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Basic Appraisal Principles (A101)

Basic Appraisal Procedures (A102)

An Introduction to the Approaches to Value for Rural Properties (A110)

Intermediate Approaches to Value for Rural Appraisal (A200)

Eminent Domain (A250)

General Market analysis and Highest and Best Use (A290)

Advanced Approaches to Value for Rural Appraisal (A300)

Advanced Rural Case Studies (A400)

Introduction to Appraisal Review (A360)

Appraisal Review Under USPAP (A370)

Appraisal Review Under UASFLA (A380)

Advanced Appraisal Review Case Studies (A390)


 

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Basic Appraisal Principles — A101

This four-day course will provide a solid foundation of basic appraisal principles for all the appraisal specialties. Appraisers will be introduced to:
• Appraisal concepts
• The fundamentals of appraisal
• The valuation process
• Legal and area descriptions
• Mathematics of finance
• Cost, Sales Comparison and Income Approaches
• ASFMRA Ethics, USPAP and calculator functions

Required Equipment & Textbooks: HP-12c, HP-17bII or HP-19bII calculator; The Appraisal of Real Estate, Thirteenth Edition Optional Textbooks: The Dictionary of Real Estate Appraisal, Third Edition; Capitalization Theory and Techniques Study Guide.

Contact Hours: 28 hours + 2 hour exam

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          Basic Appraisal Procedures — A102

In this four-day course, you will apply the principles and concepts you learned in Basic Appraisal Principles.  The course will take you step-by-step through the valuation process including defining the problem, collecting and analyzing data, reaching a final opinion of value, and communicating the appraisal.  You will learn about the three approaches to reaching an opinion of value - income capitalization, cost, and sales comparison - and apply them in true-to-life case studies and problems.  After examining income capitalization methods and formulas, you will learn how rates and multipliers are derived.  Through case studies you will discover the steps and concepts involved in the cost approach - how appraisers estimate the cost of constructing a reproduction of or replacement for an existing structure; the three major components of depreciation and methods for estimating and allocating depreciation; and land and site valuation.  The course will guide you through sales comparison approach including researching the market, verifying information, selecting units of comparison, conducting a comparitive analysis, making adjustments, and reconciliation.  You will also complete key sections of an appraisal report.  In addition, the course provides an introduction to property description and construction and design basics.  By successfully completing the course and exam you will have met most states' education requirements for content identified as basic appraisal procedures.

Required Equipment & Textbooks: HP-12c calculator.  You must be familiar with calculator operation when the course begins.  Answers to problems in course material are shown using the HP-12c.  Do not come to class expecting to be taught how to use a financial calculator

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An Introduction to the Approaches to Value for Rural Appraisal — A110

The appraiser will study 10 hours of each of the three approaches to value: Cost, Income and Sales Comparison, as well as an appraisal of rural residential properties. The student gains the basics needed to complete the more advanced courses offered by the ASFMRA and required by the AQB for state certification, including:
• Market abstraction of depreciation for the cost approach
• Capitalization rates for the income approach
• Adjustments in the sales comparison approach

Real Estate Appraisal Principles (30 hours) and Real Estate Appraisal Procedures (30 hours) or a college level course in Real Estate Appraisal recommended. Some real estate and/or appraisal experience would be beneficial. Required Equipment & Textbooks: HP-12c, HP-17bII or HP-19bII calculator; The Appraisal of Rural Property, Second Edition

Contact Hours: 41 hours + 4 hour exam

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Intermediate Approaches to Value for Rural Appraisal — A200

The appraiser will build on basic appraisal concepts by exploring the practical application of the appraisal process. Course lectures are supplemented with drill problems and case studies. Skills studied include data analysis, application of proper methods to derive essential information from data in the appraisal process and the interpretation and examination of the soundness of analytical conclusions. The student develops an understanding of appraisal concepts and principles:
• Three approaches to value
• Direct and straight-line capitalization
• Cash equivalency
• Depreciation
• Market abstraction
• Yield capitalization
• Fractional interests

Please Note: This is an intermediate skill level course. It is assumed the student has already gained the level of knowledge and understanding that is taught in the lower level courses. Required Equipment & Textbooks: HP-12c, HP-17bII or HP-19bII calculator Optional Textbook: The Appraisal of Rural Property, Second Edition

Contact Hours: 41 hours + 4 hour exam

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Eminent Domain — A250

This course demonstrates techniques used in preparing value estimates on properties subject to acquisition under Eminent Domain law. The appraiser will learn how condemnation appraising is different than other types of appraising and explore complications which may be encountered, including severance damages, consequential damages, special and general benefits, condemnation blight, project enhancement and inverse condemnation. Case studies and short examples are used to learn:
• Just compensation formula
• Highest and best use zoning
• Approaches to value
• Damages and benefits
• Easements
• Appraiser relationships with attorneys, judges and juries
• Trial preparation and participation
• Trends in eminent domain law
Please Note: This is an intermediate skill level course. It is assumed the student has already gained the level of knowledge and understanding that is taught in the lower level courses. Required Textbooks & Equipment: HP-12c, HP-17bII or HP-19bII calculator; Real Estate Valuation in Litigation, second edition. Optional Textbooks: The Appraisal of Real Estate; The Appraisal of Rural Property

Contact Hours: 20 hours + 2 hour exam

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General Market Analysis and Highest and Best Use — A290

This course provides a forum for analysis and discussion of the impacts on the highest and best use of rural real estate for the appraiser. The course is designed for the appraiser who has considerable experience in appraising rural real estate or who has completed the first two levels of core courses offered by the ASFMRA. The appraiser will learn to determine ultimate highest and best uses:
• Legally permissible uses
• Physically possible uses
• Financially feasible uses
• Maximally productive uses

Please Note: This is an intermediate skill level course. It is assumed the student has already gained the level of knowledge and understanding that is taught in the lower level courses. Required Equipment & Textbooks: HP-12c, HP-17bII or HP-19bII calculator Optional Text: Appraisal of Rural Property, Second Edition

Contact Hours: 28 hours + 2 hour exam

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Advanced Approaches to Value for Rural Appraisal — A300

The appraiser will build on intermediate appraisal concepts and explore practical applications of the three approaches to value through course lectures, exercises and case studies. Students will advance their skills with advanced:

Depreciation and capitalization

• Short-lived and long-lived incurables
• Functional and external obsolescence
• Band of investment
• Discounted cash flow analysis
• Net present value
• Internal rates of return
• Market derivation of discount rates
• Lease analysis
• Valuation of leased fee and leasehold interests
• Sales analysis with residual techniques
• Advanced sales comparison approach

Please Note: This is an advanced skill level course. It is assumed the student has already gained the level of knowledge and understanding that is taught in the lower level courses. Required Equipment: HP-12c, HP-17bII or HP-19bII calculator Optional Textbook: The Appraisal of Rural Property, Second Edition

Contact Hours: 41.5 hours + 4 hour exam

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Advanced Rural Case Studies — A400

The appraiser will apply appraisal principles and analytical techniques to rural appraisal problems. Specialized property types will be studied to emphasize different parts of the appraisal process. Advanced applications include:
• The breakdown method of depreciation
• Trend and bracketing analysis
• Income approaches to value
• An introduction to statistical analysis
• This course was developed jointly by ASFMRA and AI.
Please Note: This is an advanced skill level course. It is assumed the student has already gained the level of knowledge and understanding that is taught in the lower level courses. Required Equipment & Textbooks: HP- 12c, HP-17bII or HP-19bII calculator; Appraisal of Rural Property, Second Edition Optional Equipment: Self-powered laptop computer. (There is NO computer tutoring in this course.)Computers are not allowed during the examination. Optional Texts: The Appraisal of Real Estate, Thirteenth Edition; Dictionary of Real Estate Appraisal, Third Edition; Capitalization Theory and Techniques Study Guide. AIREA Financial Tables and The Appraiser's Workbook are available only through the Appraisal Institute at (312) 335-4100.
Contact Hours: 36 hours + 4 hour exam

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Appraisal Review Courses

Introduction to Appraisal Review — A360

The review appraiser will learn about review appraisal, responsibilities and the appraisal review process through lecture, class discussion, reviewing and reporting the results of reviews. Students will:
• Study the appraisal review process and various types of review reports
• Review an appraisal using an actual URAR appraisal report
• Discuss the reviewer’s independence and avoidance of conflicting situation

Please Note: This is an advanced skill level course. It is assumed the student has already gained the level of knowledge and understanding that is taught in the lower level courses. Required Equipment & Textbooks: Appraisal of Rural Property; HP-12c or equivalent calculator

Contact Hours: 14 hours + 2 hour examination

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Appraisal Review Under USPAP — A370

This course teaches the review appraiser how to review an appraisal report under the standards in USPAP. Coursework will consist of class discussion, examples of typical appraisal problems and case studies. The course provides:
• The requirements of USPAP for reviews
• Common errors and deficiencies
• Office building, agricultural and apartment appraisal reports and report findings
• Discussion about common misconceptions about requirements of USPAP

Please Note: This is an advanced skill level course. It is assumed the student has already gained the level of knowledge and understanding that is taught in the lower level courses. Required Equipment & Textbooks: Current USPAP; HP-12c or equivalent calculator

Contact Hours: 22 hours plus 2 hour examination

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Appraisal Review Under UASFLA — A380

This course provides training for the review appraiser on how to perform appraisal reviews for federal land acquisitions. Students will utilize the Yellow Book and follow the outline of Standard C - Standards for Review of Appraisals. The course material expands on pertinent discussion questions and drill problems.

Please Note: This is an advanced skill level course. It is assumed the student has already gained the level of knowledge and understanding that is taught in the lower level courses. Required Equipment & Textbooks: Uniform Appraisal Standards for Federal Land Acquisitions (UASFLA); Current Uniform Standards of Professional Appraisal Practice (USPAP)

Contact Hours: 16 hours + 4 hour examination

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Advanced Appraisal Review Case Studies — A390

This advanced level course provides the review appraiser student with experience in preparing a Commercial Appraisal Review Form, a Standard Appraisal Review Report and a Narrative Review. Students will sharpen their review skills through the solution of appraisal review case studies in order to become a more proficient reviewer. The course includes case studies representative of “real-world” review appraisals:
• Three appraisal reports, one commercial form report, one agricultural form report and one narrative report for review
• Twelve case studies for solution

Please Note: This is an advanced skill level course. It is assumed the student has already gained the level of knowledge and understanding that is taught in the lower level courses. Required Equipment & Textbook: HP-12c or equivalent calculator Optional Textbook: Uniform Appraisal Standards for Federal Land Acquisitions (UASFLA); Current Uniform Standards of Professional Appraisal Practice (USPAP)

Contact Hours: 16 hours + 4 hour examination

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