How to Become an Appraiser . . .
Certified Residential Real Estate Appraiser – License Requirements
College Level
Applicants for the Certified Residential credential must hold a Bachelor’s Degree, or higher, from an accredited college or university. An Associates Degree in certain fields of study is also acceptable (Business Administration, Accounting, Finance, Economics, or Real Estate). There are actually six options for satisfying the college requirement. To learn about the six options, click the link: AQB Qualifications Criteria 2018.
Qualifying Education – specialized appraisal courses
The prerequisite for application for a license is 200 hours of qualifying education (QE). A final exam must be passed when a course is completed.
The required courses are:
- Basic Appraisal Principles – This is a 30 hour credit course. It provides an introduction to real estate concepts and characteristics, legal aspects of property, influences on real estate values, types of value, economic principles and real estate markets.
- Basic Appraisal Procedures – Also a 30 hour credit course. It covers the process of completing an appraisal, particularly the three approaches to valuing real estate, plus how to report the results of an appraisal.
- 15-Hour National USPAP – The Uniform Standards of Professional Appraisal Practice course. It focuses on the requirements for ethical behavior and competent performance by appraisers. USPAP requirements are incorporated into state licensing law, which makes the standards a legal obligation for all appraisers.
- Residential Market Analysis and Highest and Best Use – A 15 hour credit course covering the relationship between market analysis and highest and best use; and how to research information needed to complete the analysis.
- Residential Appraiser Site Valuation and Cost Approach – A 15 hour course that focuses on the valuation of vacant land and the development of the cost approach.
- Residential Sales Comparison and Income Approaches – A 30 hour course that addresses how to compete the sales comparison and income approaches to value.
- Residential Report Writing and Case Studies – A 15 hour course that covers how to produce a convincing appraisal report that satisfies the Uniform Standards of Professional Appraisal Practice.
- Statistics, Modeling and Finance – 15 hours QE credit
- Advanced Residential Applications and Case Studies – 15 hours QE credit
- Appraisal Subject Matter Electives – 20 hours QE credit
Qualifying Experience
The CertifiedResidential Appraiser applicant must complete fifteen hundred (1,500) hours of qualifying experience obtained in no fewer than twelve (12) months.
Examination
Successful completion of the AQB-approved CertifiedResidential Real Property Appraiser examination.