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Course: Review Theory – General

May 15, 2023 - May 19, 2023

This offering in May is being sponsored by the Southern California Chapter.  Questions? Contact SCCAI via email or 818.957.5111 x 2.

Instructor: Jacinto Munoz, MAI, SRA, AI-AI-GRS, AI-RRS

Review Theory—General is the fundamental review course that all reviewers of assignments involving income-producing and other nonresidential properties should have in their educational background.

It is a required course for individuals pursuing the Appraisal Institute General Review Designation (AI-GRS, Appraisal Institute General Review Specialist).

At the core of this course is the review process. Participants explore the seven steps outlined in this process as they apply to nonresidential properties. To be a reviewer, an appraiser must learn how to develop opinions of completeness, accuracy, adequacy, relevance, and reasonableness relative to the work under review. These opinions must be refined through tests of reasonableness to develop reconciled opinions of appropriateness and credibility.

The material provides a refresher on key valuation skills often required of reviewers, such as measuring financial feasibility in highest and best use analysis and various applications of the income capitalization approach. In addition, the course covers reporting reviews for income-producing property and the use of commercial review report forms, narrative reports, and oral review reports. Participants will gain practice in writing a scope of work statement for three types of assignments. They will also develop a template for a narrative review report on a property type of their choice (office, retail, apartment, etc.). By taking this course, participants will gain invaluable confidence in the fundamentals of review.

Note:  The Northern California Chapter is attempting to schedule this course for late summer / early fall (August / September) in Sacramento.  Watch for more details coming soon.

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