Mich. Admin. Code R. 339.23203 - Appraisal experience for licensure; satisfactory evidence
Rule 203. An applicant's experience hours must comply with 1 of the following requirements:
(a) All of the following requirements:
(i) Appraisal experience, demonstrated by
copies of reports and file memoranda. The applicant shall submit a detailed log
to the department that includes all of the following information:
(A) Date of each appraisal
assignment.
(B) Property
address.
(C) Property
type.
(D) Description of work
performed by the applicant.
(E)
Scope of the review and level of supervision of the applicant's supervisory
certified appraiser consistent with the AQB criteria, as that term is defined
in section 2601(b) of the code, MCL
339.2601, and
R 339.23203a.
(F) A clear indication of the time devoted to
each appraisal.
(ii) Work
samples that must include the signature and state certification number of the
supervisory certified appraiser.
(iii) Experience in each of the following
areas of the appraisal process:
(A) Defining
the appraisal problem.
(B)
Gathering and analyzing data.
(C)
Applying all appropriate valuation approaches, including cost approach, market
approach, income approach, and methodology.
(D) Arriving at an opinion of
value.
(E) Reporting the opinion of
value.
(iv) Documents
that support the information contained in an application, an applicant's
experience log, or an affidavit of work experience accepted instead of an
experience log before July 1, 2013. The documents and information described in
this subdivision must be maintained for not less than 6 years after the date of
application.
(b) The
requirements of an Appraiser Qualification Board (AQB) approved practical
applications or real estate appraisal (PAREA) program. An applicant that meets
the requirements of this subdivision shall submit to the department a
certificate of completion from the provider of an AQB approved PAREA
program.
Notes
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