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Real Estate Appraisal: A World of Change. John S. Brenan Director of Research and Technical Issues The Appraisal Foundation (202) 624-3044 john@appraisalfoundation.org. FIRREA Relationships. The Appraisal Foundation Mission.

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Real Estate Appraisal: A World of Change


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real estate appraisal a world of change

Real Estate Appraisal:A World of Change

John S. Brenan

Director of Research and Technical Issues

The Appraisal Foundation

(202) 624-3044

john@appraisalfoundation.org

the appraisal foundation mission
The Appraisal FoundationMission

The Appraisal Foundation was founded to foster professionalism in valuation by promoting professional appraisal standards and appraiser qualifications.

the appraisal foundation
The Foundation IS:

A non-profit educational organization;

Founded by 8 national appraisal organizations; and

Created to foster professionalism in appraising.

The Foundation is NOT:

A government agency or regulatory board;

Created by Congress; or

An appraisal trade organization that offers designations.

The Appraisal Foundation
sponsoring organizations
Sponsoring Organizations

Appraisal Sponsors

  • American Society of Appraisers
  • American Society of Farm Managers & Rural Appraisers
  • Appraisal Institute
  • International Association of Assessing Officers
  • International Right of Way Association
  • Massachusetts Board of Real Estate Appraisers
  • National Association of Independent Fee Appraisers
  • National Association of Master Appraisers

Affiliate Sponsors

  • American Bankers Association
  • Farm Credit Council
  • Mortgage Insurance Companies of America
  • National Association of Realtors
  • Appraisal Institute of Canada
the appraisal foundation boards and councils
Boards

Board of Trustees

Appraisal Standards Board

Appraiser Qualifications Board

Councils

The Appraisal Foundation Advisory Council (TAFAC)

Industry Advisory Council (IAC)

Education Council of Appraisal Foundation Sponsors (ECAFS)

The Appraisal FoundationBoards and Councils
appraisal standards board
Appraisal Standards Board
  • Writes and Interprets the Uniform Standards of Professional Appraisal Practice (USPAP).
  • Publishes Advisory Opinions, Frequently Asked Questions, and monthly Q&A’s.
  • Currently composed of 6 members.
appraiser qualifications board
Appraiser Qualifications Board
  • Sets minimum requirements for state certification of real property appraisers.
  • Has developed minimum voluntary criteria for personal property appraisers.
  • Currently composed of 5 members.
program to improve uspap education
Program to Improve USPAP Education

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

Certified USPAP Instructor Requirement Criteria:

  • 7 years of appraisal experience
  • 35 hours of teaching experience within the last five years
  • Successfully complete 2½ day Instructor Certification Course and pass examination
  • Attend 7-hour Instructor Recertification Course and pass examination at least once every two years

Note: There are currently over 450 AQB Certified USPAP Instructors

appraiser qualifications board educational requirements
Current

Trainee License = 75 Hours of Qualifying Education

Residential License = 90 Hours of Qualifying Education

Certified Residential = 120 Hours of Qualifying Education

Certified General = 180 Hours of Qualifying Education

Effective 1/1/08

Trainee License = 75 Hours of Qualifying Education

Residential License = 150 Hours of Qualifying Education

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

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

Appraiser Qualifications BoardEducational Requirements

Note: All categories require completion of

the 15-hour National USPAP Course

appraiser qualifications board required core curriculum
Trainee License – 75 Hours

Basic Appraisal Principles 30 hours

Basic Appraisal Procedures 30 hours

The 15-Hour National USPAP Course or its equivalent 15 hours

Residential License – 150 Hours

Basic Appraisal Principles 30 hours

Basic Appraisal Procedures 30 hours

The 15-Hour National USPAP Course or its equivalent 15 hours

Residential Market Analysis and Highest and Best Use 15 hours

Residential Appraiser Site Valuation and Cost Approach 15 hours

Residential Sales Comparison and Income Approaches 30 hours

Residential Report Writing and Case Studies 15 hours

Appraiser Qualifications BoardRequired Core Curriculum
appraiser qualifications board required core curriculum12
Certified Residential – 200 Hours

Basic Appraisal Principles 30 hours

Basic Appraisal Procedures 30 hours

The 15-Hour National USPAP Course or its equivalent 15 hours

Residential Market Analysis and Highest and Best Use 15 hours

Residential Appraiser Site Valuation and Cost Approach 15 hours

Residential Sales Comparison and Income Approaches 30 hours

Residential Report Writing and Case Studies 15 hours

Statistics, Modeling and Finance 15 hours

Advanced Residential Applications and Case Studies 15 hours

Appraisal Subject Matter Electives 20 hours

Appraiser Qualifications BoardRequired Core Curriculum
appraiser qualifications board required core curriculum13
Certified General – 300 Hours

Basic Appraisal Principles 30 hours

Basic Appraisal Procedures 30 hours

The 15-Hour National USPAP Course or its equivalent 15 hours

General Appraiser Market Analysis and Highest & Best 30 hoursUse

Statistics, Modeling and Finance 15 hours

General Appraiser Sales Comparison Approach 30 hours

General Appraiser Site Valuation and Cost Approach 30 hours

General Appraiser Income Approach 60 hours

General Appraiser Report Writing and Case Studies 30 hours

Appraisal Subject Matter Electives 30 hours

Appraiser Qualifications BoardRequired Core Curriculum
appraiser qualifications board guidance for curriculum content
BASIC APPRAISAL PRINCIPLES 30 HOURS

A. Real Property Concepts and Characteristics

1. Basic Real Property Concepts

2. Real Property Characteristics

3. Legal Description

B. Legal Consideration

1. Forms of Ownership

2. Public and Private Controls

3. Real Estate Contracts

4. Leases

C. Influences on Real Estate Values

1. Governmental

2. Economic

3. Social

4. Environmental, Geographic and Physical

D. Types of Value

1. Market Value

2. Other Value Types

E. Economic Principles

1. Classical Economic Principles

2. Application and Illustrations of the Economic Principles

F. Overview of Real Estate Markets and Analysis

1. Market Fundamentals, Characteristics, and Definitions

2. Supply Side Analysis

3. Demand Analysis

4. Use of Market Analysis

G. Ethics and How They Apply in Appraisal Theory and Practice

Appraiser Qualifications BoardGuidance for Curriculum Content
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Thank You!!!

Questions?