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Reviewing Residential Appraisals and Using Fannie Mae Form 2000 Education Schedule (PDF)
Education Catalog (PDF)
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Students should check state approvals prior to registering for any Appraisal Institute program.

ClassroomOn-Demand Online EducationLive Online (Synchronous)

This seminar is designed to be presented to practicing residential real estate appraisers. It is quite possible that this material will also appeal to loan underwriters, lender quality control persons and even some investors. This material is designed to invoke discussion about the correct use, pitfalls and optional procedures utilized in the review of appraisal reports.


Knowledge of the Uniform Standards of Professional Appraisal Practice (USPAP) is a large part of any appraisers practice and it will be part of this material as well. It is not the intent of this material to present a USPAP course but any discussion of the review appraisal function will include a discussion of the rules required to be followed. There will be links to the Appraisal Foundation where the current document can be found. In USPAP, the focus of review work is in Standard 3.


This material will focus on a line by line discussion of the Fannie Mae Form 2000 which is used to present a single unit residential appraisal review report and the Uniform Residential Appraisal Report (URAR) which is used to report most residential appraisals. This discussion includes tips on where to research or confirm the data and some possible areas where review appraisers may need to focus.


The practicing appraiser may think they know how to do a review assignment but in many cases, the review appraiser perceives the correct procedures from the limited view of their past experience or training. This material will attempt to present a wide view of appraisal review assignment in accordance with Standard 3 and hopefully aid the practitioners in keeping an open mind as to the correct procedure and possible outcomes. Clients generally do not like to get bogged down in the minutia of the appraisal process. Most clients want more or less an executive summary of the appraisal review unless there are factors what will change their intended use of the appraisal or the risk associated with the investment. Investors like Fannie Mae, Freddie Mac and insurers like FHA/HUD have Quality Control programs for appraisers that include review appraisals.


Since many residential review appraisal assignments are done for lenders who are complying with quality control requirements, included in this material are refer-ences to the quality control criteria in place for the major lenders and investors. What is required, what is suggested and what is not wanted from the review ap-praiser is important to know. If the investors want certain details and not others, it is important for the appraiser to focus on the needs of the client not the needs as perceived by the appraiser.


Seminar Learning Objectives Upon Completion of the seminar, participants will be better able to:
    • Discuss the logic of residential real estate form appraisal reports.
    • Identify possible ways to complete the various appraisal review forms.
    • Identify issues and sources that can be used to confirm data presented in appraisal reports and find other relevant data needed for an appraisal analysis.
    • Identify the concerns and needs of clients who order appraisal reviews.
    • Discuss ways to meet the needs of clients in the appraisal review assignments.
    • Evaluate the appraisal process, the review process and the data confirmation process.
    • Identify areas where review appraisers can use the actual forms to support the requirements and the scope of work required by appraisers.
    • Identify data sources to find support for a conclusion in the review process.
    • Discuss applications of USPAP in the residential appraisal review process.
    • Identify USPAP issues that apply to residential appraisal reports and may become exposed during the review process.

AI CE Credit for Designated members, Candidates for Designation and Practicing Affiliates
• Attend Only = 35 points

Appraisal Institute Credit Hours
Attendance Hours: 7.0
Exam Hours: 0.0

Category
Residential [Res]

Prerequisites
This seminar is suitable for novice as well as the advanced appraisers that review residential appraisals. Some familiarity with the various residential appraisal report forms is highly recommended.

Audience
Real estate appraisers, loan underwriters, lender quality control persons and some investors.

Required Technology
The participants must have a financial calculator and be able to use it at a level consistent with completion of the AQB appraisal licensing courses. You can use any of the following calculators: HP 10b, HP 10bii, HP 12c, HP 17bii, HP 19bii calculators or Texas Instruments (TI) BA II PLUS. While any of the above mentioned calculators may be used, only the HP-12C is supported by the instructor and administrative staff, and only HP-12C keystrokes are provided in the course materials.

Tuition
AI Price: $ 114.00
Full Price: $ 137.00

Click Here for State Approvals

Instructor
Alan F. Simmons, SRPA


Disclaimer
I agree to the terms and policies set forth under the Appraisal Institute Online Education Policy. I also certify that I am the person identified above under Personal Data and that I will personally complete each assigned module of instruction and any examination(s). I understand and agree that if I misrepresent my identity or arrange for someone else to represent himself or herself as me at any time during the Appraisal Institute online course or seminar, I will be immediately removed from the course or seminar and I will not be entitled to any refund. I further understand that if I am a member of the Appraisal Institute and participated in any misrepresentation of identity, by affirmative act or failure to act, that I will be the subject of a peer review proceeding under Regulation No. 6 for violation of the Appraisal Institute's Code of Professional Ethics and Standard of Professional Appraisal Practice, and that such peer review proceeding may result in termination of my Appraisal Institute membership.

Additional Information
Please allow 1 hour after registration to start an online session in progress (on or after the session start date). Go to www.myappraisalinstitute.org and log in with the username and password you used when you registered. You will automatically be taken to the "My Appraisal Institute" page. Near the middle of that page your course will be listed with a link next to it that says "Go To Class".

  
Online Class Schedule

08/01/2014 - 08/31/2014
Register
Instructor: Simmons, Alan F., SRPA

08/15/2014 - 09/14/2014
Register
Instructor: Simmons, Alan F., SRPA

09/01/2014 - 10/01/2014
Register
Instructor: Simmons, Alan F., SRPA

09/15/2014 - 10/15/2014
Register
Instructor: Simmons, Alan F., SRPA

10/01/2014 - 10/31/2014
Register
Instructor: Simmons, Alan F., SRPA

10/15/2014 - 11/14/2014
Register
Instructor: Simmons, Alan F., SRPA

11/01/2014 - 12/01/2014
Register
Instructor: Simmons, Alan F., SRPA

11/15/2014 - 12/15/2014
Register
Instructor: Simmons, Alan F., SRPA

12/01/2014 - 12/31/2014
Register
Instructor: Simmons, Alan F., SRPA

12/15/2014 - 01/14/2015
Register
Instructor: Simmons, Alan F., SRPA

01/01/2015 - 01/31/2015
Register
Instructor: Simmons, Alan F., SRPA

01/15/2015 - 02/14/2015
Register
Instructor: Simmons, Alan F., SRPA


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