Category Archives: Appraisal Business

Appraisal Institute Strategic Initiatives – Connecticut

The Appraisal Institute, the nation’s largest professional association of real estate appraisers, announced three major strategic initiatives that have the potential to fundamentally reshape the global valuation profession. In the organization’s latest video, AI President Richard L. Borges II, MAI, SRA, discusses this announcement, which includes proposed standards of valuation practice that could serve as an alternative where national or other standards are not required; expand delivery of Appraisal Institute education; and create a new certification organization to establish a future generation of cross-disciplinary valuation professionals. These standards could be used when USPAP, IVS or other standards are not required, and when the use of the proposed standards would be appropriate. They would serve as an alternative set of standards that could be used independently, and not as an additional set of required standards. AI’s new standards would not supplant USPAP or other national standards. The Appraisal Institute also will issue a proposed comprehensive revision of its Code of Professional Ethics.

Appraisal Issues in Commercial Real Estate – Connecticut

Bill Hardin, Director of the Real Estate Institute at FIU, joins the show via Skype to discuss tips for dealing with a low appraisal situation as well as other issues faced during the appraisal process of a property.

Connecticut Certified General Appraiser

3.   State Certified General Appraiser  Allows Appraiser to appraise all types of Real Estate; residential, commercial and/or industrial property.

Educational Requirements for General Appraiser: 300 hours total (225 additional over the Provisional) consisting of the following courses: ·    General Appraiser Market Analysis and Highest and Best Use (30 Hours) ·    Statistics, Modeling and Finance (15 Hours) ·    General Appraiser Sales Comparison Approach (30 Hours) ·    General Appraiser Site Valuation and Cost Approach (30Hours) ·    General Appraiser Income Approach (60 Hours) ·    General Appraiser Report Writing and Case Studies (30 Hours) ·    Appraisal Subject Matter Electives (30 Hours)  Experience Required for General Appraiser: ·

3,000 hours of Appraisal Experience (of which 1,500 hours must be non-residential appraiser work) obtained during no fewer then 30 months, Experience documentation in the form of an appraisal log shall be submitted to support the experience claimed. ·

Applicant shall have obtained the minimum educational requirement of a bachelor’s degree from accredited college, university, or institute of higher education. ·  Effective January 1,2015 Must hold a bachelor’s degree or higher from an accredited college or university. Education and experience must be completed prior to taking an appraisal exam.

Source: Appraisal – Appraisal And Real Estate School of Connecticut

Connecticut Certified Residential Appraiser

2.   State Certified Residential Appraiser  Allows Appraiser to appraise 1 – 4 family residential property. Educational Requirements for Residential Appraiser: 200 hours total (125 additional over the Provisional) consisting of the following courses: ·         Residential Market Analysis and Highest and Best Use (15 Hours) ·         Residential Appraiser Site Valuation and Cost Approach (15 Hours) ·         Residential Sales Comparison and Income Approaches (30 Hours) ·         Residential Report Writing and Case Studies (15 Hours) ·         Statistics, Modeling and Finance (15 Hours) ·         Advanced Residential Applications and Case Studies (15 Hours) ·         Appraisal Subject Matter Electives (20 Hours)     Experience Required for Residential Appraiser: ·     2,500 hours of Appraisal Experience obtained during no fewer then 24 months, Experience documentation in the form of an appraisal log shall be submitted to support the experience claimed.         ·     Applicant shall have obtained the minimum educational requirement of an associate’s degree degree from accredited college, university, or institute of higher education. ·   Effective January 1,2015 Must hold a bachelor’s degree or higher from an accredited college or university. Education and experience must be completed prior to taking an appraisal exam.

Source: Appraisal – Appraisal And Real Estate School of Connecticut

Connecticut Provisional Licensed Appraiser

State Provisional Licensed Appraiser  Must associate and work under the direction of a State Certified Appraiser for a minimum of 2 years and maximum of 4 years to complete additional required course hours and to document the minimum required hours of appraisal work. A state test is not required to be licensed as Provisional Appraiser.

Educational Requirements for Provisional Appraiser: 75 hours consisting of the following courses: ·         Basic Appraisal Principles (30 hours) ·         Basic Appraisal Procedures (30 hours) ·         The 15 Hour National USPAP course or its equivalent (15 hours) ·     Effective January 1,2015 Must hold a bachelor’s degree or higher from an accredited college or university. Education and experience must be completed prior to taking an appraisal exam

Source: Appraisal – Appraisal And Real Estate School of Connecticut

Appraisers Association of America | About

What is USPAP? The Uniform Standards of Professional Appraisal Practice (USPAP) are the generally accepted standards for professional appraisal practice in North America. USPAP contains standards for all types of appraisal services, including: real estate, personal property, business and mass appraisal. The Financial Institutions Reform, Recovery and Enforcement Act of 1989 recognizes USPAP as the generally accepted appraisal standards and requires USPAP compliance for appraisers in federal-related transactions. As there is no national license for personal property appraisers, USPAP compliancy is an important credential, and one that the IRS uses to measure appraisals as acceptable for tax purposes. The IRS is much less likely to question appraisals completed by USPAP compliant appraisers. See Pension Protection Act.  Click HERE to read more.   History of USPAP Established in 1987 and based in Washington DC, The Appraisal Foundation is a non-profit educational organization with a mission to foster professionalism in valuation through the establishment and promotion of professional appraisal standards and appraiser qualifications. The work of the Foundation is important to all disciplines of the appraisal profession as well as to the consumer public. The work of the Foundation benefits the appraisal profession by functioning to increase the quality of appraisals and by addressing issues critical to the advancement professional valuation. Users of appraisal services and consumers can feel confident that the Foundation is working to serve their needs and help protect their financial well-being. The Foundation accomplishes its mission through the work of three independent boards: the Appraiser Qualifications Board (AQB), the Appraisal Standards Board (ASB), and the Appraisal Practice Board (APB). The AQB establishes the minimum education, experience and examination criteria for appraisers; the ASB promulgates the generally accepted standards of the valuation profession; and the APB identifies and issues opinions on Recognized Valuation Methods and Techniques. Since its inception, the Foundation has worked to foster professionalism in appraising by establishing, improving, and promoting the Uniform Standards of Professional Appraisal Practice (USPAP). Click HERE to read more.    Affiliation with the Appraisal Foundation The Appraisers Association is a sponsor of the Appraisal Foundation. To maintain our sponsorship, we must ensure that all of our members meet the standards set forth by the Foundation.  Our affiliation also provides us the right to reproduce USPAP. Click HERE to read more.

Source: Appraisers Association of America | About