Reviewing Residential Appraisals and Using Fannie Mae Form 2000

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. While USPAP will be addressed, this isn’t a UPAP seminar. 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.

 

 

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• Real property appraisers
• Loan underwriters
• Lender quality control persons
• Some investors

• 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.

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.

No Exam

Intermediate

Attend: 35 AI Points

7 hours

No

Online Syllabus

• 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.
• Free Review: Using a Financial Calculator: Formulas, Symbols, Math Review, and Sample Problems; and Financial Calculator Practice Exercises.
• For additional help with the HP-12C calculator, take our online seminar Using Your HP-12C Financial Calculator.
• HP-12C calculator User’s Manual.

Online Education FAQ

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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