RES E04 Residential Market Analysis & Highest & Best Use (1 AEC)

Residential Market Analysis & Highest & Best Use is for those intending to seek an Illinois Certified Residential Appraiser license, this class provides 15 hours of instruction and fulfills the requirements of the state’s ILR4-08 course. The course includes the identification and analysis of market forces affecting both buyers’ and sellers’ behavior, which is key to understanding and reporting values. This course is designed to give students the tools needed to properly collect and analyze market data. Markets, sub-markets, market segmentation, supply side analysis, demand analysis and the importance of market analysis to the appraisal process are covered in the first half of the course. The second half focuses on the theory of Highest and Best Use. The two-step analysis along with the four tests of Highest and Best Use are covered in detail. Drill problems and a short case study allow students to put into practice the techniques presented in the course. An HP 12C calculator is recommended.The Appraisal Qualification Board (AQB) adopted new criteria (requirements) in February 2004 for obtaining a Certified Appraisal License. The new criteria (requirements) may mean that the course you are now taking may not meet the education requirements for licensure should you not become a licensed Certified Appraiser (Certified Residential or Certified General) by January 1, 2008. Candidates for licensure must have completed their application including the appraisal experience requirement and pass the appraisal test prior to January 1, 2008. Please click here for further information.