Current through Register Vol. 51, No. 19, September 20, 2024
A. Licensed Real
Estate Appraisers. Except as provided in COMAR 09.19.04, to be eligible to sit
for the licensed real estate appraisers examination, an applicant shall hold a
valid trainee appraiser license and shall have successfully completed 150
classroom hours of study in accordance with the Appraiser Qualifications Board
core curriculum as set forth in Regulation .03B of this chapter that includes:
(1) The 15-hour National USPAP Course or an
equivalent course approved by the Appraisal Qualifications Board; and
(2) 75 hours in:
(a) Residential market analysis and highest
and best use - 15 hours;
(b)
Residential appraiser site valuation and cost approach - 15 hours;
(c) Residential sales comparison and income
approaches - 30 hours; and
(d)
Residential report writing and case studies - 15 hours.
B. Residential Real
Estate Appraisers. To be eligible to sit for the certified residential real
estate appraisers examination, an applicant shall have successfully completed:
(1) 200 classroom hours of study;
and
(2) One of the following:
(a) A bachelor's degree or higher from an
accredited college or university;
(b) An associate's degree, or higher, from an
accredited college, junior college, or community college in a field of study
related to:
(i) Business
administration;
(ii) Accounting;
(iii) Finance;
(iv) Economics; or
(v) Real estate;
(c) 30 semester credit hours of college-level
courses that cover 3 semester hours in each of the following specific topic
areas:
(i) English composition;
(ii) Microeconomics;
(iii) Macroeconomics;
(iv) Finance;
(v) Algebra;
(vi) Statistics;
(vii) Computer science;
(viii) Business or real estate law;
and
(ix) 2 elective courses in any
of the topics listed in §B(2)(c)(i)-(viii) of this regulation or in
accounting, geography, agricultural economics, business management, or real
estate;
(d) Successful
completion of at least 30 semester hours of college-level examination program
(CLEP) examinations from each of the following subject matter areas:
(i) College algebra-3 semester
hours;
(ii) College composition-6
semester hours;
(iii) College
composition modular-6 semester hours;
(iv) College mathematics-6 semester
hours;
(v) Principles of
macroeconomics-3 semester hours;
(vi) Principles of microeconomics-3 semester
hours;
(vii) Introductory business
law-3 semester hours; and
(viii)
Information systems-3 semester hours; or
(e) Any combination of §B(2)(c) or (d)
of this regulation that ensures coverage of all topics and hours identified in
§B(2)(c) of this regulation.
C. As an alternative to the requirements of
§B(2)(c) of this regulation, an individual who has held a real estate
appraiser license for a minimum of 5 years may qualify for a residential real
estate appraiser certificate by satisfying all of the following:
(1) No record of any adverse, final, and
non-appealable disciplinary action affecting the licensee's legal eligibility
to engage in appraisal practice within the 5 years immediately preceding the
date of application for a residential real estate appraiser certificate;
and
(2) Successful completion of
the required Appraiser Qualifications Board core curriculum as set forth in
Regulation .03B of this chapter; and
(3) Successful completion of the additional
required qualifying education as set forth in §D of this
regulation.
D. An
individual holding valid trainee appraiser license may satisfy the educational
requirements for a residential appraiser certificate by successful completion
of Appraiser Qualifications Board core curriculum as set forth in Regulation
.03B of this chapter.
E. An
individual holding a valid real estate appraiser license may satisfy the
educational requirements for a residential real estate appraiser certificate by
successful completion of the:
(1) Appraiser
Qualifications Board core curriculum as set forth in Regulation .03B of this
chapter; and
(2) Additional
qualifying education including:
(a)
Statistics, modeling, and finance-15 hours;
(b) Advanced residential applications and
case studies-15 hours; and
(c)
Appraisal subject matter electives-20 hours.
F. An individual holding a valid trainee
appraiser license may qualify for a real estate appraiser license by satisfying
the college-level education requirements as set forth in §B(2) of this
regulation.
G. An individual
holding a valid real estate appraiser license who does not meet the
requirements set forth in §C of this regulation may qualify for a
residential appraiser certificate by satisfying the college-level education
requirements as set forth in §B(2) of this regulation.
H. General Real Estate Appraisers. To be
eligible to sit for the certified general real estate appraisers examination,
an applicant shall have completed:
(1) 300
classroom hours of study; and
(2) A
bachelor's degree or higher from an accredited college or university
I. To be eligible for a real
estate appraiser trainee license, an applicant, within the 5 year period prior
to the date of submission of an application for a real estate appraiser trainee
license, shall have completed:
(1) 75 hours
of classroom study which comply with this regulation; and
(2) A Commission-approved course oriented
toward trainee appraiser expectations and responsibilities.
