analysis in Real Estate Appraisal

9:05–9:10

5 minutes

Purposes of Market Analysis

9:10–9:20

10 minutes

The Scientific Method—The Recognized Approach…

9:20–9:25

5 minutes

Where Market Analysis Fits in the Valuation Process

9:25–9:35

10 minutes

Review

Part 2. Types and Levels of Market Analysis

9:35–9:40

5 minutes

Characterizing Market Analysis by Depth of Analysis Definitions Distinctions between the Two Levels of Market Analysis

9:40–9:45

5 minutes

Characterizing Market Analysis by the Way Demand Is Measured

9:45–9:55

10 minutes

Inferred Demand Analysis

9:55–10:05

10 minutes

Morning Break

10:05–10:15

10 minutes

Fundamental Demand Analysis

10:15–10:25

10 minutes

Levels of Market Analysis Level A Marketability Study Level B Marketability Study Level C Marketability Study Summary: Levels of Market Analysis

10:25–10:35

10 minutes

Determining the Level of Marketability Study…

10:35–10:45

10 minutes

Review

10.45–10:55

10 minutes

Morning Break

Part 3. The Six-Step Process Process and Use of Market Analysis Analysis

10:55–11:00

5 minutes

Overview of the Six-Step Process Used in Market Analysis

11:00–11:05

5 minutes

Step 1. Analyze Property Productivity

11:05–11:10

5 minutes

Step 2. Delineate the Market Area/Competitive Market Area

11:10–11:20

10 minutes

Step 3. Project/Forecast Project/Forecast Demand

Appraisal Institute General Appraiser Market Analysis and Highest & Best Use

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Part 3. The Six-Step Process and Use of Market Analysis (cont.)

11:20–11:25

5 minutes

Step 4. Measure and Project/Forecast Supply

11:25–11:30

5 minutes

Step 5. Calculate Marginal Demand

11:30–11:40

10 minutes

Step 6. Project/Forecast Subject Capture

11:40–11:45

5 minutes

Use of Market Analysis

11:45–11:50

5 minutes

How to Determine the Adequacy of Market Analysis…

11:50–12:00

10 minutes

Review—Practice Test Section 1

12:00–1:00

60 minutes

Lunch

SECTION 2. (Day 1 Afternoon) Part 4. Basic Trend Analysis

1:00–1:05

5 minutes

Data Analysis in Marketability Studies

1:05–1:15

10 minutes

Market Analysis and Statistics

1:15–1:25

10 minutes

Measures of Central Tendency: Mean, Median, and Mode

1:25–1:35

10 minutes

Measures of Dispersion: Range and Standard Deviation

1:35–1:45

10 minutes

Graphing Data

1:45–1:55

10 minutes

Simple Linear Regression

1:55–2:00

5 minutes

Short Trends

2:00–2:05

5 minutes

Alternative Market Analysis Tools

2:05–2:15

10 minutes

Review

Part 5. Level B Marketability Study for Suburban Residential Subdivision Property: Steps 1 and 2

Introduction: Level B Marketability Studies for Suburban

2:15–2:20

5 minutes

2:20–3:00

40 minutes


3:00–3:10

10 minutes

Afternoon Break

3:10–3:25

15 minutes

Step 2. Delineate the Market Areas

3:25–3:35

10 minutes

Review

Residential Subdivisions

Part 6. Level B Marketability Study for Suburban Residential Subdivision Property: Steps 3–6

3:35–3:40

5 minutes

Suburban Residential Subdivision Demand Analysis

3:40–4:00

20 minutes

Step 3. Measure Current Demand; Project Demand

4:0–4:10

10 minutes

Afternoon Break

4:10–4:25

15 minutes

Step 4. Measure and Project Competitive Supply

4:25–4:30

5 minutes


4:30–4:40

10 minutes

Step 6. Project Subject Capture

4:40–5:00

20 minutes


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SECTION 3. (Day 2 Morning) Part 7. Multifamily Property Concepts and Definitions

8:30–8:45

15 minutes

Multifamily Property Types

8:45–8:55

10 minutes

Multifamily Property Classes

8:55–9:10

15 minutes

Multifamily Property Forms of Ownership

9:10–9:20

10 minutes

Multifamily Specialty Occupancy

9:20–9:40

20 minutes

Property Analysis

9:40–9:50

10 minutes

Multifamily Market Segmentation

9:50–10:00

10 minutes

Review

10:00–10:10

10 minutes

Morning Break

Part 8. Level B Marketability Study for Multifamily Property: Steps 1–3

10:10–10:25

15 minutes

Case Study Property

10:25–10:30

5 minutes

The Six-Step Process for a Level B Marketability Study for Multifamily Residential Properties

10:30–10:35

5 minutes


10:35–10:45

10 minutes


10:45–11:05

20 minutes

Step 3. Measure Current Demand; Project Future Demand

11:05–11:15

10 minutes

Morning Break

11:15–11:20

5 minutes

Review

Part 9. Level B Marketability Study for Multifamily Property: Steps 4–6

11:20–11:30

10 minutes


11:30–11:35

5 minutes


11:35–11:45

10 minutes


11:45–12:00

15 minutes


12:00–1:00

60 minutes

Lunch


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SECTION 4. (Day 2 Afternoon) Part 10. Office Market Concepts and Definitions

1:00–1:15

15 minutes

Classes of Office Space

1:15–1:25

10 minutes

Office Market Segmentation

1:25–1:30

5 minutes

What Office Tenants Want

1:30–1:40

10 minutes

Key Office Building Terms

1:40–1:50

10 minutes

Review

Part 11. Level B Marketability Study for Office Property: Steps 1–3

1:50–2:00

10 minutes

Office Building Case Study Description

2:00–2:10

10 minutes

The Six-Step Process for a Level B Marketability Study for Office Properties

2:10–2:25

15 minutes


2:25—2:35

10 minutes


2:35–3:00

25 minutes

Step 3. Measure Current Demand; Project Demand

3:00–3:10

10 minutes

Afternoon Break

3:10–3:20

10 minutes

Review

Part 12. Level B Marketability Study for Office Property: Steps 4–6

3:20–3:30

10 minutes


3:30–4:00

30 minutes


4:00–4:10

10 minutes

Afternoon Break

4:10–4:45

35 minutes


4:45–5:00

15 minutes


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SECTION 5. (Day 3 Morning) Part 13. Fundamental Concepts and the Four Tests of Highest and Best Use Analysis

8:30–8:45

15 minutes

Preview Quiz

8:45–8:50

5 minutes

Understanding the Importance of Highest and Best Use to Market Value

8:50–8:55

5 minutes

Definitions and Definitional Issues

8:55–9:00

5 minutes

Testing for Highest and Best Use

9:00–9:10

10 minutes

Further Study of the Four Formal Tests

9:10–9:25

15 minutes

Measuring Financial Feasibility

9:25–9:30

5 minutes

Maximally Productive Use

9:30–9:40

10 minutes

Review

Part 14. Considerations in Highest and Best Use Analysis

9:40–9:50

10 minutes

Two Considerations for the Highest and Best Use of Land and a Site as though Vacant

9:50–9:55

5 minutes

The Ideal Improvement

9:55–10:05

10 minutes

Morning Break

10:05–10:10

5 minutes

The Special Issue of Consistency in Determining the Highest and Best Use of an Improved Site

10:10–10:20

10 minutes

Alternative Use Decisions for Improved Property

10:20–10:30

10 minutes

The Use-Decision Process

10:30–10:35

5 minutes

Considerations Pertaining to Improved Property with Excess or Surplus Land

10:35–10:40

5 minutes

Relationship between Use and Value

10:40–10:50

10 minutes

Review

10:50–11:00

10 minutes

Morning Break

Part 15. The Three Conclusions of Highest and Best Use Analysis

11:00–11:10

10 minutes

Goal of a Highest and Best Use Analysis

11:10–11:20

10 minutes

Analysis Required If a Use Is Not Currently Feasible

11:2011:30

10 minutes

Analysis of the Complete Highest and Best Use Flow Chart

11:30–11:35

5 minutes

Interim Use

11:35–11:45

10 minutes

The Most Likely Buyer/User

11:45–12:00

15 minutes


12:00–1:00

60 minutes

Lunch


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SECTION 6. (Day 3 Afternoon) Part 16. Highest and Best Use Applications

1:00–1:10

10 minutes

Land Residual Technique to Derive an Indication of Market Value

1:10–1:50

40 minutes

Application of Land Residual Technique to Highest and Best Use Analysis

1:50–2:30

40 minutes

Multiperiod Highest and Best Use Model

2:30–2:45

15 minutes

Legally Nonconforming Use

2:45–2:55

10 minutes

Afternoon Break

2:55–3:25

30 minutes

Assemblage and Highest and Best Use Analysis

3:25–3:35

10 minutes

Owner-Occupant Use in a Highest and Best Use Analysis

3:35–3:40

5 minutes

Fluid Markets

3:40–3:45

5 minutes

Review

Part 17. Applications of Market Analysis to the Three Approaches

3:45–4:05

20 minutes

Sales Comparison Approach

4:05–4:15

10 minutes

Afternoon Break

4:15–4:30

15 minutes

Income Capitalization Approach

4:30–4:45

15 minutes

Cost Approach

4:45–5:00

15 minutes


SECTION 7. (Day 4 Morning) Part 18. Introduction to Level C Marketability Studies

8:30–8:45

15 minutes

When and Why Level C Studies May be Required

8:45–8:50

5 minutes

Reasons Why Level C Studies May Show Different Indications than Level B Studies

8:50–9:00

10 minutes

How Level C Studies Differ from Level C Studies

9:00–9:05

5 minutes

Level C Marketability Study for Existing Multifamily Property

9:05–9:50

45 minutes

Demonstration: Level C Marketability Study for an Existing Multifamily Property Using a Commercial Forecasting Source

9:50–10:00

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10 minutes

Morning Break


Part 19. Level C Marketability Study for Office Property and Data Sources

10:00–10:05

5 minutes

Introduction to Level C Marketability Studies for Office Properties

10:05–10:55

50 minutes

Additional Analysis Required for a Level C Marketability Study for an Existing Office Property

10:55–11:05

10 minutes

Morning Break

11:05–11:25

20 minutes

Additional Analysis Required for a Level C Marketability Study for an Existing Office Property (cont.)

11:25–11:50

25 minutes

Data Sources

11:50–12:00

10 minutes

Evaluations

12:00–1:00

60 minutes

Lunch

SECTION 8. (Day 4 Afternoon) Part 20. Exam Content Review

1:00–1:45

40 minutes

Instructor’s Course Review—Preparing for the Exam

1:45–2:40

55 minutes

Participants’ Course Review—Self Study—Content Covered in the Course

2:40–2:50

10 minutes

Afternoon Break

2:50–3:00

10 minutes

Instructions

120 minutes

Exam

Exam

3:00–5:00


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General Appraiser Market Analysis and Highest & Best Use-Schedule.pdf

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