Review Theory - Residential

Description

All reviewers of residential appraisals should take this fundamental course. You will explore the seven steps in the process as they apply to reviews of residential work including, but not limited to, those subject to GSE requirements. To be a reviewer, an appraiser must learn how to develop opinions of completeness, accuracy, adequacy, relevance, and reasonableness relative to the work under review. These opinions must be refined through tests of reasonableness to develop reconciled opinions of appropriateness and credibility. You’ll see how requirements of the review process compare with those of the Fannie Mae Form 2000/Freddie Mac Form 1032, One-Unit Residential Review Form as well as other GSE documents such as the Fannie Mae Selling Guide. You’ll also review complex or challenging residential review assignments such as those involving limited data, nonconforming properties, less common ownership types, or unusual properties such as geodesic domes and hobby farms. By taking this course, you’ll gain invaluable confidence in the fundamentals of review.


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State Approvals
 

Program State Approval & Hours

Some AI educational programs may not be approved in every state and every delivery format. To see a list of all state approvals across all formats for this course, please use the link below.

View all approvals for this course

Who should Enroll

  • Certified residential real property appraisers
  • Attorneys
  • Accountants
  • Government agency reviewers
  • Users of appraisal services

Objectives

  • Define review.
  • Distinguish between appraisal and review.
  • Evaluate the necessary knowledge and skills required to complete reviews.
  • Distinguish between trivial and material errors.
  • Identify types of review assignments and the process employed in the reviewer’s scope of work.
  • Recognize regulatory compliance issues for review appraisers.
  • Identify the steps necessary to communicate the review effectively.

Prerequisites

Required:
 

None. However, this course was written for appraisers at the certified residential level.

Recommended:

Residential Market Analysis and Highest & Best Use


Exam

Yes, 2 hours

Level

Advanced

Appraisal Institute CE Points

Attend: 175 AI Points,  Attend and Pass Exam: 225 AI Points,  Pass Only: 100 AI Points

Class Time

15 hours

Assignments

Yes. After you register for this class, please go to your Education and Events page for
details on what you must complete BEFORE class begins.
 
To access your Education and Events page, log on to the Appraisal Institute website at https://ai.appraisalinstitute.org/eweb (click on the three horizontal lines to the left of the AI logo and select “My
AI Account” from the drop-down menu).
 

Program Overview


Required and/or Recommended Equipment

A basic-function calculator is required. You may use a financial calculator if you wish.

System Requirements

Classroom & Synchronous
None

Synchronous

Additional Information

Classroom & Synchronous

Course Materials Include:

  • Course Handbook (370 pp.)
  • Pre-Class Downloads (3.32 MB)
  • Pre-Class Memo (1 p.)

Designated members, Candidates for Designation, and Practicing Affiliates will receive the discounted AI Price for review designation education courses: Review Theory—Residential and Review Case Studies—Residential. All others will pay full price. Review Theory—Residential is required for individuals pursuing the Appraisal Institute Residential Review Designation (AI-RRS – Appraisal Institute Residential Review Specialist). See more information regarding the requirements for the review designation.

If you are currently designated, view more information on the alternative path.

If you are currently a Candidate for Designation, or wish to become a Candidate, view here for the specific designation requirements.
 
You will be asked to clear the calculator’s memory before and after the examination. Only one calculator is permitted in the testing room. Examinees taking most AI exams may bring their own calculator to use during the exam. Laptops, cellular phones, tablets, iPads, wearable technology (smart watch, Apple Watch, Google Glass, etc.), and other devices that can store data or connect to the Internet are NOT permitted during the exam. In addition, all watches, wallets, bags, and purses must be removed and stored out of reach prior to taking the exam.

Synchronous
Course Materials Include:
  • Course Handbook (370 pp.)
  • Pre-Class Downloads (3.32 MB)
  • Pre-Class Memo (1 p.)
Designated members, Candidates for Designation, and Practicing Affiliates will receive the discounted AI Price for review designation education courses: Review Theory—Residential and Review Case Studies—Residential. All others will pay full price. Review Theory—Residential is required for individuals pursuing the Appraisal Institute Residential Review Designation (AI-RRS – Appraisal Institute Residential Review Specialist). See more information regarding the requirements for the review designation.
 
  • If you are currently a Candidate for Designation, or wish to become a Candidate, view here for the specific designation requirements.
 
Disclaimer
I agree to the terms and policies set forth under the Appraisal Institute Online Education Policy. I also certify that I am the person identified above under Personal Data and that I will personally complete each assigned module of instruction and any examination(s). I understand and agree that if I misrepresent my identity or arrange for someone else to represent himself or herself as me at any time during the Appraisal Institute online course or seminar, I will be immediately removed from the course or seminar and I will not be entitled to any refund. I further understand that if I am a Designated member, Candidate for Designation, Practicing Affiliate, or Affiliate of the Appraisal Institute and participated in any misrepresentation of identity, by affirmative act or failure to act, I will be the subject of a peer review proceeding under Regulation No. 6 for violation of the Code of Professional Ethics and Standards of Professional Practice of the Appraisal Institute, and such peer review proceeding may result in termination of my Appraisal Institute membership, candidacy, and/or affiliation.

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