421 - The Valuation of Partial Acquisitions
- Course Number: C421
- Course Title: The Valuation of Partial Acquisitions
- Course Level: Intermediate
- IRWA Credits: 24 QEU/CEU
- AQB Credits: Not Applicable
- Prerequisites:
A working knowledge of basic appraisal principles and practices is required.
Participants who are not appraisers or who lack foundational appraisal knowledge are required to complete Course 400i: Principles of Real Estate Appraisal before enrolling.
Credit Information
Participants must take the exam to receive IRWA credentialing credit. The exam is not required for IRWA recertification credit. Appraisal continuing-education approval, credit hours, and exam requirements vary by state. Participants are responsible for confirming the requirements of their respective states.
A list of IRWA courses approved for appraisal continuing education in each state is available here:
https://eweb.irwaonline.org/EWEB/DynamicPage.aspx?Webcode=irwa_state_approval_cr
This intermediate three-day appraisal course introduces methods for valuing partial acquisitions through discussions, exercises, and case studies. Participants examine the Federal Before-and-After Rule and the State Summation Method, along with valuation principles used to identify and value the larger parcel and acquisition area and analyze benefits and severance damages.
The course addresses the components of compensation, including the value of the part taken, damages to the remainder, benefits to the remainder, and cost to cure, as well as methods for analyzing and quantifying each impact. Participants also examine remainder impacts, interim highest and best use, and temporary and permanent easement valuation. This course introduces these concepts and does not replace advice from a qualified appraiser.
Credentialing
New SR/WA: An intermediate elective course that may be applied toward the SR/WA designation. Course 802 or 902 is not required when Course 421 or 421C is successfully completed.
Industry: An intermediate course required for the Generalist, Transportation, and Electric & Utilities pathways for the SR/WA designation.
Specialist: An intermediate course required for the R/W-AC Appraisal Certification, R/W-AC Cross Certification Program, and R/W-URAC Uniform Act Certification Program.
IRWA Recertification: Eligible for IRWA credential and instructor recertification credit.
Topics
- Controlling appraisal standards and requirements, including USPAP, the Uniform Appraisal Standards for Federal Land Acquisitions, and the Uniform Act
- Basic appraisal principles, the valuation process, and highest and best use
- Identification and valuation of the larger parcel and acquisition area
- Application of the Federal Before-and-After Rule and the State Summation Method
- Allocation of compensation among the value of the part taken, damages to the remainder, benefits to the remainder, and cost to cure
- Analysis and quantification of partial-acquisition impacts on remainder properties
- Application of the cost and income capitalization approaches to remainder impacts
- Interim highest and best use and the principle of consistent use
- Temporary and permanent easements and related valuation methods
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