Courses

Courses: Thirty hours of instruction and a final examination.

Course 101 - Fundamentals of Real Property Appraisal

The Fundamentals of Real Property Appraisal is designed to provide the students with an understanding and working knowledge of the procedures and techniques required to estimate the market value of vacant and improved properties. This course concentrates on the skills necessary for estimating the market value of properties using two approaches to value: the cost approach and the sales comparison approach. The Fundamentals of Real Property Appraisal utilizes lectures, classroom discussion, and homework problems to emphasize the main concepts and procedures taught in the course. The course is available in an online version or at selected times across the country. Please check calendar for in-person classes.
 
Recommended: Property Assessment Valuation (PAV) textbook (3rd edition)
AQB Approved: 33.50 hours CE with exam / 30 hours CE no exam
 

Course 102 - Income Approach to Valuation

The Income Approach to Valuation is designed to provide the students with an understanding and working knowledge of the procedures and techniques required to estimate the market value of vacant or improved properties by the income approach. The material covers real estate finance and investment, capitalization methods and techniques, analysis of income and expenses to estimate operating income, selection of capitalization rates, and application of the approach. The Income Approach to Valuation utilizes lectures, classroom discussion, and homework problems to emphasize the main concepts and procedures taught in the course.
 
Recommended: Course 101, Property Assessment Valuation (PAV) textbook (3rd edition)
AQB Approved: 33.50 QE, 33.50 hours CE with exam / 30 hours CE no exam
 

Course 112 - Income Approach to Valuation II

Course 112 - Income Approach to Valuation II is an intermediate level program designed for the practicing appraiser. It builds on the training of IAAO Course 102. An understanding of the income approach to value and practical experience with income capitalization are essential prerequisites. Problem solving requires a calculator with a power key.

This course makes extensive use of financial compounding and discounting techniques. Emphasis is on developing financial factors by way of electronic devises with only slight references to preprinted tables. Forecasting income patterns and property value changes are prominent variables used in estimating present values. Formula driven models are the primary appraisal tools versus look up tables and vertical calculations. Market value estimates through yield capitalization are the principal focus of the course.

The five chapters are a combination of lecture aided in outline form, example Practical Applications, student Exercises and Review Questions. PowerPoint slides assist in conveying the material. Case studies are included to help the student relate the problems to real life situations. Two quizzes help the students measure their progress. All exercises include suggested solutions.
 
Recommended: Course 101, Course 102, Property Assessment Valuation (PAV) Textbook (3rd edition)
AQB Approved: 33.50 QE, 33.50 hours CE with exam / 30 hours CE no exam
 
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Course 201 - Appraisal of Land

Appraisal of Land is designed to provide the students with an understanding and working knowledge of the procedures and techniques required to estimate the market value of land. This course concentrates on the skills necessary for estimating land value primarily using the sales comparison approach.
 
Recommended: Course 101, Course 102, Property Assessment Valuation (PAV) Textbook (3rd edition)
AQB Approved: 33.50 hours CE with exam / 30 hours CE
 

Course 300 - Fundamentals of Mass Appraisal

This course provides an introduction to mass appraisal and is a prerequisite for the 300 series of courses offered by the IAAO. Topics covered include single-property appraisal versus mass appraisal, components of a mass appraisal system, data requirements and analysis, introduction to statistics, use of assessment ratio studies in mass appraisal, modeling of the three approaches to value, and selection of a mass appraisal system.  
 
Recommended: Course 101, Course 102, Fundamentals of Mass Appraisal (FMA) textbook
AQB Approved: 33.50 hours CE with exam / 30 hours CE

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Course 311 - Residential Modeling Concepts

Course 311 presents a detailed study of the mass appraisal process as applied to residential property. Topics covered include a comparison of single-property appraisal and mass appraisal, the major steps in the mass appraisal process, data requirements, market analysis, application of the approaches to value, use of sales ratio studies, and valuation review techniques.
 

Recommended: Course 300 - 30 hours CE

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Course 312 - Commercial/Industrial Modeling Concepts

Course 312 presents a detailed study of the mass appraisal process as applied to income-producing property. Topics include income property data, market analysis, sales comparison approach, cost approach, gross and net income analysis, capitalization rate development, model specification and calibration, and value review and maintenance.
 
Recommended: Course 300 - 30 hours CE
 
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Course 331 - Mass Appraisal Practices and Procedures

This course is designed to build on the subject matter covered in Course 300 – Fundamentals of Mass Appraisal and prepare the student to take the more advanced mass appraisal courses.  It teaches the student how to use Excel and SPSS to analyze data and apply it.  Much of the emphasis will be on data accumulation and analysis primarily directed toward the cost approach.  Along the way the student will learn how to use the graphing and analysis tools within Excel for ratio studies in addition to supporting existing cost schedules or building new ones.
 
Recommended: Course 300, Fundamentals of Mass Appraisal textbook (FMA) - AQB Approved: 33.50 hours CE with exam / 30 hours CE
 

Course 332 - Modeling Concepts

Course 332 - Modeling Concepts introduces and explains fundamentals of mass appraisal model building. Chapter 1 explains the role of models in mass appraisal and describes basic model structures and steps in model development. Chapter 2 covers exploratory data analysis, including descriptive statistics, charts and graphs, and spatial analyses. Chapter 3 describes data transformations, which largely determine the accuracy achieved for a given database. Chapter 4 introduces multiple regression analysis, including regression statistics and options, the interpretation of results, and separation of land and building values. Chapter 5 covers the review and support of mass appraisal values and chapter 6 describes mass appraisal reporting.

The course includes a large number of demonstrations and labs using Excel, which is capable of producing basic models for a limited number of variables. Follow-up courses 333 and 334 cover residential and commercial modeling, respectively, in more depth and use the powerful but user-friendly statistical package, SPSS, in labs and demonstrations. Thus this course serves as a foundation and bridge to IAAO’s two follow-up model building courses.
 
Recommended: Course 300, Fundamentals of Mass Appraisal textbook (FMA), A solid working knowledge of Excel - AQB Approved: 33.50 QE, 33.50 CE with Exam / 30 hours CE no exam
 
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Course 333 - Residential Modeling Applications

Course 333 focuses on mass appraisal model building for residential properties. Chapter 1 explains the different types of mass appraisal models, types of data used in models, steps in model development, software tools available for modeling, and key regression concepts and statistics. Chapter 2 introduces the student to features contained in common statistical software packages. Chapter 3 covers basic statistical analyses, data transformations, charts and graphs, and data filters and sub-files. Chapter 4 focus on the development and application of price trends and vacant land models. Chapter 5 focuses on the development of improved residential models. Chapter 6 introduces automated comparable sales models.

Along with problems and illustrations, more than half of the course is based on hands-on labs in which students work through exercises with real world data to answer questions and construct data transformations, price trends, land and improved residential models, and ratio analyses. The course uses IBM’s user-friendly statistical software package, SPSS (Statistical Package for the Social Sciences), the most common statistical software package used by assessors. Follow-up course 334 covers the development of non-residential mass appraisal models.  
 
Recommended: Course 300, Fundamentals of Mass Appraisal textbook (FMA), A solid working knowledge of SPSS - 30 hours CE

Course 400 - Assessment Administration

Course 400 provides fundamental management concepts for management and supervisory personnel in the assessor’s office. The course begins by emphasizing the need for management, and the various roles placed on the assessor and all supervisory personnel. The course then introduces the four major management functions (planning, organizing, directing, and controlling). Although the four functions are interrelated, a separate chapter is devoted to each one. This provides for a greater understanding of the major functions. 
 

Recommended: Course 101, The Appraisal Foundation’s Uniform Standards of Professional Appraisal Practice (USPAP) and Assessment Administration textbook - 30 hours CE

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Course 402 - Tax Policy

Course 402 offers students’ strategies for assisting in the effective formulation and implementation of tax policies and presents background enabling students to understand the context under which property tax policy is established. Students will be given analytical tools with which they can explain the effects of proposed property tax changes. They will be provided with a sound theoretical basis to guide decision-making and to assist in creating workable solutions for their jurisdictions. The course is designed for assessment administrators and students of taxation, as well as professional policy advisors who guide and make decision in the area of tax policy on a regular basis.

 
Recommended: Fundamentals of Tax Policy textbook  - 30 hours CE

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Course 500 - Assessment of Personal Property

The Assessment of Personal Property is designed to provide the students with an understanding and working knowledge of the procedures and techniques required to assess personal property. This course concentrates on the skills necessary for listing, appraising and assessing the market value of properties using the three approaches to value: the cost approach, the income approach and the sales comparison approach. The Assessment of Personal Property utilizes lectures, classroom discussion, and homework problems to emphasize the main concepts and procedures taught in the course. The ten sections of the course present a broad mixture of theory and practical application. Exercises are included so the student can test and reinforce new skills. Time is allotted for questions and answers throughout the course. Students are encouraged to participate actively.
 
Recommended: Property Assessment Valuation (PAV) (3rd edition) textbook – 30 hours CE
 

Course 600 - Principles and Techniques of Cadastral Mapping

Principles and Techniques of Cadastral Mapping is intended to be a comprehensive, interactive program to introduce entry-level map maintenance personnel and assessment technicians to the field of cadastral mapping. Students are presented basic mapping principles and techniques and are expected to demonstrate basic skills that will allow them to plot deeded descriptions in both the metes and bounds land description system and the Public Land Survey System. Principles and Techniques of Cadastral Mapping utilize lectures, classroom discussion, and exercises to emphasize the main concepts and procedures taught in the course. 
 
Recommended: Course 101 – 30 hours CE
 

Course 601 - Cadastral Mapping Methods & Applications

Cadastral Mapping-Methods and Applications is intended to be a continuation of the mapping science curriculum. It exposes students to aspects of protocol and legal principles that are not covered in Course 600.  This course utilizes lectures, classroom discussion and exercises to emphasize the main concepts and procedures taught during the week.
 
Recommended: Course 101, Course 600 – 30 hours CE

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