AR204-OOO - Appraisal Review and Management Application

Registration

Please see the "Upcoming Classes" tab for class offerings and registration information.

Course Description

This course focuses on application and review report writing for the discipline-specific ARM designation. 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, and the management of appraisers, and more.  The course will demonstrate the application of the appraisal review paradigm, methods of reviewing non-compliant reports, and record keeping requirements. Attendees will work in teams and review appraisal reports in all disciplines.

This is a 'hands-on' report writing class. Attendees will review the concepts learned in ARM201 and then 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. This is the second and final POV course for the ARM discipline-specific designation. A laptop and 2 redacted reports for review are necessary for the course activities.

Prerequisites

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
TN - expires 8/31/2020

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

• Examination

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.