AR204-OOO - Appraisal Review and Management Application
Category: Appraisal Review & Management
Continuing Education: 28.8
Registration
Please see the "Upcoming Classes" tab for class offerings and registration information.
Course Description
AR204 focuses on application and review report
writing. Course content includes:
- Applications and discussions on USPAP Standards Rules
3 and 4;
- Report compliance;
- Logical arguments;
- Credible results;
- Competency;
- Scope of work;
- Ethics;
- Review report writing;
- Management of multidiscipline appraisal assignments;
- Management of appraisers; and
- Much more.
The course will demonstrate the application of the appraisal review paradigm,
methods of reviewing non-compliant reports, and record keeping requirements.
Attendees will review the concepts learned in previous Appraisal Review Principles of
Valuation (POV) courses and directly apply them to reports from
various areas of practice. Attendees will conclude the class with a working
understanding of what an appraisal review report should include as well as
exclude.
Instructional Methods
This is a 'hands-on' report writing class. Along with class lecture,
attendees will work in teams and review appraisal reports in all
disciplines.
Course Requirements
Students must bring to class a laptop and two (2) redacted reports for review are
necessary for the course activities.
Course Audience and Prerequisites
AR204 is the fourth and final Principle of Valuation (POV) course in the
4-course series (AR201-AR204) for those seeking the AM or ASA designation in
Appraisal Review. This course is also the last of two classes (AR201
and AR204) needed for ASA credential holders who wish to obtain the ARM
Specialty Designation within their discipline.
AR204 also serves as the last of two required courses (AR201 and AR204) for
attorneys, lenders, and other non-appraiser professionals who are interested in
earning an ARM Certificate of Completion.
Students seeking the AM or ASA designation, it is
recommended to take the POV courses in order starting with 201 and ending
with 204 (but is not required) with the exception of those who already have an ASA and are
earning another designation in ARM (meaning they must take AR201 and AR204). Those
seeking the ARM Specialty Designation or the ARM Certificated of Completion
need to take 201 followed by 204.
State Approvals
ASA
has received approval from the following states for up to 27 hours of continuing
education credit for the in-person course. Please note - some states may
not accept all 27 hours. Contact your state real estate appraisal board for more
information.
CA - expires 8/8/2022
PA - expires
2/27/2022
Agenda
Day One
- Introduction of Students and Instructors
- Report Writing Areas of Concern, Confusion, and
Consternation
- What is Narrative Report Writing
- Credibility as an Appraiser and/or as a Review
Appraiser
- Identifying the Appropriate Definition of Value
- Appraisal Management Issues
- Difference Between Appraisal Review and Appraisal
Management
- Three Pillars of Appraisal Review
- Managing and Training Appraisers - Culture Conflicts
- Formal Training and Culture Conflicts Among Sources
of Training
- Instructors and Appraisal firm Misinterpret USPAP
- Conflicting Appraisal Association Dogma
- Review of Appraisal Review Paradigm
Day Two
- The Three Pillars of Appraisal Review
- The Appraisal Reviewer’s Role
- Gray Areas Within Appraisal Standards (IVS, USPAP,
AICPA, etc). Gray Areas Defined as Ambiguous Rules Which Can Lead to
Intentional or Negligent Misrepresentation
- Examples of Fraud, Negligence and Misrepresentation
in Appraisal Work
- USPAP and Enforcement Now and Proposed
- The Role of Professional Appraisal Standards
- Which Appraisal Standards Apply? USPAP, IVS, AICPA,
ASA, AAA, AI, ISA, NAA, etc.
- Negligence vs. Incompetence
- Appraisal Review Under USPAP
- USPAP Standard Rule 3
- The Competency Rules Applies to the Reviewer to have
Both the Knowledge and Experience Required to Perform the Review Competently
- Appraisal Review Reporting; Opining on Value;
Misapplication of URAR type Review Form
- Exercise in the Review of Redacted Appraisal Reports
Day Three
- International Valuation Standards
- Appraisal Review Under IVS
- AICPA Appraisal Review Standards
- AICPA Standards as Applied to Fair Value of Real
Estate and MTS Assets
- USPAP Standards of Practice
- ‘Review’ of Another Appraiser’s Work Comprises Three
Areas of Objective Critique and Analysis
- Examples of Non-Compliance with the Standard Rules
- Appraisal Review Paradigm Applied
- Logic and Persuasiveness of the Report
- Ethics and Competency Rule Including the Credibility
and Competence of the Appraiser
- Report Writing Issues Under USPAP
- Exercise in the Review of Redacted Appraisal Reports
Day Four
Learning Outcomes
Upon completion of this course, students will be able to:
- Write an appraisal review report that is in compliance
with USPAP Standard 3 (students will actually write this report in
class);
-
Understand
the requirements and benefits of an ARM Designation;
- Cite and properly use appraisal definitions;
- Define what an appraisal is (is not);
- Understand and apply USPAP Standard 3: Appraisal
Review;
- Describe the most common appraisal report errors;
- Explain due care, negligence and defamation;
- Recognize credible results;
- Understand the IRAC / CRAC Review Paradigm;
- Comply with the USPAP Scope of Work Rule for an
Appraisal and Appraisal Review;
- Comply with the USPAP Ethics Rule for an Appraisal
and Appraisal Review;
- Comply with the USPAP Competency Rule for an
Appraisal and Appraisal Review;
- Comply with relevant USPAP standards and industry
practices;
- Describe and understand other important standards
including IVS, SSVS, etc.;
- Understand the components of a logical argument
(and how to make one);
- Summarize appraisal review results;
- Analyze the record-keeping rule; and
- Manage assignments involving more than one
appraiser.