Learn Practical Skills At Home

Your comprehensive lessons are clear and well-organized; easy to follow, yet challenging and engaging at the same time. Each lesson begins with an introductory note from your instructor, plus a preview outlining the subject matter and study objectives.

Next comes the reading assignment from your textbook, lesson book or supplemental references. Practice exercises help you check and review the key concepts you've learned. Then, turn in your open-book exam for the lesson, whenever YOU are ready.

Enroll online or call 1-800-535-1613 to speak with an Admission Advisor!

Meet Your Instructor

Bob Chaapel is the chief instructor at The National College of Appraisal. He has been a professional since 1975, working in the capacity of a review appraiser with the Federal Highway Administration and as a fee appraiser in his own business. He knows that properly trained and qualified appraisers could find exciting opportunities in this field. And he is here to help you take the key first step, by gaining knowledge and skills to help you move toward a great future in this respected profession.

He'll make sure you progress smoothly through your studies. If you need help or have questions along the way, just write, call, fax or E-mail us 24 hours a day. Our staff of courteous, knowledgeable career tutors will give you prompt, personal guidance.

What You’ll Learn Lesson By Lesson in this Course

Lesson 1, Real Estate Appraisal & You

Introduction to real estate appraisal; the nature of real property; concepts for determining property value; standards of appraisal practice; licensing and certification; careers in real estate appraisal.

Lesson 2, Legal Considerations In Appraisal

Real estate defined; real property and personal property; appurtenant rights; the law of fixtures; fee ownership; legal restrictions: police, eminent domain and taxation; private restrictions; common legal descriptions in appraisals.

Lesson 3, The Formal Appraisal Process

Defining the appraisal problem; definition of value; formulating a plan; the extent of data collection; property identification; property rights; limiting conditions; collecting and analyzing data; approaches to valuation; how to determine a property’s market value; types of value reports.

Lesson 4, Neighborhood, Community & Market

The economics of communities; the concept of community; the four common patterns of community and land use; origins of communities; how communities grow, physically and economically; neighborhood boundaries defined; how to get and use information about communities; real estate markets defined; market analysis; how to interpret neighborhood and community price levels, price movements and activity levels.

Supplement: Time Management Guide

How real estate appraisers can maximize their time.

Lesson 5, Real Estate Economics & Value

Understanding the real estate economy; physical, social, economic and political forces affecting value; the four elements of value: utility, scarcity, demand and transferability; supply; demand; marketability and productivity of real estate.

Lesson 6, Property Inspection & Analysis: The Site

Conducting an on-site inspection: the principle of highest and best use; key features; legal liabilities; physical problems to be aware of; data and tools needed for property inspections; the appraisal checklist; the highest and best use analysis; physical characteristics to assess, including lot and shape, building size; topography, soil, drainage, ownership, lot type and improvements; computing property area and volume.

Lesson 7, Property Inspection & Analysis: Improvements

Understanding property improvements such as out buildings, swimming pools, patios, tennis courts and sheds; features emphasizing value: construction classification and quality, building size, equipment and site improvements; inspecting a building; describing and rating a property for marketability; understanding construction, its four classes and its characteristics; residential specifications; architectural styles.

Lesson 8, The Sales Comparison Approach

How to produce sales comparables; researching and analyzing sales; making adjustments; calculating value estimates; obtaining suitable comparables; information gathering; calculating statistics; obtaining data; using multiple listing services.

Lesson 9, Analyzing & Adjusting Comparable Sales

Elements to analyze in selecting comparable property sales: terms, time of year, location and physical characteristics; rules for making adjustments and allowances; percentage adjustments; lump sum adjustments; how to apply units of comparison; methods and calculations for establishing comparables; arriving at a conclusion.

Lesson 10, Valuing The Site

Uses of site values; sales and purchases; public auctions; taxes; land developments; methods for land appraisal: market, allocation, development and land residual; four site characteristics: legal, physical, location, plottage; topography.

Lesson 11, The Cost Approach

Estimating land value, cost and the amount of accrued depreciation; arriving at a value; deductions for improvements; cost estimating methods; reproduction cost, the unit-in-place method, direct and indirect costs; index and quantity survey; site location; design features.

Lesson 12, Accrues Depreciation & Estimating Loss in Value

Depreciation cost, market loss and diminished utility defined; the most common factors affecting accrued depreciation: age-life, sales data, observed condition and capitalized income; physical deterioration; understanding functional and economical obsolescence.

Lesson 13, The Income Approach

The principle of anticipation; tangible and intangible benefits explained; the income approach step by step: annual gross income, vacancy and collection losses, gross income and net income; capitalization rate and methods; net operating income; figuring gross rent multipliers; three categories of expenses; types of rent.

Lesson 14, Income Capitalization: Rates & Techniques

Income capitalization defined; converting net income into capital value; criteria for investing in real estate: safety, liquidity, yield and sound management; tax burdens; understanding tax shelters; the size of the real estate investment and how it affects quality; how to buy real property with leverage; how to anticipate current and future returns on a real estate investment; understanding discounted cash flow.

Lesson 15, Reconciling Value Estimates & Reporting Appraisal Opinions

Reconciliation defined; reviewing data; making the final determination; the 12 elements of a residential appraisal report; types of reports: (letter, short form or URAR, and narrative); federal appraisals.

Lesson 16, Appraising Special Ownerships & Interests

Types of residences: single-family, multi-family, condominiums, row houses, town houses, planned unit developments (PUDs), patio homes, cooperatives and mobile homes.

Supplement: Standards of Professional Practice As A Real Estate Appraiser

Regulations and laws in the appraisal profession; government restrictions on appraisers; how the profession controls itself; maintaining high standards of practice; the real estate appraiser’s code of ethics.

Supplement: Licensing & Your Career

Getting your full state certification for an unrestricted practice; starting your own full-time or part-time appraisal business; how to market your appraisal business; uncovering career opportunities within appraisal firms, lenders, banks, insurance companies, mortgage companies, credit unions, relocation specialists and others.