1. Define Appraisal and Value
  2. Establish Appraisal Purpose
    1. Determine Market Value
    2. Condemnation
    3. Basis for Taxation (Assessed Value)
    4. Insurance Purposes
    5. Estate Settlement
    6. Sales Value for Owner
    7. Loan Purposes (Loan Value)
    8. Exchanges
  3. Elements of Value
    1. Demand
    2. Utility
    3. Scarcity
    4. Transferability
  4. Forces Affecting Value
    1. Social
    2. Economic Adjustments
    3. Political/Government Regulations
    4. Physical
  5. Economic Principles
    1. Supply and Demand
    2. Change
    3. Substitution
    4. Highest and Best Use
    5. Conformity/Regression
    6. Anticipation of Future Betterments
    7. Contribution and Overimprovement
  6. Market Data Approach
    1. Definition
    2. Comparable Sales
    3. Adjustment for Differences
    4. Math Calculations
  7. Income Approach
    1. Revenue, Expense and Net Income
    2. Capitalization Technique
    3. Gross Rent Multiplier
    4. Math Calculations
  8. Cost Approach
    1. Cost of Land
    2. Cost of Reproducing Subject Property
    3. Depreciation
      1. Physical Deterioration
      2. Functional Obsolescence
      3. Economic Obsolescence
    4. Math Calculations
      1. Land Value + (Reproduction Cost Less Depreciation)