Review Theory - General

Description

Review Theory—General is the fundamental review course that all reviewers of assignments involving income-producing and other nonresidential properties should have in their educational background. It is a required course for individuals pursuing the Appraisal Institute General Review Designation (AI-GRS, Appraisal Institute General Review Specialist).

At the core of this course is the review process. Participants explore the seven steps outlined in this process as they apply to nonresidential properties. 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.

The material provides a refresher on key valuation skills often required of reviewers, such as measuring financial feasibility in highest and best use analysis and various applications of the income capitalization approach. In addition, the course covers reporting reviews for income-producing property and the use of commercial review report forms, narrative reports, and oral review reports. Participants will gain practice in writing a scope of work statement for three types of assignments. They will also develop a template for a narrative review report on a property type of their choice (office, retail, apartment, etc.). By taking this course, participants will gain invaluable confidence in the fundamentals of review.

Sponsor Date Location Delivery Format Check
State Approvals
 
Southern California Chapter May 15-19, 2023 Fullerton, CA Classroom  Check Register
Chicago Chapter October 23-27, 2023 Chicago, IL Classroom  Check Register
Appraisal Institute October 30 - November 9, 2023 Synchronous  Check Register

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

Objectives

  • 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

None. However, please note that this course was written for appraisers at the certified general level.

Exam

Yes, 3 hours

Level

Advanced

Appraisal Institute CE Points

Attend: 275 AI Points,  Attend and Pass Exam: 375 AI Points,  Pass Only: 100 AI Points

Class Time

30 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 financial calculator is required. The accepted model used in the program is the HP-12C. AI education programs that require a financial calculator are developed with HP-12C keystrokes; using this model is highly recommended.
  • You must be familiar with calculator operation when the program begins. Do not enroll expecting to be taught how to use a financial calculator.
  • For help with the HP-12C calculator, take our online seminar Using Your HP-12C Financial Calculator.
  • HP-12C calculator User’s Manual.

System Requirements

Classroom & Synchronous
A laptop computer is required. Word processing software must be installed and operational. This course includes writing exercises.

Synchronous

Live Online Education FAQ

A laptop computer is required. Word processing software must be installed and operational. This course includes writing exercises.

Additional Information

Classroom & Synchronous

Course Materials Include:

  • Course Handbook (431 pp.)
  • Suggested Solutions (172 pp.)
  • Pre-Class Downloads (3 MB)
  • Pre-Class Memo (1 p.)

Designated Members, Candidates for Designation, and Practicing Affiliates will receive the discounted AI Price for Advanced Education courses: Review Theory—General and Review Case Studies—General. All others will pay full price.

Review Theory—General is required for individuals pursuing the Appraisal Institute General Review Designation (AI-GRS – Appraisal Institute – General Review Specialist). For more information regarding the requirements for the review designation, please click here.

If you are currently designated, view for 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 (431 pp.)
  • Suggested Solutions (172 pp.)
  • Pre-Class Downloads (3 MB)
  • Pre-Class Memo (1 p.) 
Designated Members, Candidates for Designation, and Practicing Affiliates will receive the discounted AI Price for Advanced Education courses: Review Theory—General and Review Case Studies—General. All others will pay full price.
 
Review Theory—General is required for individuals pursuing the Appraisal Institute General Review Designation (AI-GRS – Appraisal Institute – General Review Specialist). For more information regarding the requirements for the review designation, please click here.

If you are currently designated, view for 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.


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