RES 241
Appraising small Residential Income properties. 3 credits.
Summer QUARTER 2010, Tuesdays 5:45 – 9:30 PM
Room IB3316
Instructor – Graham Albertini, SRA
Cell: 206.419.7313
E- mail:
COURSE DESCRIPTION: Provides a foundation in the principles, concepts, and methodologies applicable to appraising 2-4 unit residential properties. Discuss the principles used in the development of a multifamily appraisal report using the three traditional approaches to value. The text identifies key elements of market analysis of two-to-four-family properties and distinguishes which features and characteristics are important to an appraiser’s analysis.
REQUIRED TEXT: Appraising 2-4 unit properties by Tim Detty. Hondros Learning(2010), available in the bookstore.
Instructor Bio: Graham Albertini, SRA started appraising in1986 after graduating from the University of Washington with a degree in Speech communication. He started with Home Savings of America as an appraiser, eventually became an appraisal manager, and after Washington Mutual took over in 1999 he became primarily a review appraiser. He has been a community college instructor since 2001 (NSCC & BCC). He has been a certified USPAP instructor since 2002. He was awarded the SRA designation from the Appraisal Institute in 2007 and was selected as Appraiser of the Year for the Seattle Chapter in 2008. Since 2006 he has been a fee appraiser specializing in litigation support, estate valuation, and consulting.
GRADING BASED ON: Attendance & participation 25%
Final Exam 50%
Appraisal Assignment 25% *
TOTAL 100 points
· Each student will complete page #1 - #3 of the SRIP form. Blank forms will be provided or Students with access to their own appraisal software may use it instead. The “Subject property” and “comparable sales” will be provided by instructor. Emphasis will be on sales & income approaches to value. Appraisal reports will be graded based on: 1. completeness (all sections of form must be filled in and all provided comps must be utilized) 2. Logic (adjustments must be consistent, comments must be relevant, math & direction of adjustments must be correct). 3. Value conclusion must be bracketed and logically supported.
· ATTENDANCE: If any classes are missed then course may not qualify toward appraisal licensing/certification requirements.
Teaching Philosophy: Lectures, class discussion, and some multi-media presentations. Students should assume responsibility for their learning by completing the reading, assignments(s), exams, and actively participating in class. In my commitment to student learning I want to support all students. If you have a disability that will affect your performance in this class please let me know. Students with disabilities are encouraged to use Disability Services for support in implementing reasonable accommodations.
CLASS SCHEDULE *
DATE TOPIC ACTIVITY/Reading
June 28 Introduction Overview, intros, history, chapter 1.
July 5 Income vs. rent Chapter 2
July 12 Income & Expenses Chapter 3
July 19 Approaches to Value Chapter 4 / Discuss appraisal
July 26 Reporting /FNMA 1025 Chapter 5
August 2 Work on appraisal Continuation of appraisal
August 9 Appraisal Assignment DUE Appraisal samples
August 16 REVIEW: Appraisal Assignments returned
FINAL EXAM
APPRAISAL RELATED WEBSITES:
1. www.appraisalfoundation.org 2. www.ai-seattle.org (Seattle Chapter Appraisal Institute)
3. www.asc.gov (Appraisal subcommittee) 4. www.appraisalinstitute.org (National A-I).
5. www.dol.wa.gov/app/appfront.htm Washington State appraisal licensing. 6. www.appraisalport.com appraisal order portal. 7. www.nwmls.com multiple listing.
* Subject to change.