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Common Questions Asked by Residential Appraisers
May 7, 2019
Local Area Topics
Richard M. Heyn, SRA
Greater Lansing Association of Realtors
4039 Legacy Parkway
Sponsor / Contact
Joan E. Kaczor
This seminar is the first of a series related to questions commonly asked by Residential Appraisers. Using dozens of examples and illustrations, it includes an abundance of practical information that can be immediately applied to a residential appraiser’s daily practice. The questions answered in the seminar are:
• What are the most significant changes to the current Selling Guide from Fannie Mae?
• What parts of the 1004MC need to be consistent with pages one and two of the URAR form?
• What’s the latest on the Appraiser Quality Monitoring and Collateral Underwriter programs from Fannie Mae?
• How can I better understand and apply the UAD condition and quality ratings?
• How do I properly identify the intended use and intended user(s) in non-lending assignments?
• How do I know if a hypothetical condition or extraordinary assumption is needed and what’s the difference?
• What is an “arms-length” transaction and are REO and Short Sales considered “arms-length?”
• When can I change a report and at what point does it become a new assignment?
• Learn to download and quickly search the current Fannie Mae Selling Guide to obtain relevant and current appraisal guidelines.
• Identify and apply recent, key revisions to the Fannie Mae appraisal guidelines.
• Recognize which parts of 10004MC must be consistent with URAR.
• Relate to Appraiser Quality Monitoring and Collateral Underwriter programs from Fannie Mae.
• Distinguish between Condition and Quality
• Differentiate between relative and absolute rating methodology
• Select the most appropriate ratings for various properties
• Apply a “holistic” approach in rating properties according to the UAD
• Identify reliable ways to determine correctly both the intended Use and Intended User(s), particularly in non-lending assignments.
• Distinguish between extraordinary assumptions and hypothetical conditions as defined in USPAP
• Recognize the importance and legitimate use of extraordinary assumptions and hypothetical conditions in an appraisal report
• Apply extraordinary assumptions and hypothetical conditions in a credible manner
• Identify the latest definition of “arm’s-length” and demonstrate how it is a marked improvement over the older definition, particularly in its use of the term “duress.”
• Define “unrelated parties” in a manner that satisfies the latest definition of “arm’s length”
• Differentiate between client requests that result in a new assignment versus a new report
• Prepare appropriate responses to client requests for report content modification
Up To 15 days prior to program start date, refund in full.
7 - 14 days prior to program start date, $50.00 cancellation fee.
Less than 7 days prior to program start date, forfeit of payment.
Program materials will be picked up at the site.
Check in: 8:15am-8:30am
Class Begins: 8:30am.
Coffee & Tea in the morning & lunch is included.
200 W. Madison, Suite 1500, Chicago, IL 60606
888-7JOINAI (756-4624) |
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