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  • 1. Real Estate Appraisal: A World of Change John S. Brenan Director of Research and Technical Issues The Appraisal Foundation (202) 624-3044 [email_address]
  • 2. FIRREA Relationships
  • 3. The Appraisal Foundation Mission
    • The Appraisal Foundation was founded to foster professionalism in valuation by promoting professional appraisal standards and appraiser qualifications.
  • 4. The Appraisal Foundation
    • The Foundation IS:
    • A non-profit educational organization;
    • Founded by 8 national appraisal organizations; and
    • Created to foster professionalism in appraising.
    • The Foundation is NOT:
    • A government agency or regulatory board;
    • Created by Congress; or
    • An appraisal trade organization that offers designations.
  • 5. Sponsoring Organizations
    • Appraisal Sponsors
    • American Society of Appraisers
    • American Society of Farm Managers & Rural Appraisers
    • Appraisal Institute
    • International Association of Assessing Officers
    • International Right of Way Association
    • Massachusetts Board of Real Estate Appraisers
    • National Association of Independent Fee Appraisers
    • National Association of Master Appraisers
    • Affiliate Sponsors
    • American Bankers Association
    • Farm Credit Council
    • Mortgage Insurance Companies of America
    • National Association of Realtors
    • Appraisal Institute of Canada
  • 6. The Appraisal Foundation Boards and Councils
    • Boards
    • Board of Trustees
    • Appraisal Standards Board
    • Appraiser Qualifications Board
    • Councils
    • The Appraisal Foundation Advisory Council (TAFAC)
    • Industry Advisory Council (IAC)
    • Education Council of Appraisal Foundation Sponsors (ECAFS)
  • 7. Appraisal Standards Board
    • Writes and Interprets the Uniform Standards of Professional Appraisal Practice (USPAP).
    • Publishes Advisory Opinions, Frequently Asked Questions, and monthly Q&A’s.
    • Currently composed of 6 members.
  • 8. Appraiser Qualifications Board
    • Sets minimum requirements for state certification of real property appraisers.
    • Has developed minimum voluntary criteria for personal property appraisers.
    • Currently composed of 5 members.
  • 9. Program to Improve USPAP Education
    • Certified USPAP Instructor Requirement Criteria :
    • 7 years of appraisal experience
    • 35 hours of teaching experience within the last five years
    • Successfully complete 2½ day Instructor Certification Course and pass examination
    • Attend 7-hour Instructor Recertification Course and pass examination at least once every two years
    As of January 1, 2003, all Qualifying Education Courses must be the 15-hour National USPAP Course or its equivalent (as determined by the AQB) and must be taught by an AQB Certified USPAP Instructor and a Certified Residential or Certified General appraiser Note: There are currently over 450 AQB Certified USPAP Instructors
  • 10. Appraiser Qualifications Board Educational Requirements
    • Current
    • Trainee License = 75 Hours of Qualifying Education
    • Residential License = 90 Hours of Qualifying Education
    • Certified Residential = 120 Hours of Qualifying Education
    • Certified General = 180 Hours of Qualifying Education
    • Effective 1/1/08
    • Trainee License = 75 Hours of Qualifying Education
    • Residential License = 150 Hours of Qualifying Education
    • Certified Residential = 200 Hours of Qualifying Education. Also must possess Associate degree or 21 semester hours (credits) of college course work in seven (7) topic areas
    • Certified General = 300 Hours of Qualifying Education. Also must possess Bachelors degree or 30 semester hours (credits) of college course work in ten (10) topic areas
    Note: All categories require completion of the 15-hour National USPAP Course
  • 11. Appraiser Qualifications Board Required Core Curriculum
    • Trainee License – 75 Hours
    • Basic Appraisal Principles 30 hours
    • Basic Appraisal Procedures 30 hours
    • The 15-Hour National USPAP Course or its equivalent 15 hours
    • Residential License – 150 Hours
    • Basic Appraisal Principles 30 hours
    • Basic Appraisal Procedures 30 hours
    • The 15-Hour National USPAP Course or its equivalent 15 hours
    • Residential Market Analysis and Highest and Best Use 15 hours
    • Residential Appraiser Site Valuation and Cost Approach 15 hours
    • Residential Sales Comparison and Income Approaches 30 hours
    • Residential Report Writing and Case Studies 15 hours
  • 12. Appraiser Qualifications Board Required Core Curriculum
    • Certified Residential – 200 Hours
    • Basic Appraisal Principles 30 hours
    • Basic Appraisal Procedures 30 hours
    • The 15-Hour National USPAP Course or its equivalent 15 hours
    • Residential Market Analysis and Highest and Best Use 15 hours
    • Residential Appraiser Site Valuation and Cost Approach 15 hours
    • Residential Sales Comparison and Income Approaches 30 hours
    • Residential Report Writing and Case Studies 15 hours
    • Statistics, Modeling and Finance 15 hours
    • Advanced Residential Applications and Case Studies 15 hours
    • Appraisal Subject Matter Electives 20 hours
  • 13. Appraiser Qualifications Board Required Core Curriculum
    • Certified General – 300 Hours
    • Basic Appraisal Principles 30 hours
    • Basic Appraisal Procedures 30 hours
    • The 15-Hour National USPAP Course or its equivalent 15 hours
    • General Appraiser Market Analysis and Highest & Best 30 hours Use
    • Statistics, Modeling and Finance 15 hours
    • General Appraiser Sales Comparison Approach 30 hours
    • General Appraiser Site Valuation and Cost Approach 30 hours
    • General Appraiser Income Approach 60 hours
    • General Appraiser Report Writing and Case Studies 30 hours
    • Appraisal Subject Matter Electives 30 hours
  • 14. Appraiser Qualifications Board Guidance for Curriculum Content
    • 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 Side Analysis
    • 3. Demand Analysis
    • 4. Use of Market Analysis
    • G. Ethics and How They Apply in Appraisal Theory and Practice
  • 15. Thank You!!! Questions?