Topic Area
References
Textbook
Page(s)
Introduction
vii-ix
Powerpoint
slide #(s)s
Intro. 1-11
Objectives
Time Segment
Upon Completion of this chapter the
participant will be able to:
Minutes
After completing this course, you will be able
to
• Define “what is green?”
0-5
• Understand key aspects of green as it applies
to residential real estate.
• Define how to recognize, analyze and
account for green features in your appraisal
reports.
What is Green?
Energy Efficiency, Design, and
Materials
Lifestyle Choices
Goals and Sustainability
Buyer Motivation
Saving Money
Health
Saving the Planet
2011 NAR Survey
Real Estate Values
Appraisers and Green
vii
3-6
5
viii
7-9
5
ix
ix
11
Chapter 1: Green Materials and
Techniques
1-16
1-3
10
2.5
2.5
• Identify energy efficiencies in green
construction.
20
• Recognize the various styles and uses of heat
pumps.
• Distinguish between the different types of
insulation.
• Compare and contrast U-Factors and RValues.
Key Terms
4-11
2
Energy Efficiency
Positioning
Windmills
Ground Source Heat Pumps and
Geo-Thermal Energy
Closed Loop System
Open Loop Systems
Solar Panels and Photovoltaic
Shingles
Day Lighting
Insulation and Windows
Types of insulation
Blanket, Batts, and Rolls
Foam or Rigid Foam
Foam Beads or Liquid Foam
ICFs
Blown-In
Reflective System
Rigid Fibrous or Fiber Insulation
SIPs
Thermal Windows
Retrofitting and Remodeling
Infra-red Thermal Camera
Blower Door Tests
Air Quality and Ventilation
Volatile Organic Compounds
Energy Costs
Water Heating
Cooling
Lighting and Electronics
Water Use
Sustainability
Lumber
Water
Fossil Fuels
Land
Building Materials
2-8
5-21
20
22-34
9
35-38
5
10
39
5
10-12
40-43
5
12
13-14
44-46
47-54
2
11
Chapter Summary
Chapter Quiz
15
16
55-56
57-76
Chapter 2: Relevant Characteristics
17-28
1-3
5
10
• Define relevant characteristics and their
importance in appraising.
20
• Identify the Green MLS.
• Review heating system energy efficiencies.
• Contrast qualitative analysis and
quantitative adjustments.
• Recognize the value of EEM’s and
borrowing power.
• Define paired sale adjustments.
• Identify how to compare data to calculate a
property’s value.
• Describe cost and payback.
Key Terms
Relevant Characteristics
Energy Efficiencies – Heating
Systems
Calculating a Property’s Value
Appraisers and Real Estate Agents
Calculating Green
Energy Efficient Mortgages
EEMs and Buyer’s Borrowing
Power
Adjustments
Paired Sale Adjustments
No “Paired Sale” Adjustments
Window Adjustments
Comparing The Data
Quantitative Adjustments vs.
Qualitative Analysis
4-8
3
18-19
5-15
5
20
16-22
5
21
23-28
8
22-24
29-45
15
Greening the MLS
Green - Cost and Payback
Calculating Cost and Payback
Tax Credits
Chapter Summary
Chapter Quiz
24-26
46-61
4
27
28
62-63
64-73
5
10
Chapter 3: Green Certification
29-40
1-3
• Compare and contract Energy Star, NAHB®,
and LEED®.
20
• Define RESNET and how it relates to Energy
Star.
• Describe HERS ratings.
• Recognize the relationship between NAHB®
and ICC.
• Identify NAHB’s® four levels of point ratings
for green buildings.
• Define the relationship between LEED® and
USGBC®.
• Identify the numerous different LEED®
designations available through GBCI.
Key Terms
Appraising Properties
Evaluating Houses for Energy
Efficiency
ENERGY STAR
Energy Rating Labels
ENERGY STAR Certified Raters
HERS Ratings
Energy Use in ENERGY STAR
Homes
RESNET Scoring
Indoor Air Quality
Use of the Program
National Green Building Standards
(NBGS)
NAHB® Designation
29
30
30
4-8
9-13
14-15
5
5
5
30-33
16-30
10
33-34
31-34
5
10
ICC 700 Green Building Standard
Threshold Point Ratings for Site
Design and Development
LEED®
LEED® and Commercial
Volume Certification
LEED® and Residential
LEED® Extra Points
Green Building Market and
Impact Report
Certification Levels for LEED®
Standard 189.1
Chapter Summary
Chapter Quiz
34-35
35-43
5
35-38
44-68
10
38
39-40
69-71
72-91
5
10
Chapter 4: Identifying and Adjusting
for Green Features
41-62
1-4
• Describe SCOPE OF WORK and credible in
relation to USPAP.
20
• Recognize how to physically inspect the
interior and exterior of a home, including
mechanicals, electrical, plumbing, and
building envelope.
• Realize the importance of data research and
data filtering.
• Identify how to adjust for green features.
• Define the Uniform Appraisal Dataset.
• Verify and evaluate green data.
• Compare cost vs. value.
Key Terms
41
5-6
5
Scope of Work
Credible Results
Assignment Conditions
Competency Rule
Competency in Appraising Green
Fannie Mae
42-44
7-28
5
Physical Inspection
44
29-30
5
Exterior Inspection
Interior Inspection
Mechanical Systems
Heating and Cooling
Hot Water Heaters
Plumbing
Flexible Tubing
Power Sources
Building Envelope
Basement
Lighting
Windows
Exterior Doors
Walls
Attics and Crawlspaces
45
45-52
31
32-44
Data, Adjustments, and the Effect of
Green
Compiling Data Research
REO (Real Estate Owned)
Appraisal Management Companies
Uniform Appraisal Dataset (UAD)
Filtering Data
Verifying Data
Evaluating Data
Adjustments
Making Green Adjustments
Correlating Dissimilar Data
Cost and Value
The Effect of Green
Comparison Example
Summary
Chapter Quiz
52-59
60
61-62
139-142
143-166
Chapter 5: Case Study - Applying
Adjustments
63-74
1-3
5
10
45-47
48-49
50-66
67-89
15
90-101
102-138
5
10
• Complete two mock appraisals.
• Select comparables.
• Make adjustments.
• Write comments which explain and defend
the adjustment.
• Write an appraisal report which is both
credible and defensible.
• Defend adjustments.
Case Study #1 - Appraisal
Choice #1
Choice #2
Choice #3
Choices from Comparable
Neighborhoods
Choice #4
Choice #5
Choice #6
Reviewing Choices
Comparable Choice
Check Your Knowledge
Defend Your Choices
Case Study #2 - Gross Rent Multiplier
Calculate the GRM
Calculate Adjustments
Calculate Adjusted Rent to Actual
Rent Comparison
How Do These Choices Differ?
Value the Subject Property
Check Your Knowledge
64-66
4-25
20
66-67
26-39
10
67-68
40-44
5
69
70
71-73
45-68
69-76
77-104
10
5
20
74
105-110
10