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The purpose of this continuing education course is to provide real estate licensees, working with owner occupied residential properties, an understanding of how to use the Uniform Residential Appraisal Report ("URAR"), also known as Fannie Mae Form 1004 and Freddie Mac Form 70 as a tool for their client.
The intended result of taking this course is for a licensee to be able to understand and to be able to explain the real estate appraisal to their clients, to understand the appraisal process, and to understand the relevance of the appraisal to the real estate transaction. If the appraisal is not accurately reflecting the real estate licenses opinion as to the market value of a home, to provide a process whereby the appraisal might be revised.
Table of Contents
- Unit I - Introduction
- Unit II - Overview
Including: Appraisal Process, Appraisal Data and Appraisal Time
- Unit III - Appraisal Standards
Regulatory Environment for Appraisals and Appraisers
- Unit IV - Appraisal Reviews
- Unit V - Complaints
Process for and handling of complaints against an appraiser
- Unit VI - Understanding URAR
Detailed information into each section of the URAR
- Unit VII - Insufficient Value
What to do if an appraisal is below the value required for a transaction.
The course contains numerous multiple choice quizzes, and is completed with a multiple choice exam.
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