Certified for 7 hours of continuing education in AL, AR, AZ, CA, CO, FL, GA, HI, KY, LA, MA, MD, MI, MS, NC, NJ, NV, OH, OK, OR, PA, SC, TN, TX, UT, VA and WA. New states coming soon!
This course provides the student with an explanation of the 2-4 unit small residential income property type; of the economic principles of supply and demand in the real estate marketplace affecting market conditions for 2-4 unit small residential income properties; of the appraisal principle of competition operating to establish lease rates, market rents and sales prices; of the difference between the subject neighborhood and its market area; of the applicability and development of each approach to value – Cost, Sales, and Income Approaches – in the valuation of 2-4 unit properties; of the Unit of Comparison Analysis methodologies for 2-4 unit properties; of how to incorporate logic and reasoning during report development; and of how to perform a reconciliation for each approach to value and reconcile the final results. Although this course is primarily focused on the detailed development of credible value opinions for 2-4 Unit Small Residential Income Properties – employing all three approaches to value – with an overview of report development and basic USPAP requirements included throughout, it will also cover satisfactory completion of the Freddie Mac Form 72 | Fannie Mae Form 1025 Small Residential Income Property Appraisal Report.
The mission of this course is to provide students with a complete understanding of the 2-4 Unit Small Residential Income Property Type. By the end of this course you will have a comprehensive understanding of the economic and appraisal principles that support the development, reconciliation and reporting of the Cost, Sales, and Income Approaches to Value for 2-4 Unit Small Residential Income Properties.
Course Author
James A. Baumberger is CEO and part-owner of First Choice Appraisal Management (FCAM), operating an ethical cost-plus business model in CA, ID, NV, OR, and WA. Jim has an outstanding record of providing inspirational executive leadership for appraisal organizations serving the financial services industry. His past positions include Collateral Services Manager for Washington Mutual, Regional Chief Appraiser for Bank of America, Division Appraisal Manager for World Savings, Mortgage Group Leader for Wachovia Bank, and President of Synergy Appraisal Services.
As a certified residential appraiser, Jim’s 28 years of professional appraisal practice includes valuation services for eminent domain, lending, litigation, marketing, and relocation purposes. In addition, Jim has authored numerous qualifying and continuing education courses and training seminars for industry professionals. He frequently presents customized training for agents, appraisers, loan originators, loan processors, and mortgage underwriters.
Jim served for four years on Oregon’s Appraiser Certification and Licensure Board (ACLB), which is the state’s regulatory agency for appraisers and appraisal management companies, including two years as ACLB Board Chair from 2014 through 2016. He currently serves on the executive board of the Oregon Mortgage Bankers Association (OMBA) and chairs the Oregon Association of Realtor’s Appraisal Subcommittee (OAR). With his compliance knowledge, appraisal and real estate expertise, and lending experience, Jim is well-prepared to instruct industry professionals and empower their success.
Appraising 2-4 Unit MF Properties and & SCA Bundle
