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Chapter 13_update_1 - Chapter 13 Real Estate Appraising Hua...

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Chapter 13: Real Estate Appraising Hua Sun Department of Accounting and Finance California State University, San Bernardino March 12, 2009 Hua Sun (CSUSB) Real Estate Appraising March 12, 2009 1 / 26
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Final Exam: Tentative Coverage: Chapter 8 to Chapter 15 only Format I Section 1: Multiple-Choice: 100 questions, covers Chapter 8 to Chapter 15, 200 points I Section 2: Discussion: 5 questions, 40 points each, 200 in total F 1: Chapter 8: Financing real estate F 2: Chapter 9: Government-sponsored Financing F 3: Chapter 10: Escrow and title insurance F 4: Chapter 11: Real estate taxation F 5: Chapter 12: Landlord and tenant F Some questions may require simple calculation. I Bonus quiz on March 19? (Chapter 14 and 15) F 25 multiple-choice, 50 points. Hua Sun (CSUSB) Real Estate Appraising March 12, 2009 2 / 26
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Real Estate Appraising Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA) requires that, as of January 1, 1993, all property appraisals that are part of FEDERALLY RELATED TRANSACTIONS (when the property is above a minimum value) must be performed by state licensed or certified appraisers What is FEDERALLY RELATED TRANSACTIONS? I Any real estate related financial transaction involving or identified as such by a federal institution’s regulatory agency I Includes all loans made by federally chartered banks and savings and loans Hua Sun (CSUSB) Real Estate Appraising March 12, 2009 3 / 26
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California Appraisers Office of Real Estate Appraisers issues four types of credentials: I Trainee license (No degree requirement, supervision required) F Must complete 150 classroom hours of instruction F No prior experience in appraising required I Residential license (No degree requirement) F Must complete 150 classroom hours of instruction F 2,000 hours of acceptable appraisal experience required F Up to $1 million for non-complex 1-to-4 unit residential F Up to $250,000 for nonresidential and complex 1-to-4 unit residential I Certified residential (Associate degree or 21 semester units) F Must complete 200 classroom hours of instruction F 2,500 hours of acceptable appraisal experience required F No limit on residential F Up to $250,000 for nonresidential I Certified general (Bachelor’s degree or 30 semester units) F Must complete 300 classroom hours of instruction F 3,000 hours of acceptable appraisal experience required F Unlimited
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Definition of Appraisal A real estate appraisal is the appraiser’s estimate of a property’s monetary value on the open market An appraisal is both the process of estimating value, and the written report of value Largest appraisal trade association is Appraisal Institute, found at www.appraisalinstitute.org.
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