Golf courses are unique properties; they vary in size, quality, difficulty, location and cost to construct and play.  They are generally separated into categories and within each category, are often more sub-categories.  This module is focused on three main types of golf courses which include:

• Regulation - this broad term is generally applied to full-size 18-hole courses that range in length from 5,200 to over 7,000 yards.  The better, more challenging courses within this group are often referred to as “Championship”.  Par usually ranges from 68 to 72 and they are generally 100 to 170 acres in size.
  
  
• Nine-Hole - typically half the length of a regulation course with a par over 33.
  
  
• Executive - this type of course is 4,000 to 5,200 yards in length with a par of 58 to 68.  The newer version of this style course is referred to as a “Masters” course.

These golf course operations also range in structure and ownership which determine who can access the course.  Different operations typically include:

• Daily Fee - golf revenue is generated by a charge for each round of golf and in some cases by an annual pass.  Many are municipal, but most are privately run and operate for profit.
  
  
• Private Clubs - These are the most difficult to value because of the variety of member’s rights.  They can be for-profit operations, not-for-profit, semi-private or combinations thereof.  The most common revenue source is a combination of membership fees, annual dues and guest fees.
  
  
• Resort/Subdivision Courses - these can be both daily fee or private or most typically, a combination of both.