JennC:
Each new appraiser should have a library add to it as budget permits. At the beginning, the following are essential. :!:
Up to date copy of State Laws, Regulations concerning real estate appraising. Copies of State Appraisal Board newsletters each month provide excellent guidance for new appraisers.
Copy of USPAP and the Q & A book issued by the Appraisal Board
Copy of the ANSI measuring guide or the download from the North Carolina Appraisal Board on property measurement
The Fannie MAE Selling Guide- This resource is relevant to the underwriting standards of most home loans.
The HUD 4150.2 Hand Book. This contains very useful information for the new appraiser, particularly the protocol on filling out a URAR. It answers directly the information required for each section of the URAR.
The Appraisal of Real Estate-Twelfth Edition-Appraisal Institute
Software handbooks. Software manuals should be printed for the software and drawing programs. Most other software such as mapping programs have easily read helps screens to assist the beginner.
Localized information consisting of maps, zoning regulations, flood zone data and local environmental data.
The handling of building cost guides is in flux at this writing as Marshall Swift is promoting a computerized cost guide substitute for the residential cost guide. Just announced is an Internet cost guide. There are other cost guides that in a particular market may be more preferable. The trainee, however, will be more efficient if they have their own copy and make a habit of maintaining updates.
I also recommend every appraiser, have a computerized accounting system. Install a copy of QuickBooks. The Handbook for QuickBooks 2002 has 500 pages and makes interesting reading explaining an accounting system It will help you stay on the right track running your business.
Then, as budget permits add books. Of all the books, one of the most recommended is Appraising the Tough Ones: Creative Ways to Value Complex Residential Properties by Frank E. Harrison, MAI, SRA and available through the Appraisal Institute. For the commercial appraiser, a comprehensive book with sections on market analysis, highest and best use; the application of cost, sales comparison, and income capitalization approaches, I recommend Market Analysis for Valuation Appraisals by Stephen F. Faning, MAI, Terry Grissom, MAI, and Thomas D. Pearson, MAI also available from the Appraisal Institute.
Other Books to add to this list are:
Residential Sales Comparison Approach-Mark R. Ratterman, MAI, SRA-Appraisal Institute
A Guide To Appraisal Valuation Modeling, Mark R. Linne, MAI, CAE, Steven Kane, George Dell MAI, SRA-Appraisal Institute
Marketing for Appraisers-Ann ORourke, MAI, SRPA, SRA-Appraisal Today
Appraising Residential Properties- Appraisal Institute
Real Estate Damage- Randall Bell-MAI- Appraisal Institute
The Elements of Style-William Strunk Jr. and E.B.White- Macmillan Publishing
And last but not least, one book that will constantly inspire you. Appraising is a tough business and reading this book might be just the breakthrough toward a great career in appraising. :arrow: :!:
The ZEN and the Art of Making a Living, Laurence G. Boldt. Penguin/Arkana Publisher. He says, Work is more than a matter of keeping busy all day. It must feed the soul as well.
Then don't just read appraisal books. Follow your interests and read to relax, to learn, to be inspired, to be thrilled and to be confounded. A really good appraiser knows the world around him or her, is in touch with its people, their habits, their wants and dislikes. Reading makes us recognize why people buy and sell and understanding that alone is what we do better than others. :idea:
Jenn
