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OREA NEW LICENSING REQUIREMENTS EFFECTIVE
JANUARY 1, 2008
In February 2004, The Appraiser Qualifications Board (AQB) of
the Appraisal Foundation adopted changes to the real property
appraiser qualifications criteria that will become effective
January 1, 2008. The requirements individuals must meet in order
to become a licensed or certified appraiser will change
significantly. The changes include increased requirements for
qualifying education and experience, and a new Uniform State
Appraiser Examination.
The manner in which the Office of Real Estate Appraisers will
implement the new criteria is important to understand. For all
initial license applications and upgrade applications received
on or after January 1, 2008, applicants must meet all components
(education, experience, and examination) of the new
requirements.
Initial or upgrade applications received on or before December
31, 2007, will be reviewed based on current licensing
requirements. However, if an examination is not taken until
after January 1, 2008, the examination content will be based on
2008 criteria. Therefore, anyone wishing to test under current
requirements must submit a complete application prior to
September 1, 2007, in order to allow sufficient OREA processing
time and examination scheduling prior to December 31, 2007. Any
deficient component of an application not completed prior to
December 31, 2007, will be required to meet the 2008 new
requirements. This pertains primarily to the education and
examination components.
The real property appraiser criteria effective January 1, 2008
are summarized in the following table.
|
AQB Minimum Real Property Appraiser Qualifying
Criteria
(Effective January 1, 2008) |
|
OREA
License Levels |
Basic Education
Requirements |
College Level
Requirements |
Experience |
|
Trainee (AT) |
150 Hours |
N/A |
N/A |
|
Residential (AL) |
150 Hours |
N/A |
2,000 Hours
(accumulated over at least a
12 month period) |
|
Certified
Residential (AR) |
200 Hours |
Associate Degree* |
2,500 Hours
(accumulated over at least a
30 month period) |
|
Certified General
(AG) |
300 Hours |
Bachelors Degree** |
3,000 Hours that include at
least 1500 non-residential
hours (accumulated over at
least a 30 month period) |
Individuals gaining
experience at the AT level must be supervised by a certified
licensed level appraiser under the new criteria. No supervisor
can supervise more than three trainees.
* In lieu of the
Associate Degree, an applicant can complete 21 college semester
credits in courses covering specific subject matters: English
Composition; Principles of Economics (Micro or Macro); Finance,
Algebra, Geometry or higher mathematics; Statistics,
Introduction to Computers; and Business or Real Estate Law.
** In lieu of the
Bachelors Degree, an applicant can complete 30 college semester
credits in courses covering specific subject matters: English
Composition; Micro Economics; Macro Economics; Finance, Algebra,
Geometry or higher mathematics; Statistics, Introduction to
Computers; and Business or Real Estate Law; and two elective
courses in accounting, geography, ag-economics, business
management, or real estate.
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