LAND 113 - Basic Real Estate Appraisal

Course Details
Course Code:
LAND 113


Calendar Description:
This course provides a study of the purposes and function of real estate appraisal. The course will examine the basic principles of real property valuation, general and neighbourhood analysis, site analysis, the appraisal process, and the three approaches to value. The principles of real estate focus on their application to residential properties, but rural appraisals and expropriation principles and relevant case studies are reviewed.

Date First Offered:

Total Hours: 34
Lecture Hours: 4.5

Total Weeks:

This course is offered online:

Must be enrolled in the Land agent program or consent of the instructor.

Non-Course Pre-Requisites:


Rearticulation Submission:

Course Content:
Real Estate Fundamentals
- purpose and function of appraisal
- nature of value
-basic principles of value
- nature of property
- appraisal problem

Appraisal Process
- process of developing a preliminary survey and appraisal plan
- data required to describe area analysis, general and neighbourhood trends
- to establish highest and best use of property

Direct Comparison to Value Procedures
- direct comparison appraisal approach
- ability to perform an appraisal exercise

The Cost Approach Process to Value
- basic steps in the cost approach
- ability to apply the cost approach process

Income Approach to Value
- basic steps in the income approach
- ability to apply the income approach process

Procedures in Rural Appraising
- real estate theories that apply to in rural appraising
- basic steps and tools used in valuing land in rural situations

Procedures in Valuing Land for Expropriation
- real estate theories that apply to expropriation
- basic steps in valuing land in expropriation situations

Learning Outcomes:
Upon completion of this course, students will be able to:
- Define real estate fundamentals
- Describe the appraisal process
- Perform a direct comparison to value procedures
- Apply the cost approach process to value
- Apply the income approach to value
- Outline procedures in rural appraising
- Outline procedures in valuing land for expropriation

Grading System:

Passing Grade:

Grading Weight:
Final Exam: 25 %
Quizzes and Tests: 25 %
Assignments: 25 %
Project: 25 %

Number of Assignments:

Percentage of Individual Work:

Course Offered in Other Programs:

Additional Comments:
The three assignments are market value exercises using the three approaches.

Course Change:
The changes in course content are in response to feedback from industry representatives.

Text Books:

Required - N/A, 2004, Real Estate Principles of Appraisal, ISBN #1895906091 (Alberta Real Estate Appraisal). Chapters Covered: All