Course Descriptions

Qualifying Education  

NAIFA Currently offers AQB approved Qualifying Education courses through
Hondros Learning and Dearborn Real Estate Education.

Advanced Residential Applications and Case Studies (15 hours) - This course focuses on complex properties that include valuing unique and high-end residential dwellings: residential dwellings with excess site/land that have an alternative or interim use as the highest and best use; residential properties that exceed the effective demand of the market; common-wall structures; mixed-use properties and residential properties with substantial and, sometimes unique, accessory structures and/or amenities. This course makes strong use of case studies for discussion, analysis, and problem solving to elevate students' knowledge of challenging residential appraisal assignments and develop the expertise to recognize and address those situations at the Certified Residential level. An exam at the conclusion of the course must be passed to receive qualifying education credit. AQB Approved for 2008 Certified Residential Requirements

Basic Appraisal Principles (30 hours) - This introductory appraisal course provides an overview of real property concepts and characteristics, legal consideration, value influences, real estate finance, types of value, economic principals, real estate markets and analysis, and ethics in appraisal practice. An exam at the conclusion of the course must be passed to receive qualifying education credit. AQB Approved for 2008 Trainee/Registered and Licensed Appraiser Requirements.

Approved for appraisal qualifying education credit in the following states - AR, CA, OK, OR, PA, TN

Residential Market Analysis & Highest and Best Use (15 hours) - Identifying and analyzing market forces affecting 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. In addition, the theory of highest and best use is reviewed. The two-step analysis along with the four tests for highest and best use is covered in detail. An exam at the conclusion of the course must be passed to receive qualifying education credit.  AQB Approved for 2008 Licensed Appraiser Requirements.

Approved for appraisal qualifying education credit in the following states - OK

Residential Report Writing (15 hours) - This course focuses on the variety of form reports in use by residential appraisers today: the URAR, 2055-drive-by format, and others. Students will gain valuable insights into how to fill out these forms properly, in compliance with USPAP and other guidelines. Sources will be given for comparable sales, flood mapping, census tract maps and other information necessary for form completion. An exam at the conclusion of the course must be passed to receive qualifying education credit.  AQB Approved for 2008 Licensed Appraiser Requirements.

Approved for appraisal qualifying education credit in the following states - LA, OK, TX

Residential Sales Comparison and Income Approaches (30 hours) - Gain a basic understanding and knowledge of the residential sales comparison and income approaches. The course includes the valuation principles and procedures applicable to both approaches. With the aid of case studies, students will develop and apply the techniques for market analysis, including the application and use of matched pairs and capitalization rates and gross rent multipliers. An exam at the conclusion of the course must be passed to receive qualifying education credit.  AQB Approved for 2008 Licensed Appraiser Requirements.

Approved for appraisal qualifying education credit in the following states - OK

Residential Site Valuation & Cost Approach (15 hours) - This course will give students 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. An exam at the conclusion of the course must be passed to receive qualifying education credit.  AQB Approved for 2008 Licensed Appraiser Requirements.

Approved for appraisal qualifying education credit in the following states - OK

Statistics, Modeling, and Finance (15 hours) - Statistics, Modeling, and Finance is designed to provide students both the theory and practice of statistics, real estate finance, and valuation modeling for today’s Certified Residential appraiser. The first half of the text outlines terminology and basic principles of statistics, including practical applications in statistical analysis. The last half presents an explanation of real estate markets, terms of financing, and real-world examples of how financing affects the value of real property. AQB Approved for 2008 Trainee/Registered, Licensed Appraiser Requirements and Certified General Requirements.

DEARBORN REAL ESTATE QUALIFYING EDUCATION SERIES

Advanced Residential Applications and Case Studies (15 hour)- This course, based on the 2008 AQB requirements for Certified Residential Appraisers provides students with additional case studies specifically geared towards Certified Residential Appraisers. The case studies will cover topics such as residential market analysis, deriving and supporting adjustments, and complex property, ownership, and market conditions.

Basic Appraisal Principles (30 hours)-This course, based on the requirements of the 2008 AQB education criteria provides students with a basic understanding of the various principles within the Appraisal industry. Upon completion, students will have an understanding of real property concepts and characteristics, influences on real estate values, and an overview of real estate market analysis. With content that meets the new AQB requirements, this course is the first building block of a quality Appraisal education.

Basic Appraisal Procedures (30 hours)-This course, based on the requirements of the 2008 AQB education criteria provides students with an in-depth understanding of the basic procedures an Appraiser will need to know to be successful within the Appraisal industry. Upon completion, students will have an understanding of various valuation procedures and characteristics of properties that include geographic, geological, and location influences. This text should be used in conjunction with Basic Appraisal Principles and serves as a quality introduction to the Appraisal industry.

Residential Market Analysis and Highest and Best Use (15 hour)-This course, based on the 2008 AQB requirements for Licensed and Certified Residential Appraisers provides students with an in-depth understanding of market analysis. Upon completion, students will have an understanding of various market analysis procedures such as supply and demand analysis, market fundamentals, and characters and definitions.

Residential Report Writing and Case Studies (15 hour)- This course, based on the 2008 AQB requirements for Licensed and Certified Residential Appraisers provides students with a detailed understanding of the various reports and forms they will be using in the field. The textbook will work to improve the students writing and reasoning skills and help students identify common writing problems through the use
of written examples and case studies.

Residential Sales Comparison and Income Approaches (30 hour)- This course, based on the 2008 AQB requirements for Certified Residential Appraisers provides students with an in-depth understanding of sales comparison principles and includes information on topics such as the value principles and procedures and identification and measurement of adjustments. Upon completion, students will be able to display a comprehensive understanding of the various sales comparison principles.

Residential Site Valuation and Cost Approach (15 hour)- This course, based on the 2008 AQB requirements for Licensed and Certified Residential Appraisers provides students with an in-depth understanding of site valuation including detailed case studies. Upon completion, students will be able to display a detailed understanding of various site valuation principles and procedures.

Statistics, Modeling and Finance (15 hour)- This course, based on the 2008 AQB requirements for Certified Residential and Certified General Appraisers provides students with a wealth of information on subjects such as general statistics, valuation models and real estate finance.

OTHER NAIFA QUALIFYING EDUCATION COURSES

5.0 2008 National Uniform Standards of Professional Appraisal Practice (USPAP) (15 Hours) - This course is designed to give the students a thorough understanding of the Uniform Standards of Professional Appraisal Practice as promulgated by The Appraisal Foundation and as required by Title XI of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA). An exam at the conclusion of the course must be passed to receive qualifying education credit.  AQB Approved for 2008 Licensed Appraiser Requirements.

Approved for appraisal qualifying education credit in the following states - IN , LA, MD, NM, OK, OR, PA, WV

Investment Analysis Using Computer Assisted Software (16 hours) - This course has been designed to provide the financial analyst with a computer program covering the various methods of capitalization and discounted cash flow presently in use today.  Attendees are required to have a laptop computer with Microsoft Windows 2000 or higher operating system, with a minimum of 100MB free space.  This course is an excellent prelude to the NAIFA 2.4 Investment Analysis Course where most of the calculations are utilized. An exam at the conclusion of the course must be passed to receive qualifying education credit.  Please note that this course may not be approved for the 2008 AQB requirements in all states.

Approved for appraisal qualifying education credit in the following states - OK

1.5 Residential Analysis for Small Income Property Appraisals (15 Hours) – This course is designed as an extension of capitalization and techniques as used by residential appraisers. Students will learn more about income capitalization and the compound interest concepts, including the six functions of a dollar. A review of the appraisal process and the basic principles will focus on the related study of small residential income properties and investor objectives. An exam at the conclusion of the course must be passed to receive qualifying education credit.  Please note that this course may not be approved for the 2008 AQB requirements in all states.

Approved for appraisal qualifying education credit in the following states - MI, MO, OK, VT
Approved for appraisal continuing education credit in the following states - IL

2.0 Financial Analysis of Income Properties (15 Hours) – This course has been designed to teach students how to use the HP 12C calculator and how to understand the mathematics of appraising. Instruction on the HP 12C financial calculator will cover everything from simple calculations to wraparound mortgages. Students should take this course before the capitalization courses. An exam at the conclusion of the course must be passed to receive qualifying education credit.  Please note that this course may not be approved for the 2008 AQB requirements in all states.

Approved for appraisal qualifying education credit in the following states - IL, MI, MO, NM, OK, PA, WV

2.1 Introduction to Income Property Appraising (30 hours) - This course is designed to introduce students to the appraisal of properties designed to be rented to tenants.  During the course, students will process the income from such properties, develop reconstructed income statements, identify and use the elements comparison for various types of properties to obtain indications of value, apply direct capitalization and develop capitalization rates using various methods of recapture. Student should be able to use an HP12 C Calculator or have taken the 2.0 Financial Analysis of Income Properties class. An exam at the conclusion of the course must be passed to receive qualifying education credit.  Please note that this course may not be approved for the 2008 AQB requirements in all states.

Approved for appraisal qualifying education credit in the following states - IL, LA, MI, MO , NM, PA, WA

2.2 Techniques of Income Property Appraising (30 Hours) – This course is designed to introduce students to the techniques of the appraisal of properties designed to be rented to tenants. During the course, students will value leased fee and leasehold estates and use discounted cash flow analysis, mortgage-equity analyses and statistical evaluation of data including linear regression. Students should be able to use the HP 12C or have taken the 2.0 course prior to taking this course. An exam at the conclusion of the course must be passed to receive qualifying education credit.  Please note that this course may not be approved for the 2008 AQB requirements in all states. 

Approved for appraisal qualifying education credit in the following states - LA, MI , PA, VT

2.4 Income Property Appraising: Investment Analysis (30 Hours) – This course is designed to help the students understand investment analysis through case studies of selected properties. Students will be taught how to analyze operating statements, debt-coverage ratios, cash-on-cash return, internal rate of return and analysis of return on investment. Students must pass the examination given at the end of the course to receive a certificate of completion. Students should be able to use the HP 12C or have taken the 2.0 course prior to taking this course. An exam at the conclusion of the course must be passed to receive qualifying education credit.  Please note that this course may not be approved for the 2008 AQB requirements in all states.

Approved for appraisal qualifying education credit in the following states - LA, MI, PA

Continuing Education

4.6A Reviewing Residential Appraisals (7 Hours)
Reviewing Residential Appraisals is designed to help any person who is involved in the underwriting process and/or the handling of appraisal reports, to better understand single family residential appraisal reports and the appraisal review process. It also prepares the student for the Certified Appraisal Reviewer and Certified Mortgage Appraisal Reviewer certifications.

This course includes extensive use of actual appraisal reports as examples and as case studies. All students are involved, hands on, in the actual review process during the class.

Approved for appraisal continuing education credit in the following states ( 7 Hours) - IL, IN, MD, MO, NV, OK, TX, VA , WA

4.6B Advanced Reviewing Techniques (7 Hours)
Advanced Reviewing Techniques is a detailed study of those tools necessary to competently review any type of residential or commercial appraisal report. It is designed for all persons involved in the mortgage loan process and legal matters including tax assessment appeal, foreclosure, matrimonial settlement, and probate. It also prepares the student for Certified Appraisal Reviewer and Certified Mortgage Appraisal Reviewer certifications.

This course includes extensive use of actual appraisal reports that are used as examples and case studies. All students are involved, hands on, in the actual review process during the class.

Approved for appraisal continuing education credit in the following states (7 Hours) - IL, IN, MD, MO, NV, OK, TX, VA , WA

Institutional Fraud (4 Hours and 8 Hours)- This course has been written to stimulate the professional in examining their ethics. Fraud manifests itself in many directions and can occur in various forms and to various persons or entities. The course is a compilation of timely and exhaustive research into the subject of fraud and its possible consequences within the industry. Adjudicated cases from throughout the United States are utilized in the presentation of this course, along with current pending cases. Through these cases, students will be made aware of the extraordinary time involved from the initial investigation through final adjudication.

Approved for appraisal continuing education credit in the following states (8 Hours) - AL, AR , CA , FL, GA, KS, LA, MD, MS, MO, NJ, NV, NM, OK, OR, NC, PA, TN, TX, VA, W A

Approved for appraisal continuing education credit in the following states (4 Hours) - AR, CA, FL, GA, IL, KY, MD, MS, MO, NJ, NM, OK, OR, SC, NC, PA, TN, TX, VA, WA

Lending Guidelines for Manufactured Housing (4 hours) -This course is designed to enhance the appraiser’s knowledge of current lending guidelines established by FNMA, HUD and Freddie Mac in the valuation of manufactured housing.  An overview of the forms utilized in the appraisal of manufactured housing will be presented along with current the newly adopted 1004C-2005 Manufactured Home Appraisal Form.  A full printing of the FNMA Announcement is contained within the Appendix.

Manufactured Home Guide History & Construction (4 hours) - This course is designed to assist the practicing appraiser in the identification of quality from fair to good in manufactured houses. A history of the evolution of manufactured housing will be presented along with the overall basic construction of manufactured houses from the 1960’s to current construction techniques.

Approved for appraisal continuing education credit in the following states - CA, MD, VA

Manufactured Home Guide (8 hours) - This course is designed to assist the practicing appraiser in the identification of quality from fair to good in manufactured houses. A history of the evolution of manufactured housing will be presented along with the overall basic construction of manufactured houses from the 1960’s to current construction techniques.

The course is designed to enhance the appraiser’s knowledge of current lending guidelines established by Fannie Mae, HUD and Freddie Mac in the valuation of manufactured housing.

An overview of the forms utilized in the appraisal of manufactured housing will be presented along with current the newly adopted 1004- C (2005). Included within the appendix of the text is the complete Fannie Mae Announcement 03/06.

Approved for appraisal continuing education credit in the following states - CA, LA, MD, NM, OK, VA

Easements, Profits, and Licenses in Land (8 hours) - This course explains the property rights acquired for various type easements, the difference in transferring property rights versus giving permission to a person to use real estate and how to perfect the taking of profits from land.

Approved for appraisal continuing education credit in the following states - AL, AR, CA, CO, GA, IL , KS, KY, LA, MD, MI, MS, MO, MT, NJ, OH, OK, OR, SC, TN, TX, VA, WA

1.5C Residential Analysis for Small Income Property Appraisals (8 Hours) – This course is designed as an extension of capitalization and techniques as used by residential appraisers. Students will learn more about income capitalization and the compound interest concepts, including the six functions of a dollar. A review of the appraisal process and the basic principles will focus on the related study of small residential income.

Approved for appraisal continuing education credit in the following states (8 Hours) - AL, AR, FL, GA, IL, IN, KY, LA, MD, MO, NJ, NM, NV, OK, OR, SC, TN , VA, WA

4.7 FHA Appraisal Protocol Update (8 Hours) – This course is designed to give the FHA appraiser a more thorough understanding of the new protocol issued by HUD in mortgagee letters 2005 – 24 and 2005 – 48, both of which are included in the text. Also included is the most recent update of Appendix D – the focal point of the material. Other available information includes Mortgage Letter 2005 – 35 regarding REO properties and 2005 0-02 regarding seller concessions. It is not mandatory that the student have knowledge of FHA protocol prior to the changes effective January 1, 2006, but it may be helpful.

Approved for appraisal continuing education credit in the following states - CA, FL, IL, KS, MD, MA, MS, MO, NH, NJ, OK, OR, PA, TN, TX, VT, VA, WV

5.0A 2008 National USPAP Update (7 Hours) – This course is designed to review professional standards, ethics and updates to the Uniform Standards of Professional Appraisal Practice.

Approved for appraisal continuing education credit in the following states - AR, FL, GA, ID, KS, I L, LA, MD, MA, MI, MS, MO, MT, NH, NJ, NM, NY, OH, OK, OR, PA, SC, TN, TX, VT, VA, WA, WV

5.0f Ethics (2 Hours) - This course is designed to provide attendees with a complete review of the National Association of Independent Fee Appraiser’s Code of Ethics. It is designed to provide members with a rich awareness of what it means to be a professional and make a commitment to abide by a Code of Ethics written for practicing appraisers. This Code of Ethics is the ethical basis for the practitioner’s professional commitment. These value and standards should be the guiding light for NAIFA designated members at all times.

Approved for appraisal continuing