This seminar was developed for residential appraisers who wish to enhance their understanding and improve their abilities in the appraisal of condominiums, cooperatives, and Planned Unit Developments (PUD’s). Its purpose is to provide appraisers with an in-depth look at these forms of ownership and to facilitate the application of the information in a practical manner.
For appraisers with limited backgrounds in appraising these property types, this class provides a foundation for accurate and thorough observation and reporting procedures. For appraisers who are already familiar with appraising these types of properties, this seminar provides a comprehensive review and a means of remaining current on the latest terminology and techniques.
Another benefit is that three chapters focus on the proper implementation of the Fannie Mae and Freddie Mac forms (1073, 2090, and 1004) that are required for reporting lending assignments on these property types. This seminar assumes familiarity with the URAR form changes, detailed in our class, "The Professional's Guide to the URAR."
Module 1: Overview
Module 2: Condominiums
Module 3: Condominium Appraisal Form
Module 4: Cooperatives
Module 5: Cooperative Appraisal Form
Module 6: Planned Unit Developments
Distinguish between condominiums, cooperatives and PUDs.
Relate how condominiums are governed and recognize typical documents.
Recognize recent trends in condo construction and specialized types of condos.
Demonstrate how to properly complete the condo appraisal forms.
Define the characteristics of cooperative ownership and how they are governed.
Relate the specific financial attributes of cooperative ownership and aspects of financing individual units.
Demonstrate how to properly complete the co-op appraisal forms.
Relate the history and characteristics of PUDs.
Demonstrate how to properly complete the PUD Section of the 1004/70.
AI CE Credit for Designated Members
This program is approved for 1 hour of Appraisal Institute CE credit for every hour taken.