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The Principles and Procedures for Valuators course provides foundational knowledge and skills Valuators need for evaluating less-complex, minimally-improved rural properties that don’t require the expertise of licensed Appraisers.
Objectives: After completing this course, you will be able to:
- Explain the main types of governmental, economic, environmental and social influences on rural property values.
- Identify rural properties using legal descriptions written in the three most common description systems used in the United States.
- Identify and collect data on rural properties that are in the same market as the subject property.
- Describe the process and most common factors in determining highest and best use of a rural property.
Course Fee: $199
Course Length: 3.5 hours
Format: This course consists of four online modules (called lessons), an exam and a survey. Each module includes instructional screens, images, examples, interactions and knowledge check questions.
CE: 4 hours of ASFMRA CE + 1 hour of ASFMRA CE for the exam
Completion Requirements: To complete this course and earn CE, you must complete all four modules and pass the exam.
Lessons:
Lesson 1: Influences on Value
Lesson 2: Subject Property Identification and Productivity Analysis
Lesson 3: Analyzing the Subject’s Market
Lesson 4: Highest and Best Use for the Subject
Technical Requirements:
- PC or Mac computer with an up-to-date browser such as Edge, Chrome, Firefox, or Safari. Do not use Internet Explorer.
- Stable broadband connection
- Disable all pop-up blockers
NOTE THAT SOME ANTIVIRUS PROTECTION SOFTWARE OR FIREWALLS (COMMON TO COMPANY NETWORKS) CAN CAUSE ISSUES AND PREVENT CERTAIN PARTS OF THE COURSE FROM FUNCTIONING PROPERLY. THESE AND OTHER LOCAL NETWORK-RELATED ISSUES WOULD NEED TO BE ASSESSED BY YOUR LOCAL IT SUPPORT DEPARTMENT. IF ISSUES PERSIST, YOUR IT DEPARTMENT SHOULD "WHITELIST" THE FOLLOWING IP ADDRESS: 198.90.22.203
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Lesson 1: Influences on Value
Begin self-paced component package.
Begin self-paced component package.
This lesson provides an introduction to the four fundamental types of influences on property values – governmental, economic, social, and environmental.
Objectives:
- Identify the four fundamental types of influences on property values.
- Recognize common examples of each influence type that impact rural property values.
- Recognize economic factors that influence (increase or decrease) value of rural properties.
Lesson 2: Subject Property Identification, Research, and Analysis
Begin self-paced component package.
Begin self-paced component package.
This lesson introduces how to identify a rural subject property and gather information about the influences that can impact a property’s productivity.
Objectives:
- Describe the three most common systems used in the US to document a legal description of rural properties.
- Read a legal description from each system and identify boundaries of a physical property.
- Describe a plat and its purpose.
- Describe Gross Living Area and gross building area, and how their measurement is determined by either local custom or ANSI standard.
- Explain recommendations for sales history analysis for a Valuator’s report.
- Recognize additional factors that could impact property value.
Lesson 3: Analyzing the Subject’s Market
Begin self-paced component package.
Begin self-paced component package.
This lesson introduces the process for doing subject market analysis. It also covers key concepts and resources that you’ll use when performing your subject market analysis.
Objectives:
- Explain the process involved in doing subject market analysis.
- Recognize the types of information available from aerial maps of rural properties.
- Describe common elements of rural property comparison.
- Recognize selected common units of comparison used with rural properties.
- Describe how to convert sales data from comparable properties to price per unit and identify the resulting range of values.
- Recognize basic market factors that impact rural property values and how to confirm them.
Lesson 4: Highest and Best Use for the Subject
Begin self-paced component package.
Begin self-paced component package.
This lesson introduces a number of techniques that Valuators use when analyzing properties. It also introduces the process and tests for determining the subject’s highest and best use and best practices for documenting a conclusion.
Objectives:
- Describe how to use sales to identify land values and the contribution of improvements.
- Explain how to compare cost data with the contribution of improvements to determine the financial feasibility of making improvements.
- Describe the tests for determining highest and best use of a rural subject property as vacant.
- Explain how the tests for determining highest and best use for rural property as improved differ from rural property as vacant.
- Describe best reporting practices for highest and best use.
- Recognize common situations when it’s appropriate to involve the appraisal staff.
Principles and Procedures Course Assessment
20 Questions | Unlimited attempts | 33/47 points to pass
20 Questions | Unlimited attempts | 33/47 points to pass
This post test consists of 20 questions. You must earn 33 out of 47 points to pass (70%).
Principles and Procedures Course: Evaluation
10 Questions
10 Questions
Please answer the following questions about your experience with the course.
Certificate
4 ASFMRA CE credits | Certificate available
4 ASFMRA CE credits | Certificate available
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