• Describe the assumptions underlying the sales comparison approach
• Construct a sales comparison adjustment grid using the proper sequence of
adjustments
• Distinguish among normal sale price, market conditions-adjusted normal sale
price and final adjusted sale price
• Describe considerations regarding the applicability of the cost approach
• Distinguish between reproduction cost and replacement cost, and describe
the three methods for estimating cost
• Apply the steps in the cost approach
• Distinguish among the three types of accrued depreciation the methods of
estimating accrued depreciation
• Perform a GIM analysis
• Develop a reconstructed operating statement
• Calculate a market-derived capitalization rate and estimate value using the
income approach fomula
• Reconcile the various approaches to value into a final value estimate