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CLARION UNIVERSITY OF PENNSYLVANIA
COLLEGE OF BUSINESS ADMINISTRATION
DEPARTMENT OF FINANCE

COURSE TITLE:                 RE 470:  RESIDENTIAL REAL
                                                                ESTATE APPRAISAL

TIME:                                      MW 12:30-1:45, 202 Still Hall

SEMESTER:                            Fall 2002

INSTRUCTOR:                      Dr. Jerry Belloit 

EMAIL:                                   belloit@clarion.edu

OFFICE:                                 336 Still Hall

OFFICE HOURS:                 8:00-10:00 MW ; 10:00-11:00
                                                T  and by appointment. (Please
                                                 call ahead if possible.)

TELEPHONE:                      393-2626

TEXTBOOK:                        Real Estate Appraisal

                                               Halbert C. Smith, Linda C. Root,
                                               and Jerry D. Belloit

CALCULATOR: A financial calculator is also required for this course. The Hewlett-Packard 10B is strongly recommended. (Students should avoid a TI BAII or Radio Shack equivalent.)   Students not choosing the HP10B will be responsible for learning the operation of their calculator on their own.

GRADING SYSTEM:

1. Grading will be on a ten point scale:

 

 

90-100%= A

Best Two Midterm exams (20% each)

40%

80-89% = B

Final exam

40%

70-79% = C

Project

15%

60-69% = D

Attendance, Participation, and Preparation

5%

Below 60% = F

 

2. All exams will be cumulative. No make up-exams will be given. For all exams you will be permitted to use one 8.5 X 11 paper with any notations that you wish such as class notes, prayers, inspirational messages, etc. Any personal schedule conflicts with the exams must be identified and reported to me by September 9 to see if there might be a way to resolve the conflict. Final Grade will be assigned according to the total number of points earned.

3. Please read the assigned chapter (except for day 1) before coming to class.  My lectures will assume you have read the material, and are familiar at least with terminology; this will eliminate obvious questions that are answered in the book, and allow us to learn the concepts.  Read the book first.

4. Appraisal Homework Assignments as listed on the course schedule are assignments listed on the web site.  You should complete these assignments before coming to class on the assigned day.

5. Academic dishonesty will not be tolerated in this class. Cheating on examinations, inappropriate collaboration on projects, and other forms of dishonesty will be dealt with in a serious and formal manner. The minimum penalty for academic dishonesty in this class will be course failure.

6. Class attendance is mandatory and strongly recommended. Missing class unnecessarily will result in one or more letter reductions on your final grade. In addition, if you are taking this course for pre-licensing education, missing class may prevent you from getting credit.

7. Late submission of the course project will result in a 1 point reduction of project score for each day late.

8.  In addition to the class website at http://link2learn.clarion.edu, all homework and exams will be submitted on the http://online.clarion.edu site.  
a.   You must login using your CNet username. (Use lower case letters for both the username and password.)   If you don't know it, click on the link to "Need Help Using Blackboard?" at the login page (http://online.clarion.edu) for more information or check the People Finder link on the Clarion home page.   Everything to the left of the @ sign on your email address is your CNet username.
b.   You must use your 13 digit SSN/month/date of birth (no spaces or hyphens) as your initial password.  This is how you will login to your Webmail through the new iClarion portal also (http://portal.clarion.edu).
c.   You should change your password to something you will remember; do NOT to use your SSN/month/date of birth. It was only created to initially set up your account. To change your password, enter the course in Blackboard and click on the "Student Tools" button and "Personal Information".
d.   The email address used in Blackboard is your Clarion email address.  If you wish to forward your email, you must set it up in Webmail.
[[Forwarding Email from Webmail to Another Email Account:

1. Go to the Webmail (iClarion) portal (http://portal.clarion.edu)
2. Login with CNet username and password
3. Click on the EMAIL icon
4. Click the OPTIONS tab
5. Click on AUTO FORWARD and enter address
6. Click OK]]
e.   To get into your course(s) you should click on the link to course(s) you are participating in, not the link under the announcements heading. There was a change in Blackboard 5.5 that if you click on the link in "My Announcements" (or left side listing), you will only be in the announcements, not the course. This only occurs when you first log in. If you get lost, you can click on the "My Institution" tab to get back.

COURSE OBJECTIVE:

This course is designed to introduce the real estate major to the appraisal of residential properties. In the course, the student will acquire actual experience in an appraisal of a residential property.

COURSE DESCRIPTION:

This is a course in basic real property valuation. While some concepts of income-property valuation are presented, the course focuses primarily upon residential valuation.

 

CLASSROOM SESSIONS SCHEDULING:

Month

Day

Topic

Chapter

Aug

26

Introduction/What is Appraisal?

1

 

28

Regulation of the Appraisal Profession and Appraisal Standards

 2
Sept

2

No Class--Labor Day  
 

4

Film on Site and Improvement Analysis:
Arrange for field inspection
 
 

9

Regulation of the Appraisal Profession and Appraisal Standards (Continued)

 
 

11

Value Theory
Site Map and Floor Plan due

3

 

16

Appraisal Principles

 4
 

18

Reconciliation, Value Conclusions, and Appraisal Reports

5
 

23

Basics of Construction

 6
 

25

Basics of Construction (Continued)

 

 

30

EXAM 1  
Oct

2

Market Analysis

7

 

7

Market Analysis (Continued)

 
 

9

Site and Improvement Analyses
Area and Neighborhood Analysis due

8

 

14

Site and Improvement Analyses (Continued)

 
 

16

Comparable Sales Analysis
Site and Improvement Analysis Due

 9
 

21

Comparable Sales Analysis  (Continued)

 

 

23

Comparable Sales Analysis  (Continued)

 

 

28

Comparable Sales Analysis  (Continued)

 
 

30

EXAM 2

 

Nov

4

Site Valuation

10
 

6

Cost-Depreciation Approach: Reproduction Cost Estimation
Comparable Sales Analysis due

11

 

11

Cost-Depreciation Approach: Accrued Depreciation

12

 

13

Appraisal Mathematics and Real Estate Finance

13

 

18

Appraisal Mathematics and Real Estate Finance (Continued)
Cost-Depreciation Analysis due

 

 

20

Income Estimation and Analysis

 14
 

25

Income Estimation and Analysis (Continued)  
 

26

EXAM 3 (Schedule an appointment)  
 

27

No Class—Thanksgiving Holiday

 

Dec

2

EXAM 3 (Make Up Day)

 
 

4

Statistical Analysis in Appraisal
Final Project Submission

17

   

Final Exam Schedule is to be announced.

 

Project:

Project is a demonstration appraisal report.  Project grade will be reduced by 1 point for every submission date missed and for subsequent days delay.