This 4-hour CE course will provide the appraiser with both theory and hands-on experience related to the appraisal process and data requirements found within USPAP’s RULES, Standards and Advisory Opinion 37.
There are three main sections; beginning with setting a foundation of understanding with the Six-Step-Appraisal-Process outlined in USPAP. We will explore the history of Advisory Opinion 37 and the 15 sections of USPAP that are addressed. We will identify the different types of tools covered under AO-37. We will look at the differences between General and Specific Data when applied to real property valuation services. This section ends with a discussion of the challenges with different data sources and the motivation behind the data. We explore the importance of understanding the intended use and reliability of the data as applied to the appraisal process and specific assignments.
Section two begins with a review of the appraisal workflow, the importance of the workfile and challenges in the digital age to maintain a USPAP compliant workfile. DataMaster’s Data-Workfile is a solution to USPAP compliance. Hands-on training for the comparable grid section of the Fannie Mae 1004 form; including prioritization of the data source, customization of each line and verification of the data. This section also focuses on different types of deeds and how they relate to ownership change. Also, a look at how to verify and report ownership history. We address the four required assignment results found in the grid; Location and View, Quality and Condition fields. The right data is presented at the right time for the appraiser to make the right decision. There are several hands-on opportunities in this section to apply the knowledge in real-life examples.
Finally, section three tackles the most hotly debated question in residential appraising today, that of Market vs. Neighborhood. The appraiser will have a better understanding of the client expectations for identifying and reporting the market and neighborhood areas and market trends how you can work with bifurcated or split markets. Appraisers will see the different market and trending requirements between FHA’s 4000.1 handbook and the Fannie Mae/Freddie Mac selling guide and using the DataMaster tool to analyze the market data, easily identifying outliers and report the findings while maintaining a compliant workfile. Training on the setup and use of dynamic templating. We will also address reporting your results in a way that supports public trust. Like section two we have time for discussion and hands-on exercises to apply the knowledge with actual data.
Overall the appraiser will gain the skills and training necessary to more efficiently use technology to analyze the market, build public trust and be USPAP compliant. Appraisers will save time and produce credible reports using the right tool, with the correct data, at the right time for the right decisions.
About Our Instructor: Jared L. Preisler SRA, AI-RRS
Jared is the Chief Appraiser for DataMaster. He has earned both the SRA and AI-RRS designations from the Appraisal Institute. He is a nationally certified instructor for the Appraisal Institute and teaches 6 of their residential courses. Including Residential Applications Part 1 & 2, Valuation by Comparison, FHA Appraising, and Residential Market Analysis and Highest and Best Use. Jared is an AQB Certified USPAP instructor. He also teaches the Department of Energy Solar Valuation courses. He has taught and presented at many major conferences across the county.