PELLISSIPPI STATE TECHNICAL COMMUNITY COLLEGE MASTER SYLLABUS
REAL ESTATE APPRAISING  REA 1850 (formerly REA 1600)
Class Hours: 3.0								Credit Hours: 3.0
Laboratory Hours: 0.0								Date Revised: Fall 05
NOTE:  This course is not designed for transfer credit.
Catalog Course Description:
		This course introduces the student to basic real estate appraisal theory and technique for residential properties.  The fundamental concepts which form the basis for the appraisal process are examined, followed by in-depth explanation of the three primary approaches to valuation as applied to 1-to-4 family properties and vacant land.  The course concludes with a study of the Uniform Standards of Professional Appraisal Practice (USPAP).  Following successful completion of the course, the student will be afforded an opportunity to take the National USPAP Course exam.
Entry Level Standards:
		None
Prerequisites:
		None
Textbook(s) and Other Course Materials:
		Appraising the Single Family Residence, Bloom and Harrison, American Institute of Real Estate Appraisers. Real Estate Appraisal Terminology, published jointly by the Society of Real Estate Appraisers and the American Institute of Real Estate Appraisers.
I. Week/Unit/Topic Basis:
		Week					Topic
		1					Introduction to Appraisal    a. Nature of appraisals    b. Role of appraisers    c. Principles of real estate    d. Real estate markets    e. Mortgage markets
		2					Principles of Real Estate Value    a. Nature of value    b. The appraisal framework    c. Area and neighborhood analysis
		3					Property Analysis    a. Site and improvement    b. Property inspection    c. Data collection    d. Highest and best use
		4					Direct Sales Comparison Approach    a. Rationale of comparison    b. Data requirements and sources    c. Elements and units of comparison    d. The adjustment process
		5					Site Valuation    a. Reasons for separate valuation    b. Basic rules, conditions, and methods
		6					The Cost Approach    a. Rationale of using cost    b. Role of estimated cost new    c. Data requirements    d. Cost estimations
		7					Accrued Depreciation    a. Nature of accrued depreciation (diminished utility)    b. Reasons for measuring depreciation    c. Principles of measuring depreciation    d. Types and causes of depreciation
		8					Reconciliation and Final Estimate    a. Review of different approaches    b. Reconciliation    c. The final value estimate
		9					Course Review
		10					Final Examination
II. Course Objectives*:
		A.			Identify concepts and approaches to the valuation and appraisal of real property. I,II
		B.			List and describe land use patterns and the interaction of public and private land use control devices as they relate to the determination of real property value. I,II,IV
*Roman numerals after course objectives reference goals of the Business and Community Services department.
III. Instructional Processes*:
Students will:
		1.				Use electronic mail to correspond with the instructor and other students enrolled  in the course.  Communication Outcome, Technological Literacy Outcome
		2.				Carry out course assignments such as team discussions; team case studies; team  projects; experiential exercises; oral, written, PowerPoint, and/or email presentations; Internet research, etc. that help to develop a respect for diversity. Communication Outcome, Personal Development Outcome, Cultural Diversity & Social Adaptation Outcome, Information Literacy Outcome, Transitional Strategy, Active Learning Strategy
		3.				Take part in course assignments such as team discussions; team case studies; team projects; experiential exercises; oral, written, PowerPoint, and/or email presentations; Internet research; etc. to help develop teamwork, leadership, and followership skills. Communication Outcome, Personal Development Outcome, Cultural Diversity & Social Adaptation Outcome, Information Literacy Outcome, Transitional Strategy, Active Learning Strategy
		4.				Practice elements of the work ethic such as professionalism, preparedness, punctuality, honesty, cooperation, dependability, contribution, effectiveness, and good manners. Personal Development  Outcome, Transitional Strategy
*Strategies and outcomes listed after instructional processes reference Pellissippi State's goals for strengthening general education knowledge and skills, connecting coursework to experiences beyond the classroom, and encouraging students to take active and responsible roles in the educational process.
IV. Expectations for Student Performance*:
Upon successful completion of this course, the student should be able to:
		1.			List concepts to real property valuation and appraisal as it relates to residential property. A
		2.			List approaches to real property valuation and appraisal as it relates to residential property. A
		3.			Identify the comparative sales, unit cost and gross rent multiplier methods of appraising residential property. A
		4.			Define the comparative sales, unit cost and gross rent multiplier methods of appraising residential property. A
		5.			Define major influences in appraising that determine real property value. B
		6.			Discuss major influences in appraising that determine real property value. B
		7.			Construct a clear and concise appraisal report. B
*Letters after performance expectations reference the course objectives listed above.
V. Evaluation:
		A. Testing Procedures:
				Two multi-choice exams, 50 questions per test.  Students must make a minimum of 70% to take the Real Estate Exam. Pop Quiz  25% Final Exam 50%
		B. Laboratory Expectations:
			N/A
		C. Field Work:
			N/A
		D. Other Evaluation Methods:
			Class Project 25%
		E. Grading Scale:
			100 - 92     A 91 - 82       B 81 - 72       C 71 - 65       D Below 65  F
VI. Policies:
		A. Attendance Policy:
			Pellissippi State Technical Community College expects students to attend all scheduled instructional activities.  As a minimum, students in all courses must be present for at least 80 percent of their scheduled class and laboratory meetings in order to receive credit for the course.
	B.  Accommodations for disabilities:
			If you need accommodations because of a disability, if you have emergency medical information to share, or if you need special arrangements in case the building must be evacuated, please inform the instructor immediately. Please see the instructor privately after class or in his/her office. Students must present a current accommodation plan from a staff member in Services for Students with Disabilities (SSWD) in order to receive accommodations in this course. Services for Students with Disabilities may be contacted by going to Goins 127 or 131 or by phone: 694-6751(Voice/TTY) or 539-7153.
		C. Other Policies:
			Students wishing to use this class to meet pre-licensing requirements of the Tennessee Real Estate Commission must attend all class meetings or make arrangements with the instructor to make up time and work missed.  (TREC, Rule 1260-5-03)