Pre-requisite: Students will benefit from an understanding of real property appraisal fundamentals and techniques (BUSI 330, CPD 130, or equivalent)
Condominiums, or stratas in BC, are one of the most common forms of residential home ownership. However, consider that a condominium is actually not a property type, but rather a legal distinction for the shared ownership of real property. In residential use, condominium ownership applies to a range of property types, including townhouses, multiplexes, low-rise buildings, and high-rises. Condominiums may also include bare land or detached houses built on shared strata subdivisions.
Real estate professionals in all areas of practice may come across condominiums for a variety of purposes: development, sales, property management, mortgage financing, appraisal, or property tax assessment. In all of these contexts, the practitioner will ideally have a working knowledge of the real estate asset and the factors that affect its market value. This course is suitable for anyone in these contexts. Students will ideally already have a basic understanding of valuation methods and techniques. The course will focus on the physical aspects of condominium/strata properties, as well as the related valuation considerations.
Lesson 1: Residential Condominium Inspection
Lesson 2: Residential Condominium Appraisal
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