The Appraisal Institute Demnstration Report評價(jià)所論證報(bào)告

1、the appraisal institute demonstration reportgeneral and residential 2a presentation designed to take the“demon”out of demonstration reports.3the “demo” defined:na demonstration appraisal report is the most complete presentation of a property appraisal that an individual can produce given the limits

2、of the individuals abilities, and the market evidence available at the time. 4what initial advice would you offer to someone who is contemplating writing a demonstration appraisal report?first, obtain and read:a guide to demonstration appraisal reporting: residential,or,the official guide to demonst

3、ration appraisal reporting: general.5you will learn not only how to tell time, buthow to build the watch!6 nwriting a demo provides life long tools for our professional appraisal careers!nthe demonstration report requires a significant commitment of time and energy.7the most important step in prepar

4、ing a demonstration appraisal report is the selection of a subject property.you get to pick thesubject property! 8 the demo is an open bookexamination!9to choose the correct subject property:nfocus on a familiar property type.nmake sure to keep the problem simple.npick a neighborhood with ample data

5、.nselect the subject property last.10properties that cannot be the subject of a demo report:na property that is used in a real property course, clinics, seminars, or practicum.na property that is involved in litigation.11similarities of general and residential demos:1.both must comply with appraisal

6、 institute standards of professional practice.2.both must be completed by the associate “without assistance”.3.both must report appraisals of “market value”.4.both require that statements be justified, conclusions be supported, and evidence be documented.(cont.)12similarities of general and resident

7、ial demos:5.both must have effective dates of value within five (5) calendar years of the submission date.(dont forget about retrospective value opinion requirements. ) 6.both must have subject building improvements with incurable physical deterioration. (cont.)13similarities of general and resident

8、ial demos:7.both must include application of breakdown depreciation.8.both have re-grade and revise/resubmit opportunities if the initial submission does not pass.9.both have alternatives to a traditional demonstration report.we will cover the residential first, then the general.14available resident

9、ial demo reports and alternatives:ntraditional appraisal report(1 - 4 unit residential property)nmodular demonstration of knowledge appraisal report(1 4 unit residential property)neducation package alternative15traditional residential demo report:a.full narrative reporting style b.subject property m

10、ust suffer from at least one form of obsolescence, as well as curable and incurable physical deterioration.c.must report development of all three approaches to value.d.must include two methods of accrued depreciation, one of which must be the breakdown method.16modular residential demo report:four m

11、odules must be completed. they are:1) sales comparison module;2) income module;3) cost approach module; and,4) assessment module - overall assessment of residential valuation knowledge (locally proctored test). recommended that at least 2 different residential property types be used within the 3 wri

12、tten modules.the modules may be completed in any order. 17dual credit demo residential /general:na residential associate may complete a traditional demo report on a residential property with five (5) or more units in an attempt to gain both residential and general demo report credit.nthe report is c

13、ompleted under traditional demo report guidelines, and graded by a general demo grader.nif passed, the report counts for residential demo credit, and can later be used for general demo credit.nthis requires notice to national office by the associate at the time the original report is submitted for g

14、rading. 18education package alternative -45 classroom hours:nsuccessful completion of the two course package, including examinations, meets 2008 qualifying education requirements of the aqb for certified residential appraisers.nadvanced residential applications & case studies/part 1 15 classroom

15、 hours including examinationnadvanced residential report writing/part 2 30 classroom hours including examination(cont.)19education package alternative - 45 classroom hours:nthe package is intense, and designed to teach the same learning points for technical appraisal and report writing skills as the

16、 residential demo report.nthe package will require one full week time commitment (two full days, one day off, then four full days).npart 1 must be taken prior to part 2.nparts should be taken back-to-back.(cont.)20education package alternative - 45 classroom hours:nno research is necessary prior to

17、attending, but homework assignments must be completed for submission during the courses.npackage offerings are scheduled nationwide for 2009. ncheck for details.21important!if you have been an active residential associate member prior to january 1, 2005, you should contact

18、 a counselor in the national office to determine your status and discuss appropriate path options!22general demo report and alternatives:ntraditional appraisal reportne-demo appraisal reportnthree appraisal reports alternative, or “tara”(all other than 1 4 unit residential property)nresearch project

19、 alternative23required general demo elements:ntraditional appraisal report optionsnobsolescence optionnfma optionne-demo alternativenobsolescence optionnfma optionna fundamental market analysis (fma) must be developed to at least level c, approaching level d.nobsolescence must be market derived and

20、measurable.nthe property selected must suffer from incurable long-lived physical deterioration. if more forms of depreciation or obsolescence are present, they must be properly treated. the breakdown method of depreciation must be applied. (cont.)content of these alternatives is the samenassociates

21、will be paired with an advisornsubmit preliminary market data and fma ncommunication will be conducted through the “communities of practice” softwarenassociates must have the capacity to submit sections of the report and the final report by converting to an adobe pdf filee-demo proceduresnsections o

22、f the report will be evaluated by the advisor throughout the processnonce the final report is completed, the associate will submit for a final gradingntiming for submission of sections will be based on an agreement between the advisor and the associate, at the outsetnoverall report and process must

23、be completed by the end of six monthse-demo procedures26required general demo elements:nthe appraisal must analyze the effect of expenses on rents and total occupancy cost in the development of a net income stream, even if only net leases are involved. nthe property must allow the associate member t

24、o demonstrate appraisal techniques applicable to the three approaches to value. (cont.)27required general demo elements:nthe report should pertain to an “as-is” valuation; extraordinary assumptions and hypothetical conditions may be inappropriate.get in touch with the demo panel chair if you have a

25、particular problem in this area!28demo faqs(general and residential)if i have written a passing demonstration for another organization, will it be accepted by the appraisal institute?to receive appraisal institute credit, the demo report must meet the requirements of appraisal institute and be grade

26、d by appraisal institute.29demo faqs(general and residential)when are reports sent for verification of factual data?when a demo report meets technical requirements (receives a passing grade), it is sent for factual verification. it is not re-graded.30demo faqs(general and residential)how do i resolv

27、e the contradictory information on methods and techniques that i may have received from various texts, seminars, teachers, and other sources?no grader will dispute the authority of the latest edition of the appraisal of real estate. if you think a method or technique used in your report may be contr

28、oversial, help the grader by citing your source.31demo faqs(general and residential)how long should the report be?most demo reports are too long. understandably, associate members are reluctant to risk being downgraded for omissions or insufficient explanation. although some associates are able to w

29、rite completely and succinctly, others find this very difficult.(cont.) 32demo report length faq (cont.)experience shows that reports often run long due to redundancy, inclusion of extraneous material, and misunderstandings about what the problem is, and how it should be solved. most writers use too

30、 many words when they should strive for the best words.the goal should be to write precisely and concisely33tara description:three appraisal report alternativeas an alternative, the general associate may submit three full narrative appraisal reports which, in the aggregate, demonstrate the same leve

31、l of knowledge, understanding, and application of appraisal principles, theories, and techniques.34important tara requirementsnthe reports must be prepared without assistance or revision by another person. nif an associate plans to submit a draft appraisal report to another appraiser for possible ap

32、proval or revision, the associate must save a copy of the draft report. nthe associate may enhance the draft report to expand the analyses, reconciliation, or other aspects to meet the requirements listed for the three appraisal reports.35required tara requirementsnthe reports must relate to real pr

33、operty other than 1 4 unit residential;neach appraisal must be communicated in a full narrative format;neach date of value must be no more than five (5) calendar years prior to the year of submission to the appraisal institute; (remember to properly handle retrospective opinions according to uspap,

34、if applicable!)neach report must meet the applicable appraisal standards; and,(cont.)36required tara requirementseach report must contain the types of analyses listed below: 1. at least one report must include all three approaches to value.2. at least one report must include a fundamental market ana

35、lysis.3. at least one report must include a yield capitalization analysis.4. at least one report must include a direct capitalization analysis.5. each report must contain a reconciliation as outlined in the official guide to demonstration report writing.(this effectively eliminates single-approach a

36、ppraisals). 37tara faqscan i just submit three appraisals off the shelf?this depends on the quality of work you have been performing. recognize that this alternative to the traditional demonstration report will be graded to the same standards. it is likely that enhancement of the reports will be nec

37、essary.38tara faqsi work for a company, and all of my reports are co-signed. can i still use this alternative?this is an area where proper planning can be of great assistance. the reports submitted for grading must reflect your sole work. as such, a report that is co-signed does not qualify.39tara f

38、aqscan i submit one report that meets all of the requirements along with two single approach appraisal reports?no. at least one report must have all three approaches to value and the remaining reports must have a reconciliation as outlined in the official guide to demonstration appraisal reporting:

39、general. 40tara faqsi received a non-passing grade on my submission, and would like to stipulate which report gets graded for the various sections. can i do this?no. if the tara submission fails to meet technical grading requirements, the associate is only allowed to revise and resubmit the same rep

40、orts and the same sections, originally graded and addressed in the report to the associate.41tara faqi received a non-passing grade on my submission, and would like to substitute one or more of the reports. can i do this?no. if the tara submission fails to meet technical grading requirements, the as

41、sociate is only allowed to revise and resubmit the same reports, and same sections, originally graded and addressed in the report to the associate.42research project alternative -important points:requires either a body of knowledge project, or a consulting assignment project.this alternative was not

42、 intended for appraisers practicing in the u.s., u.s. territories, or canada.it is intended for those associates who are in an academic setting, or who are in other foreign countries.read ai regulation no. 1, article iii, part f, section 8.43tools to use:ncurrent textbooksnone day demo report writing seminarsndemo writing wo