Appraisal Education Network School
1461-16 Lakeland Ave, Bohemia, NY 11716 631-563-7720 Bill C. Merrell, Ph.D- Director

This is the outlines of the old version of Real Estate Appraisal, R1, 2, 3, 4, G1, 2, 3 and USPAP- These classes were replaced with a new program as of 1-1-08. These outlines only relate the courses taken prior to 1-1-08.

New outlines are issued to students during the new course programs-
Approval Code 0032- NYS, Dept. of State, Division of Licensing Services. To verify school approval, you may call 518-474-4429. The brief outlines below are actual outlines set forth in the NYS Appraiser licensing law- The Licensing Courses listed below are classroom run courses in a classroom environment, which is ADA compliant, and is taught by NYS, Dept. of State Approved Instructors. This page should meet the requirements to verify that the courses are not on-line or web courses, but rather courses offered in a classroom atmosphere.

Appraisal Education Network School and the Merrell Institute have reproduced from the NY State Licensing Law, a summary outline for R-1, R-2, R-3, R-4, G-1, G-2, G-3 and AQ-1- Included is also the Ethics and Standards which was discontinued as of 12-31-2002. The new programs began on 1-1-08 and those who attended classes after 1-1-08 (R5 and forward, you received outlines for each class while in class- this includes R5, 6,7,8,9,10,11, SMF, RE2

(h) Introduction to Real Estate Appraisal (Residential-1).


Subject Matter	Course Percentage*	Level of Difficulty
(1) Influences on real estate value	3-4%	(C)
(2) Legal considerations in appraisal	6-8%	(C)(D)
(3) Valuation process	4-6%	(C)
(4) Types of value	3-5%	(C)(D)
(5) Economic principles	7-9%	(C)(D)
(6) Real estate markets and analysis	5-7%	(C)
(7) Property description	2-4%	(C)(D)
(8) Highest and best use analysis	5-7%	(C)(D)(A)(A)
(9) Federal regulations for appraisers	2-3%	(C)(D)(A)(A)
Instruction	30 hours
Final examination	3 hours
	33 hours

*Classroom instruction-percentage of 60 hours

(i) Valuation Principles and Procedures (Residential-2).


Subject Matter	Course Percentage*	Level of Difficulty
(1) Appraisal statistical concepts	1-3%	(C)(D)(A)(A)
(2) Sales comparison approach	21-24%	(C)(D)(A)(A)
(3) Site value	4-6%	(C)(D)(A)(A)
(4) Cost approach	8-10%	(C)(D)(A)(A)
(5) Income approach	7-9%	(C)(D)(A)(A)
(6) Valuation of partial interests	1-3%	(C)(D)
(7) New York State law and regulation	2-3%	(C)(D)
Instruction	30 hours
Final examination	3 hours
	33 hours

*Classroom instruction-percentage of 60 hours

(j) Applied Residential Property Valuation - Case Studies (Residential-3) subject matter.

(1) Review basic valuation procedures
(2) URAR form and narrative report
(3) Neighborhood data and analysis
(4) Site and property description
(5) Highest and best use analysis

(i) as vacant and available
(ii) as improved

(6) Site analysis and valuation

(i) paired sales techniques
(ii) sales comparison
(iii) allocation and abstraction methods

(7) Direct sales comparison approach

(i) single family
(ii) coops and condos
(iii) 2-4 family

(8) Reproduction cost new
(9) Accrued depreciation

(i) direct
(ii) indirect

(10) Gross rent multiples analysis and valuation
(11) Review and reconciliation process
(12) Final value estimate/report writing

(i) Instruction            30 hours
(ii) Final examination    3 hours
                                   33 hours

(k) Fair Housing, Fair Lending and Environmental Issues (AQ-1).

(1) Fair Housing and Fair Lending 7.5 hours

Subject Matter Course Percentage* Level of Difficulty

(i) Fair Housing/Fair Lending Requirements 17% (C)(D)

(ii) Appraiser's Responsibilities 11% (C)

(iii) Report Writing 6% (C)(D)(A)

(iv) Case Studies 17% (C)(D)

(2) Environmental Issues 7.5 hours

Subject Matter Course Percentage* Level of Difficulty

(i) Long Standing Issues -
Familiar to All 3% (C)

(ii) Contemporary Issues 23% (C)(D)

(iii) Environmental Laws &
Regulations Affecting Real Estate 10% (C)

(iv) Comprehensive Environmental
Response, Compensation & Liability Act 7% (C)

(v) Responsibility of Appraisers Concerning
Substance Contamination 3% (C)

(vi) Liability of Lenders 3% (C)(D)

*Classroom instruction-percentage of 15 hours

(l) Introduction to One-Four Family Income Capitalization (Residential 4).

Subject Matter	Course Percentage	Level of Difficulty
(1) Review of Appraisal Process	4%	(C)(D)
(2) Discussion of Economic Principles	5%	(C)(D)
(3) Investor Objectives	2%	(C)(D)
(4) Appraisal Forms	4%	(C)(D)
(5) Highest and Best Use	7%	(C)(D)
(6) Income and Expense Statements	5%	(C)(D)(A)(A)
(7) Appraisal Math	20%	(C)(D)(A)(A)
(8) Income Capitalization Approach	53%	(C)(D)(A)(A)
Instruction	15 hours
Examination	2 hours
TOTAL	17 hours

(g) Introduction to Income Property Valuation (General-1).

Subject Matter	Course Percentage*	Level of Difficulty
(1) Review of the appraisal process Review of mathematics	1-2%	(C)(D)(A)(A)
(2) Introduction to compound interest and discounting	1-2%	(C)(D)(A)(A)
(3) Applications of compound interest and discount factors	1-2%	(C)(D)(A)(A)
(4) Income capitalization review	3-5%	(C)(D)(A)(A)
(5) Income estimation	3-5%	(C)(D)(A)(A)
(6) Forecasting income: cash flows and reversions	3-5%	(C)(D)(A)(A)
(7) Real estate financing and equity analysis	4-6%	(C)(D)(A)(A)
(8) Yield rates: discount rates and capital recovery rates	4-6%	(C)(D)(A)(A)
(9) Overall capitalization rates: composition and derivation	4-6%
Instruction	30 hours
Final examination	3 hours
	33 hours

*Classroom instruction-percentage of 90 hours

(h) Principles of Income Property Appraising (General-2).

Subject Matter	Course Percentage*	Level of Difficulty
(1) The equity and physical residual models	2-4%	(C)(D)
(2) Mortgage—equity analysis	2-4%	(C)(D)
(3) Mortgage—equity models: application and sensitivity analysis	2-4%	(C)(D)
(4) Valuation of partial interests: leasehold/leased fee	3-5%	(C)(D)
(5) Site valuation	4-6%	(C)(D)
(6) Land development analysis		(C)(D)
(7) Cost approach	5-7%	(C)(D)
(8) Direct sales comparison approach	4-6%	(C)(D)
(9) Appraisal standards and ethics	2-4%	(C)(D)
Instruction	30 hours
Final examination	3 hours
	33 hours

*Classroom instruction-percentage of 90 hours

(i) Applied Income Property Valuation (General-3).


Subject Matter	Course Percentage*	Level of Difficulty
(1) Review of principals of income property appraising		(C)(D)(A)(A)
(2) Income valuation process	4-5%	(C)(D)(A)(A)
(3) Neighborhood data and analysis		(C)(D)(A)(A)
(4) Site and property description		(C)(D)(A)(A)
(5) Developing an operating income and expense statement	1-2%	(C)(D)(A)(A)
(6) Highest and best use analysis
(i) as vacant
(ii) as improved	3-4%	(C)(D)(A)(A)
(7) Site analysis and valuation
(i) sales comparison, units of comparison	3-5%	(C)(D)(A)(A)
(ii) paired sales techniques
(iii) allocation and abstraction
(8) Income approach	5-7%	(C)(D)(A)(A)
(i) developing an overall capitalization rates (ratio model)
(ii) developing yield valuation coverage ratio
(9) Valuation using debt service coverage ratio		(C)(D)(A)(A)
(10) Valuation of leases		(C)(D)(A)(A)
(11) Direct sales comparison approach	3-5%
(i) units of comparison approach
(ii) gross income multipliers		(C)(D)(A)(A)
(12) Reproduction cost new	6-8%	(C)(D)(A)(A)
(13) Accrued depreciation	6-8%	(C)(D)(A)(A)
(14) Final value estimate/report writing	3-4%	(C)(D)(A)(A)
(15) Review	3-4%	(C)(D)(A)(A)
Instruction	30 hours
Final examination	3 hours
	33 hours

*Classroom instruction-percentage of 90 hours

§1103.10 Ethics and standards of professional practice; 15 hours—final examination 2 hours-retired 12-31-2002- Not to be used as of 1-1-03

(a) Effective until December 31, 2002, an approved course for ethics and standards of professional practice shall include at least 10 hours of instruction related to the uniform standards of professional appraisal practice. An approved course may contain up to five hours of other topics related to ethics and standards of professional practice such as:

(1) Background of ethics and standards/regulations and legislation.
(2) Title XI Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA).
(3) New York State appraiser certification laws.

(b) Effective January 1, 2003, an approved course for ethics and standards must be the 15-hour "National USPAP Course" or its equivalent. A course is equivalent only if the course has been certified as equivalent by the Appraisal Qualification Board of the Appraisal Foundation.
(c) Effective for courses commencing on or after January 1, 2003, qualifying-education credit shall be granted only if the course is instructed by an instructor who has been certified as a "Certified USPAP Instructor" by the Appraisal Qualification Board of the Appraisal Foundation and who is, in addition, either a certified residential real estate appraiser or a certified general real estate appraiser. For the purposes of this subdivision, the instructor may be a certified real estate appraiser in New York or any other state.

ABOVE COURSES REQUIRED A 70% GRADE OR BETTER TO RECEIVE A CERTIFICATE. FURTHER ATTENDANCE IN COMPLIANCE WITH NY STATE REGULATIONS WAS AND IS MANDATORY TO RECEIVE A CERTIFICATE OF COMPLETION.

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PRINT THIS LETTER TO VERIFY CLASSROOM INSTRUCTION

MINIMUM GRADE TO RECEIVE CERTIFICATE 70%

ATTENDANCE MANDATORY

NYS, DEPT. OF STATE APPROVED

APPROVED INSTRUCTORS

APPROVED LOCATION

OUTLINE FOR EACH PROGRAM ABOVE