Chapter 124: REAL ESTATE APPRAISAL LICENSING AND CERTIFICATION HEADING: PL 1999, C. 185, §5 (NEW)
Subchapter 3: CERTIFIED GENERAL, CERTIFIED RESIDENTIAL, REAL PROPERTY APPRAISER, APPRAISER TRAINEE, TEMPORARY LICENSE HEADING: PL 1999, C. 185, §5 (NEW)
§14036. Certified residential real property appraiser
1. Scope of license. A certified residential real property appraiser license entitles the holder to appraise residential real estate or real property of one to 4 residential units, without regard to value or complexity and to appraise vacant or unimproved land that is to be used for one to 4 family units or for which the highest and best use is for one to 4 family units. A certified residential real property appraiser license does not entitle the holder to appraise subdivisions for which a development analysis and appraisal is necessary.
[ 2005, c. 518, §7 (NEW) .]
2. Professional qualifications. An applicant for a certified residential real property appraiser license must meet the licensing requirements promulgated by the appraiser qualifications board. Each applicant must:
A. Hold an associate's or higher degree from an accredited college or university or have successfully passed 21 semester credit hours in the following collegiate level subject matter courses from an accredited college, junior college, community college or university:
(1) English composition;
(2) Principles of microeconomics or macroeconomics;
(3) Finance;
(4) Algebra, geometry or higher mathematics;
(5) Statistics;
(6) Introduction to computers, word processing and spreadsheets; and
(7) Business or real estate law.
An applicant may receive credit for a college course for an exam taken through a college-level examination program if a college or university accredited by a commission on colleges, a regional or national accreditation association or an accrediting agency that is recognized by the United States Secretary of Education accepts the exam and issues a transcript showing its approval; [2005, c. 518, §7 (NEW).]
B. Satisfactorily complete 200 creditable class hours as specified in the appraiser qualifications board's required core curriculum, which must include the 15-hour national uniform standards of professional appraisal practice course and examination; [2005, c. 518, §7 (NEW).]
C. Pass the appraiser qualifications board's uniform state-certified residential real property appraiser examination; and [2005, c. 518, §7 (NEW).]
D. Hold a valid license under this chapter and demonstrate 2,500 hours of appraisal experience obtained during no fewer than 24 months, including complex residential property appraisals completed under the supervision of a certified residential real property appraiser or a certified general real property appraiser under section 14035. [2009, c. 112, Pt. A, §22 (AMD).]
[ 2009, c. 112, Pt. A, §22 (AMD) .]
3. Effective date. This section takes effect January 1, 2008.
[ 2005, c. 518, §7 (NEW) .]
SECTION HISTORY
2005, c. 518, §7 (NEW). 2009, c. 112, Pt. A, §22 (AMD).
Chapter 124: REAL ESTATE APPRAISAL LICENSING AND CERTIFICATION HEADING: PL 1999, C. 185, §5 (NEW)
Subchapter 3: CERTIFIED GENERAL, CERTIFIED RESIDENTIAL, REAL PROPERTY APPRAISER, APPRAISER TRAINEE, TEMPORARY LICENSE HEADING: PL 1999, C. 185, §5 (NEW)
§14036. Certified residential real property appraiser
1. Scope of license. A certified residential real property appraiser license entitles the holder to appraise residential real estate or real property of one to 4 residential units, without regard to value or complexity and to appraise vacant or unimproved land that is to be used for one to 4 family units or for which the highest and best use is for one to 4 family units. A certified residential real property appraiser license does not entitle the holder to appraise subdivisions for which a development analysis and appraisal is necessary.
[ 2005, c. 518, §7 (NEW) .]
2. Professional qualifications. An applicant for a certified residential real property appraiser license must meet the licensing requirements promulgated by the appraiser qualifications board. Each applicant must:
A. Hold an associate's or higher degree from an accredited college or university or have successfully passed 21 semester credit hours in the following collegiate level subject matter courses from an accredited college, junior college, community college or university:
(1) English composition;
(2) Principles of microeconomics or macroeconomics;
(3) Finance;
(4) Algebra, geometry or higher mathematics;
(5) Statistics;
(6) Introduction to computers, word processing and spreadsheets; and
(7) Business or real estate law.
An applicant may receive credit for a college course for an exam taken through a college-level examination program if a college or university accredited by a commission on colleges, a regional or national accreditation association or an accrediting agency that is recognized by the United States Secretary of Education accepts the exam and issues a transcript showing its approval; [2005, c. 518, §7 (NEW).]
B. Satisfactorily complete 200 creditable class hours as specified in the appraiser qualifications board's required core curriculum, which must include the 15-hour national uniform standards of professional appraisal practice course and examination; [2005, c. 518, §7 (NEW).]
C. Pass the appraiser qualifications board's uniform state-certified residential real property appraiser examination; and [2005, c. 518, §7 (NEW).]
D. Hold a valid license under this chapter and demonstrate 2,500 hours of appraisal experience obtained during no fewer than 24 months, including complex residential property appraisals completed under the supervision of a certified residential real property appraiser or a certified general real property appraiser under section 14035. [2009, c. 112, Pt. A, §22 (AMD).]
[ 2009, c. 112, Pt. A, §22 (AMD) .]
3. Effective date. This section takes effect January 1, 2008.
[ 2005, c. 518, §7 (NEW) .]
SECTION HISTORY
2005, c. 518, §7 (NEW). 2009, c. 112, Pt. A, §22 (AMD).
Chapter 124: REAL ESTATE APPRAISAL LICENSING AND CERTIFICATION HEADING: PL 1999, C. 185, §5 (NEW)
Subchapter 3: CERTIFIED GENERAL, CERTIFIED RESIDENTIAL, REAL PROPERTY APPRAISER, APPRAISER TRAINEE, TEMPORARY LICENSE HEADING: PL 1999, C. 185, §5 (NEW)
§14036. Certified residential real property appraiser
1. Scope of license. A certified residential real property appraiser license entitles the holder to appraise residential real estate or real property of one to 4 residential units, without regard to value or complexity and to appraise vacant or unimproved land that is to be used for one to 4 family units or for which the highest and best use is for one to 4 family units. A certified residential real property appraiser license does not entitle the holder to appraise subdivisions for which a development analysis and appraisal is necessary.
[ 2005, c. 518, §7 (NEW) .]
2. Professional qualifications. An applicant for a certified residential real property appraiser license must meet the licensing requirements promulgated by the appraiser qualifications board. Each applicant must:
A. Hold an associate's or higher degree from an accredited college or university or have successfully passed 21 semester credit hours in the following collegiate level subject matter courses from an accredited college, junior college, community college or university:
(1) English composition;
(2) Principles of microeconomics or macroeconomics;
(3) Finance;
(4) Algebra, geometry or higher mathematics;
(5) Statistics;
(6) Introduction to computers, word processing and spreadsheets; and
(7) Business or real estate law.
An applicant may receive credit for a college course for an exam taken through a college-level examination program if a college or university accredited by a commission on colleges, a regional or national accreditation association or an accrediting agency that is recognized by the United States Secretary of Education accepts the exam and issues a transcript showing its approval; [2005, c. 518, §7 (NEW).]
B. Satisfactorily complete 200 creditable class hours as specified in the appraiser qualifications board's required core curriculum, which must include the 15-hour national uniform standards of professional appraisal practice course and examination; [2005, c. 518, §7 (NEW).]
C. Pass the appraiser qualifications board's uniform state-certified residential real property appraiser examination; and [2005, c. 518, §7 (NEW).]
D. Hold a valid license under this chapter and demonstrate 2,500 hours of appraisal experience obtained during no fewer than 24 months, including complex residential property appraisals completed under the supervision of a certified residential real property appraiser or a certified general real property appraiser under section 14035. [2009, c. 112, Pt. A, §22 (AMD).]
[ 2009, c. 112, Pt. A, §22 (AMD) .]
3. Effective date. This section takes effect January 1, 2008.
[ 2005, c. 518, §7 (NEW) .]
SECTION HISTORY
2005, c. 518, §7 (NEW). 2009, c. 112, Pt. A, §22 (AMD).
