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IAAO Course Descriptions
Fundamentals of Real Property Appraisal Early registration fee: $305, Registration fee: $330, Textbook: PAV ($25) or PAAA ($50) A basic appraisal course for assessors, Course 101 emphasizes the theory and techniques of the cost and sales comparison approaches to value. Students review terminology, basic appraisal and economic principles, general principles of land valuation, the assessment function, and the mass appraisal process.
Income Approach to Valuation Early registration fee: $305, Registration fee: $330, Textbook: PAV ($25) or PAAA ($50) Course 102 covers the theory and techniques of estimating value by the income or capitalized earnings approach. The material covered includes the selection of capitalization rates, analysis of income and expenses to estimate operating income and capitalization methods and techniques. Rental units of comparison as well as real estate finance and investment are also covered. Prerequisite: Course 101.
Income Approach to Valuation II Early registration fee: $305, Registration fee: $330, Textbook: PAV ($25) or PAAA ($50) A continuation of introductory Course 102, this course emphasizes advanced concepts in the income approach to value. Application of the compound interest tables in appraisal practice is taught. Comparison of the various capitalization methods and techniques is covered by lecture and problem solving. This course presents in detail the contemporary capitalization methods of mortgage equity and discounted cash flow analysis. Prerequisites: Course 101 and Course 102.
Appraisal of Land Early registration fee: $305, Registration fee: $330, Textbook: PAV ($25) or PAAA ($50) Course 201 covers the theory of appraising land. Topics include classifying land, estimating highest and best use, discovering significant trends and factors and their effect on value; data collection, and selection of correct physical units of land measurement for appraisal. The five land appraisal methods (sales comparison, allocation, anticipated use, capitalization of ground rent, and land residual capitalization) are studied in depth. Prerequisites: Course101 and Course 102.
Industrial Property Appraisal Early registration fee: $305, Registration fee: $330 Textbook: PAV ($25) or PAAA ($50) Course 207 presents a complete analysis of the factors that affect industrial land value, followed by comprehensive instruction in appraising industrial buildings and other improvements by the cost, sales comparison and income approaches to value. Special emphasis is given to estimating physical, functional and economic obsolescence of industrial properties. Techniques for collecting usable appraisal data from various sources are also discussed. Prerequisites: Course 101 and Course 102.
Fundamentals of Mass Appraisal Early registration fee: $305, Registration fee: $330, Textbook: PAAA ($50) This course provides an introduction to mass appraisal and is a prerequisite to the 300 series of courses. Topics covered include single-property appraisal versus mass appraisal, components of a mass appraisal system, data requirements and analysis, introduction to statistics, use of assessment ratio studies in mass appraisal, modeling of the three approaches to value, and selection of a mass appraisal system. Prerequisites: Course 101 and Course 102.
Residential Modeling Concepts Early registration fee: $305, Registration fee: $330, Textbook: PAAA ($50) Course 301 presents a detailed study of the mass appraisal process as applied to residential property. Topics covered include a comparison of single-property appraisal and mass appraisal, the major steps in the mass appraisal process, data requirements, market analysis, application of the approaches to value, use of sale ratio studies, and valuation review techniques. Prerequisites: Course 101 and Course 300. Note: This course requires a strong statistical background and is offered for those with a focus on mass appraisal techniques.
Commercial/ Industrial Modeling Concepts Early registration fee: $305, Registration fee: $330, Textbook: PAAA ($50) Course 312 presents a detailed study of the mass appraisal process as applied to income-producing property. Topics include income property data, market analysis, sales comparison approach, cost approach, gross and net income analysis, capitalization rate development, model specification and calibration, and value review and maintenance. Prerequisites: Course 101, Course 300 and Course 311. Note: This course requires a strong statistical background and is offered for those with a focus on mass appraisal techniques.
Assessment Administration Early registration fee: $305, Registration fee: $330, Textbook: PAV ($25) or PAAA ($50) Course 400 covers administrative concepts and procedures that can produce greater efficiency in the modern assessment office. Students explore the key subsystems of an organization and how to operate them more effectively. Also included is the manager's role within the organization: the process of planning, directing, coordinating, organizing, budgeting and evaluating toward the better utilization of human and physical resources. Topics include information systems, reappraisal, setting goals and objectives, maintenance, appeals, data processing, public relations, personnel, budgeting, report reviews, ratio studies, evaluations and standards of practice. Prerequisite: Course 101.
Tax Policy Early registration fee: $305, Registration fee: $330, Textbook: Readings found in the Student Reference Manual This course deals with policies involving the levy and collection of taxes. It is designed for assessment administrators and students of taxation who are interested in understanding tax policy formation. It is also intended to teach skills that will allow assessment administrators to have more effective input in the development of tax policies.
Assessment of Personal Property Early registration fee: $305, Registration fee: $330, Textbook: PAV ($25) Course 500 provides a comprehensive program of study for those who assess personal property for ad valorem tax purposes. After a review of property tax administration and the nature of value, the following aspects of personal property tax administration are covered: categories personal property, discovery, the valuation process, valuation guidelines and quality control, depreciation methods and special problems. Prerequisites: None.
Principles and Techniques of Cadastral Mapping Early registration fee: $305, Registration fee: $330, Textbook: PAV ($25) or PAAA ($50)
Course 600 serves as an introduction to property ownership mapping, with an emphasis on the preparation and use of assessment maps. Topics covered include ownership data gathering, map sources, mapping equipment, base maps, conveyances, acreage calculation, mapping administration and parcel identification systems. A comprehensive set of case problems covering the metes and bounds survey system and the rectangular survey system is included in the course material. |