The financial markets have been in a state of chaos for a number of years. Some of the chaos was attributed to appraisers bending under unethical pressure exerted by lenders. The purpose of this study was to explore whether mode of instruction affected appraiser morality when participating in a Uniform Standards of Professional Appraisal Practice (USPAP) course, as measured by Rest's Defining Issues Test (DIT-2). The research question examined the difference between the effect on the morality schema of continuing appraisal students taking the 7-hour USPAP CE course online versus students taking the course in a face-to-face environment. The research consisted of administering the DIT-2 before the USPAP course as a baseline, and then again after the USPAP course to determine if there was a difference in moral outlook. Eight online and 11 face-to-face students completed pre and post DIT-2. MANCOVA determined that there was no significant difference in the post instruction DIT-2 scores between face-to-face and online instruction, controlling for pre instruction score. Further study is recommended with larger sample size and multiple online and face-to-face classes. The results of this research resulted in recommendations to create USPAP courses with ethics components (Appraise Your Ethics). Such courses can be online or face-to-face. The conclusions of this study could lead to enhancements in the design and delivery of the USPAP course, resulting in a positive social change of enhanced appraiser morality and a reduction in unethical behaviors.

自1990年代起，專業估價實務通用規範（USPAP）中即規定，估價師必須同時考慮有形與無形資產對整體價格的影響，並將價值分配到不同的要素成分。以往國外文獻探討無形資產對不動產價格所產生之影響，多將焦點放在收益性不動產上，綜觀諸研究文獻之結論，皆肯定無形資產對其整體價格將會產生影響，且佔有重要的地位，但相對地，針對住宅不動產的交易價格中是否含有無形資產價值之研究文獻則相當少見；而國內對此之探討著墨更少，僅有部分文獻提及建設公司商譽對住宅產品之價格所可能產生的影響，但亦僅止於文字敘述，無任何文獻透過實證分析，以證明商譽對住宅交易價格之影響力。因此，國內住宅不動產的交易價格是否會受到建設公司商譽的影響，仍有待實證研究加以探討。 鑑此，本研究擬探討建設公司商譽對住宅交易價格之影響，期望透過實證分析釐清商譽對價格的影響力。在研究內容上，商譽因素是否存在於住宅類型之產品中？哪些因素會影響商譽對交易價格的影響力？皆是本研究所欲討論的面向。藉由實證分析與探討，本研究之結論如下： 一、商譽價值確實存在於住宅不動產中，惟其影響並不一定具有普遍性，尚須其他特定因素（屋齡、區域發展特性）同時成立，商譽始會對住宅價格造成顯著的影響。 二、透過實證結果之分析可知，案例所屬的特定因素不同時，將會使得商譽影響價格的顯著與否產生變化。當案例屬於屋齡在一定年數以內之新屋，且其區域發展特性愈傾向以單純住宅區為主要發展型態時，此時商譽對價格的影響將具有顯著水準；反之，當案例屬於中古屋，或是其區域發展特性愈複雜時，則商譽對價格的影響力將消失。