NSREA

Online Education:

“National Society of Real Estate Appraisers is partnering with Career WebSchool to offer online appraisal courses.” 

NSREA Classroom Education:

Courses Offerings

1. History of NSREA
2. Why Choose NSREA
3. Organization policies
4. Class Examination and Policy
5. Basic Appraisal Principles.
6. Basic Appraisal Procedures.
7. Residential Report Writing.
8. Residential Sales Comparison and Income Approaches.
9. Residential Site Valuation & Cost Approach.
10. Market Analysis & Highest and Best Use.
11. Advanced Residential Applications & Case Studies.
12. Statistics, Modeling, Finance.
13. FHA/HUD  An In-Depth Study
14. Fair Housing for the Appraiser.
15. National USPAP Course, 15-Hour.
16. National USPAP Course, 7-Hour.
17. Introduction to FHA/VA Appraising.
18. Scope of Work-WHAT IS THAT
19. Narrative Appraisal Reports.
20. Small Residential Income Property Appraisal Report.
21. 2005 Individual Condominium Unit Appraisal Report.
22. Relocation Appraising.
23. Fannie Mae Say What?
24. Appraisal Review Crammer.

Disclaimer Policy

The opinions and statements set forth herein do not necessarily reflect all the appropriate legal requirements in all jurisdictions or under all circumstances. You are advised to consult your own legal counsel for assistance in writing individualized language for reports, definitions, limiting conditions, and assumptions. Also, requirements for writing reports from various appraisal organizations and/or states may differ from the examples.

This publication is for educational and informational purposes only with the understanding that the manual is not rendering legal, accounting, or other professional advice or services. If expert advice or services are needed, readers are responsible for obtaining such advice or services from specialized professionals in appropriate fields.

Cancellation Policy

You may cancel a class for which ever reason up to two weeks and not be charged a cancellation fee. If for any reason you had to cancel within three days their will be a $50.00 cancellation fee charge.

State Policy

We will adhere by State Policy where classes are being held.

Classroom Policy

To provide the best learning environment for students all cell phones and electronic devices must be set on vibrate. There is absolutely no smoking in the classroom.

The instructor will announce breaks, please return at the appointed time. All classroom schedules are important; please arrive on time as all the sessions are certified for real estate and appraisal continuing education credit. You must be physically present %90 of the time based on a 60-minute hour.

The Evaluation Process

Your input is essential in order for us to maintain a high quality educational offering. You will be requested to hand in this form upon conclusion of the course.

Certificates

Only one certificate will be issued to you for this program. For each additional certificate there is a $15.00 fee payable at the time of registration.

The Examination

              Every question will be covered by the instructor during class time so stay alert, review your notes and outline. This is not an open book test.

              If you successfully complete the exam, you will receive confirmation within 30 days with your certificate for pre-certification/licensure. No pass/fail information can be given over the phone.

              If for some reason you do not successfully complete the exam, you will have the opportunity to re-take the exam for $50.00 on the final day of any future Appraisal Program. You will need to send written notification of you intent to do so, along with the date and location of the program and your check, master card, visa or discover card number and expiration date. This will need to be done at least two weeks prior to the date of the examination so that we have ample time to make arrangements

BASIC APPRAISAL PRINCIPLES

This introductory appraisal provides an overview of real property concepts and characteristics, legal consideration, value influences, real estate finance, types of value, economic principles, real estate markets and analysis, and ethics in appraisal practice.  Thorough discussion of appraisal principles, accompanied by practical examples, provides a solid foundation in appraisal basics.  A calculator is recommended.  Tape recorders are not permitted during class lecture sessions.

OBJECTIVES:

1. Demonstrate a basic knowledge of real property concepts and appraisal principles
2. Demonstrate a basic knowledge of value influences and types of value
3. Gain working of real estate legal considerations and real estate finance
4. Gain a general understanding of real estate markets, analysis, and ethics in practice

Textbook:  Basic Appraisal Principles, 1st edition, Hondros Learning, copyright 2006

Course Credit Hours:  Pre-licensing: 30 credit hours. AQB-2008 Certified

Instruction Method: Lecture and group exercises

BASIC APPRAISAL PROCEDURES

This basic appraisal course provides an overview of real estate appraisal approaches to valuation procedures, value, property description, residential applications, commercial applications, improvement construction, home inspection, and appraisal math.  Through theory, case studies, and examples, the course offers practical application of appraisal procedures.  A calculator is recommended.

OBJECTIVES:

1. Demonstrate a basic knowledge of real property concepts and appraisal procedures
2. Demonstrate a basic knowledge of approaches to value
3. Gain working knowledge of real estate residential and commercial applications
4. Gain a general understanding of residential construction and appraisal math

Textbook:  Basic Appraisal Procedures, 1st edition, Hondros Learning, Copyright 2006

Course Credit Hours: Pre-licensing: 30 credit hours. AQB-2008 Certified

Instruction Method: Lecture and group exercises

RESIDENTIAL REPORT WRITING

This basic appraisal course introduces theories, techniques, and procedures to help you understand the appraisal process and how to use various residential forms and reports for appraisal.  Through theory and hands-on examples of appraisal processes, the course will provide practical application of real estate appraisal procedures.  A calculator is suggested.

OBJECTIVES

1. Demonstrate a basic knowledge of data usage and appraisal procedures
2. Demonstrate a basic understanding of how to select and perform sales comparison
3. Gain working knowledge of how to properly fill out various forms
4. Gain a general understanding of USPAP rules and  other guidelines

Textbook:  Residential Report Writing, Hondros Learning, copyright 2005

Course Credit Hours:  Pre-licensing;15 credit hours (14 hours class work plus 1-hour exam)  Continuing education: 14 credit hours (final exam not required)  7/14 hours

AQB-2008 Certified Course

RESIDENTIAL SALES COMPARISON AND INCOME APPROACHES

Course Description:

This introductory appraisal course introduces basic theories, techniques, and procedures of the sales comparison and income approaches to appraisal, including valuation fundamentals and data analysis, selecting and adjusting comparable sales, and applying the income capitalization method.  A combination of theory and hands-on examples provide practical applications of real estate appraisal procedures.  A calculator is suggested.

Course Objectives:

1. Demonstrate a basic knowledge of valuation fundamentals and data analysis
2. Demonstrate a basic understanding of how to select and adjust comparable sales
3. Gain a general understanding of investor considerations for investment properties
4. Gain a general understanding of how to apply the income capitalization method

Textbook:  Residential Sales Comparison and Income Approaches, Hondros Learning ,

                   Copyright 2005

Course Credit Hours:  Pre-licensing: 15 credit hours (14 hours class work, plus 1-hour exam)  Continuing education: 14 credit hours (final exam not required)

Instruction Method:  Lecture and group exercises

NOTE:  Attendance is mandatory to receive course credit

7/14 hours CE 15 QE AQB-2008 Certified

RESIDENTIAL SITE VALUATION & COST APPROACH

Course Description

This course will help students gain valuable insight and a working knowledge of the various theories and methodologies for arriving at residential site values and applying the Cost Approach in everyday appraisal work.  The advantages and disadvantages of using the cost approach in residential appraising will be examined.  The important distinction between Replacement Cost  New and Reproduction Cost New will be discussed, and along with an in-depth look at several methods for estimating accrued depreciation.  Students will learn how to read residential building plans and accompanying specifications.  Each student will complete a step-by-step case study utilizing the  Marshall and Swift cost manual.  An exam is given at the completion of the course for students requesting pre-certification credit.  In addition to the course and its required text, we recommend the Marshall & Swift Cost Manual.

Course Objectives

1. Demonstrate a basic knowledge of site theory and site valuation
2. Demonstrate a basic understanding of highest and best use as it applies to sites
3. Gain a general understanding of replacement cost and reproduction cost
4. Gain a general understanding of how to estimate cost and depreciation

Textbook:  Residential Site Valuation & Cost Approach;  New Edition No. 1;

                  Greensward Publication, Copyright 2004

7/14 Hours CE, 15 Hours QE, AQB-2008 Certified.

MARKET ANALYSIS & HIGHEST AND BEST USE

Identifying and analyzing market forces affecting the buyers’ and sellers’ behavior is key to understanding and reporting values.  This course is designed to give students the tools needed to properly collect and analyze market data.  Markets, sub-markets, market segmentation, supply side analysis, demand analysis and the importance of market analysis to the appraisal process are covered in the first half of this course.  The second half focuses on the theory of Highest and Best Use.  The two-step analysis along with the four tests for Highest and Best Use are covered in detail.  Drill problems and a short case study allow students to put into practice the techniques presented in the course.  An exam is given at the completion of the course for students requesting pre-certification credit. 

OBJECTIVES:

1. Demonstrate a basic knowledge of market fundamentals and market analysis
2. Demonstrate a basic understanding of supply side analysis and demand side analysis
3. Gain a general understanding of highest and best use
4. Gain a general understanding of how to consider, test, and apply highest and best use

Textbook:  Real Estate Market Analysis and Highest and Best Use:  New Edition No. 1; Greensward Publications, Copyright 2004

7/14 Hours CE, 15 Hours QE, AQB-2008 Certified

ADVANCED RESIDENTIAL APPLICATIONS & CASE STUDIES

Advanced Residential Applications & Case Studies has been written to address the inevitable challenging residential appraisal assignment that the residential appraiser will face-either occasionally or even frequently.  These assignments are often identified as properties that are complex in nature, ones for which there is a lack of ideal data, have unique improvements, or innumerable other challenging circumstances.  In such cases, traditional appraisal methods may not work-or at least, not work in the same way as in a commonplace appraisal assignment.

Advanced Residential Applications & Case Studies elevates student appraisers’ knowledge and develops the expertise to recognize and address challenging assignments at the Certified Residential level.

Necessary skills for these challenging assignments include analyzing and interpreting market conditions as they relate to appropriate adjustments for market conditions, location, distance, physical characteristics, etc.  Advanced Residential Applications & Case Studies addresses these challenges with study including cost development, locational considerations, functional obsolescence, and data identification/quantification issues.

Highlights include:

• Focus on valuing complex properties

• Methodologies for valuing partial interests and addressing changes in market conditions

• Forming conclusions using sound judgment and logic in supporting opinions

14/15 hours approved for Real Estate and appraising AQB-2008 certified.

STATISTICS, MODELING, & FINANCE

Statistics, Modeling, & Finances provides today’s residential appraiser with both the theory and practice of statistics, real estate finance, and valuation modeling. The text outlines terminology and basic principles of statistics, including practical applications in statistical analysis, and presents real estate markets, terms of financing, and real-world examples of how financing affects the value of real property.

Statistics, Modeling, & Finances provides appraisers another tool-the science of statistics-to boost productivity and enhance the accuracy of their work.

OBJECTIVES:

1. Equips appraisers to successfully incorporate the use of statistics into their appraisal practice.
2. Role of statistics in the appraisal process is examined through theory and practice. In-depth discussion of real-estate and finance and its relationship to market value in the typical real-estate transaction.
3. Introduction to the HP 12c calculator, including step-by-step-, keystroke-for-keystroke solutions to common calculations.
4. Tips to determine how the various statistical analysis methods are best applied.
5. Key terms clearly defined and explained throughout.
6. Study of statistics presented in a clear and logical format.

Course Credit Hours:  Pre-licensing: 15 credit hours (14 hours class work, plus 1-hour exam)  Continuing education: 14 credit hours (final exam not required)

FHA/HUD AN IN-DEPTH STUDY

This is a powerful course that looks deeply into FHA’s appraisal requirements as they relate to the appraisal process and USPAP. The course reviews the evolution of FHA/HUD, all of its residential programs; the 6-8 steps of the appraisal process; how to inspect a home for appraisal purposes in general and for FHA in particular. The HUD supplemental standards will be analyzed and all Mortgage Letters that modify the 4150.2 appraisal manual will be incorporated into the text.

This is a must course for all residential appraiser that wants to be part of the emerging market. This is not a how to fill out the form class, so bring your will to learn attitude. his is a 14/15 hour class with an exam for upgrading or QE. It is approved for appraising and real-estate.

THIS COURSE IS DESIGNED FOR THE APPRAISER, REALTOR, LENDER AND SUPERVISORY APPRAISER. WE WILL COVER.

1. INTRODUCTION TO FHA/HUD APPRAISAL REQUIREMENTS.
2. FHA AND APPRAISAL PROCESS INCLUDING SUPPLEMENTAL STANDARDS.
3. VARIOUS FHA PROGRMAS AND SPECIFIC APPRAISAL CHALLENGES.
4. THE NEW FHA REQUIREMENTS FOR REPAIRS.                 
5. HOW TO APPRAISAL REO/FORCLOSURE PROPERTIES.
6. FHA PROTOCAL FOR THE 1004,1004C,1025,1073, FORMS
7. HOW TO INSPECT A PROPERTY AND COMPLY WITH FHA
8. HOW TO MARKET YOURSELF FOR FHA WORK.    
9. HOW TO PASS THE NEW FHA TEST.

FAIR HOUSING FOR THE APPRAISER

Fair housing for the appraiser is taught from the 3rd edition of “FAIR HOUSING” by Marcia L. Russell, and published by Dearborn Real Estate Education.  This course is designed to give the real estate professional insight into their responsibilities to assure equal opportunities in housing to all Americans. 

The course reviews USPAP as it applies to fair housing, then covers the following topics by chapter:  Chapter 1 provides an in-depth study of the fair housing laws and how these laws relate to the real estate professional in practice.  Chapter 2 explains the 1988 Fair Housing Amendments Act and focuses on discrimination involving sales, lending, and other services.  Other chapters relate to property management, fair housing enforcement, cultural diversity and Chapter 7 is specifically related to case studies. 

The student will understand how the courts and HUD continue to implement and interpret fair housing laws in this country.   

The course includes a review of USPAP and the appraiser’s Role in Fair Housing.

3 hours CE, QE approval for Real-Estate and appraising.

National USPAP Course, 15-Hour

This is the National Uniform Standards of Professional Appraisal Practice (USPAP) Course, 15-Hour of The Appraisal Foundation.  The National USPAP Course, 15-Hour focuses on the requirements for ethical behavior and competent performance by appraisers that are set forth in the Uniform Standards of Professional Appraisal Practice (USPAP).  This course is unique in that it is developed by The Appraisal Foundation with assistance from the Education Council of Appraisal Foundation Sponsors (ECAFS) and is revised on a periodic basis to stay current with the latest edition of USPAP.

Each student must have a copy of the 2006 USPAP document, which provides the framework for the course and is referred to throughout the course.  The primary objective is that participants become familiar with the USPAP document.

The course material emphasizes the role of the appraiser and the impartiality associated with this role.  Special responsibilities of the appraiser with regard to impartiality are explored in detail. 

In addition to lectures, the course includes discussion problems that show how USPAP applies in situations that appraiser encounter in everyday practice.  These examples address issues frequently experienced by appraisers as professionals in the appraisal of real property, personal property, and business or intangible assets, in appraisal review, and in real property appraisal consulting assignments.

This course is designed to aid appraisers seeking competency in USPAP, in all areas of appraisal practice including those subject to state licensing or certification and continuing education requirements imposed by professional organizations, client groups, or employers.

USPAP has been endorsed and adopted by major appraisal organizations in the United States.  As required by federal law, USPAP must be used by states in their real estate appraiser certification programs.

This course provides at least 15 hours (50 minutes/hour) of instruction in USPAP that allows for a one-hour exam period within the 15-hour timeframe.

Course taught by AQB Certified Instructors

National USPAP Course, 7-Hour

Course Description

This is the National Uniform Standards of Professional Appraisal Practice (USPAP) Update Course, 7-Hour of The Appraisal Foundation.  The 7-Hour Update focuses on edits made to create the most recent versions of the Uniform Standards of Professional Appraisal Practice (USPAP).  This course is unique in that it is developed by The Appraisal Foundation with assistance from the Education Council of Appraisal Foundation Sponsors (ECAFS) and is revised on a periodic basis to stay current with the latest edition of USPAP.

Each student must have a copy of the 2006 USPAP document, which provides the framework for the course and is referred to throughout the course.  The primary objective is that participants become familiar with the most recent changes to the USPAP document.

The course material emphasizes the edits made as a result of the Scope of Work Project, but also covers other edits made in creating the 2006 USPAP as well as key edits for the 2005 USPAP.

In addition to lectures, the course includes discussion problems that  show how USPAP applies in  situations that appraiser encounter in everyday practice.  These examples primarily address issues frequently experienced by professionals in the appraisal of real property.

This course is designed to aid appraisers in all areas of appraisal practice seeking competency in USPAP, including those subject to state licensing or certification and continuing education requirements imposed by professional organizations, client groups, or employers.

USPAP has been endorsed and adopted by major appraisal organizations in the United States.  As required by federal law, USPAP must be used by states in their real estate appraiser certification programs.

This course provides at least 7 hours (50 minutes/hour) of instruction in USPAP and there is no accompanying exam.

Course taught by AQB Certified Instructors.

Introduction to FHA/VA Appraising

For those appraisers considering for application work from FHA or VA programs, The FHA and VA Appraiser: Thriving and Surviving addresses the requirements both for becoming an FHA Roster Appraiser (including essential information to prepare for the new simplified FHA appraiser exam)  and a VA Fee Panel Appraiser.  While providing an understanding of the historical and present needs for FHA and VA programs, it is on the most current FHA appraisal requirements-including inspection and reporting requirements, along with resources for continuing updates on the programs.

Prospective as a well as current FHA Roster Appraisers will benefit form the book’s detailed review of FHA property and appraisal requirements.  VA Fee Panel Appraisers can ensure that their present practices in performing valuation services meet the expectation of VA protocol.  General conduct and business practices are also discussed.

7 Hours CE Approved for Real Estate and Appraising.

SCOPE OF WORK – WHAT IS THAT

The Scope of Work Rule is the newest section of USPAP that has long reaching affects on the development of appraisals.  This course is designed to increase the students awareness of the Scope of Work Rule and how to develop appropriate scope of work statements within the appraisal report. 

With the use of various Scope of Work Text Books, and the Uniformed Standards of Professional Appraisal Practice the course will explain how the new rule give the appraiser flexibility in developing and appraisal based on the Intended Use.  The student will be exposed to the responsibility of developing a Creditable Appraisal Report based on the intended use, expectations of the intended user and what your peers would do. 

There will be class group sessions and demonstrations to help explain and develop the skills needed to write a scope of work statement and where to put it in the report. 

7 hours CE Approved for Real Estate and appraising.

NARRATIVE APPRAISAL REPORTS

Narrative Appraisal Report writing is being request more often than not today.  With the Scope of Work concept being elevated to a RULE in USPAP the option of a Self Contained Appraisal Report is being selected by the appraiser and intended users of the report to convey what the development process included or did not include.

This Narrative Appraisal Report Writing course is for URAR form reports in a summary format or a full Self Contained Report.  During this course the student will learn about USPAP sections that relate to the development of appraisal reports.  The course will review the context of a narrative report in comparison to a form appraisal.  The course will look at various writing styles and some grammar errors that are common in the appraisal profession.   

7 hour CE Approved for Real-Estate and Appraising

SMALL RESIDENTIAL INCOME PROPERTY APPRAISAL REPORT

With the introduction of new appraisal forms FannieMae has made it essential that the appraiser learn or review the Small Residential Income Property Appraisal Report.  So this course has been designed to review the relevant sections of USPAP and FNMA guidelines as they relate to appraisal a 1-4 unit property.  The course will go step by step through the appraisal process and the form. 

After completing this course the student may be better able to develop an appraisal that complies with FNMA and USPAP.  The course will explore the Scope of Work concept, Market Approach, Income Approach and Cost approach to value as they relate to 1-4 family homes. 

7/14 hour CE Approved for Real Estate and Appraising

2005 INDIVIDUAL CONDOMINIUM UNIT APPRAISAL REPORT

With the introduction of new appraisal forms FannieMae has made it essential that the appraiser learn or review the 2005 Individual Condominium Unit Appraisal Report.  So this course uses Harrison’s textbook to help appraisers fulfill the requirement and understand the scope of work associated with condominium and PUD appraising. 

The course will include current FannieMae requirements; Line by line analysis; Model comments, and review of a sample appraisal.  After completing this course the student may be better able to develop an appraisal that complies with FNMA and USPAP. 

7/14 hour CE Approved for Real Estate and Appraising

RELOCATION APPRAISING

This is a sound course that prepares the appraiser for developing and reporting the most probable price a property should bring within a short time frame.  Relocation appraising is an emerging market due to the economic base shift in many areas.  Employees are being relocation both nationally and internationally. 

The course includes a study of the Supplemental Standards of USPAP that relate to Relocation Appraising.  The development process includes a study of the competing

market and historical trends.  The student will learn the process of forecasting based on the clients required marketing time and current marketing condition.  The Relocation Appraisal will challenge you to express the Scope of Work so that the report is understood by the Intended Users, based on the Intended Use.  If you want to increase your earnings and knowledge, take this course. 

7 hours CE approved for Real Estate and Appraising.

FANNIE MAE SAY WHAT?

This seminar is based on FannieMae’s Property and Appraisal Guidelines published in their Selling Manual.  The seminar is designed to address the question; What are FannieMae’s Appraisal Requirements for:

• Appraising Single Family, Condo or Multi – Family dwelling
• The extent and requirements for inspecting the property
• Reporting deferred maintenance and repairs
• What is meaning of 25 Certifications on the 2005 URAR

 For years appraisers have gotten their information about Fannie from hearsay, and assumptions but this seminar will address the facts based on the Manual. 

The seminar will outline and discuss FannieMae’s requirements on Community Living group homes; mixed-use properties; properties affected by environmental hazards; urban properties; affordable housing program properties; properties subject to leasehold interests; and energy-efficient properties.

If you appraise for FannieMae, Freddie Mac, or any client that uses the 2005 URAR,  this seminar is a MUST. 

7 hours CE Approved for Real Estate and Appraising.

APPRAISAL REVIEW CRAMMER

Appraisal Review Crammer-a new exam prep tool from Hondros Learning- focuses on what you need to pass your appraisal licensing exam. Numerous study aids check and reinforce learning throughout, as you’re guided to full preparation for exam success!

The Appraisal Review Crammer provides a strong review of both terminology and concept application, and will refresh your test-taking skills. Study tips, “Test Check” test-taking tips, and practice exams will have you ready to go on exam day!

COURSE OBJECTIVES: To assist Appraisers to pass License, Certified and General Exam.

No Credit Hours for this Course. Course covers 2 days of intense study.

TOPICS:

1. Influences on Real Estate.
2. Legal Considerations.            
3. Types of Value.
4. Real Estate Markets and Analysis.
5. Valuation Process.
6. Property Description.            
7. Highest and Best use.
8. Appraisal Math and Sciences.
9. Sales Comparison Approach.
10. Site Value.
11. Cost Value.
12. Income Approach.
13. Valuation of Partial Interest.
14. Appraisal Standards and Ethics.

Coming Soon

              A full range of commercial appraisal courses are coming soon. We are currently developing a full serious of general certified appraiser curriculum. Due to be release in early 2008 is the following courses.

1. General Income Approach- This 60-hour text, based on the 2008 AQB requirements for Certified General Appraisers, provides, increased understanding of site valuation including methods and case studies.

1. General Market Analysis and Highest and Best Use- This 30-hour textbook, based on the 2008 AQB requirements for Certified General Appraisers, provides an in-depth understanding of market analysis.

1. General Report Writing and Case Studies- This 30-hour textbook, based on the 2008 AQB requirements for Certified General Appraisers, gives students an understanding of report operations and USPAP compliance.

1. General Sales Comparison Approach- This 30-hour textbook, based on the 2008 AQB requirements for Certified General Appraisers, offers a detail understanding of the various sales comparison principles.

1. General Site Valuation and Cost Approach- This 30-hour textbook, based on the 2008 AQB requirements for Certified General Appraisers, discusses various site valuation principles and procedures.