(a) General.

1. (1) Please consult 17 CAR § 200-208 for additional requirements.
2. (2) The certified residential real property appraiser classification qualifies the appraiser to appraise one-to-four (1 – 4) residential units without regard to value or complexity.

3. (3) The classification includes the appraisal of vacant or unimproved land:

   1. (A) That is utilized for one-to-four (1 – 4) residential unit purposes; or
   2. (B) For 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.

(b) Examination.

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

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

   1. (A) Two hundred (200) creditable class hours as specified in subsection (c) of this section;
   2. (B) Completion of the requirements specified in subdivision (c)(3) or subdivision (c)(4) of this section; and
   3. (C) One thousand five hundred (1,500) hours of qualifying experience obtained in no fewer than twelve (12) months.

(c) Qualifying education.

1. (1) All college-level education must be obtained from a degree-granting institution accredited by:

   1. (A) The Higher Learning Commission;
   2. (B) A national or regional accreditation association; or
   3. (C) An accrediting agency that is recognized by the United States Secretary of Education.

2. (2) Applicants with a college degree from a foreign country may have their education evaluated for equivalency by one (1) of the following:

   1. (A) An accredited, degree-granting domestic college or university;
   2. (B) Foreign degree credential evaluation service company that is a member of the National Association of Credential Evaluation Services; or
   3. (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.

3. (3) Applicants for the certified residential credential must satisfy at least one (1) of the following five (5) options in this subdivision (c)(3):

   1. (A) Possession of a bachelor’s degree in any field of study;
   2. (B) Possession of an associate’s degree in a field of study related to:

(i) Business administration;

1. (ii) Accounting;

   1. (iii) Finance;

      1. (iv) Economics; or
      2. (v) Real estate;

   2. (C) Successful completion of thirty (30) semester hours of college-level courses that cover each of the following specific topic areas and hours:

      1. (i) English composition, three (3) semester hours;
      2. (ii) Microeconomics, three (3) semester hours;
      3. (iii) Macroeconomics, three (3) semester hours;
      4. (iv) Finance, three (3) semester hours;
      5. (v) Algebra, geometry, or higher mathematics, three (3) semester hours;
      6. (vi) Statistics, three (3) semester hours;
      7. (vii) Computer science, three (3) semester hours;
      8. (viii) Business or real estate law, three (3) semester hours; and
      9. (ix) Two (2) elective courses in any of the topics listed above or in accounting, geography, agricultural economics, business management, or real estate, three (3) semester hours each;

   3. (D) Successful completion of at least thirty (30) semester hours of College Level Examination Programs® (CLEP®) examinations from each of the following subject matter areas:

      1. (i) College algebra, three (3) semester hours;
      2. (ii) College composition, six (6) semester hours;
      3. (iii) College composition modular, three (3) semester hours;
      4. (iv) College mathematics, six (6) semester hours;
      5. (v) Principles of macroeconomics, three (3) semester hours;
      6. (vi) Principles of microeconomics, three (3) semester hours;
      7. (vii) Introductory business law, three (3) semester hours; and
      8. (viii) Information systems, three (3) semester hours; or
   4. (E) Any combination of subdivisions (c)(3)(C) and (D) of this section that ensures coverage of all topics and hours identified in subdivision (c)(3)(C) of this section.

2. (4) As an alternative to the requirements in subsections (c)(1) – (3) of this section, individuals who have held a state-licensed residential credential for a minimum of five (5) years may qualify for a certified residential credential by satisfying all of the following:

   1. (A) No record of any adverse, final, and nonappealable disciplinary action affecting the state-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 credential;

   2. (B) Successful completion of the additional required qualifying education as listed below:

      1. (i) Statistics, Modeling, and Finance, fifteen (15) hours;
      2. (ii) Advanced Residential Applications and Case Studies, fifteen (15) hours; and
      3. (iii) Appraisal subject matter electives, twenty (20) hours;
   3. (C) Successful completion of the required one thousand five hundred (1,500) hours of experience obtained in no fewer than twelve (12) months; and
   4. (D) Successful completion of the Appraiser Qualifications Board-approved certified residential real property appraiser examination.

3. (5) The certified residential real property appraiser classification requires completion of two hundred (200) 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;
   7. (G) Residential Report Writing and Case Studies, fifteen (15) hours;
   8. (H) Statistics, Modeling, and Finance, fifteen (15) hours;
   9. (I) Advanced Residential Applications and Case Studies, fifteen (15) hours; and
   10. (J) Appraisal subject matter electives, twenty (20) hours.
4. (6) 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.

5. (7) Appraisers holding a valid registered apprentice appraiser credential may satisfy the educational requirements for the certified residential real property appraiser credential by successfully completing the following additional education hours:

   1. (A) Residential Appraiser 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;
   4. (D) Residential Report Writing and Case Studies, fifteen (15) hours;
   5. (E) Statistics, Modeling, and Finance, fifteen (15) hours;
   6. (F) Advanced Residential Applications and Case Studies, fifteen (15) hours; and
   7. (G) Appraisal subject matter electives, twenty (20) hours.

6. (8) Appraisers holding a valid state-licensed residential real property appraiser credential may satisfy the educational requirements for the certified residential real property appraiser credential by successfully completing the following educational hours:

   1. (A) Statistics, Modeling, and Finance, fifteen (15) hours;
   2. (B) Advanced Residential Applications and Case Studies, fifteen (15) hours; and
   3. (C) Appraisal subject matter electives, twenty (20) hours.
7. (9) Appraisers holding a valid registered apprentice appraiser credential wishing to change to the certified residential real property classification must also satisfy the college-level education requirement as specified in this section.
8. (10) Appraisers holding a valid state-licensed real property appraiser credential wishing to change to the certified residential real property appraiser classification who do not meet the requirements outlined in subdivision (c)(4) of this section must also satisfy the college-level education requirements as specified in subdivision (c)(3) of this section.

9. (11) Appraisers holding a valid certified general real property credential satisfy the educational requirements for the certified residential real property credential.

   1. (d) Experience.
10. (1) The applicant for a state-certified residential appraiser credential shall demonstrate at least, at a minimum, one thousand five hundred (1,500) hours of appraisal experience that is obtained during no fewer than twelve (12) months.
11. (2) While the hours may be cumulative, the required number of months must accrue before an individual can be certified.
12. (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-certified residential real property appraisal credential.