Class and Hotel Details

Unit II - Real Property Appraisal

Course Description

This course examines two of the three recognized approaches used to estimate the market value of real property for both mass appraisal and fee appraisal purposes. Participants will develop an understanding of the theory, methodology, and practical application of the Cost Approach and the Sales Comparison Approach. Through instruction and applied examples, the course demonstrates how these approaches are used to develop credible and supportable value estimates within the property assessment process.

Learning Goals / Objectives

1. Explain the principles and assumptions underlying the Cost Approach and the Sales Comparison Approach to property valuation.
2. Describe the procedures used to develop value estimates using the Cost Approach and the Sales Comparison Approach.
3. Differentiate between the Cost Approach and the Sales Comparison Approach and determine when each approach is most appropriate for valuing real property.
4. Apply the Cost Approach to estimate the market value of real property using appropriate appraisal data and methodologies.
5. Apply the Sales Comparison Approach to estimate the market value of real property by analyzing comparable sales and making appropriate adjustments.
6. Evaluate value indications developed through the Cost and Sales Comparison Approaches to support credible property assessments.

Skills Developed

1. Estimate Market Value Using the Cost Approach

• Estimate Replacement Cost New (RCN)
• Estimate accrued depreciation of improvements
• Estimate land value

2. Estimate Market Value Using the Sales Comparison Approach

• Determine which property characteristics contribute value.
• Research sold properties to identify comparable properties.
• Use paired sales analysis to determine the contributory value of elements of comparison.
• Apply adjustments to comparable sales.
• Estimate market value based on adjusted comparable sales.

Target Audience

• County Assessors and Deputy Assessors
• Oklahoma Tax Commission Ad Valorem Staff
• Other County Employees
• Contract Appraisers and Contractors working for County Assessors

Instructor Information

To ensure participants receive high-quality, practical instruction, this course is taught by qualified professionals who possess both academic credentials and extensive experience in property appraisal and assessment. Instructors are required to hold a Bachelor of Science degree in Education, Engineering, Technology, Business, or a closely related field. In addition, instructors must demonstrate relevant professional experience in property appraisal, property assessment, mass appraisal theory and methodologies, and the application of Oklahoma ad valorem property tax laws. This combination of academic preparation and industry expertise provides participants with instruction that is both technically sound and directly applicable to the responsibilities of County Assessors and appraisal personnel.

Course Materials and Equipment

Participants Will Receive

• Participant Manual
• Supplemental handouts
• Study aids
• Practice problems
• Mathematics exercises
• Homework assignments

Participants Must Provide

• Battery-operated calculator
• Computer with webcam and microphone (online participants)

Expectations and Requirements

The following expectations are intended to promote professionalism, engagement, and a successful learning experience.

• Attendance: Participants must attend at least 75% of instructional hours to be eligible to take the course examination.
• Participation: Active participation in classroom discussions, exercises, and homework assignments is strongly encouraged.
• Professional Conduct: Participants are expected to maintain a respectful, professional, and disruption-free learning environment.
• Technology (Online Delivery): Reliable internet access, webcam, and microphone are required.

Registration and Cancellation Policy

• Cancellations should be communicated to the Center for Local Government Technology (CLGT) as early as possible to allow registration of waitlisted participants.
• Substitutions are permitted.
• Oklahoma State University and the Center for Local Government Technology are not responsible for costs incurred due to course cancellations, including travel or lodging expenses.

Release of Learner Information:

Upon completion of the course, each learner's grade will be mailed to the address on file for their county or firm. Learners may also obtain their grade by contacting the Center for Local Government Technology (CLGT) at 405-744-6049 on the date and during the time designated by the instructor. To protect learner privacy, individuals requesting grade information by phone must verify their identity by providing specific identifying information before any information is released.

Learner education records, including grades, are protected under the Family Educational Rights and Privacy Act (FERPA) and Oklahoma State University policies. Grade information will be released only as permitted by applicable law and university policy.

A learner's pass/fail status may be disclosed to the learner's employing county or firm and to the Oklahoma Tax Commission, Ad Valorem Division, when necessary to verify completion of certification or accreditation requirements. In addition, learner records may be released in response to a valid legal requirement, including a subpoena, court order, or other disclosure authorized or required by applicable law, including the Oklahoma Open Records Act, when such records are not otherwise exempt from disclosure.

Accessibility and Accommodations

The Oklahoma State University Center for Local Government Technology (OSU-CLGT) is committed to providing accessible learning experiences for all participants. Individuals needing accommodations should contact CLGT prior to the course start date.

Email: atap@okstate.edu
Phone: 405-744-6049

Anti-Discrimination Policy

The Oklahoma State University Center for Local Government Technology (OSU-CLGT) is committed to maintaining an inclusive, equitable, and respectful learning environment for all participants. In accordance with the International Accreditors for Continuing Education and Training (IACET) Standards, OSU-CLGT ensures equal access to its programs, services, and educational opportunities without discrimination or harassment.

OSU-CLGT prohibits discrimination or harassment based on race, color, religion, creed, sex, gender identity or expression, sexual orientation, national origin, age, disability, marital status, veteran status, genetic information, or any other status protected by applicable federal or state law. All learners, instructors, and staff are treated fairly and evaluated solely on relevant merit, qualifications, and performance.

Concerns regarding discrimination or harassment may be reported to the Oklahoma State University Office of Equal Opportunity.

• Phone: 405-744-9154
• Email: eeo@okstate.edu

All reports are handled promptly and, to the extent possible, confidentially. Retaliation against individuals who report concerns or participate in an investigation in good faith is strictly prohibited.

Disclosure: Course instructors and staff have no proprietary or financial interest in the materials, products, or services referenced in this course.

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