Student Appraisers, trainees, and instructors sometimes have a hard time remembering what the different kinds of licensing/certification allow, and exactly what is required to become a Licensed or Certified Real Estate Appraiser. Here is a summary of what is needed to become a federally certified or licensed Real Estate Appraiser. The table summarizes the differences between licensed and certified appraisers, and lists the minimum qualifications to become a licensed or certified appraiser. Your state may have additional requirements, but most follow these guidelines. Other stuff you should know
| Licensure level | Trainee | Licensed Residential | Certified Residential | Certified General |
| Permitted fields of work | May appraise all types of real property under supervision of a certified appraiser in good standing, as long as the supervising appraiser is qualified to perform the appraisal assignment. | May appraise non-complex 1-4 family residential properties worth $1,000,000 or less and complex 1-4 family residential properties worth $250,000 or less. May not appraise subdivisions if development analysis is needed. | May appraise 1-4 family residential property without regard to value or complexity. May not appraise subdivisions if development analysis is needed. | May appraise all type of real property. |
| Minimum Experience hours | none | 2,000 hours obtained in no fewer than 12 months | 2,500 hours obtained in no fewer than 24 months | 3,000 hours, 1,500 of which must be non-residential appraisal work (ie, properties exceeding scope allowed under residential licensure or certification) obtained in no fewer than 30 months |
| Post-Secondary Education | none | none | Associate (2-year) degree or higher or Successfully pass the following collegiate subject matter courses: (21 credit hours) English Composition Economics (Micro or Macro) Finance Algebra, Geometry (or higher math) Statistics Intro to Computers (word processing / spreadsheets) Business or Real Estat Law |
Bachelors (4-year) degree or higher or Successfully pass the following collegiate subject matter courses: (30 credit hours) English Composition Micro Economics Macro Economics Finance Algebra, Geometry (or higher math) Statistics Intro to Computers (word processing / spreadsheets) Business or Real Estat Law 2 elective courses in accounting, geography, agricultural economics, business management, or real estate. |
| Pass National Exam | No | Yes | Yes | Yes |
| Licensure level | Trainee | Licensed Residential | Certified Residential | Certified General |
| Required Education | 75 hours total | 150 hours total | 200 hours total | 300 hours total |
| Basic Appraisal Principles 30 hours |
Basic Appraisal Principles 30 hours |
Basic Appraisal Principles 30 hours |
Basic Appraisal Principles 30 hours |
|
| Basic Appraisal Practices 30 hours |
Basic Appraisal Practices 30 hours |
Basic Appraisal Practices 30 hours |
Basic Appraisal Practices 30 hours |
|
| 2-day, USPAP 15 hours |
2-day, USPAP 15 hours |
2-day, USPAP 15 hours |
2-day, USPAP 15 hours |
|
| Residential Market Analysis and Highest and Best Use 15 hours |
Residential Market Analysis and Highest and Best Use 15 hours |
General Appraiser Market Analysis and Highest and Best
Use 30 hours |
||
| Residential Appraiser Site Valuation and Cost Approach 15 hours |
Residential Appraiser Site Valuation and Cost Approach 15 hours |
General Appraiser Site Valuation and Cost Approach 30 hours |
||
| Residential Sales Comparison and Income Approaches 30 hours |
Residential Sales Comparison and Income Approaches 30 hours |
General Appraiser Sales Comparison Approach 30 hours |
||
| Residential Report Writing and Case Studies 15 hours |
Residential Report Writing and Case Studies 15 hours |
General Appraiser Income Approach 60 hours |
||
| Statistics, Modeling, and Finance 15 hours |
Statistics, Modeling, and Finance 15 hours |
|||
| Advanced Residential Applications and Case Studies 15 hours |
General Report Writing and Case Studies 30 hours |
|||
| Appraisal Subject Matter Electives 20 hours |
Appraisal Subject Matter Electives 30 hours |
Courses and seminars fall into 2 categories - Qualifying Education and Continuing Education. Only Qualifying Education courses count toward getting certified or licensed, but qualifying education courses are normally accepted for maintaining your certification or license.
Courses are approved at the state level, although a few states automatically recognize courses approved by the AQB (that page has an Internet Explorer bug - scroll down to see the list of AQB approved courses). If you are not sure that a course is recognized by your state, contact the course provider or your state board before you sign up! Even if a course is offered by a large organization or has AQB approval, it might not count towards your educational requirements! Your state board makes the final decision. State Appraisal Board Contact Info, State appraisal board websites & email addresses
Many boards award or limit the number of hours of experience that can be claimed by the type of appraisal / report / activity. You will need to keep records of work you perform for experience, and some states require that your appraisal log be signed by a Supervising appraiser (who can only oversee a maximum of 3 trainees at a time). All work claimed for credit must meet or exceed the version of USPAP in place at the time it was written. Most (all?) jurisdictions will select some of the assignments claimed for experience credit for review, so do your best on every assignement!
List of state's appraisal board websites / email addresses
Source documents:
Student Appraiser Guide (www.appraisalfoundation.org),
The Real Property Appraiser Qualification Criteria and Interpretations of
the Criteria (AQB).
Contact us ~ LeMay
School of Real Estate Home
Appraisal
State Board Email & Websites
State
Appraisal Board Contact Info
www.lemadian.com
Copyright (c) 2007 - LeMay School of Real Estate