(a) General.

1. (1) Please consult 17 CAR § 200-208 for additional requirements.

2. (2) The state-licensed real property appraiser classification applies to:

   1. (A) The appraisal of noncomplex one-to-four (1 – 4) residential units having a transaction value less than one million dollars ($1,000,000); and
   2. (B) Complex one-to-four (1 – 4) residential units having a transaction value less than four hundred thousand dollars ($400,000).

3. (3) The classification includes the appraisal of vacant or unimproved land that is utilized for:

   1. (A) One-to-four (1 – 4) residential units; or
   2. (B) Which the highest and best use is for one-to-four (1 – 4) residential units.
4. (4) The classification does not include the appraisal of subdivisions for which a development analysis or appraisal is necessary.

5. (5)

   1. (A) For nonfederally related transaction appraisals, the market value
   2. (B) The classification includes the appraisal of vacant or unimproved land that is utilized for one-to-four (1 – 4) residential units, or for which the highest and best use is for one-to-four (1 – 4) residential units.
   3. (C) The classification does not include the appraisal of subdivisions for which a development analysis or appraisal is necessary.

(b) Examination.

1. (1) The Appraiser Qualifications Board-approved state-licensed real property examination must be successfully completed.
2. (2) The only alternative to successful completion of the state-licensed examination is the successful completion of the certified residential or certified general examination.

3. (3) The prerequisites for taking the Appraiser Qualifications Board-approved examination are completion of:

   1. (A) One hundred fifty (150) creditable class hours as specified in subsection (c) of this section; and
   2. (B) One thousand (1,000) hours of qualifying experience in no fewer than six (6) months.

(c) Qualifying education.

1. (1) The state-licensed real property appraiser classification requires completion of one hundred fifty (150) creditable class hours as listed below:

   1. (A) Basic Appraisal Principles, thirty (30) hours;
   2. (B) Basic Appraisal Procedures, thirty (30) hours;
   3. (C) 15-Hour National USPAP Course (or its equivalent), fifteen (15) hours;
   4. (D) Residential Appraiser Market Analysis and Highest and Best Use, fifteen (15) hours;
   5. (E) Residential Appraiser Site Valuation and Cost Approach, fifteen (15) hours;
   6. (F) Residential Sales Comparison and Income Approaches, thirty (30) hours; and
   7. (G) Residential Report Writing and Case Studies, fifteen (15) hours.
2. (2) As a part of the one hundred fifty (150) required hours, the applicant shall successfully complete the 15-Hour National USPAP Course or its Appraiser Qualifications Board-approved equivalent and successfully pass the examination.

3. (3) Appraisers holding a valid registered apprentice appraiser credential and who have completed the required seventy-five (75) hours of qualifying education may satisfy the educational requirements for the state-licensed real property credential by successfully completing the following additional education hours:

   1. (A) Residential Market Analysis and Highest and Best Use, fifteen (15) hours;
   2. (B) Residential Appraiser Site Valuation and Cost Approach, fifteen (15) hours;
   3. (C) Residential Sales Comparison and Income Approaches, thirty (30) hours; and
   4. (D) Residential Report Writing and Case Studies, fifteen (15) hours.
4. (4) Appraisers holding a valid certified residential real property appraiser credential satisfy the educational requirement for the state-licensed real property appraiser credential.
5. (5) Appraisers holding a valid certified general real property appraiser credential satisfy the educational requirements for the state-licensed real property appraiser credential.

(d) Experience.

1. (1) The applicant for a state-licensed credential shall demonstrate at least, at a minimum, one thousand (1,000) hours of appraisal experience, obtained in no fewer than six (6) months.
2. (2) While the hours may be cumulative, the required number of months must accrue before an individual can be licensed.
3. (3) The experience of the applicant must be of a type and nature sufficient to convince the State Board of Appraisers, Abstracters, and Home Inspectors of a demonstrated and proven capability of the applicant to adequately perform assignments of a type permitted by a state-licensed real property appraisal credential.