ASSOCIATE REAL ESTATE TRAINEE APPRAISER (75 Hrs)
To become a real property appraiser, you must first become an Associate Real Estate Trainee Appraiser is subject to direct supervision by an appraiser who is certified in good standing, and may appraise those properties that his or her supervising appraiser is permitted to appraise. If you are a trainee looking for a supervising appraiser, the supervising appraiser must be either a certified residential or certified general appraiser in good standing and not subject to any disciplinary action within the last two years that affect the supervising appraiser's legal eligibility to practice appraisal.
IL I National Uniform Standards of Professional Appraisal Practice (USPAP) Course 15 $325.00
IL 2 Basic Appraisal Principles 30 $450.00
IL 3 Basic Appraisal Procedures 30 $450.00
CERTIFIED RESIDENTIAL APPRAISER (200 Hrs)
In no fewer than 24 months and 2500 hours of experience, an Associate Real Estate Trainee Appraiser may upgrade to a Certified Residential Appraiser by successfully completing a total of 200 hours of state-approved course work (which includes the original 75 hours taken to receive the Associate Real Estate Trainee Appraisal license) and passing a state examination. The Certified Residential Appraiser candidate is solely responsible for his/her own work and can if they wish open their own appraisal company. Certified Residential Appraisers may appraise single family homes and 2-4 residential income units without regard to transaction value or complexity, as long as candidates meet the USPAP competency rules. If you wish to become a Certified Residential Appraiser, you must take the following 150 hrs of additional course work :
IL 4 Residential Market Analysis and Highest & Best Use
IL 5 Residential Site Valuation and Cost Approach
IL 6 Residential Sales Comparison and Income Approaches
IL 7 Residential Report Writing and Case Studies
IL 8 Advanced Residential Applications and Case Studies
IL 9 Real Estate, Statistics, Modeling and Finance
IL RE Mastering Unique and Complex Property Appraisals
TOTAL HOURS 125hrs $2875
CONTINUING EDUCATION COURSES
USPAP 7 hrs Credit $180.00
This one-day update course, copyrighted by The Appraisal Foundation, focuses on recent changes to USPAP requirements for ethical behavior and competent performance by appraisers. The course, which clarifies several commonly misunderstood aspects of USPAP, will aid appraisers in all areas of appraisal practice seeking updated competency in USPAP, including those subject to state licensing or certification and continuing education requirements imposed by professional organizations, client groups, or employers. NOTE: An appraiser must successfully complete the 7-hour USPAP Update Course every two years to meet the USPAP continuing education requirement.
The appraiser can take the 15-hour USPAP course, but it will only count for 7-hrs hours toward the Illinois continuing education requirement the 15-hour program will not meet the USPAP continuing education requirement.
Foreclosure and Short Sales - 7 hrs credit $125.00
Appraisers and other real estate professionals will gain insight into how foreclosures and short sales affect the appraisal process. Important appraisal report forms and other documents that real estate professionals need to be most familiar with are also covered in this course. New legislation and regulations developed in response to the real estate crisis are discussed as well as future concerns for appraisers
Mortgage Fraud- 7 hrs Credit -$125.00
Arm yourself with information! This course addresses one of the most important issues facing the housing industry and real estate market today. Mortgage fraud is one of the fastest growing white – collar crimes in the United States and a direct contributor to a foreclosure rate that has seen an all – time high. While it may seem that mortgage fraud affects only those directly involved in the scams, this is not the case. Consumers pay the ultimate high price with higher rates and fees for mortgage loans.
Appraising 2-4 Family and Multi Family Properties- 7 hrs Credit $125.00
This course begins with an overview of various physical and legal concerns when appraising a residential income property. The discussion continues with effectively performing and income and expense analysis, as well as applying valuation methodology and techniques for residential income properties. Finally, the appraiser will gain insightful knowledge of reporting the conclusions of a residential income property including regulations, guidelines, and prescribed reporting forms of major mortgage lending entities.
The FHA and VA Appraiser- 7 hrs Credit -$125.00
This course addresses the requirements both for becoming an FHA Roster Appraiser and a VA Fee Panel Appraiser. While providing an understanding of the historical and present needs for FHA and VA programs, its focus is on the most current FHA appraisal requirements – including inspection and reporting requirements, along with resources for continuing updates. General conduct and business practices are also discussed.