This 4 hour CE course will provide both theory and hands on experience related to the appraisal process and data requirements found within USPAP’s RULES, Standards, and Advisory Opinion 37.
Section One sets a foundation of understanding with the six-step appraisal process outlined in USPAP. We’ll explore the history of Advisory Opinion 37 and some of the 15 sections of USPAP it covers. We’ll identify different types of tools covered under AO-37 and 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, the motivation them, and 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, importance of the workfile and challenges in the digital age to maintain a USPAP compliant workfile. DataMaster’s Digital-Workfile is presented as a solution to USPAP compliance. We’ll have some 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 looks at different types of deeds and how they relate to ownership change, and addresses the 4 required assignment results found in the grid; Location and View, Quality and Condition.
Section Three tackles differences between Market and Neighborhood. You’ll have a better understanding of client expectations for identifying and reporting the market and neighborhood areas, market trends, and how to handle bifurcated or split markets. You’ll see the different market and trending requirements between FHA’s 4000.1 handbook and the Fannie Mae/Freddie Mac selling guide. Using the DataMaster tool to analyze market data, training will be provided on the setup and use of Smart Field technology.