The purpose of this course is to provide insight into the residential appraisal process. Lenders are required to obtain an appraisal, prepared by an impartial and unbiased appraiser, and use it in assessing the accuracy of property values. Attendees will gain the knowledge to understand the definition of a credible appraisal, the appraisal process, elements of a credible appraisal, the importance of appraiser independence, and how to proceed if the property does not appraise for the estimated value and how to proceed if it’s determined that a correction needs to be made to the appraisal report.
The license holder will gain understanding about current appraisal processes and learn how differentiate between a true appraisal, Broker Price Opinions (BPO) and Comparative Market Analyses (CMA). Understanding the BPO and CMA are not the same as an appraisal and do not serve the same purpose.