AIC330 - Foundations of Real Estate Appraisal

Subject Title
Foundations of Real Estate Appraisal

Subject Description
The Foundations of Real Estate Appraisal course AIC 330 is a university credit course which provides a first exposure to the principles and techniques of real property valuation. It assumes no particular background for the reader, other than an interest in appraising and a desire to learn. This course does not offer laboratory training.

After reading the textbook and proceeding through the course workbook, the reader will not instantaneously become an appraiser, but will have a good basic knowledge about appraisal theory and practices. Upon completing this course, students should be prepared to start applying the principles and techniques they have learned to actual appraisal problems. This course highlights that appraising is a dynamic, changing field and no single course or series of courses is sufficient in itself to prepare you to be an effective and successful practitioner. Current market knowledge is critical in appraisal practice, and this requires that appraisers continue learning well beyond their coursework and keep up to date on current events in their province, city, country, and the world at large.

Credit Status
This is a credit subject applicable towards the Appraisal Institute of Canada's CRA and AACI designations, as well as UBC's Diploma in Urban Land Economics. Successful completion of the AIC course components of the program also earn students 50-60 degree credits toward the Bachelor of Business in Real Estate Program (BBRE) offered by the University of British Columbia (UBC) and Thompson Rivers University (TRU).

Learning Outcomes
Upon successful completion of this subject the student will be able to:

1. Discuss the need for real property appraisal and the purposes and uses for appraisals.
2. Outline the various definitions of "value" and the forces that create and affect value.
3. Describe the nature of real property and its components.
4. Explain the logical and orderly steps required in the appraisal process towards concluding a credible estimate of market value.
5. Discuss the importance of neighbourhood, site, and improvement attributes with respect to determining value and to the appraisal process.
6. Define the importance of a highest and best use analysis in an appraisal.
7. Explain the different methods available for land valuation and when each is appropriate.
8. Describe the underlying theory for the three approaches to value: direct comparison, cost, and income.
9. Outline the strengths and weaknesses of the three approaches and when each is most appropriate for application.
10. Apply the techniques of the direct comparison, cost, and income approaches to value in a practical, uncomplicated situation.
11. Discuss the reconciliation process and be able to complete an appraisal reconciliation.
12. Explain how to report appraisal findings in an appropriate report format.

Academic Integrity
Seneca upholds a learning community that values academic integrity, honesty, fairness, trust, respect, responsibility and courage. These values enhance Seneca's commitment to deliver high-quality education and teaching excellence, while supporting a positive learning environment. Ensure that you are aware of Seneca's Academic Integrity Policy which can be found at: http://www.senecapolytechnic.ca/about/policies/academic-integrity-policy.html Review section 2 of the policy for details regarding approaches to supporting integrity. Section 2.3 and Appendix B of the policy describe various sanctions that can be applied, if there is suspected academic misconduct (e.g., contract cheating, cheating, falsification, impersonation or plagiarism).

Please visit the Academic Integrity website http://open2.senecac.on.ca/sites/academic-integrity/for-students to understand and learn more about how to prepare and submit work so that it supports academic integrity, and to avoid academic misconduct.

Discrimination/Harassment
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Accommodation for Students with Disabilities
The College will provide reasonable accommodation to students with disabilities in order to promote academic success. If you require accommodation, contact the Counselling and Accessibility Services Office at ext. 22900 to initiate the process for documenting, assessing and implementing your individual accommodation needs.

Camera Use and Recordings - Synchronous (Live) Classes
Synchronous (live) classes may be delivered in person, in a Flexible Learning space, or online through a Seneca web conferencing platform such as MS Teams or Zoom. Flexible Learning spaces are equipped with cameras, microphones, monitors and speakers that capture and stream instructor and student interactions, providing an in-person experience for students choosing to study online.

Students joining a live class online may be required to have a working camera in order to participate, or for certain activities (e.g. group work, assessments), and high-speed broadband access (e.g. Cable, DSL) is highly recommended. In the event students encounter circumstances that impact their ability to join the platform with their camera on, they should reach out to the professor to discuss. Live classes may be recorded and made available to students to support access to course content and promote student learning and success.

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