Reviewing Residential Appraisals and Using Fannie Mae Form 2000

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Who should enroll
  • Real property appraisers
  • Loan underwriters
  • Lender quality control persons
  • Some investors
Description
This seminar presents key information for residential appraisers who review reports or would like to learn about this type of work. It provides tips on where to find and confirm data presented in reports, ways to better understand the needs of clients who order appraisal reviews, and instructions on how to complete the various appraisal review forms.
 
Knowledge of the Uniform Standards of Professional Appraisal Practice (USPAP) is a large part of any appraiser’s practice and it will be part of this material as well. It is not the intent of this material to present a USPAP course, but any discussion of the review appraisal function will include a discussion of the rules to follow. There will be links to The Appraisal Foundation where the current document can be found. In USPAP, Standards 3 and 4 address review work.
 

This material will focus on a line-by-line discussion of the Fannie Mae Form 2000, the One-Unit Residential Appraisal Field Review Report, which is used to present a single-unit residential appraisal review report, and Fannie Mae Form 1004, the Uniform Residential Appraisal Report (URAR), which is used to report most residential appraisals. This discussion includes tips on where to research or confirm the data and identifies some possible areas where review appraisers may need to focus.

 

Objectives
  • Discuss the logic of residential real estate form appraisal reports.
  • Identify possible ways to complete the various appraisal review forms.
  • Identify issues and sources that can be used to confirm data presented in appraisal reports and find other relevant data needed for an appraisal analysis.     
  • Identify the concerns and needs of clients who order appraisal reviews.
  • Discuss ways to meet the needs of clients in appraisal review assignments.
  • Evaluate the appraisal process, the review process, and the data confirmation process.
  • Identify areas where review appraisers can use the actual forms to support the requirements and the scope of work required by appraisers.
  • Identify data sources to find support for a conclusion in the review process.
  • Discuss applications of USPAP in the residential appraisal review process.
  • Identify USPAP issues that apply to residential appraisal reports and may become exposed during the review process.
Prerequisites This seminar is suitable for novice as well as advanced appraisers who review residential appraisals. Some familiarity with the various residential appraisal report forms is highly recommended.


Refer to this page for details of state approval hours for this course.

  • Attended Only:

    35
  • Attended Only:

    35
  • Attended Only:

    35
7 hours
90
No
No
N/A
Intermediate
Classroom Recommendations and Requirements Synchronous Recommendations and Requirents
Classroom Requirements

Online Education FAQ

Synchronous Requirements
None specified

Online Course Access
Go to www.appraisalinstitute.org and log in with the username and password you used when you registered. Click on the red “My Account” button if you are not automatically taken to your account page.
1. Click "Education and Events" on the right navigation menu.
2. Find the course under the “Online Courses” heading and click the “Begin” button.
IMPORTANT NOTE: Once this button is clicked, your access length time (e.g. 90 days) will begin. Only click when you intend to start the course. If you are returning, once you have started the course, click the “Continue” button to continue.

Other Details
For information about how on demand online education programs work, registration and cancellation policies, and other details, see our On Demand Online Education Frequently Asked Questions.



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Synchronous Offerings

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