Comprehensive Appraisal Course (RES-E54)
A comprehensive course that includes all three required topics for Appraisers in the State of Illinois. The Basic Appraisal Principles portion provides an overview of real property concepts and characteristics, legal considerations, value influences, real estate finance, types of value, economic principles, real estate markets and analysis, and ethics in appraisal. The Basic Appraisal Procedures portion 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. The National Uniform Standards of Professional Appraisal Practice USPAP-15 Hour portion intended to satisfy the 15-hour requirement as established by the Appraisal Qualifications Board (AQB) of the Appraisal Foundation and focuses on the requirements for ethical behavior and competent performance by appraisers is also included. Satisfies Title XI of the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA) of 1989 requirements for standards and ethics for appraiser certification and licensure, and has met the requirement for Standards and Ethics for state certification and licensure. Through theory, case studies, and examples, this comprehensive course offers practical application of appraisal principles and procedures. 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, and a calculator is recommended.