This manual is organized into seven sections each relating to valuing commercial real estate:
- Section One introduces real property appraisal concepts.
- Section Two distinguishes between the nature of value and market value.
- Section Three presents some of the foundational principles of appraisal.
- Section Four explains real estate cycles.
- Section Five focuses on mar ket and marketability analysis.
- Section Six defines the concept of highest and best use and how it is used to analyze real estate properties
- Section Seven explains the three approaches to value using the cost approach, the sales comparison approach, and the income capitalization approach.