AR201 Appraisal Review & Management Overview & Development
- Registration Closed
Course Description
This course focuses on the overview and development of an appraisal review report and features an in depth understanding of the Uniform Standards of Professional Appraisal Practice (USPAP) that governs the appraisal review and management profession.
This course compares, contrasts, interprets, and explains the development of valuation review practices, discusses case illustrations, and the application of appraisal review standards. This course covers narrative appraisal review report writing as an argument, including a professional review report paradigm, and also incorporates discussion about appraisal review report examples. Participants will explore the scope of work for an appraisal review assignment to conclude credible assignment results, reviewer competency, and ethics. Other accepted appraisal standards are also presented and discussed. Students successfully completing this course will be able to advance to additional ARM POV courses.
Instructional Methods
AR201 immerses participants in the learning process with a discussion-based curriculum that includes group involvement and asynchronous learning with limited lecture. This course offers appraisal review methodology and standard of care practices by utilizing redacted reports from all appraisal disciplines.
Course Audience
AR201 is the introductory Principle of Valuation (POV) course in the 4-course series (AR201-AR204) for those seeking the AM or ASA designation in Appraisal Review. This course is also the first of two classes (AR201 and AR204) needed for ASA credential holders who wish to obtain the ARM Speciality Designation within their discipline.
AR201 also serves as the first of two required courses (AR201 and AR204) for attorneys, lenders, and other non-appraiser professionals who are interested in earning an ARM Certificate of Completion.
Students seeking the AM or ASA designation need to take the POV courses in order starting with 201 and ending with 204. Those seeking the ARM Specialty Designation or the ARM Certificated of Completion need to take 201 followed by 204.
Course Requirements
Participants must purchase and have available in class the current edition of USPAP and one (1) redacted appraisal report authored by another appraiser in their discipline.
Learning Level
Fundamental
Continuing Education and Contact Hours
28.8 ASA CE Instructional Hours and 3 Exam Hours
Learning Outcomes
Upon completion of this course, students will be able to:
- Understand why appraisal reviews are performed and for whom;
- List the most common errors in appraisal reports and organize them into the major categories;
- Compare the current understanding of appraisal review to the industry standard definition;
- Analyze the Ethics Rule for its key components of impartiality, objectivity, and independence, compared it to Standard Rule 3-1 and list the consequences of violating them as an appraisal reviewer;
- Analyze the Competency Rule for its key components and list the consequences of violating them as an appraisal reviewer;
- Analyze the Scope of Work (SoW) Rule for its key components, Standard 3-2 and list the consequences of violating them as an appraisal reviewer;
- Critically apply the key components of Standard 3-3 a, b.9;
- Contrast the practical applications of preparing an appraisal review with an opinion of value to an appraisal review without an opinion of value;
- Examine the structural difference between the IVS and USPAP standards;
- Critically analyze the differences between Rules and Principles;
- Outline the fundamental differences between USPAP and IVS;
- Analyze the structure of SSVS vs SVP and the difference between principles-based and rules-based standards;
- Critically examine how to review an appraisal report that has not been prepared based upon any standards;
- Identify the inappropriate use of standards;
- Differentiate between the Code of Ethics used by ASA and other associations;
- Identify flaws of logic common to appraisal reports;
- Compare and contrast examples of results that are credible and those that are not;
- Utilize the IRAC format to begin the appraisal review report writing process;
- Utilize CRAC format when performing a review;
- Analyze what is required to earn the different ARM designations and how it may benefit them professionally; and
- Summarize the key elements of the class by task.
Important Class Information
Tuesday, April 26, 2022 - Friday, April 29, 2022 (Friday is exam only)
10am - 6pm Eastern US
AR201 is being presented online via Zoom and will be taught by a live instructor over the course of three days with an exam on the fourth day. Students will meet virtually with the instructor over the internet and will engage in discussions, exercises, and post-session assignments.
ASA-accredited members (AM, ASA, FASA) who would like to attend this class will receive a 50% discount. Pricing reflected at checkout.
Class Registration Includes
- One registrant log-in to the live sessions
- Electronic student materials
All course materials included with your registration are PDF Download Only items made available to students prior to the start of the class and are not for resale or distribution. All downloadable materials are accessible via your ASA profile in ASA Central (login required). Once eMaterials have been posted for download, the class is no longer refundable.
Class Schedule (All times listed in Eastern US)
Session 1 - Tuesday, April 26 - 10:00am - 6:00pm
Session 2 - Wednesday, April 27 - 10:00am - 6:00pm
Session 3 - Thursday, April 28 - 10:00am - 6:00pm
Session 4 - Friday, April 29 - 10:00am - 1:00pm
Please note: Partial credit will not be awarded for this offering. Students must participate in four (4) live online sessions to complete the course and receive full credit. The sessions will not be recorded and/or made available after the class.
Class Agenda
Day 1
- Instructor and Student Introductions
- Course Introduction
- History of Appraisal Review
- Introduction to Professional Appraisal Review
- The Concept of Standards as a Measure of Quality
- Rule Based versus Principle Based Standards
- Narrative Appraisal Report Writing as Argument
- Discussion of Daubert Expert Testimony Rule
- How Appraisal Standards were/are Established
- Presentation and Discussion of the Myriad of Appraisal Standards
- USPAP as the American Appraisal Standards
Day 2
- Compare, Contrast Standards USPAP, IVS, AICPA, ASA BV/PP, AI, CBA, MRIC
- Concepts of Appraisal Standards Enforcement
- U.S. Federal Statutes and Regulations
- State Statutes and Regulation
- Peer Review Committee Actions
- Civil Law Suits
- Appraisal Review as Police Action
- Meaning and Interpretation of Appraisal Standards Parsing - the pulling apart of a rule
- Canons of Construction, Exposure Drafts
- Homework Assignment Parsing a USPAP and IVS Standard
Day 3
- Go Over Homework –Parsing a Rule
- Introduction to the Appraisal Review Paradigm
- Introduction to an Appraisal Review Report Hands-on Review
- Real Property Report
- Personal Property Report
- Business Valuation Report
- Course Review/Exam Prep
Day 4
- Exam
Prerequisites
Professionals seeking the Accredited Member (AM) or Accredited Senior Appraiser (ASA) designation in Appraisal Review & Management:
AR201 is the introductory Principle of Valuation (POV) course in the four (4) course POV series and must be successfully completed before taking any other ARM POV courses. After successfully completing the AR201 course, AR202- AR204 may be taken in any order.
Current ASA credential holders who wish to additionally accredit with another ASA in Appraisal Review & Management:
AR201 is the first of two (2) required courses, AR201 and AR204, and must be successfully completed prior to taking AR204.
Non-appraisal professionals seeking the ARM Certificate of Completion:
AR201 is the first of two (2) required courses, AR201 and AR204, and must be successfully completed prior to taking AR204.
Professionals only taking ARM POV classes for continuing education purposes (not for a designation, additional designation, or certification of completion):
ARM POV courses may be taken in any order. You will need to call ASA Headquarters at 800-272-8258 to register over the phone in order to bypass online prerequisite screening.
State Approvals
ASA has received approval from the following states for up to 27 hours of continuing education credit for the in-person course. Please note - some states may not accept all 27 hours. Contact your state appraiser real estate appraisal board for more information.
CA - expires 8/7/2022
NH - expires 7/11/2022
Barry Shea (Moderator)
Barry Shea, ASA, IFA, ARM has been appraising real property since 1987 and has held the IFA designation from the former NAIFA (now part of ASA) since 1997. In 2018, he was awarded the Accredited Senior Appraiser designation by the American Society of Appraisers (ASA) and in 2020, ASA awarded him the Appraisal Review and Management (ARM) designation. He has previously served as a Regional Governor for the New England states for NAIFA, president of NAIFA's New Hampshire Chapter and as a National Director. In addition, Shea is the past chair of the association’s Regulatory Issues Task Force. He was the NAIFA member representative to the Educational Council of Appraisal Foundation Sponsors (ECAFS) for 2001 through 2004. He served as the NAIFA representative to The Appraisal Foundation Advisory Council (TAFAC) from 2001 through 2008 and was the 2005 chair of that council. From 2009 through 2016 he served as a member of the Appraisal Standards Board of the Appraisal Foundation including three years as the Board’s chair. Currently, Shea serves as The Appraisal Foundation’s trustee for the International Ethics Standards Coalition (IESC) and is currently chair of the Coalition. Shea is also an affiliate member of the Lakes Region Board of REALTORS. He has also been an AQB Certified USPAP Instructor since 2002 and has served as an instructor for that program’s Instructor Certification Course several times since 2009.
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