Current through Register Vol. 49, No. 6, March 15, 2024
PURPOSE: This amendment clarifies education
requirements.
(1) Trainees who
hold a valid trainee license on the effective date of this rule may:
(A) Notify the commission in writing that
they wish to continue under the regulations in effect at the time the trainee
license was originally issued; or
(B) Reapply as a trainee under the 2018
criteria as outlined below.
(2) State Licensed Real Estate Appraiser-
(A) Applicants for state licensed real estate
appraiser license shall submit verification of completion of one hundred fifty
(150) creditable class hours from the core curriculum, including passage of the
approved closed book examination for each course, as follows:
|
1. Basic Appraisal Principles
|
30 Hours
|
|
2. Basic Appraisal Procedures
|
30 Hours
|
|
3. National Uniform Standards of Appraisal Practice
(USPAP)
|
15 Hours
|
|
4. Residential Market Analysis and Highest and Best
Use
|
15 Hours
|
|
5. Residential Appraiser Site Valuation and Cost
Approach
|
15 Hours
|
|
6. Residential Sales Comparison and Income
Approaches
|
30 Hours
|
|
7. Residential Report Writing and Case Studies
|
15 Hours
|
|
150 Total Hours
|
(B)
Credit toward qualifying education requirements may also be obtained via
completion of a degree in real estate from an accredited degree-granting
college or university approved by the Association to Advance Collegiate Schools
of Business, or a regional or national accreditation agency recognized by the
U.S. Secretary of Education, provided that the college or university has had
its curriculum reviewed and approved by the Appraisal Qualifications Board
(AQB).
(C) Appraisers holding a
valid state licensed real estate appraiser trainee license may satisfy the
education requirements for a state licensed real estate appraiser by completing
the following additional educational hours:
|
1. Residential Market Analysis and Highest and Best
Use
|
15 Hours
|
|
2. Residential Appraiser Site Valuation and Cost
Approach
|
15 Hours
|
|
3. Residential Sales Comparison and Income
Approaches
|
30 Hours
|
|
4. Residential Report Writing and Case Studies
|
15 Hours
|
|
75 Total Hours
|
(D)
To obtain a license as a stated licensed real estate appraiser, an applicant
shall successfully complete the AQB approved Licensed Residential Real Property
Appraiser Examination. There is no alternative to successful completion of the
examination. All education and experience hours are required to be completed
prior to being allowed to sit for the examination.
(E) As a prerequisite for licensure as a state
licensed real estate appraiser, an applicant shall present satisfactory
evidence to the commission that the applicant possesses the equivalent of one
thousand (1,000) hours of experience obtained over a period of not less than
six (6) months under the supervision of a state certified real estate appraiser
and supported by adequate written reports and file memoranda. Hours may be
treated as cumulative in order to achieve the necessary one thousand (1,000)
hours of appraisal experience.
(F)
As an alternative to the requirements in subsection (2)(E) above, applicants
for licensure or certification may complete the requirements of the Practical
Applications of Real Estate Appraisal (PAREA) of the Real Property Appraiser
Qualification Criteria as implemented by The Appraisal Foundation's Appraiser
Qualifications Board, and shall submit a certificate of completion.
(3) State Certified Residential
Real Estate Appraiser-
(A) Applicants for the
state certified residential real estate appraiser certification shall satisfy
at least one (1) of the following five (5) options below:
1. Possession of a Bachelor's Degree in any
field of study from an accredited college or university. The college or
university must be a degree granting institution accredited by the Commission
on Colleges, a regional or national accreditation association or by an
accrediting agency that is recognized by the U.S. Secretary of Education.
Applicants with a college degree from a foreign country may have their
education evaluated for "equivalency" by one (1) of the following:
A. An accredited, degree-granting, domestic
college or university;
B. A foreign
degree credential evaluation service company that is a member of the National
Association of Credential Evaluation Services (NACES); or
C. A foreign degree credential evaluation
service company that provides equivalency evaluation reports accepted by an
accredited, degree-granting, domestic college or university, or by a state
licensing board that issues credentials in another discipline;
2. Possession of an Associate's
Degree in the field of study related to business administration, accounting,
finance, economics, or real estate from an accredited college or university.
The college or university must be a degree granting institution accredited by
the Commission on Colleges, a regional or national accreditation association or
by an accrediting agency that is recognized by the U.S. Secretary of Education.
Applicants with a college degree from a foreign country may have their
education evaluated for "equivalency" by one (1) of the following:
A. An accredited, degree-granting, domestic
college or university;
B. A foreign
degree credential evaluation service company that is a member of the National
Association of Credential Evaluation Services; or
C. A foreign degree credential evaluation
service company that provides equivalency evaluation reports accepted by an
accredited, degree-granting, domestic college or university, or by a state
licensed board that issues credentials in another discipline;
3. Successful completion of thirty
(30) semester hours of college-level courses that cover each of the following
specific topic areas and hours:
A. English
Composition (three (3) semester hours);
B. Microeconomics (three (3) semester
hours);
C. Macroeconomics (three
(3) semester hours);
D. Finance
(three (3) semester hours);
E.
Algebra, Geometry, or higher mathematics (three (3) semester hours);
F. Statistics (three (3) semester
hours);
G. Computer Science (three
(3) semester hours);
H. Business or
Real Estate Law (three (3) semester hours); and
I. 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);
4. Successful completion of at
least thirty (30) semester hours of College Level Examination
Program® (CLEP®)
examinations from each of the following subject matter areas:
A. College Algebra (three (3) semester
hours);
B. College Composition (six
(6) semester hours);
C. College
Composition Modular (three (3) semester hours);
D. College Mathematics (six (6) semester
hours);
E. Principles of
Macroeconomics (three (3) semester hours);
F. Principles of Microeconomics (three (3)
semester hours);
G. Introductory
Business Law (three (3) semester hours); and
H. Information Systems (three (3) semester
hours);
5. Any
combination of paragraphs (3)(A)3. and (3)(A)4. above that ensures coverage of
all topics and hours identified in paragraph (3)(A)3.;
(B) As an alternative to the requirements in
subsection (3)(A) above, individuals who have held a state license for a
minimum of five (5) years may qualify for a certified residential credential by
satisfying all of the following:
1. No record
of any adverse, final, and non-appealable disciplinary action affecting the
state licensed appraiser's legal eligibility to engage in appraisal practice
within the five (5) years immediately preceding the date of application for a
certified residential credential;
2. Successful completion of the additional
required qualifying education as specified in subsection (3)(G)
below;
3. Successful completion of
the required experience as specified in subsection (3)(E) below; and
4. Successful completion of the Certified
Residential Real Property Appraiser examination as specified in subsection
(3)(D) below;
(C)
Applicants for state certified residential real estate appraiser license shall
submit verification of completion of two hundred (200) creditable class hours
from the core curriculum, including passage of the approved closed book
examination for each course, as follows:
|
1. Basic Appraisal Principles
|
30 Hours
|
|
2. Basic Appraisal Procedures
|
30 Hours
|
|
3. National Uniform Standards of Appraisal Practice
(USPAP) or its equivalent
|
15 Hours
|
|
4. Residential Market Analysis and Highest and Best
Use
|
15 Hours
|
|
5. Residential Appraiser Site Valuation and Cost
Approach
|
15 Hours
|
|
6. Residential Sales Comparison and Income
Approaches
|
30 Hours
|
|
7. Residential Report Writing and Case Studies
|
15 Hours
|
|
8. Statistics, Modeling, or Finance |
15 Hours
|
|
9. Advanced Residential Applications and Case
Studies |
15 Hours |
|
10. Appraisal Subject Matter Electives (May include
hours over minimum shown above in other modules) |
20 Hours |
|
200 Total Hours |
(D)
Credit toward qualifying education requirements may also be obtained via
completion of a degree in real estate from an accredited degree-granting
college or university approved by the Association to Advance Collegiate Schools
of Business, or a regional or national accreditation agency recognized by the
U.S. Secretary of Education, provided that the college or university has had
its curriculum reviewed and approved by the Appraisal Qualifications Board
(AQB).
(E) To obtain a state
certified residential real estate appraiser license, an applicant shall
successfully complete the AQB approved Certified Residential Real Property
Appraiser Examination. There is no alternative to successful completion of the
examination. All education and experience hours are required to be completed
prior to being allowed to sit for the examination.
(F) As a prerequisite for licensure as a state
certified residential real estate appraiser, an applicant shall present
satisfactory evidence to the commission that the applicant possesses the
equivalent of one thousand five hundred (1,500) hours of experience obtained
over a period of not less than twelve (12) months under the supervision of a
state certified real estate appraiser and supported by adequate written reports
and file memoranda. Hours may be treated as cumulative in order to achieve the
necessary one thousand five hundred (1,500) hours of appraisal
experience.
(G) As an alternative
to the requirements in subsection (3)(F) above, applicants for licensure or
certification may complete the requirements of the Practical Applications of
Real Estate Appraisal (PAREA) of the Real Property Appraiser Qualification
Criteria as implemented by The Appraisal Foundation's Appraiser Qualifications
Board, and shall submit a certificate of completion.
(H) Appraisers holding a valid trainee appraiser
credential may satisfy the educational requirements for the certified
residential real property appraiser credential by successfully completing the
following additional educational hours:
|
1. Residential Market Analysis and Highest and Best
Use
|
15 Hours
|
|
2. Residential Appraiser Site Valuation and Cost
Approach
|
15 Hours
|
|
3. Residential Sales Comparison and Income
Approaches
|
30 Hours
|
|
4. Residential Report Writing and Case Studies
|
15 Hours
|
|
5. Statistics, Modeling, or Finance
|
15 Hours
|
|
6. Advanced Residential Applications and Case
Studies
|
15 Hours
|
|
7. Appraisal Subject Matter Electives
|
20 Hours
|
|
125 Total Hours
|
(I)
Appraisers holding a valid state license real estate appraiser license may
satisfy the educational requirements for the certified residential real
property appraiser credential by successfully completing the following
additional educational hours:
|
1. Statistics, Modeling, or Finance
|
15 Hours
|
|
2. Advanced Residential Applications and Case
Studies
|
15 Hours
|
|
3. Appraisal Subject Matter Electives
|
20 Hours
|
|
50 Total Hours
|
(J)
Appraisers holding a valid trainee appraiser credential wishing to change to
the certified residential classification must also satisfy the college-level
education requirement as specified in subsection (3)(A) above.
(K) Appraisers holding a valid state license
real estate appraiser license wishing to change to the certified residential
classification who do not meet the requirements outlined in subsection (3)(B)
must also satisfy the college-level education requirements as specified in
subsection (3)(A).
(4)
State Certified General Real Estate Appraiser.
(A) Applicants for the state certified
general real estate appraiser certification shall possess a Bachelor's Degree
or higher in any field of study from an accredited college or university. The
college or university must be a degree granting institution accredited by the
Commission on Colleges, a regional or national accreditation association or by
an accrediting agency that is recognized by the U.S. Secretary of Education.
Applicants with a college degree from a foreign country may have their
education evaluated for "equivalency" by one (1) of the following:
1. An accredited, degree-granting, domestic
college or university;
2. A foreign
degree credential evaluation service company that is a member of the National
Association of Credential Evaluation Services (NACES); or
3. A foreign degree credential evaluation
service company that provides equivalency evaluation reports accepted by an
accredited, degree-granting, domestic college or university, or by a state
licensing board that issues credentials in another discipline;
(B) Applicants for state certified
general real estate appraiser shall submit verification of completion of three
hundred (300) creditable class hours from the core curriculum, including
passage of the approved closed book examination for each course, as follows:
|
1. Basic Appraisal Principles
|
30 Hours
|
|
2. Basic Appraisal Procedures
|
30 Hours
|
|
3. National Uniform Standards of Appraisal Practice
(USPAP) or its equivalent
|
15 Hours
|
|
4. General Appraiser Market Analysis And Highest and
Best Use
|
30 Hours
|
|
5. General Appraiser Site Valuation and Cost
Approach
|
30 Hours
|
|
6. General Sales Comparison
|
30 Hours
|
|
7. General Appraiser Income Approach
|
60 Hours
|
|
8. Statistics, Modeling, or Finance |
15 Hours
|
|
9. General Appraiser Report Writing and Case
Studies |
30 Hours |
|
10. Appraisal Subject Matter Electives (May include
hours over minimum shown in above other modules) |
30 Hours
|
|
300 Total Hours |
(C)
Credit toward qualifying education requirements may also be obtained via
completion of a degree in real estate from an accredited degree-granting
college or university approved by the Association to Advance Collegiate Schools
of Business, or a regional or national accreditation agency recognized by the
U.S. Secretary of Education, provided that the college or university has had
its curriculum reviewed and approved by the Appraisal Qualifications Board
(AQB).
(D) To obtain a state
certified general real estate appraiser license, an applicant shall
successfully complete the AQB approved Certified General Real Property
Appraiser Examination. There is no alternative to successful completion of the
examination. All education and experience hours are required to be completed
prior to being allowed to sit for the examination.
(E) As a prerequisite for licensure as a state
certified general real estate appraiser, an applicant shall present
satisfactory evidence to the commission that the applicant possesses the
equivalent of three thousand (3,000) hours of experience obtained over a period
of not less than eighteen (18) months. One thousand five hundred (1,500) hours
must be in non-residential appraisal work. Hours may be treated as cumulative
in order to achieve the necessary three thousand (3,000) hours of appraisal
experience.
(F) An applicant
seeking to obtain licensure as a state certified general real estate appraiser
shall receive credit towards the experience required by
20 CSR
2245-6.017(4)(E) for having
successfully completed a Licensed Residential PAREA program or a Certified
Residential PAREA program of the Real Property Appraisal Qualifications
Criteria as implemented by The Appraisal Foundation's Appraiser Qualifications
Board, and shall submit a certificate of completion.
(G) Appraisers holding a valid trainee appraiser
license may satisfy the educational requirements for certified general real
estate appraiser by successfully completing the following additional
educational hours:
|
1. General Appraiser Market Analysis and Highest and
Best Use
|
30 Hours
|
|
2. Statistics, Modeling, or Finance
|
15 Hours
|
|
3. General Appraiser Sales Comparison Approach
|
30 Hours
|
|
4. General Appraiser Site Valuation and Cost
Approach
|
30 Hours
|
|
5. General Appraiser Income Approach
|
60 Hours
|
|
6. General Appraiser Report Writing and Case
Studies
|
30 Hours
|
|
7. Appraisal Subject Matter Electives
|
30 Hours
|
|
225 Total Hours |
(H)
Appraisers holding a valid certified residential real estate appraiser license
may satisfy the educational requirements for the certified general real estate
appraiser license by successfully completing the following additional
educational hours:
|
1. General Appraiser Market Analysis and Highest and
Best Use
|
15 Hours
|
|
2. General Appraiser Site Valuation and Cost
Approach
|
15 Hours
|
|
3. General Sales Comparison
|
15 Hours
|
|
4. General Appraiser Income Approach
|
45 Hours
|
|
5. Statistics, Modeling, or Finance
|
15 Hours
|
|
6. General Appraiser Report Writing and Case
Studies
|
15 Hours
|
|
7. Appraisal Subject Matter Electives
|
30 Hours
|
|
50 Total Hours |
(I)
Appraisers holding a valid certified residential real estate appraiser license
may satisfy the educational requirements for the certified general real estate
appraiser license by successfully completing the following additional
educational hours:
|
1. General Appraiser Market Analysis and Highest and
Best Use
|
15 Hours
|
|
2. General Appraiser Sales Comparison
|
15 Hours
|
|
3. General Appraiser Site Valuation and Cost
Approach
|
15 Hours
|
|
4. General Appraiser Income Approach
|
45 Hours
|
|
5. General Appraiser Report Writing and Case
Studies
|
10 Hours
|
|
100 Total Hours |
(J)
Trainee appraisers, state licensed real estate appraisers, and state certified
residential real estate appraisers wishing to upgrade to certified general real
estate appraiser must also satisfy the requirements in subsections (4)(A) and
(4)(B) above.
