Real Estate Appraisal (REAP1-CE)

Gain an overview of real estate property concepts and characteristics, legal considerations, value influences, real estate finance, types of value, economic principles, real estate markets and analysis, and ethics in appraisal practice.

Receive an overview of the fundamental real estate appraisal approaches to value and valuation procedures, including defining the problem; collecting and selecting data; analyzing, reconciling, and communicating the appraisal; and recognizing geographic, geologic, location, and neighborhood characteristics. Other topics covered include land/site considerations for highest and best use, improvements including architectural styles and types of construction, and residential applications.

Gain an in-depth understanding of residential market analysis. Topics include market analysis procedures, such as supply and demand analysis; market fundamentals; highest and best use test constraints; applications of highest and best use; and special considerations.

Learn site valuation principles and procedures along with cost approach concepts and definitions. Replacement and reproduction cost and accrued depreciation are covered, along with other topics related to residential appraising.

Gain a basic understanding of the residential sales comparison and income approaches to real estate appraisal. The course includes the valuation principles and procedures applicable to both approaches. Topics include market analysis techniques, cash and finance equivalency, the application of market adjustments, Fannie Mae and Freddie Mac guidelines and relevant USPAP requirements, and an introduction to appraising income properties.

Receive an introduction to residential real estate appraisal theories, techniques, and procedures to gain an understanding of the appraisal process and the forms and reports for residential appraisal. Topics include understanding data usage and appraisal procedures, selecting and performing sales comparisons, and working with USPAP rules and other guidelines.

Explore real estate market analysis, including market fundamentals; characteristics and definitions; supply and demand analysis; and highest and best use concepts, including use test constraints, applications, and special considerations.

Explore the sales comparison approach, including value principles and procedures, and the identification and measurement of adjustments and reconciliation.

Appraiser license/certification applicants must complete this 15-hour National Uniform Standards of Professional Appraisal Practice (USPAP) course as part of the educational qualifications required for an appraiser license/certification. The historical development and adoption of USPAP are covered at length, including preamble, definitions, rules, standards, and statements as promulgated by the Appraisal Standards Board of the Appraisal Foundation.

This one-day update course, copyrighted by The Appraisal Foundation, focuses on recent changes to USPAP requirements for ethical behavior and competent performance by appraisers. The course, which clarifies several commonly misunderstood aspects of USPAP, will aid appraisers in all areas of appraisal practice seeking updated competency in USPAP, including those subject to state licensing or certification and continuing education requirements imposed by professional organizations, client groups, or employers. An appraiser must successfully complete the 7-hour USPAP Update Course every two years to meet the USPAP continuing education requirement.<br>Completion of this course may also be counted toward the 28-hour continuing education requirement for appraisers. <i>Students are required to obtain the current version of the USPAP and the <i>Seven-Hour National USPAP Course Student Manual</i> prior to the first class. For more information, please contact the Appraisal Foundation at (800) 348-2831.</i>

This 150-hour program fulfills the educational requirement for the New York State Licensed Real Estate Appraiser Assistant and Certified Residential Real Estate Appraiser categories. This program includes the following courses: <i>Basic Appraisal Principles (R5)</i>, <i>Basic Appraisal Procedures (R6)</i>, <i>Residential Market Analysis &amp; Highest/Best Use (R7)</i>, <i>Residential Appraiser Site Valuation and Cost Approach (R8)</i>, <i>Residential Sales Comparison and Income Approach (R9)</i>, <i>Residential Report Writing and Case Studies (R10)</i>, and the <i>National USPAP</i>. For successful completion of this program, students are required to meet attendance requirements and to pass an exam in each of the aforementioned modules.