Appraisal of Manufactured Homes

Some AI educational programs may not be approved in every state.

To register for this program, go to the bottom of the page.



Who should enroll Residential appraisers and reviewers who are currently working in the secondary market lending space: appraisals for loans that are ultimately purchased by Freddie Mac, FHA, VA, USDA, or Fannie Mae
Description

This 7.5-hour course, developed in collaboration with Freddie Mac, provides an in-depth look into preparing appraisals for traditional manufactured homes plus insight into CHOICEHomeSM—the new type of high-quality manufactured homes that are built to HUD code but developed with site-built features. You’ll learn how to meet the specific requirements of Freddie Mac, the Federal Housing Authority (FHA), Veteran’s Administration (VA), United States Department of Agriculture (USDA), and Fannie Mae using a new, ground-breaking tool—the Manufactured Home Quality Rating Worksheet, which is consistent with the Marshall & Swift®—CoreLogic Residential Cost Handbook and the Uniform Appraisal Dataset (UAD).


The course begins with a thorough review of existing manufactured housing products then delves into CHOICEHomeSM, a new accessible, affordable addition to America’s housing stock. To apply elementary and complex techniques used in the cost and the sales comparison approaches, you’ll work through a case study of these homes to develop a credible appraisal report.
 

Objectives
  • Identify the multiple types of factory-built housing including manufactured home, Next Generation manufactured home, modular home, and panelized home.
  • Recognize the distinctive construction qualities of manufactured homes and how they differ from site-built homes.
  • Understand the specific secondary market appraisal requirements of Freddie Mac, FHA, USDA, VA, and Fannie Mae.
  • Understand proper data collection techniques for manufactured housing.
  • Develop an overall quality rating for manufactured homes using the Manufactured Home Quality Rating Worksheet.
  • Report accurate results of a manufactured housing appraisal on a Freddie Mac Form 70B (FNMA form 1004C).
  • Develop the cost approach for both a manufactured home and a Next Generation manufactured home using the Marshall & Swift®—CoreLogic Residential Cost Handbook.
  • Use the sales comparison approach for a manufactured home appraisal and apply new techniques when appraising a Next Generation manufactured home.
Prerequisites
  • Licensed and Certified Residential or Certified General
  • Working knowledge of the Marshall & Swift®—CoreLogic Residential Cost Handbook


Click below for details of state approval hours for this program

Program State Approvals
  • Attended Only:

    35.00
  • Attended Only:

    35.00
  • Attended Only:

    35.00
  • Attend and Pass Exam:

    40.00
  • Attend and Pass Exam:

    40.00
  • Attend and Pass Exam:

    40.00
  • Pass Exam Only:

    5.00
  • Pass Exam Only:

    5.00
  • Pass Exam Only:

    5.00
7.5 Hours
90
Yes. To maximize your learning experience, it is important that you read and review the case study for this course.
  • For the classroom version, you should read the case study before you come to class.
  • For the online version, you should read the case study when you begin the online material.  Links to the case study are provided at the beginning of the course.
  
Classroom Version Note. If you selected the download materials option on the Appraisal Institute website, please make sure that you have downloaded the course handbook, solutions booklet, and the two work files before you come to class.
 
Online Version Note. Participants must complete mandatory assignments and exercises in the program. Feedback will be at the discretion of the instructor. If you have questions or would like to request specific comments on your submitted assignment or exercise, please contact the instructor. Please allow up to 5 days for the instructor to reply to your review request.
Yes
1
Intermediate
  • 4-function calculator
  • Bringing a PRINT copy of the materials to class (rather than the download) will enhance your learning experience
 
  • 4-function calculator
  • 4-function calculator
  • Bringing a PRINT copy of the materials to class (rather than the download) will enhance your learning experience
 
None specified Online Education System Requirements Synchronous Requirements

Course Materials Include:

  • Course Handbook (315 pp.)
  • Pre-Class Downloads (1.4 KB)
  • Pre-Class Assignment (1 p.)
  • Opt Out Form (2 pp.)  

 

Important! You may want to consider ordering print materials for this seminar, or simply print all materials on your own and bring them to class. Having print copies of the materials will enhance the learning experience for this seminar.
This program is made possible through collaboration with Freddie Mac.
 

 

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.

Exam:
This course contains a proctored, offline exam that may be required for credit in some states. Please contact your individual state(s) for specific exam requirements. You will have 180 days from the time that you complete the course to take the proctored, offline exam. Testing center locations in your area can be found by clicking on this link:www.pearsonvue.com/ai.
Exam 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
Please see Online Education Frequently Asked Questions for more information on how online education works, how to login, refund and cancellation policies, and more.


Classroom Offerings

No offerings at this time

Synchronous Offerings

No offerings at this time

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