Current through Register Vol. 47, No. 12, December 22, 2023
(A) In order to
qualify as a state apprentice, licensed or certified appraiser, an applicant
must meet the requirements set forth below, as well as any requirements
established by the Appraiser Qualifications Board (AQB) and the Appraisal
Standards Board (ASB) of the Appraisal Foundation, as subsequently endorsed by
the Appraisal Subcommittee pursuant to Title XI of the Financial Institutions
Reform, Recovery, and Enforcement Act of 1989.
(B) In order to qualify as an apprentice
appraiser, an applicant:
(1) must have
received 75 hours of Core Curriculum prescribed by the AQB in qualifying
education covering thirty (30) hours in Basic Appraisal Principles, thirty (30)
hours in Basic Appraisal Procedures, and fifteen (15) hours in National Uniform
Standards of Professional Appraisal Practice or its equivalent as determined by
the AQB;
(2) must attend a
trainee/supervisor orientation conducted in compliance with AQB
requirements.
(C) In
order to qualify to become a state licensed real estate appraiser, an
applicant:
(1) must have received one hundred
fifty (150) hours of Core Curriculum prescribed by the AQB in qualifying
education covering thirty (30) hours in Basic Appraisal Principles, thirty (30)
hours in Basic Appraisal Procedures, fifteen (15) hour National Uniform
Standards of Professional Appraisal Practice or its equivalent as determined by
the AQB, fifteen (15) hours in Market Analysis and Highest and Best Use,
fifteen (15) hours in Appraiser Site Valuation and Cost Approach, thirty (30)
hours in Sales Comparison and Income Approaches, and fifteen (15) hours in
Report Writing and Case Studies.
(2) Applicants for the Licensed appraiser
classification must hold a high school diploma or certificate of
equivalency.
(3) must have earned a
minimum of one thousand (1,000) hours of appraisal experience in appraising
either residential or nonresidential properties. However, the maximum number of
hours which an applicant can earn in review (field, documentary, or desk)
appraisal experience is limited to five hundred (500) hours. Qualifying
experience must be obtained after January 1, 1992, be in appraisal work
conforming to USPAP Standards where the appraiser demonstrates proficiency in
appraisal principles, methodology, procedures (development), reporting
conclusions, sufficient to demonstrate competency in all USPAP requirements;
and
(4) must have at least six (6)
months of real estate appraisal experience commencing as of the date that the
first assignment is completed after the initial license is issued;
and
(5) must stand for and pass an
exam administered or approved by the Board. An applicant who does not become
licensed within two years after passing the examination must retake the
examination.
(D) In
order to qualify to become a state certified residential real estate appraiser,
an applicant:
(1) must have received two
hundred (200) hours of Core Curriculum prescribed by the AQB in qualifying
education covering thirty hours in Basic Appraisal Principles, thirty (30)
hours in Basic Appraisal Procedures, fifteen (15) hour National Uniform
Standards of Professional Appraisal Practice or its equivalent as determined by
the AQB, fifteen (15) hours in Market Analysis and Highest and Best Use,
fifteen (15) hours in Appraiser Site Valuation and Cost Approach, thirty (30)
hours in Sales Comparison and Income Approaches, fifteen (15) hours in Report
Writing and Case Studies, fifteen (15) hours in Statistics, Modeling, and
Finance, fifteen (15) hours in Advanced Applications and Case Studies, and
twenty (20) hours in appraisal subject matter electives;
(2) must have maintained a Licensed Appraiser
credential for a minimum of five (5) years and have no record of any
disciplinary action affecting the Licensed Appraiser's legal eligibility to
engage in appraisal practice within the previous five (5) years, or must hold a
Bachelor's degree or higher, or an Associate's degree in a field of study
related to Business Administration, Accounting, Finance, Economics or Real
Estate from an accredited college, community college, or university. In lieu of
the degree requirement, an applicant for the certified residential appraiser
credential shall successfully complete thirty (30) semester hours of
college-level education from an accredited college, junior college, community
college or university in the following topic areas:
English Composition (3 hours)
Microeconomics (3 hours)
Macroeconomics (3 hours)
Finance (3 hours)
Algebra, Geometry or Higher Math (3 hours)
Statistics (3 hours)
Computer Science (3 hours)
Business or Real Estate Law (3 hours)
Two elective courses in any of the above topics, or in
Accounting, Geography, Agricultural Economics, Business Management or Real
Estate (3 hours each)
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. If an accredited college or university accepts the
College-Level Examination Program (CLEP) examination(s) and issues a transcript
for the exam, showing its approval, it will be considered as credit for the
college course.
(3) must
have earned a minimum of one thousand five hundred (1,500) hours of appraisal
experience in appraising either residential or nonresidential properties.
However, the maximum number of hours which an applicant can earn in review
(field, documentary, or desk) appraisal experience is limited to seven hundred
fifty (750) hours. Qualifying experience must be obtained after January 1,
1992, be in appraisal work conforming to USPAP Standards where the appraiser
demonstrates proficiency in appraisal principles, methodology, procedures
(development), reporting conclusions, and be of a variety sufficient to
demonstrate competency in all USPAP requirements;
(4) must have at least twelve (12) months of
real estate appraisal experience commencing as of the date that the first
assignment is completed after the initial license is issued; and
(5) must stand for and pass an exam
administered or approved by the Board. An applicant who does not become
certified within two years after passing the examination must retake the
examination to qualify for residential certification.
(E) In order to qualify to become a state
certified general real estate appraiser, an applicant:
(1) must have received three hundred (300)
hours of Core Curriculum prescribed by the AQB in qualifying education covering
thirty (30) hours in Basic Appraisal Principles, thirty (30) hours in Basic
Appraisal Procedures, fifteen (15) hour National Uniform Standards of
Professional Appraisal Practice or its equivalent as determined by the AQB,
thirty (30) hours in General Appraiser Market Analysis and Highest and Best
Use, fifteen (15) hours in Statistics, Modeling, and Finance, thirty (30) hours
in General Appraiser Sales Comparison Approach, at least thirty (30) hours in
General Appraiser Site Valuation and Cost Approach, sixty (60) hours in General
Appraiser Income Approach, thirty (30) hours in General Appraiser Report
Writing and Case Studies, and thirty (30) hours in appraisal subject matter
electives;
(2) must hold a
Bachelors degree or higher from an accredited college or university;
(3) must have earned a minimum of three
thousand hours of appraisal experience, fifty (50%) percent of which must come
from appraising nonresidential properties. The maximum number of hours which an
applicant can earn in review (field, documentary, or desk) appraisal experience
is limited to one thousand five hundred (1,500) hours. Qualifying experience
must be obtained after January 1, 1992, be in appraisal work conforming to
USPAP Standards where the appraiser demonstrates proficiency in appraisal
principles, methodology, procedures (development), reporting conclusions,
sufficient to demonstrate competency in all USPAP requirements;
(4) must have at least eighteen (18) months
of real estate appraisal experience commencing as of the date that the first
assignment is completed after the initial license is issued; and
(5) must stand for and pass an exam
administered or approved by the Board. An applicant who does not become
certified within two years after passing the examination must retake the
examination to qualify for general certification.
(F) Courses taken in satisfying the
qualifying education requirements should not be repetitive in nature. Each
course credited toward the required number of qualifying education hours should
represent a progression in which the appraiser's knowledge is
increased.
(G) The Board may waive
the examination requirements for those applicants who are currently licensed or
certified in another state upon proof that the applicant has successfully
passed an Appraisal Qualifications Board approved exam which served as a
requirement for licensure or certification in the state where he is currently
licensed or certified.
Added by State Register
Volume 19, Issue No. 6, eff June 23, 1995. Amended by State Register Volume 25,
Issue No. 5, Part 2, eff May 25, 2001; State Register Volume 32, Issue No. 2,
eff February 22, 2008;
State
Register Volume 38, Issue No. 6, eff
6/27/2014;
State
Register Volume 42, Issue No. 05, eff.
5/25/2018;
State
Register Volume 43, Issue No. 05, eff.
5/24/2019;
State
Register Volume 46, Issue No. 05, eff.
5/27/2022.
