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Valuation and market analysis (Salesperson 7%; Broker 7%)

A. Appraisals

1. Purpose and use of appraisals for valuation

2. General steps in appraisal process

3. Situations requiring appraisal by certified appraiser

B. Estimating Value

1. Effect of economic principles and property characteristics

2. Sales or market comparison approach

3. Cost approach

4. Income analysis approach

C. Competitive/Comparative Market Analysis

1. Selecting comparables

2. Adjusting comparables

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