The IAAO Self-Study curriculum, detailed below, is designed to effectively guide the student’s learning by utilizing a step-by-step educational process. Found within the student manual of each Self-Study is a lesson plan in which chapters build upon the concepts presented in the preceding lessons. Following every chapter is a quiz covering the topics discussed, allowing the student to discover any areas that may require additional study time before attempting the final examination. In addition, students possess the benefit of being able to progress through the curriculum at their own pace.
There are three study plans available with IAAO self-study curriculum:
Individual Instruction – Individual enrollees receive a student manual and work independently. Students are entitled to discuss with the Professional Development Department any difficulties they may encounter during their studies. The final examination is graded by the Professional Development Department. The cost is $125 for all courses other than Mass Appraisal. Mass Appraisal is $135. IAAO recertification credit: 10 hours
Group Study – The group study plan allows a group, usually employees in the same office, to work together in learning the material. A leader with appraisal and teaching skills is designated by the group and approved by IAAO. Group Study enrollees receive Student Reference Manuals and work with the group. The group leader receives the Consultant Manual to guide students through quizzes and grades the final exam. The cost is $85 per student for all courses other than Mass Appraisal. Mass Appraisal is $100 per student. IAAO recertification credit: 10 hours
Outright Purchase – Outright purchase, the most affordable option, allows the student to purchase all workbook materials and quizzes, along with the Consultant Manual. All are sent directly to the student with no input from Professional Development Department Staff. The cost is $80 per student for all courses other than Mass Appraisal. Mass Appraisal is $95 per student. No IAAO recertification credit
There are currently five courses offered via self-study:
Site Analysis and Evaluation – Site analysis and evaluation involves the collection and processing of information regarding the trends and factors affecting site value. Such methods also include the collection and analysis of the physical characteristics of the site. The course covers neighborhood and site analysis, residential and commercial valuation, and the principles influencing value. See brochure/application for additional information or to order.
An Introduction to the Cost Approach to Value – The cost approach provides a value indication that is the sum of the estimated land value and the estimated depreciated cost of the building. Also, the cost approach is based on a comparison between the cost to develop a property and the value of the existing property or similarly developed property. The course opens with a general review of real estate terms and concepts. Following the review, it covers various aspects of replacement and reproduction costs. See brochure/application for additional information or to order.
An Introduction to the Sales Comparison Approach to Value – The sales comparison approach uses the market to estimate value by comparing the subject to similar properties that have recently sold. This approach relies on the economic principles of supply and demand, substitution, and contribution. The course begins with an overview of the principles influencing value and moves into methods of collecting data. Referencing sources of market information, the following chapters cover neighborhood, site, and building analysis. See brochure/application for additional information or to order.
An Introduction to the Income Approach to Value – The income approach restates market value by converting the future benefits of property ownership into an expression of present worth. The course provides an in-depth understanding of income appraisal, to include; estimating net income, selecting a capitalization technique, and processing net income into an estimate of value. See brochure/application for additional information or to order.
Mass Appraisal of Residential Property – Mass appraisal is the systematic appraisal of grouped properties using standardized procedures and statistical testing. The course covers the statistical analysis of measures of central tendency and measures of dispersion as they relate to assessment uniformity. Methods and techniques of mass appraisal are applied through intensive case problem work. The recommended prerequisites for this course are Site Analysis and Evaluation, An Introduction to the Cost Approach to Value, An Introduction to the Sales Comparison Approach to Value, or IAAO Course 101, or the equivalent. See brochure/application for additional information or to order.