How to Become an Appraiser . . .
Licensed Residential Real Estate Appraiser- License Requirements
Effective May 1, 2018 there is no college-level education requirement for Licensed Residential Real Estate Appraiser.
Qualifying Education – specialized appraisal courses
The prerequisite for application for a license is 150 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..
The Licensed Residential Appraiser applicant must complete one thousand (1,000) hours of qualifying experience in no fewer than six (6) months.
Successful completion of the AQB-approved Licensed Residential Real Property Appraiser examination.
To view the Real Property Appraiser Qualification Criteria and Interpretations of the Criteria, click the link: AQB Qualifications Criteria 2018.