Upon successful completion of the course, students will be able to: apply the principles of USPAP and describe the roles, licensing, and ethical duties of a professional real estate appraiser; execute essential mathematical and statistical calculations, including area/volume formulas and basic statistical analysis for sales data; distinguish between real estate, property rights, and various ownership interests (e.g., freehold, co-ownership, condominiums); describe and apply the systematic eight-step appraisal process, from defining the problem to reconciling values; calculate value by the Cost Approach, distinguishing between reproduction cost and replacement cost, and accurately estimating all three forms of depreciation; estimate value using the Sales Comparison Approach by gathering market data, making appropriate adjustments, and utilizing a comparisons grid; calculate and use Net Operating Income (NOI), explain income ratio (e.g. Gross Income Multiplier), and apply Direct and Yield Capitalization methods to value income properties.