Appraiser: One who is expected to perform valuation services competently and in a manner that is independent, impartial, and objective. (USPAP, 2010-11 ed.) U-1, Line 34-35.
Individuals wishing to become certified as a real property appraiser must complete two different but somewhat similar goals. First they must become a Registered Trainee which every appraiser must do, then earn their certification either as a Certified Residential Real Estate Appraiser or as a Certified Residential Real Estate Appraiser or as a Certified General Real Estate Appraiser by taking the required courses and earning the appropriate number of credits as prescribed by board rules.
What is the difference between these classifications?
The Certified Residential Appraiser may appraise 1-4 residential units without regards to transaction value or complexity. This classification does not include the appraisal of subdivision.
If you would wish to become a Certified Residential Appraiser, you must have taken the 90 hours of prerequisite courses that awarded the trainee registration. The following courses may be taken in any order and only by the methodology noted:
| Offering Title |
Hours |
Instruction Methodology |
| Basic Appraisal Principles |
30 |
In-Class |
| Basic Appraisal Procedures |
30 |
In-Class |
| The 15-Hour National USPAP Course |
15 |
In-Class |
| Residential Market Analysis and Highest and Best Use |
15 |
In-Class |
| Residential Site Valuation and Cost Approach |
15 |
In-Class |
| Residential Sales Comparison and Income Approaches |
30 |
In-Class |
| Residential Report Writing and Case Studies |
15 |
In-Class |
| Real Estate Finance, Statistics, and Valuation Modeling |
15 |
In-Class |
| Advanced Residential Applications and Case Studies |
15 |
In-Class |
| Mastering Unique and Complex Property Appraisal (Elective) |
20 |
In-Class |
| TOTAL HOURS |
200 |
|
This 15-hour course is a continuation of courses designed for participants with introductory experience and understanding of fundamental concepts of appraising who wish to become certified residential appraisers with this state. The two-day course focuses on the valuation of vacant land parcels and the development of the cost approach. Develop your skills by creating a current cost estimate using market extraction, interview techniques, and information provided by professional cost data sources. An in-depth case study takes you from the origin of the appraisal assignment to a final value estimate using various cost approach applications. By successfully completing the course and exam, you will have one more of the required courses completed towards earning your certification.
This 30-hour four-day in-class course is an introductory course developed to provided the student with the necessary knowledge and techniques necessary for completing the sales comparison and income capitalization approaches of the valuation process. These two methodologies will help each student develop and apply qualitative and quantitative analysis techniques as well as organize and reconcile data for these approaches to value. This pre-certification course MUST be taken in-class.
Another two-day 15-hour course focused around the various types of form reports and their use within the appraisal field used by residential appraisers today: the URAR, 2055, drive-by formats, and many others. Students will gain valuable insights into how to fill out these forms properly, and in compliance with USPAP and other guidelines. Sources will be given for comparable sales on a local and regional basis, flood mapping from software packages to direct sources, census tract maps and other information necessary for form completion. Successful completion of the course exam will add to your requirements to become certified.
Since every property is unique in both location and type, the art of sound judgment and experience in situation where limited data is available is necessary. In reverse when ample data is available the science of statistics can provide strong support when making adjustments to value estimates. The course forms the basis for appraiser knowledge in understanding the balance between the art of experience and knowledge and the science of support data in the field. The 15-hour course zero's in on the theory and practice of statistics, real estate finance and several types of valuation modeling. The first part of the text aims at covering various principles and terminology while the second portion deals with real world examples, financing and real estate markets.
This 15-hour course is intended to elevate the student's knowledge of challenging residential appraisal assignments and to develop the expertise to recognize and address those situations at the Certified Residential level. Topic areas will focus on complex properties which valuing unique and high end residential dwellings. We will also address methodologies for valuing partial interests and addressing changes in market conditions.
The course is designed to be a 20-hour elective and is intended to raise the level of awareness of the scope of work involved with assignments other than the everyday single-family residential appraisal. The course offers case studies for discussion and materials are designed with assignment performance on a level of the Certified Residential Appraiser. Some property types discussed are mixed-use, income-producing, unusual, and one-of-a-kind properties.