Outlines for Classification Courses

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Education Requirements Effective January 1, 2008

 

Registered Appraiser Requirements - All 60 hours from the first group plus 15 hours from the second group plus 15 hours of USPAP.  All courses require an exam.

 

Group 1 - Registered Appraiser Curriculum

 

BASIC APPRAISAL PRINCIPLES (30 HOURS)

 

A.Real Property Concepts and Characteristics
1.Basic Real Property Concepts
2.Real Property Characteristics
3.Legal Description

 

B.Legal Consideration
1.Forms of Ownership
2.Public and Private Controls
3.Real Estate Contracts
4.Leases

 

C.Influences on Real Estate Values
1.Governmental
2.Economic
3.Social
4.Environmental, Geographic and Physical

 

D.Types of Value
1.Market Value
2.Other Value Types

 

E. Economic Principles

1. Classical Economic Principles

2. Application and Illustrations of the Economic Principles

 

F. Overview of Real Estate Markets and Analysis

1. Market Fundamentals, Characteristics, and Definitions

2. Supply Analysis

3. Demand Analysis

4. Use of Market Analysis

 

G. Ethics and How They Apply in Appraisal Theory and Practice

 

BASIC APPRAISAL PROCEDURES (30 HOURS)

 

A. Overview of Approaches to Value

 

B. Valuation Procedures

1. Defining the Problem

2. Collecting and Selecting Data

3. Analyzing

4. Reconciling and Final Value Opinion

5. Communicating the Appraisal

 

C. Property Description

1. Geographic Characteristics of the Land/Site

2. Geologic Characteristics of the Land/Site

3. Location and Neighborhood Characteristics

4. Land/Site Considerations for Highest and Best Use

5. Improvements - Architectural Styles and Types of Construction

 

D. Residential Applications

 

THE 15-HOUR NATIONAL USPAP COURSE OR ITS EQUIVALENT  (15 HOURS)

 

A. Preamble and Ethics Rules

B. Standard 1

C. Standard 2

D. Standards 3 to 10

E. Statements and Advisory Opinions

 

Group 2 - Certified Residential Curriculum

 

Certified Residential Appraiser Requirements - 200 hours in all including the 90 hours taken for the registered appraiser classification.  All 110 additional hours must be from Group 2 courses.

 

RESIDENTIAL MARKET ANALYSIS AND HIGHEST AND BEST USE  (15 HOURS)

 

A. Residential Markets and Analysis

1. Market Fundamentals, Characteristics and Definitions

2. Supply Analysis

3. Demand Analysis

4. Use of Market Analysis

 

B. Highest and Best Use

1. Test Constraints

2. Application of Highest and Best Use

3. Special Considerations

4. Market Analysis

5. Case Studies

 

RESIDENTIAL APPRAISER SITE VALUATION AND COST APPROACH  (15 HOURS)

 

A. Site Valuation

1. Methods

2. Case Studies

 

B. Cost Approach

1. Concepts and Definitions

2. Replacement/Reproduction Cost New

3. Accrued Depreciation

4. Methods of Estimating Accrued Depreciation

5. Case Studies

 

RESIDENTIAL SALES COMPARISON AND INCOME APPROACHES (30 HOURS)

 

A. Valuation Principles & Procedures - Sales Comparison Approach

B. Valuation Principles & Procedures - Income Approach

C. Finance and Cash Equivalency

D. Financial Calculator Introduction

E. Identification, Derivation and Measurement of Adjustments

F. Gross Rent Multipliers

G. Partial Interests

H. Reconciliation

I. Case Studies and Applications

 

RESIDENTIAL REPORT WRITING AND CASE STUDIES  (15 HOURS)

 

A. Writing and Reasoning Skills

B. Common Writing Problems

C. Form Reports

D. Report Options and USPAP Compliance

E. Case Studies

 

STATISTICS, MODELING AND FINANCE (15 HOURS)

 

A. Statistics

B. Valuation Models (AVM’s and Mass Appraisal)

C. Real Estate Finance

 

ADVANCED RESIDENTIAL APPLICATIONS AND CASE STUDIES (15 HOURS)

 

A. Complex Property, Ownership and Market Conditions

B. Deriving and Supporting Adjustments

C. Residential Market Analysis

D. Advanced Case Studies

 

Group 3 - Certified General Curriculum

 

Certified General Appraiser Requirements - 300 hours in all including the 200 hours taken for the certified appraiser classification.  100 hours must be from Group 3 courses.

 

GENERAL APPRAISER MARKET ANALYSIS AND HIGHEST AND BEST USE (30 HOURS)

 

A. Real Estate Markets and Analysis

1. Market Fundamentals, Characteristics and Definitions

2. Supply Analysis

3. Demand Analysis

4. Use of Market Analysis

 

B. Highest and Best Use

1. Test Constraints

2. Application of Highest and Best Use

3. Special Considerations

4. Market Analysis

5. Case Studies

 

GENERAL APPRAISER SALES COMPARISON APPROACH (30 HOURS)

A.  Value Principles

B.  Procedures

C.  Identification and Measurement of Adjustments

D.  Reconciliation

E.  Case Studies

 

GENERAL APPRAISER SITE VALUATION AND COST APPROACH (30 HOURS)

A.  Site Valuation

1.  Methods

2.  Case Studies

B.  Cost Approach

1.  Concepts and Definitions

2.  Replacement/Reproduction Cost New

3.  Accrued Depreciation

4.  Methods of Estimating Accrued Depreciation

5.  Case Studies

 

GENERAL APPRAISER INCOME APPROACH (60 HOURS)

A.  Overview

B.  Compound Interest

C.  Lease Analysis

D.  Income Analysis

E.  Vacancy and Collection Loss

F.  Estimating Operating Expenses and Reserves

G.  Reconstructed Income and Expense Statement

H.  Stabilized Net Operating Income Estimate

I.  Direct Capitalization

J.  Discounted Cash Flow

K.  Yield Capitalization

L.  Partial Interests

M.  Case Studies

 

GENERAL APPRAISER REPORT WRITING AND CASE STUDIES (30 HOURS)

A.  Writing and Reasoning Skills

B.  Common Writing Problems

C.  Report Options and USPAP Compliance

D.  Case Studies

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