Real Property Administration (Assessment & Appraisal) (Accelerated) (RPAA)

Students will learn how to enter, organize, manipulate, calculate, and graph data using Microsoft Excel. Detailed spreadsheets will be created using financial functions, IF Statements, Conditional Formatting and What-if analysis. Students will also perform statistical procedures using the Analysis Tool Pack.

This course provides a first exposure to the principles and techniques of real property valuation. It will introduce the concepts of both market and highest and best use analysis in the appraisal process. The student will study the theory, techniques and detailed applications of the direct comparison, cost, and income approaches to property valuation.

The student will be introduced to standard mathematical features of mortgage financing. The material builds incrementally, concept by concept and application by application, from simple interest loans to complex real estate financial analysis. The subject then extends to cover a broad range of mathematical applications including the use of statistics.

This subject introduces the basic principles of microeconomics and applies these concepts to current real estate issues. Topics covered include opportunity costs, supply and demand, elasticity, market equilibrium, efficiency and equity, the role of the government, consumer choice, externalities, imperfect competition, and monopolies.

This course is intended to give the real estate practitioner student a working knowledge of the property tax assessment industry in Canada. The course offers a practical overview of the foundations for Canadian property tax systems, including economic principles and assessment law. The course focuses on the theory and techniques that assessment personnel must consider when designing systems to value the real property in a given area.

This course is designed to give real estate professionals, particularly appraisers, a working knowledge of the physical aspects of residential properties. The course covers how houses are sited, designed, and constructed in Canada, as well as how factors such as design, material selection, and construction type affect their value. Also covered will be the identification and evaluation of problems due to design, construction or deterioration, their effect on value, and how problems due to design, construction, or deterioration, their effect on value, and how problems should be reported.

This course will cover the theory and principles of computer assisted mass appraisal (CAMA, illustrations and examples of practical applications, including case studies requiring hands-on computer work (i.e., using the software package SPSS). The material is meant to provide the student with a solid foundation in statistical analysis model building.

The assessment of real property is the process which leads to the levying of municipal taxes and the resultant funding of municipal services. In this subject, the student will gain an understanding of the legal and government framework in which the assessor operates, examine the recent reforms to the assessment system and analyze the key provisions of the Assessment Act and related legislation and case law. There will be a detailed focus on the assessor's role in defending assessments before the assessment tribunals and courts of Ontario. This will include a practical analysis of the function and procedures of the Assessment Review Board, as well as an overview of the entire assessment appeal process.

This subject provides a practical overview of the law of real property, including the nature of ownership interests in land, land title registration, mortgage law, commercial and residential tenancies and condominium law. In addition, it will examine the fundamental principles of contract and tort law as they relate to real property ownership. It will also address the legal and ethical guidelines governing real estate professionals.

Students will be introduced to an overview of the field of municipal taxation and revenue. Fundamental concepts with respect to municipal revenue sources will be addressed. The subject matter will provide a background and overview of municipal taxation and its relation to property assessment as well as an understanding of managing the municipal assessment base, the options available for challenging assessment, and the effects on municipal taxation revenue and budgeting.

This is a continuation of RPA 112 and completes the first year of study of the application of the three appraisal methods of valuation (Sales Comparison Approach, Cost Approach and Income Approach). Students study lease valuation, Income Taxation in Canada, and the interpretation of financial statements for valuation. This subject prepares the student so that they can apply the theory to computer applicaton of the three approaches to value.

This course examines the provisions set out in the Institute of Municipal Assessors Code of Ethics and Professional Standards. The student will be led through the process of how these provisions apply in a variety of work situations as well as exploring the requirements of a practitioner serving as an expert witness at tribunals and in court. The subject matter will emphasize the importance of promoting ethical behaviour through both the personal values of the individual and the values embraced by the organization/employer.

This second-level Spreadsheet Analysis course covers advanced spreadsheet techniques, including data analysis and visualization, conditional formatting, dashboarding, arrays, advanced functions, and formulas. Students will gain hands-on experience manipulating and organizing more complex data sets related to practical applications in the Real Property Administration field. There will be a focus on creating professional worksheets that include the automation of repetitive tasks to save time and increase productivity and efficiency. Students will be introduced to online tools to make data collection more efficient and import that data into spreadsheets for analysis.

This subject deals with methods of alternative dispute resolution, that is, processes devised to resolve disputes outside the judicial system. Alternative dispute resolution (ADR) techniques include negotiation, mediation and arbitration. In this subject, the student becomes familiar with these techniques and works on the development of negotiation and mediation skills using an interest-based approach.

This course is intended to provide students in the Real Property Administration program with an understanding of the professional milieu in the property assessment, appraisal and municipal taxation industries as well as hone the soft skills required to be successful in the industry. Emphasis will be placed on the role of the employees in the service-oriented tax and assessment society including communicating with taxpayers and clients and professionalism in the workplace. Different areas of the real property industry will be highlighted with a focus on exposing students to potential careers and professional development opportunities. The objective of the course is to enable students to make a smooth transition from the academic setting to a work environment.

This subject is designed to develop the skills required in the accurate collection and identification of residential data for the establishment of current values for assessment purposes, focusing on property inspection techniques necessary to accurately and consistently assemble information for analysis within specific valuation techniques.

This subject will develop the strategic skills necessary to navigate the assessment appeal process including the advocacy and expert witness skills required in Assessment Appeal hearings. Students will proceed through a condensed process of an assessment appeal that would be heard at the Assessment Review Board. Students will go through the process of preparing and filing documents according to scheduled deadlines, strategize on how to effectively defend or dispute an assessment, prepare and serve pleadings for the case, and participate in a settlement conferences.

The income approach to valuation course looks at the methodology behind developing capitalization rates and the factors that affect them and the underlying use of the income approach to value. The course will also look at the different types of income approaches which can be utilized for rental properties, business enterprise properties and the use of market sales in the income approach. The course describes the unique aspects of selected property types and the data that should be collected and analyzed through proforma sales analysis. Students will study the inputs required for the Discounted Cash Flow DCF model and how to apply the inputs.