Understanding the Condominium Appraisal - 6 hours Appraiser and 2 hours Realtor CE - Course 7-430

The 1073 and 1075 Individual Condominium report forms require UAD compliance. As real estate professionals, be sure you have the requisite knowledge to understand and/or complete these forms and all of their required individual unit and project addendums!

Expand your knowledge and proficiency! There are significant differences between Condominium and Fee Simple ownership resulting in complexities that must be understood by the appraiser in order to produce a credible analysis and report. Real Estate professionals willl also benefit from obtaining a thorough understanding of how to interpret these forms, including all relevant data, and addendums. The seminar specifically covers UAD compliance of the 1073 and 1075 condominium appraisal forms.

This course will

• provide a step by step review of the use and completion of the 1073 and 1075 Individual Condominium Unit Appraisal Reports
• discuss inspection techniques and available data sources
• pay particular attention to the preliminary analysis, data selection and collection relative to the Sales Comparison Approach
• review UAD and USPAP reporting requirements

It also covers a thorough review of all relevant data and addenda, including

• project site and information
• analysis of the condominium budget
• analysis of the annual project income and expense operating budget
• analysis of the operating income statement
• analysis of replacement reserves schedule
• single family comparable rent schedule
• Market Conditions form
• Specific Conditions form for existing construction (item 26, VA Form 26-1043)

Practical application that can be applied in the field upon completion of the class is augmented through the use of a number of case studies taken from actual appraisal assignments.

Samples of completed forms and addenda will be provided for future reference.

Instructor: Coleen Morrison, IFA, has been appraising for more than 32years and became a Certified National Instructor for NAIFA in 1988. She has written several texts for NAIFA, including Basic Residential HUD Appraisal Requirements, HUD Review Requirements, and 203K Program-Mortgage and Appraisal Procedures. In addition, she has taught a State Appraisal Exam review course at Prince Georges Community College.

Coleen has been teaching and developing courses for the Maryland Association of Appraisers for more than twenty years and is continually helping to implement new courses based on the students' interests.

Dates: 08/23/11 - 08/23/11  Time: 9:00 am - 4:00 pm

Location: Location E - Harford Community College - Main Campus