Non-Lending Appraisal Assignments
7 Hours CE: $126
OREP Members Save 10%
Presented by: Joshua Walitt
We’ve all heard the advice “Don’t put all your eggs in one basket.” The same can be said for a professional appraisal practice: Don’t perform only one type of appraisal work for only one type of client. In many cases, appraisers – both residential and general commercial – provide merely one type of appraisal: appraisals for lending clients. However, appraisers can expand their appraisal practice by offering other types of appraisal services. By diversifying their practices, appraisers strengthen their technical skills, increase the quality of their written and oral reports, ensure a better understanding of appraisal work, and lessen their reliance on one sector or type of client.
“Non-Lending Appraisal Assignments” walks appraisers through the possibilities and requirements of non-lender appraisal work, including tax rebuttal, pre-purchase, pre-listing, divorce, estate, and IRS-related work. Students explore the components necessary for private appraisal work, including forms and narrative. USPAP is examined as the minimum foundation for the development and reporting of the appraisals, and students learn supplemental requirements that are unique to various types of private appraisal work. General best practices are also emphasized, to ensure the best work product. General requirements are presented, applicable to most or all appraisal types; specific needs of various types of work are also emphasized throughout units in the course.
The course ensures appraisers are exposed to the whole experience: the first phone call with the client, additional client discussions to collect necessary assignment elements, the inspection, and the unique aspects of the development and reporting steps for various private appraisal types. The appraiser student will create his or her own unique engagement letter, appropriate for collecting the required details of an assignment, as well as additional items that help an appraiser proactively avoid pitfalls often associated with private work. From a technical standpoint, appraisers will leave the course having a better understanding of techniques characteristic of strong appraisal work, the varying level of detail for different types of appraisals based on the intended use, as well as how to strengthen their appraisal writing processes for any appraisal.