NY Appraisal Institute revamps ed offerings.
According to current Chapter President Anthony F. Fasanella, SRPA, SRA, as of January, 1993, the Appraisal Institute's courses have been totally revamped and upgraded. This was done not only to keep in step with current appraisal practice, but also to more closely conform with state licensing and certification programs thereby facilitating that process for those just entering the field. The institute's courses are open not only to the organization's designated members and its candidates and affiliates, Fasanella said, but also to state accredited appraisers and others in the real estate field who require continuing education credit as part of their license renewal requirements.
As of January, 1993, courses at the Appraisal Institute have been divided into Level I and Level II for both state licensure requirements, and for the awarding of the MAI or SRA professional designation. Under the New York State program, courses R1 and R2 or their equivalents, and Uniformed Standards of Professional Appraisal Practice (USPAP) meet the education requirements for the Residential Appraiser's license. The addition of Course R3 or its equivalent upgrades the license to a Residential Certification. Both of these licenses permit an appraiser to value one-to four-family dwellings, with a cap of just under $1 million for the Residential License. The education requirements for the General Certification include courses R1, R2, G1, G2, G3 and USPAP. This certification allows an appraiser to value all types of properties including residential.
New York State requires that all of the courses Within the three programs be taken sequentially, with 90 percent minimum attendance, and a minimum passing grade of 75 percent. In addition, as mandated by New York State regulations, the Chapter's teaching staff is state certified as well as Appraisal Institute trained and approved.
The following is a schedule of Appraisal Institute courses which are equivalent to the required courses within New York State's curriculum.
110 Appraisal Principles -- 39 hours with exam; required for SRA and MAI; R1 New York State Equivalency 120 Appraisal Procedures -- 39 hours; required for SRA and MAI, R2 New York State Equivalency 210 Residential Case Study -- 39 hours; required for SRA, not MAI; R3 New York State Equivalency 310 Basic Income Capitalization -- 39 hours; not required for SRA, required for MAI; G1 New York State Equivalency 320 General Applications -- 39 hours; not required for SRA, required for MAI; G2 New York State Equivalency 410 Standards of Professional Practice-Part A (USPAP) -- 16 hours; required for SRA and MAI; E/S New York State Equivalency
420 Standards of Professional Practice-Part B -- 11 hours; required for SRA and MAI; n/a New York State Equivalency 500 Advanced Residential Form & Narrative Report Writing -- 40 hours; required for SRA; n/a New York State Equivalency 510 Advanced Income Capitalization -- 40 hours; required for MAI; G3* New York State Equivalency 520 Highest and Best Use & Market Analysis -- 40 hours; required for MAI; n/a New York State Equivalency 530 Advanced Sales Comparison & Cost Approaches -- 40 hours; required for MAI; n/a New York State Equivalency 540 Report Writing and Valuation Analysis -- 40 hours; required for MAI; G3 * New York State Equivalency 550 Advanced Applications -- 40 hours; required for MAI; G3 * New York State Equivalency
* Any one of these courses will satisfy the G3 state requirement.
The remainder of the Level II courses are required by the Appraisal Institute so that candidates may complete the education portion of their designation program.
This past spring, the Metropolitan New York Chapter began the curriculum. For the Fall, the Chapter plans to continue with Level I courses, and will also offer Course 510. The Level 11 courses are scheduled for the Spring 1994 semester.
After its summer hiatus, the Metropolitan New York Chapter will resume its regular schedule of monthly meetings beginning Thursday, Sept. 9, 1993, and as always this should provide an interesting variety of absorbing topics and speakers. The September speaker will be Abraham Gulkowitz, the chief economist and a managing director of Bankers Trust Company, and also a former associate of Alan Greenspan. Those wishing to attend chapter meetings, or who would like to obtain either information or registration forms for course offerings, may contact Metropolitan New York's Executive Secretary Mrs. Connie Puccio, at the Chapter's Manhattan office, 155 East 42nd Street, Suite 305, New York, New York 10017, (212) 490-0513 or fax (212) 697-8925.
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|Title Annotation:||Career Development; New York Chapter of the Appraisal Institute upgrades course offerings|
|Author:||Fasanelli, Anthony F.|
|Publication:||Real Estate Weekly|
|Date:||Aug 18, 1993|
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