Real Estate News And Views

Realestatelicense.com has created this blog to keep you informed on recent real estate news, views, and topics. Real estate is a very dynamic field. Everyday there's something new and exciting happening in the world of real estate. Use this blog to stay on top of current real estate events, news, and views and support your real estate license and career. As a licensed real estate professional, you need to know this information.

Licensed Appraisers: Changes to Fannie Mae and Freddie Mac Codes of Conduct

In response to the current state of the real estate market, appraisal practices have come under scrutiny -- during the boom, appraisers routinely signed off on a doubling and tripling of home values. To prevent any further misconduct, Fannie Mae and Freddie Mac announced revisions to their Home Valuation Code of Conduct -- effective May 1, 2009.

Lenders that sell their loans to Fannie Mae and Freddie Mac will be required to follow new guidelines. The biggest change -- mortgage brokers and realtors will no longer be able to choose their own appraisers. Licensed appraisers will be selected by the lender. This will make the appraisal process more impartial, as lenders have no influence over appraisers. If lenders have their own in-house appraisers, the new code of conduct will prevent the loan-origination department from influencing the appraiser's decision or supervising their work.

If you are a licensed appraiser, you will most likely be affected by these upcoming appraisal changes. As Fannie Mae and Freddie Mac are such loan giants, the new code will affect most appraisers nationwide. Lenders who operate independently do not have to follow the new rules; however, the new code can serve to set a good example for the rest of the industry and aid in preventing another housing crisis. It can also provide more opportunities for today's appraisers -- all appraisers can equally vie for available jobs and create a higher standard for the industry in the process.

Labels: Accredited Real Estate School, Appraisal License, Real Estate Market

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Types of Appraisal Reports

The appraisal report is a detailed description of the process the appraiser used in estimating the value of a specific property. An appraiser collects market data and thoroughly analyzes it using industry-standard methods. Based on the analysis, a value is determined for the property and presented in an appraisal report.

Appraisal reports can take different forms depending on how the information will be used. However, each report includes standard sections and types of information -- this can include an introduction, factual descriptions, data analysis, the appraiser's opinions, and an addendum.

The appraisal report is designed to provide information to assist people making real estate decisions. They can be complex and include detailed analyses of market data and procedures for estimating value. The report should always provide information in a clear and effective manner.

Types of Appraisal Reports

Oral report -- This report is used when the client does not need a formal written report. It should include a description of the property and the facts, assumptions, conditions, and reasoning on which the conclusion is based. The appraiser should keep detailed notes and data providing written evidence of his or her analysis and conclusions.

Letter report -- This report usually contains the appraiser's investigations and analyses only. Certain items must be included, such as the certificate, property identification, valuation date, limiting conditions, indication of the contributions of others, and a statement of non-bias. Please note that use of the letter report is limited.

Letter-form appraisal report -- This report is primarily used by governmental and financial institutions. The form provides a clear-cut way to locate information and ensures that no item required in the review process is omitted. However, it restricts additional information, which must be introduced as a supplement.

Narrative report -- This report provides the most complete appraisal information and is the most commonly used by appraisers. It provides a thorough documentation of all reasoning and data in the appraisal process (within financially feasible constraints). The report includes four parts: introduction, factual descriptions, data analysis and appraiser's opinions, and addendum.

Whatever type of report the appraiser decides to use, he or she should ensure that all of the included information provides the client with an understanding of the basis for determining the value. The sections should be tied together and lead to a clear-cut, reason-based conclusion.

Labels: Appraisal License, Appraisal Report, Real Estate Appraisers

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$300 Package Discount -- Limited Time!

Take advantage of an opportunity to save $300 on Allied's Apparisal Licensing Package. This limited time offer is available from July 28, 2008 to August 1, 2008. Benefit from this savings and be one step closer to becoming a real estate appraiser. Call (800) 617-3513 for more information!

Labels: allied schools, Appraisal License, real estate agent training

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Meet USPAP Requirements Online

Once you complete your appraisal license course, you're one step closer to obtaining your license. So what's next? Meet your 15 hour USPAP requirement online.

USPAP, which stands for Uniform Standards of Professional Appraisal Practice, are the accepted standards for professional appraisal practice in North America. The USPAP course is a crucial part of an appraisal education because students gain an understanding about appraisal service standards for real estate, personal property and business. Plus the USPAP course isn't optional - it must be completed in order to become a licensed appraiser.

The Appraiser Qualifications Board's 2008 appraisal license regulations set higher educational standards than in past years. On one hand, this gives appraisal students a greater opportunity to master important details of their new profession. On the other hand, spending excess amounts of time in class can be tedious, not to mention unreasonable for those who juggle a job at the same time. That's why meeting your 15 hour USPAP requirement online is not only convenient, but smart.

In a class setting, the USPAP can be met within two days, but the classes will last approximately eight hours each. Eight hours of any given topic is rough and this learning style doesn't suit everyone. Online, you can break up the subjects and study them at your own pace in the comfort of your home whenever you choose.

When choosing your online USPAP course, make sure it's provided by an accredited online school with the proper credentials. Online schools with educational and technology support departments will help make your online experience a positive one. Another great benefit is that most online schools allow students to begin their course the same day they enroll.

Why travel in traffic and sit in a crowded classroom at a set time for hours-on-end? Find an online school and start working towards your new appraisal career today.

By Danielle Macklin, Allied Schools, www.realestatelicense.com

Labels: Appraisal License, uspap

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Top Reasons to Get Your Appraisal License Now

Now is the perfect time to start a career as a real estate appraiser. A licensed real estate appraiser is a necessary part of every real estate transaction. Each year, countless people buy, sell or refinance their homes. It is a flexible, challenging and vital career that enables you to build a solid future. There are new 2008 regulations approaching - take advantage of options that can lead you to your new career.

- Receive a complete appraisal education ahead of everyone else: A solid foundation is essential for success as a real estate appraiser -- a strong educational background can lead to a rewarding career. The new 150-hour educational requirements provide you with the tools to complete your appraisal training and pass the state exam. Meet your state appraisal requirements before the competition -- the 150 hours are available now!

- Partner with a quality mentor -- A quality mentor can help you fulfill your required hours and give you an advantage in your appraisal career. Make sure that you get paired with a qualified appraiser -- you'll receive valuable hands-on experience that prepares you to transition into a job.

- Be essential to the real estate market: Appraisal services are a vital part of the real estate process -- no home can be sold without an appraiser. You will play an integral role throughout the entire real estate field as a licensed real estate appraiser.

- Increase your opportunities with refinance appraisals: Even in a slow market, there is refinance activity -- your services will be in demand. When people refinance their home, a real estate appraisal is essential, providing an accurate value of the home.

- Start a challenging career: A real estate appraisal career is perfect for individuals looking for a stimulating and thought-provoking opportunity -- those that like to rise to the challenge.

- Enjoy a flexible schedule -- A career as a licensed appraiser affords you the opportunity to set your own schedule. You are not bound to a specific set of hours --arrange your appraisals at times that work for you. Enjoy flexibility in your life with a career that works around your schedule.

- Be your own boss: Imagine being in control of your appraisal career. That is what it's like to be a real estate appraiser. You are in business for yourself, with the ability to make decisions about your future. Marketing, managing and growing your business are all up to you -- you are in charge!

- Work out in the field: As a residential real estate appraiser, you can enjoy work in a variety of settings -- you aren't confined to a desk all day. Enjoy working outside and meeting new people on a daily basis.

- Have a different day, every day -- As an appraiser, each day is different -- you will appraise different houses in different neighborhoods and interact with different people. One day might be spent in the field, while the next is spent in the office preparing your reports. Enjoy a career that offers variety in your workday.

Labels: Appraisal License, real estate appraisal school, Real Estate Appraisers

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2008 Appraisal Courses Available Now!

With January 1, 2008 rapidly approaching, you might wonder about the new regulations and how this affects your appraisal education. At Allied, we've made it simple -- just enroll in the new 150-Hour Appraisal Licensing Package and get a head start on the new appraisal requirements.

The new 2008 AQB regulations require you to complete 150 hours of appraisal education before you can take the state appraisal license exam. The good news is that you can get started now -- and when the new regulations roll around, you'll be ahead of the competition.

You can meet your requirements with Allied's Appraisal Licensing Package. This all-inclusive package includes just what you need:

- 75-Hour Appraisal Licensing Course
- 15-Hour National USPAP Course
- NEW 30-Hour Real Estate Appraisal Sales Comparison Course
- NEW 15-Hour Real Estate Appraisal Market Analysis Course
- NEW 15-Hour Real Estate Appraisal Site Valuation and Cost Course
- State Exam Preparation Materials

The additional 60 hours of education will prepare you for your career as a licensed real estate appraiser. Learn about the most widely-used approaches to determine value for residential property; the theories and methods regarding proper collection and analysis of market data; and the process of determining a final value estimate using various cost approach applications.

You will receive the best package for the best available price -- with the additional 60 hours you need. Why should you enroll now? Because it is the perfect opportunity to start your education while others are waiting for January 1st to get started with their courses. You will have a leg-up when it comes to finishing your education first. That also means that you'll be ready sooner to start your hands-on training with a mentor.

The quality real estate appraisal courses will provide you with a solid foundation for your new career -- with the most up-to-date course materials available. With this package, there's no need to wait to start preparing for your appraisal career. Live student support, Allied's 110% Money Back Promise and industry-leading exam preparation materials will help you succeed.

Be the first to start and the first to get finished. Allied's New Appraisal Licensing Package has the materials you need to get ahead.

Labels: Appraisal License, appraiser career, real estate appraisal school

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