COURSES OFFERED BY YOUR CHICAGO METRO CHAPTER

The following course descriptions each include a link that will take you to NAIFA's National Education Calendar, where you can register.

1.5 Residential Analysis for Small Income Property Appraisals (15 Hours) – This course is designed as an extension to capitalization and techniques as used by residential appraisers. Students will learn more about income capitalization and the compound interest concepts, including the six functions of a dollar. A review of the appraisal process and the basic principles will focus on the related study of small residential income properties and investor objectives. An exam at the conclusion of the course must be passed to receive qualifying education credit. http://www.naifa.com/calendar/

2.0 Financial Analysis of Income Properties (15 Hours) – This course has been designed to teach students how to use the HP 12C calculator and how to understand the mathematics of appraising. Instruction on the HP 12C financial calculator will cover everything from simple calculations to wraparound mortgages. Students should take this course before capitalization courses. An exam at the conclusion of the course must be passed to receive qualifying education credit.  http://www.naifa.com/calendar/

2.1 Introduction to Income Property Appraising (30 hours) - This course is designed to introduce students to the appraisal of properties designed to be rented to tenants.  During the course, students will process the income from such properties, develop reconstructed income statements, identify and use the elements comparison for various types of properties to obtain indications of value, direct capitalization, develop capitalization rates using various methods of recapture. Student should be able to use an HP12 C Calculator or have taken the 2.0 Financial Analysis of Income Properties class. An exam at the conclusion of the course must be passed to receive qualifying education credit. http://www.naifa.com/calendar/

4.7 FHA Appraisal Protocol Update (8 Hours) – This course is designed to give the FHA appraiser a more thorough understanding of the new protocol issued by HUD in mortgagee letters 2005 – 24 and 2005 – 48, both of which are included in the text. Also included is the most recent update of Appendix D – the focal point of the material. Other available information includes Mortgage Letter 2005 – 35 regarding REO properties and 2005 0-02 regarding seller concessions. It is not mandatory that the student have knowledge of FHA protocol prior to the changes effective January 1, 2006, but it may be helpful. http://www.naifa.com/calendar/

6.7 The Cost Approach to Residential Properties (7 hours) - This 1 day course is a comprehensive overview of the cost approach to value including basic cost approach theory and principles along with all aspects of depreciation. Detailed instruction in the use of the Marshall & Swift Residential Cost Manual includes two actual case studies that are completed by the student in class. http://www.naifa.com/calendar/

16.2 The Appraisal of Foreclosure Properties (7 Hours) – The purpose of this text is to help the appraiser understand and properly prepare for the appraisal of foreclosure properties. Primarily this text considers single-family residential properties, and not larger income producing property. There are two sections to this text. Section I regards the management of non-performing real estate assets owned by financial institutions. It also discusses the probability of the increase in foreclosure properties. Section II speaks to the practical application of the appraisal process of REO properties.  http://www.naifa.com/calendar/

19.1 An Appraiser’s Guide to Environmental Issues (7 hours) – This course will teach the student how to perform a physical inspection with a well-developed eye for recognizing potential environmental problems, to instruct the student on the correct methodology and how to effectively communicate his/her findings on both residential and commercial properties. http://www.naifa.com/calendar/