The State Certified Residential Real Estate Appraiser
classification applies to the appraisal of residential properties of four (4)
or less units without regard to transaction value or complexity. Applicants
must meet the following education, experience and examination requirements in
addition to complying with Section
250. Subsequent to being certified
every licensee must annually meet the continuing education requirement.
(3-28-23)
01.
Education.
As a prerequisite to taking the examination for licensure as an Idaho Certified
Residential Real Estate Appraiser, each applicant shall: (3-28-23)
a. Hold a Bachelor's degree in any field of
study from an accredited degree-granting college or university, or meet one of
the following options: (3-28-23)
i. Possession
of an Associate's degree in a field of study related to business
administration, accounting, finance, economics or real estate; or
(3-28-23)
ii. Successful completion
of thirty (30) semester hours of college-level courses that cover each of the
following specific topic areas and hours: English composition (three (3)
semester hours), microeconomics (three (3) semester hours), macroeconomics
(three (3) semester hours), finance (three (3) semester hours), algebra,
geometry or higher mathematics (three (3) semester hours), statistics (three
(3) semester hours), computer science (three (3) semester hours), business or
real estate law (three (3) semester hours), and two (2) elective courses in any
of the topics listed above or in accounting, geography, agricultural economics,
business management, or real estate (three (3) semester hours each); or
(3-28-23)
iii. Successful
completion of at least thirty (30) semester hours of College Level Examination
Program® (CLEP®) examinations from each of the following subject matter
areas: college algebra (three (3) semester hours), college composition (six (6)
semester hours), college composition modular (three (3) semester hours),
college mathematics (six (6) semester hours), principles of macroeconomics
(three (3) semester hours), principles of microeconomics (three (3) semester
hours), introductory business law (three (3) semester hours), and information
systems (three (3) semester hours), or (3-28-23)
iv. Any combination of the above criteria
(within Subsections 350.01.a.ii. and
350.01.a.iii. of these rules) that ensures coverage of all topics and hours
identified in Subsection
350.01.a.ii.
(3-28-23)
b. As an
alternative to the requirements in Subsection
350.01.a., above, individuals
who have held a Licensed Residential credential for a minimum of five (5) years
may qualify as meeting the requirements of Subsection
350.01.a., if it is
established that there is no record of any adverse, final, and non-appealable
disciplinary action affecting the Licensed Residential appraiser's legal
eligibility to engage in appraisal practice within the five (5) years
immediately preceding the date of application for a Certified Residential
license. (3-28-23)
c. Document
registration as an Appraiser Trainee and completion of the education required
for licensure as a Licensed Residential Real Estate Appraiser, or hold a
current license as a Licensed Residential Real Estate Appraiser; and
(3-28-23)
d. Document the
successful completion of not less than fifty (50) classroom hours of courses in
subjects related to real estate appraisal as follows: (3-28-23)
i. Statistics, Modeling and Finance: not less
than fifteen (15) hours, specifically including Statistics; Valuation Models
(AVM's and Mass Appraisal); and Real Estate Finance; and (3-28-23)
ii. Advanced Residential Applications and
Case Studies: not less than fifteen (15) hours, specifically including Complex
Property, Ownership and Market Conditions; Deriving and Supporting Adjustments;
Residential Market Analysis; and Advanced Case Studies; and (3-28-23)
iii. Appraisal Subject Matter Electives: not
less than twenty (20) hours, and may include hours over the minimum shown in
Subsection 350.01.d. of these rules.
(3-28-23)
02.
Experience. Experience is a prerequisite to sit for the licensure
examination: (3-28-23)
a. Document one
thousand five hundred (1,500) hours of appraisal experience in no less than
twelve (12) months (see Subsection
250.02). Experience
documentation in the form of reports or file memoranda should be available to
support the claim for experience. (3-28-23)
b. One thousand two hundred (1,200) hours of
the experience shall be from residential field appraisal experience. The
balance of three hundred (300) hours may include non-field experience, refer to
Subsection 250.02.d. (3-28-23)
c. Examination. Successful completion of the
Certified Residential Appraiser examination approved by the Board pursuant to
the guidelines of the Appraisal Qualifications Board.
(3-28-23)