Nattetide

510 views

Published on

0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
510
On SlideShare
0
From Embeds
0
Number of Embeds
2
Actions
Shares
0
Downloads
8
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

Nattetide

  1. 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. 2. FIRREA Relationships
  3. 3. The Appraisal Foundation Mission <ul><li>The Appraisal Foundation was founded to foster professionalism in valuation by promoting professional appraisal standards and appraiser qualifications. </li></ul>
  4. 4. The Appraisal Foundation <ul><li>The Foundation IS: </li></ul><ul><li>A non-profit educational organization; </li></ul><ul><li>Founded by 8 national appraisal organizations; and </li></ul><ul><li>Created to foster professionalism in appraising. </li></ul><ul><li>The Foundation is NOT: </li></ul><ul><li>A government agency or regulatory board; </li></ul><ul><li>Created by Congress; or </li></ul><ul><li>An appraisal trade organization that offers designations. </li></ul>
  5. 5. Sponsoring Organizations <ul><li>Appraisal Sponsors </li></ul><ul><li>American Society of Appraisers </li></ul><ul><li>American Society of Farm Managers & Rural Appraisers </li></ul><ul><li>Appraisal Institute </li></ul><ul><li>International Association of Assessing Officers </li></ul><ul><li>International Right of Way Association </li></ul><ul><li>Massachusetts Board of Real Estate Appraisers </li></ul><ul><li>National Association of Independent Fee Appraisers </li></ul><ul><li>National Association of Master Appraisers </li></ul><ul><li>Affiliate Sponsors </li></ul><ul><li>American Bankers Association </li></ul><ul><li>Farm Credit Council </li></ul><ul><li>Mortgage Insurance Companies of America </li></ul><ul><li>National Association of Realtors </li></ul><ul><li>Appraisal Institute of Canada </li></ul>
  6. 6. The Appraisal Foundation Boards and Councils <ul><li>Boards </li></ul><ul><li>Board of Trustees </li></ul><ul><li>Appraisal Standards Board </li></ul><ul><li>Appraiser Qualifications Board </li></ul><ul><li>Councils </li></ul><ul><li>The Appraisal Foundation Advisory Council (TAFAC) </li></ul><ul><li>Industry Advisory Council (IAC) </li></ul><ul><li>Education Council of Appraisal Foundation Sponsors (ECAFS) </li></ul>
  7. 7. Appraisal Standards Board <ul><li>Writes and Interprets the Uniform Standards of Professional Appraisal Practice (USPAP). </li></ul><ul><li>Publishes Advisory Opinions, Frequently Asked Questions, and monthly Q&A’s. </li></ul><ul><li>Currently composed of 6 members. </li></ul>
  8. 8. Appraiser Qualifications Board <ul><li>Sets minimum requirements for state certification of real property appraisers. </li></ul><ul><li>Has developed minimum voluntary criteria for personal property appraisers. </li></ul><ul><li>Currently composed of 5 members. </li></ul>
  9. 9. Program to Improve USPAP Education <ul><li>Certified USPAP Instructor Requirement Criteria : </li></ul><ul><li>7 years of appraisal experience </li></ul><ul><li>35 hours of teaching experience within the last five years </li></ul><ul><li>Successfully complete 2½ day Instructor Certification Course and pass examination </li></ul><ul><li>Attend 7-hour Instructor Recertification Course and pass examination at least once every two years </li></ul>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. 10. Appraiser Qualifications Board Educational Requirements <ul><li>Current </li></ul><ul><li>Trainee License = 75 Hours of Qualifying Education </li></ul><ul><li>Residential License = 90 Hours of Qualifying Education </li></ul><ul><li>Certified Residential = 120 Hours of Qualifying Education </li></ul><ul><li>Certified General = 180 Hours of Qualifying Education </li></ul><ul><li>Effective 1/1/08 </li></ul><ul><li>Trainee License = 75 Hours of Qualifying Education </li></ul><ul><li>Residential License = 150 Hours of Qualifying Education </li></ul><ul><li>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 </li></ul><ul><li>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 </li></ul>Note: All categories require completion of the 15-hour National USPAP Course
  11. 11. Appraiser Qualifications Board Required Core Curriculum <ul><li>Trainee License – 75 Hours </li></ul><ul><li>Basic Appraisal Principles 30 hours </li></ul><ul><li>Basic Appraisal Procedures 30 hours </li></ul><ul><li>The 15-Hour National USPAP Course or its equivalent 15 hours </li></ul><ul><li>Residential License – 150 Hours </li></ul><ul><li>Basic Appraisal Principles 30 hours </li></ul><ul><li>Basic Appraisal Procedures 30 hours </li></ul><ul><li>The 15-Hour National USPAP Course or its equivalent 15 hours </li></ul><ul><li>Residential Market Analysis and Highest and Best Use 15 hours </li></ul><ul><li>Residential Appraiser Site Valuation and Cost Approach 15 hours </li></ul><ul><li>Residential Sales Comparison and Income Approaches 30 hours </li></ul><ul><li>Residential Report Writing and Case Studies 15 hours </li></ul>
  12. 12. Appraiser Qualifications Board Required Core Curriculum <ul><li>Certified Residential – 200 Hours </li></ul><ul><li>Basic Appraisal Principles 30 hours </li></ul><ul><li>Basic Appraisal Procedures 30 hours </li></ul><ul><li>The 15-Hour National USPAP Course or its equivalent 15 hours </li></ul><ul><li>Residential Market Analysis and Highest and Best Use 15 hours </li></ul><ul><li>Residential Appraiser Site Valuation and Cost Approach 15 hours </li></ul><ul><li>Residential Sales Comparison and Income Approaches 30 hours </li></ul><ul><li>Residential Report Writing and Case Studies 15 hours </li></ul><ul><li>Statistics, Modeling and Finance 15 hours </li></ul><ul><li>Advanced Residential Applications and Case Studies 15 hours </li></ul><ul><li>Appraisal Subject Matter Electives 20 hours </li></ul>
  13. 13. Appraiser Qualifications Board Required Core Curriculum <ul><li>Certified General – 300 Hours </li></ul><ul><li>Basic Appraisal Principles 30 hours </li></ul><ul><li>Basic Appraisal Procedures 30 hours </li></ul><ul><li>The 15-Hour National USPAP Course or its equivalent 15 hours </li></ul><ul><li>General Appraiser Market Analysis and Highest & Best 30 hours Use </li></ul><ul><li>Statistics, Modeling and Finance 15 hours </li></ul><ul><li>General Appraiser Sales Comparison Approach 30 hours </li></ul><ul><li>General Appraiser Site Valuation and Cost Approach 30 hours </li></ul><ul><li>General Appraiser Income Approach 60 hours </li></ul><ul><li>General Appraiser Report Writing and Case Studies 30 hours </li></ul><ul><li>Appraisal Subject Matter Electives 30 hours </li></ul>
  14. 14. Appraiser Qualifications Board Guidance for Curriculum Content <ul><li>BASIC APPRAISAL PRINCIPLES 30 HOURS </li></ul><ul><li>A. Real Property Concepts and Characteristics </li></ul><ul><li>1. Basic Real Property Concepts </li></ul><ul><li>2. Real Property Characteristics </li></ul><ul><li>3. Legal Description </li></ul><ul><li>B. Legal Consideration </li></ul><ul><ul><ul><li>1. Forms of Ownership </li></ul></ul></ul><ul><ul><ul><li>2. Public and Private Controls </li></ul></ul></ul><ul><ul><ul><li>3. Real Estate Contracts </li></ul></ul></ul><ul><ul><ul><li>4. Leases </li></ul></ul></ul><ul><li>C. Influences on Real Estate Values </li></ul><ul><ul><ul><li>1. Governmental </li></ul></ul></ul><ul><ul><ul><li>2. Economic </li></ul></ul></ul><ul><ul><ul><li>3. Social </li></ul></ul></ul><ul><ul><ul><li>4. Environmental, Geographic and Physical </li></ul></ul></ul><ul><li>D. Types of Value </li></ul><ul><li>1. Market Value </li></ul><ul><li>2. Other Value Types </li></ul><ul><li>E. Economic Principles </li></ul><ul><li>1. Classical Economic Principles </li></ul><ul><li>2. Application and Illustrations of the Economic Principles </li></ul><ul><li>F. Overview of Real Estate Markets and Analysis </li></ul><ul><li>1. Market Fundamentals, Characteristics, and Definitions </li></ul><ul><li>2. Supply Side Analysis </li></ul><ul><li>3. Demand Analysis </li></ul><ul><li>4. Use of Market Analysis </li></ul><ul><li>G. Ethics and How They Apply in Appraisal Theory and Practice </li></ul>
  15. 15. Thank You!!! Questions?

×