4 CCR 725-2, ch. 2 - [Effective 1/1/2024] REQUIREMENTS FOR LICENSURE AS A REAL ESTATE APPRAISER
2.1.
Repealed.
2.2. Licensed Appraiser:
An Applicant for this level of licensure must successfully complete the
following requirements as set forth in the Criteria as defined and incorporated
by reference in Rule 1.12.:
A. Real estate
appraisal Qualifying Education:
1. Basic
Appraisal Principles: 30 hours;
2.
Basic Appraisal Procedures: 30 hours;
3. Valuation Bias and Fair Housing Laws and
Regulations: 8 hours (course completion mandatory after January 1,
2026);
4. 15-Hour National USPAP
Course: 15 hours;
5. Residential
Market Analysis and Highest and Best Use: 15 hours;
6. Residential Appraiser Site Valuation and
Cost Approach: 15 hours;
7.
Residential Sales Comparison and Income Approaches: 30 hours; and
8. Residential Report Writing and Case
Studies: 15 hours.
B.
Real estate appraisal experience: An Applicant for licensure as a Licensed
Appraiser must demonstrate to the satisfaction of the Board that the Applicant
completed at least one thousand (1,000) hours of appraisal experience in no
fewer than six (6) months as set forth in Chapter 5 of these Rules and all of
the Applicant's experience was obtained after January 30, 1989 and in
compliance with the USPAP.
C. Real
estate appraisal Examination:
1. The
prerequisites to taking the Licensed Appraiser Examination are:
a. One hundred fifty (150) or beginning
January 1, 2026, one hundred fifty-eight (158) creditable class hours as set
forth in subsection A. of the Rule; and
b. One thousand (1,000) hours of qualifying
experience completed in no fewer than six (6) months.
2. After receiving approval from the Board,
an Applicant, who is not currently licensed or certified and in Good Standing
in another Jurisdiction, has up to twenty-four (24) months to take and pass the
Licensed Appraiser Examination.
3.
An Applicant must successfully complete the Licensed Appraiser Examination as
set forth in Chapter 4 of these Rules. The only alternative to successful
completion of the Licensed Appraiser Examination is the successful completion
of the Certified Residential Appraiser or Certified General Appraiser
Examination.
2.3. Certified Residential Appraiser: An
Applicant for this level of licensure must successfully complete the following
requirements as set forth in the Criteria as defined and incorporated by
reference in Rule 1.12.:
A. Real estate
appraisal Qualifying Education:
1. Basic
Appraisal Principles: 30 hours;
2.
Basic Appraisal Procedures: 30 hours;
3. Valuation Bias and Fair Housing Laws and
Regulations: 8 hours (course completion mandatory after January 1,
2026);
4. 15-hour National USPAP
Course: 15 hours;
5. Residential
Market Analysis and Highest and Best Use: 15 hours;
6. Residential Appraiser Site Valuation and
Cost Approach: 15 hours;
7.
Residential Sales Comparison and Income Approaches: 30 hours;
8. Residential Report Writing and Case
Studies: 15 hours;
9. Statistics,
Modeling and Finance: 15 hours;
10.
Advanced Residential Applications and Case Studies: 15 hours; and
11. Appraisal Subject Matter Elective: 20
hours or 12 hours after January 1, 2026.
B. College-level or in lieu of education
options:
1. An Applicant for the Certified
Residential Appraiser credential must satisfy at least one (1) of the following
six (6) options:
a. Hold a Bachelor's Degree
in any field of study from an Accredited College or University as defined by
Rule 1.35.;
b. Hold an Associate's
Degree from an Accredited College or University as defined by Rule 1.35., in a
field of study related to:
i. Business
Administration;
ii.
Accounting;
iii. Finance;
iv. Economics; or
v. Real Estate.
c. Successful completion of thirty (30)
semester hours of college-level courses that cover each of the following
specific topic areas and hours:
i. English
Composition (3 semester hours);
ii.
Macroeconomics (3 semester hours);
iii. Microeconomics (3 semester
hours);
iv. Finance (3 semester
hours);
v. Algebra, Geometry, or
higher mathematics (3 semester hours);
vi. Statistics (3 semester hours);
vii. Computer Science (3 semester
hours);
viii. Business Law or Real
Estate Law (3 semester hours); and
ix. Two (2) elective courses in any of the
topics listed above or in Accounting, Geography, Agricultural Economics,
Business Management, or Real Estate (3 semester hours
each).
d. Successful
completion of at least thirty (30) semester hours of examinations created and
administered by the CLEP, as defined in Rule 1.36., from each of the following
specific subject matter areas and hours:
i.
College Algebra (3 semester hours);
ii. College Composition (6 semester
hours);
iii. College Composition
Modular (3 semester hours);
iv.
College Mathematics (6 semester hours);
v. Principles of Macroeconomics (3 semester
hours);
vi. Principles of
Microeconomics (3 semester hours);
vii. Introductory Business Law (3 semester
hours); and
viii. Information
Systems (3 semester hours).
e. Any combination of subsections B.1.c. and
B.1.d. of this Rule that ensures coverage of all topics and hours identified in
subsection B.1.c. of this Rule.
f.
As an alternative to the college-level education requirements in subsections
B.1.a.,b.,c.,d. and e. of this Rule, an Applicant that has held a Licensed
Appraiser credential for a minimum of five (5) years may qualify for a
Certified Residential Appraiser credential if the Applicant has had no record
of any adverse, final, and non-appealable disciplinary action affecting the
Licensed Appraiser's legal eligibility to engage in appraisal practice within
the five (5) years immediately preceding the date of application for a
Certified Residential Appraiser credential.
2. All college-level education must be
obtained from a degree-granting institution by the Commission on Colleges, a
national or regional accreditation association, or by an accrediting agency
that is recognized by the US Secretary of Education.
3. An Applicant with a college degree from a
foreign country may have their education evaluated for "equivalency" by one of
the following:
a. An accredited,
degree-granting domestic college or university;
b. A foreign degree credential evaluation
service company that is a member of the National Association of Credential
Evaluation Services (NACES); or
c.
A foreign degree credential evaluation service company that provides
equivalency evaluation reports accepted by an accredited degree- granting
domestic college or university or by a state licensing board that issues
credentials in another discipline.
C. Real estate appraisal experience: An
Applicant for licensure as a Certified Residential Appraiser must demonstrate
to the satisfaction of the Board that the Applicant completed at least one
thousand five hundred (1,500) hours of appraisal experience as set forth in
Chapter 5 of these Rules and all of the Applicant's experience was obtained
after January 30, 1989 and in compliance with the USPAP. Real estate appraisal
experience must have been gained across a period of not less than twelve (12)
months.
D. Real estate appraisal
Examination:
1. The prerequisites to taking
the Certified Residential Appraiser Examination are:
a. Two hundred (200) creditable class hours
as set forth in subsection A. of this Rule;
b. Completion of the college-level education
option requirements as set forth in subsection B. of this Rule.; and
c. One thousand five hundred (1,500) hours of
qualifying experience completed in no fewer than twelve (12) months as set
forth in subsection C. of the Rule.
2. After receiving approval from the Board,
an Applicant, who is not currently licensed or certified and in Good Standing
in another Jurisdiction, has up to twenty-four (24) months to take and pass the
Certified Residential Appraiser Examination.
3. An Applicant must successfully complete
the Certified Residential Appraiser Examination as set forth in Chapter 4 of
these Rules. The only alternative to successful completion of the Certified
Residential Appraiser Examination is the successful completion of the Certified
General Appraiser Examination.
2.4. Certified General Appraiser: An
Applicant for this level of licensure must successfully complete the following
requirements as set forth in the Criteria as defined and incorporated by
reference in Rule 1.12.:
A. Real estate
appraisal Qualifying Education:
1. Basic
Appraisal Principles: 30 hours;
2.
Basic Appraisal Procedures: 30 hours;
3. Valuation Bias and Fair Housing Laws and
Regulations: 8 hours (course completion mandatory after January 1,
2026);
4. 15-Hour National USPAP
Course: 15 hours;
5. General
Appraiser Market Analysis and Highest and Best Use: 30 hours;
6. Statistics, Modeling and Finance: 15
hours;
7. General Appraiser Sales
Comparison Approach: 30 hours;
8.
General Appraiser Site Valuation and Cost Approach: 30 hours;
9. General Appraiser Income Approach: 60
hours;
10. General Appraiser Report
Writing and Case Studies: 30 hours; and
11. Appraisal Subject Matter Electives: 30
hours or 22 hours after January 1, 2026.
B. College-level education:
1. An Applicant for the Certified General
Appraiser credential must hold a Bachelor's degree, or higher, from an
Accredited College or University as defined by Rule 1.35.
2. An Applicant with a college degree from a
foreign country may have their education evaluated for "equivalency" by one of
the following:
a. An accredited,
degree-granting domestic college or university;
b. A foreign degree credential evaluation
service company that is a member of the National Association of Credential
Evaluation Services (NACES); or
c.
A foreign degree credential evaluation service company that provides
equivalency evaluation reports accepted by an accredited degree- granting
domestic college or university or by a state licensing board that issues
credentials in another discipline.
C. Real estate appraisal experience: An
Applicant for licensure as a Certified General Appraiser must demonstrate to
the satisfaction of the Board that the Applicant completed at least three
thousand (3,000) hours of appraisal experience, of which one thousand five
hundred (1,500) hours must be in non-residential appraisal work as set forth in
Chapter 5 of these Rules and all of the Applicant's experience was obtained
after January 30, 1989 and in compliance with the USPAP. Real estate appraisal
experience must have been gained across a period of not less than eighteen (18)
months.
D. Real estate appraisal
Examination:
1. The prerequisites to taking
the Certified General Appraiser Examination are:
a. Three hundred (300) creditable class hours
as set forth in subsection A. of this Rule.;
b. Completion of the college-level education
requirements as set forth in subsection B. of this Rule.; and
c. Three thousand (3,000) hours of qualifying
experience, of which no less than one thousand five hundred (1,500) hours must
be in non-residential appraisal work, completed in no fewer than eighteen (18)
months.
2. After
receiving approval from the Board, an Applicant, who is not currently licensed
or certified and in Good Standing in another Jurisdiction, has up to
twenty-four (24) months to take and pass the Certified General Appraiser
Examination.
3. An Applicant must
successfully complete the Certified General Appraiser Examination as set forth
in Chapter 4 of these Rules.
2.5. Repealed.
2.6. Repealed.
2.7. Repealed.
2.8. Licensed Ad Valorem Appraiser: An
Applicant for this level of licensure must be a County Assessor, an employee of
a County Assessor's Office, or an employee of the Division of Property Taxation
in the Department of Local Affairs.
2.9. Licensed Ad Valorem Appraiser: An
Applicant for this level of licensure must successfully complete the following
requirements, or the substantial equivalent thereof:
A. Real estate appraiser Qualifying
Education:
1. Introduction to Ad Valorem Mass
Appraisal: no less than 35 hours;
2. Basic Appraisal Principles: no less than
30 hours;
3. Basic Appraisal
Procedures: no less than 30 hours;
4. Valuation Bias and Fair Housing Laws and
Regulations: 8 hours (course completion mandatory after January 1, 2026);
and
5. 15-Hour National USPAP
Course: 15 hours.
B. Real
Estate Appraisal examination: successful completion of the Ad Valorem Appraiser
examination as set forth in Chapter 4 of these Rules; and
C. Ad Valorem employment: a signed
certification by the applicant that the applicant meets the employment
requirements set forth in Rule 2.8.
2.10. Repealed.
Notes
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