New York Codes, Rules and Regulations
Title 19 - DEPARTMENT OF STATE
Chapter XXXI - Board of Real Estate Appraisal
Part 1103 - Qualifying Course Regulations
Section 1103.10 - General course outlines
Current through Register Vol. 46, No. 12, March 20, 2024
The following are the required subjects to be included in the courses of study and the required number of hours to be devoted to general appraisal courses. All appraisal schools must utilize this course outline in conducting their programs. These course outline are not intended to substitute for specific outlines for the proposed course.
(a) G-4/General Appraiser Market Analysis and Highest and Best Use
| A. | Real Estate Markets and Analysis | 14 hours |
| 1. Market Fundamentals, Characteristics and Definitions 2. Supply Analysis 3. Demand Analysis 4. Use of Market Analysis | ||
| B. | Highest and Best Use | 14 hours |
| 1. Test Constraints 2. Application of Highest and Best Use 3. Special Considerations 4. Market Analysis 5. Case Studies | ||
| Final Examination (75-100 questions) | 2 hours | |
| Total | 30 hours | |
(b) G-5/General Appraiser Sales Comparison Approach
| A. | Value Principles | 7 hours |
| B. | Procedures | 6 hours |
| C. | Identification and Measurement of Adjustments | 5 hours |
| D. | Reconciliation | 5 hours |
| E. | Case Studies | 5 hours |
| 1. Seller Concessions 2. Special Energy Efficient Items (i.e., Green Buildings) | ||
| Final Examination (75-100 questions) | 2 hours | |
| Total | 30 hours | |
(c) G-6/General Appraiser Site Valuation and Cost Approach
| A. | Site Valuation | 12 hours |
| 1. Methods 2. Case Studies | ||
| B. | Cost Approach | 16 hours |
| 1. Concepts and Definitions 2. Replacement/Reproduction Cost New 3. Accrued Depreciation 4. Methods of Estimating Accrued Depreciation 5. Case Studies | ||
| Final Examination (75-100 questions) | 2 hours | |
| Total | 30 hours | |
(d) G-7/General Appraiser Income Approach
| A. | Overview | 2 hours |
| B. | Compound Interest | 3 hours |
| C. | Lease Analysis | 5 hours |
| D. | Income Analysis | 5 hours |
| E. | Vacancy and Collection Loss | 5 hours |
| F. | Estimating Operating Expenses and Reserves | 5 hours |
| G. | Reconstructed Income and Expense Statement | 5 hours |
| H. | Stabilized Net Operating Income Estimate | 5 hours |
| I. | Direct Capitalization | 5 hours |
| J. | Discounted Cash Flow | 5 hours |
| K. | Yield Capitalization | 5 hours |
| L. | Partial Interests | 3 hours |
| M. | Case Studies | 4 hours |
| Final Examination (100 question minimum) | 3 hours | |
| Total | 60 hours | |
(e) G-8/General Appraiser Report Writing and Case Studies
| A. | Writing and Reasoning Skills | 8 hours |
| B. | Common Writing Problems | 8 hours |
| C. | Report Options and USPAP Compliance | 6 hours |
| D. | Case Studies | 6 hours |
| Final Examination (75-100 questions) | 2 hours | |
| Total | 30 hours | |
