Review Case Studies-Residential is unlike anything you’ve experienced in other review courses. In this two-day course, you will apply the review process that you learned in Review Theory-Residential by walking through a case study that focuses on a two-stage review assignment. Day one begins with a quick refresher of review concepts. From there, you will work on an assignment that gets dropped on your desk much like it does in real life. Working in groups, as well as individually, you’ll identify and analyze the components of the case study review assignment.
For many, this will be the first opportunity to work through all seven steps of the review process and apply them within a simulated, very real-to-life assignment. Problem identification and scope of work is where the process begins and that quickly leads to the tougher analytical work where you’ll analyze the subject appraisal report and develop opinions of completeness, accuracy, adequacy, relevance, and reasonableness (including tests of reasonableness). From there, you’ll learn to develop opinions of appropriateness and creditability to both the appraiser’s development work as well as opinions on whether the appraiser’s report is appropriate and not misleading—including the reviewer’s development of reasons for disagreement.
Day two begins with the reviewer’s development of his or own opinion of value in this two-stage review assignment. You will analyze additional field data to facilitate review decisions whether the opinion of value in the subject appraisal report is credible. From the start of the case study, you will take notes to prepare an individual review report which is submitted to the instructor (the review supervisor) before the exam.
If you’re an appraiser, reviewer, or other real estate professional who regularly works with reviews, this hands-on, application-based course is for you!
Upon completion of this course, participants should be able to:
• Apply the steps of the review process to a two-stage residential appraisal report review assignment
• Evaluate and analyze key sections of the Uniform Residential Appraisal Report (URAR) through an in-depth case study and work-life review applications
• Effectively develop and communicate opinions of completeness, accuracy, adequacy, relevance, reasonableness, appropriateness, credibility, and reasons for disagreement
• Evaluate appraisal errors to distinguish whether they are trivial or material from a review perspective
Review Case Studies - Residential builds on the concepts presented in Review Theory - Residential, a required course in the Appraisal Institute's Residential Review Designation program (AI-RRS - Appraisal Institute Residential Review Specialist). For more information regarding the requirements for the review designation, please click here.
Please note Designated Members and Candidates for Designation will receive the discounted AI Price for Advanced Education courses: Review Theory-Residential and Review Case Studies-Residential. All others will pay the Full Price.
• Review Theory-Residential course handbook
• Uniform Standards of Professional Appraisal Practice (USPAP), current edition
There are references in the review sections within each part of the course handbook to the following textbooks:
• Review Theory and Procedures: A Systematic Approach to Review in Real Property Valuation,1st edition. Chicago: Appraisal Institute, 2015.
• The Appraisal of Real Estate,14th edition. Chicago: Appraisal Institute, 2013.
Participants would also benefit from having a copy of:
• Appraisal Institute Standards of Valuation Practice (SVP)
• Appraising Residential Properties, 4th edition, Appraisal Institute, 2007.
• Code of Professional Ethics of the Appraisal Institute, available on the AI website under the Professional Practice tab.
• Scope of Work, 2nd edition, Appraisal Institute, 2016.
• The Dictionary of Real Estate, 6th edition, Appraisal Institute, 2015.