LVM 201 – Concepts and Processes of Land Valuation

Course Title: Concepts and Processes of Land Valuation

Prerequisites: None

Number of Units: 3

Course Description: Overview of the concept, nature, practice and processes of land valuation

Course Objectives:

By the end of the course, the students should be able to

●   Discuss the role of the land and property valuation sector in national development;

●   Identify the fundamental features of real property that distinguish it from other goods;

●   Discuss the features of property markets and how these affect property values;

●   Describe the property valuation process and apply its steps to the valuation of a single family residence;

●   Explain the three fundamental approaches to value and explain when the application of a particular approach is justified;

●   Apply the sales comparison approach and elaborate on the features and nuances of this approach;

●   Apply simple methods under the cost approach;

●   Discuss the basic features of the income approach; and

●   Conduct a valuation and prepare a professional-standard valuation report.

Course Outline:

Module 1. Overview of Land Valuation

Module 2. Nature of Value & Foundations of Valuation

Module 3. Valuation Process

Module 4. Economic Trend in Real Estate Market

Module 5. Fee Simple and Partial Interest

Module 6. Data Collection and Analysis

Module 7. Land or Site Analysis

Module 8. Building Analysis

Module 9. Highest and Best Use Analysis

Module 10. Sales Comparison Approach

Module 11. Cost Approach

Module 12. Income Capitalization

Module 13. Other Valuation Techniques

Module 14. Reconciling Value Indications and the Valuation Report

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