N.Y. Comp. Codes R. & Regs. tit. 19 § 1103.6
Current through Register Vol. 46, No. 45, November 2, 2024
Section 1103.6 - Residential course outlinesThe following are the required subjects to be included in the courses of study and the required number of hours to be devoted to residential appraisal courses. All appraisal schools must utilize the following course outline in conducting their programs. The following course outline are not intended to substitute for specific outlines for the proposed course.
(a)R-5/Basic Appraisal Principals| A. | Real Property Concepts and Characteristics | 4 hours |
| 1. Basic Real Property Concepts 2. Real Property Characteristics 3. Legal Description |
| B. | Legal Consideration | 4 hours |
| 1. Forms of Ownership 2. Public and Private Controls 3. Real Estate Contracts 4. Leases |
| C. | Influences on Real Estate Values | 2 hours |
| 1. Governmental 2. Economic 3. Social 4. Environmental, Geographic and Physical |
| D. | Types of Value | 3 hours |
| 1. Market Value 2. Other Value Types |
| E. | Economic Principles | 10 hours |
| 1. Classical Economic Principles 2. Application and Illustrations of Economic Principles |
| F. | Overview of Real Estate Markets and Analysis | 3 hours |
| 1. Market Fundamentals, Characteristics, and Definitions 2. Supply Analysis 3. Demand Analysis 4. Use of Market Analysis |
| G. | Ethics and How They Apply in Appraisal Theory and Practice | 2 hours |
| Final Examination (75-100 questions) | 2 hours |
| Total | 30 hours |
(b)R-6/Basic Appraisal Procedures| A. | Overview of Approaches to Value | 10 hours |
| B. | Valuation Procedures | 8 hours |
| 1. Defining the Problem 2. Collecting and Selecting Data 3. Analyzing 4. Reconciling and Final Value Opinion 5. Communicating the Appraisal |
| C. | Property Description | 4 hours |
| 1. Geographic Characteristics of the Land/Site 2. Geologic Characteristics of the Land/Site 3. Location and Neighborhood Characteristics 4. Land/Site Considerations for Highest and Best Use 5. Improvements - Architectural Styles and Types of Construction 6. Special Energy Efficient Characteristics of the Improvements |
| D. | Residential or General Applications | 6 hours |
| Final Examination (75-100 questions) | 2 hours |
| Total | 30 hours |
(c)R-7/Residential Market Analysis and Highest and Best Use| A. | Residential Markets and Analysis | 8 hours |
| 1. Market Fundamentals, Characteristics, and Definitions 2. Supply Analysis 3. Demand Analysis 4. Use of Market Analysis |
| B. | Highest and Best Use | 6 hours |
| 1. Test Constraints 2. Application of Highest and Best Use 3. Special Considerations 4. Market Analysis 5. Case Studies |
| Final Examination (35-30 questions) | 1 hour |
| Total | 15 hours |
(d)R-8/Residential Appraiser Site Valuation and Cost Approach| A. | Site Valuation | 6 hours |
| 1. Methods 2. Case Studies |
| B. | Cost Approach | 8 hours |
| 1. Concepts and Definitions 2. Replacements/Reproduction Cost New 3. Accrued Depreciation 4. Methods of Estimating Accrued Depreciation 5. Case Studies |
| Final Examination (35-30 questions) | 1 hour |
| Total | 15 hours |
(e)R-9/Residential Sales Comparison and Income Approaches| A. | Valuation Principles and Procedures-Sales Comparison Approach | 1 hour |
| B. | Valuation Principles and Procedures-Income Approach | 1 hour |
| C. | Finance and Cash Equivalency-Identification of Seller Concessions and Their Impact on Value | 2 hours |
| D. | Financial Calculator Introduction | 2 hours |
| E. | Identification, Derivation and Measurement of Adjustments | 9 hours |
| F. | Gross Rent Multipliers | 2 hours |
| G. | Partial Interests | 2 hours |
| H. | Reconciliation | 2 hours |
| I. | Case Studies and Applications | 7 hours |
| Final Examination (75-100 questions) | 2 hours |
| Total | 30 hours |
(f)R-10/Residential Report Writing and Case Studies| A. | Writing and Reasoning Skills | 1 hour |
| B. | Common Writing Problems | 3 hours |
| C. | Form Reports | 2 hours |
| D. | Report Options and USPAP Compliance | 2 hours |
| E. | Case Studies | 6 hours |
| Final Examination (35-50 questions) | 1 hour |
| Total | 15 hours |
(g)R-11/Advanced Residential Applications and Case Studies| A. | Complex Property, Ownership and Market Conditions | 3 hours |
| B. | Deriving and Supporting Adjustments | 3 hours |
| C. | Residential Market Analysis - Seller Concessions - Special Energy Efficient Items (i.e., Green Buildings) | 3 hours |
| D. | Advanced Case Studies | 5 hours |
| Final Examination (35-30 questions) | 1 hour |
| Total | 15 hours |
N.Y. Comp. Codes R. & Regs. Tit. 19 § 1103.6
Amended, New York State Register December 31, 2014/Volume XXXVI, Issue 52, eff. 1/1/2015