APPRAISING ASSOCIATION OF MICHIGAN

Plymouth, MI, 48170 Phone: (734)207-5050 AREAI@comcast.net

REAL ESTATE APPRAISING CONTINUING EDUCATION

 ALL CLASSES APPROVED BY STATE BOARD OF APPRAISERS

ALL MATERIALS PROVIDED; TUITION INCLUDES LUNCH

This class is intended to elevate the student’s knowledge of challenging residential appraisal

assignments and to develop the expertise to recognize and address those situations.  Topic areas focus on complex properties that include valuing unique and high-end residential dwellings.  Other areas covered include methodologies for valuing partial interests and addressing changes in market conditions.  Being able to analyze market conditions and interpreting those conditions as they relate to appropriate adjustments for market conditions, location, distance, physical characteristics, etc, is a major area of this course.  The cost of development, locational considerations, functional obsolescence, and data identification/quantification issues are also covered. 

This class will raise the level of awareness of the scope of work involved with assignments other than the everyday single-family residential appraisal.  Property types discussed include:  mixed-use, unusual, income-producing, and one-of-a-kind.  Case study work is included.

This course focuses on the items that create value which are measured mathematically in the three approaches to value and has been designed to expand the participants understanding of appraisal theory and valuation skills.   This class is an excellent introduction to commercial appraising.  The course focuses on reinforcing appraisal principles and methods of extracting data from the market. The methods used for adjusting comparable sales, for developing accurate income and expense statements, and for extracting functional and economic depreciation from the market will be investigated. 

            All appraisers should constantly update and renew their knowledge of the legal requirements related to appraising.  In an ever-changing industry, staying current and aware is necessary.  Legal action is becoming more prevalent.  A class manual will be provided; PARTICIPANTS MUST BRING THEIR OWN USPAP (STANDARDS) BOOK.  APPRAISERS MUST TAKE THIS CLASS EVERY TWO YEARS.

This seminar must be taken every TWO YEARS (as of 2010).  The topics to be covered are the state appraiser laws:  Articles 1-6 of the Occupational Code, Article 26, and the administrative rule and regulations for appraisers and all applicable changes from the previous two years.

One of the fastest growing white-collar crimes in the US is mortgage fraud.  Industry insiders like appraisers are especially vulnerable to mortgage fraud.  They may be involved in mortgage scams both knowingly and unknowingly.  The appraiser has a responsibility to understand what mortgage fraud is, recognize and prevent involvement, and protect themselves and clients from becoming victims.   

This class covers the appraisal process by identifying each section of an appraisal and developing narratives to fit the needs of the appraisal report; will also take into consideration the form reports.  A review of the correct use of form reports, the need to maintain the old form reports, and how to utilize them correctly.  A discussion covering the USPAP requirements in each section of the report will occur.  Workfile requirements and maintenance will be covered. 

With the change is USPAP for 2006, more detail on handling the Scope of Work needs to be discussed.  Problem solving, credibility, problem identification, and disclosures are some of the things covered.

This seminar will take you through the ERC six page form, and explain procedures for adjusting for market change, forecasting, marketing time, and environmental considerations.  An explanation of how to look at the home from the buyer’s perspective will be included. 

This seminar is designed to introduce appraisers to general lending practices and procedures.  It is more important than ever for appraisers to arm themselves with knowledge of the mortgage industry and the ethical dilemmas that may arise.  The text, “Mortgage Lending Principles and Practices,” published by Hondros Learning is used for introductory training for mortgage brokers.  The text is provided to the participates although in seven hours all the material cannot be covered.  The chapters covered are utilized to help the appraiser obtain some basic knowledge of the mortgage brokers’ training and background of the lending industry.   

This course is an excellent class for reviewing for the state licensed or certified residential test.  All categories covered on the test will be reviewed in class.  Multiple choice questions will be reviewed.  BRING A CALCULATOR TO CLASS PREFERABLY AN HP-12C. 

Different forms are available and may be used when appraising individual condominiums.  The correct form to be utilized for the assignment, the gathering of the necessary data, understanding the budget and the master deed, and analyzing the data will be discussed.  Includes coops. BRING A CALUCLATOR TO CLASS.

The number of available forms for the appraiser to use has been increasing steadily.  Each report serves a specific usage.  Filling out these form reports to meet the needs of the client, state law, and USPAP is a challenge.  This seminar will cover these forms.  A discussion of each of the forms, their proper use, and the participants input is the crux of this seminar. 

Writing narrative reports is an important part of an appraisal practice.  Forms are frequently inadequate for reporting all the information necessary particularly when determining if the property is at the end of its economic life, its highest and best use, or a taking is involved.  Details for putting together a narrative report will be covered.  Discussion and sample material will be developed during the seminar.  Minimum reporting requirements in Michigan and necessary items for the workfile to support the conclusions will be discussed.

Understand the new USPAP Standard 3 for 2010 -2011.  Apply the standard in class. This course will review appraisal terminology, principles, procedures, and problems.  Become familiar with review procedures.  This seminar will help train you to do reviews utilizing review forms, to better understand how a reviewer analyzes your reports, and to develop a quality control program in your company.   Understand what is required for the workfile.

This class covers the use of HP-12C and appraisal applications.  If another financial calculator is utilized the applications can still be applied in this class.  The newest HP-12C is called the HP-12C Platinum.  PLEASE BRING HP-12C CALCULATOR TO CLASS.

This seminar is designed to demonstrate how important the cost approach is in an appraisal report reviewing the different cost methods and the application of these methods.  The commonly used forms of depreciation and how to determine which method is applicable will be covered.  Methods for measuring the differences between actual age and effective age, and the measurement of economic life are important considerations in this approach.  Also covers Marshall and Swift Cost Analysis manuals.  PLEASE BRING A CALCULATOR.

An examination of the purpose of the highest and best use and the issues relating to the analysis are the highlights of this seminar.  The importance of the highest and best use analysis to all appraisal assignments, including single family residential, feasibility studies, market studies, and land-use utilization studies.  Non-conforming, special purpose uses, and excess land will be discussed.  Highest and best use is probably the weakest part of most appraisals. 

Review the correct methods of appraising land with a case studies and/or examples.  This class is a presentation for a narrative land report.  Both vacant land and vacant sites are covered.

 FHA requirements are continuously changing.  This class will review the current requirements including inspection requirements for FHA and VA appraisals.  The materials supplied will be “”FHA and VA Appraiser: Thriving and Surviving,” published by Hondros Learning and HUD’s 4150.2 current Handbook on CD.

This course will cover architectural styles, construction details, reading blueprints, design principles including functional layouts, home improvements and some environmental concerns.  Textbook included:  “Houses: The Illustrated Guide to Construction, Design, and Systems;” by Henry S. Harrisons; published by Forms and Worms.  There will be a video of a house being built.  It will walk appraisers through a residential construction project.  Terminology and the construction process will be discussed.  A set of blueprints will be provided each participant and a walk through of reading the blueprints will be discussed.  This seminar will enhance the professional appraiser’s ability to efficiently inspect a property and extract significant value related information.

This seminar is designed to familiarize appraisers with environmental hazards and the procedures to use in order to meet the requirements of USPAP.  Although there is nothing specific in Standards, there are certain statements or provisions in USPAP that indirectly relate to environmental hazards.  This seminar has importance to both residential and commercial appraisers.  What environmental problems an appraiser should consider, how to investigate these problems, and determine how value is affected will be discussed.  Numerous terms will be discussed as they relate to environmental problems. 

This class will increase the level of knowledge of the scope of work involved with income-producing properties.  The text (Appraising 2-4 Family and Multi-Family Properties) identifies key elements of market analysis of two- to four-family and multi-family properties and distinguishes which features and characteristics are important to an appraiser’s analysis.  Analysis of income and expenses is covered and how this analysis is used in an appraisal of an income-producing property.  Appropriate income methodologies and how the appraisal approaches apply to income producing properties are also disclosed.  Finally, this text familiarizes participants with the FNMA reporting form 1025 and walks the participant through how to prepare the form, compile required data, and complete the necessary analysis.

Appraisers sometimes have assignments that require court testimony.  The correct manner to handle court testimony will be presented.  Learn how to qualify as an expert witness.  

This continuing education class will help the appraiser become aware of the scope of work involved with assignments different from the everyday single-family residential appraisal. The following types of properties will be discussed and case studies presented. Textbook: “Mastering Unique and Complex Property Appraisal,” published by Hondros Learning.

1. Mixed-use properties and their requirements for financing with the use of the 1004 for both FNMA and FHA.
2. Unusual assignments not typically part of the normal everyday process. Such as earth shelter homes, log homes, deficiency in a property, and other specialized assignments.
3. Single-family income-producing property with two homes on the parcel.
4. Historic residence.

This continuing education class will introduce the residential appraiser to simple commercial property appraising.   Land valuation, cost approach, sales comparison approach, and income approach will be touched upon.  The emphasis will be on the sales comparison approach explaining adjustment charts. 

1.      The inspection of the property will be discussed.

2.      A determination of when the assignment may be complex will be presented.

3.      A simple commercial building and a small mixed-use building will be presented.

4.      An appraisal with covering the sales comparison approach and an adjustment chart will be a class exercise.

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