1. (a) Traditional method for applicants who are under the supervision of a licensed certified residential or certified general appraiser shall include:

   1. (1) The number of hours of experience that a licensed or certified residential real estate appraiser applicant can claim shall be the actual number of hours required to complete each assignment;
   2. (2) Reports prepared pursuant to (1) above shall, unless they are narratives, be on forms such as those developed by Fannie Mae, provided that all reports are made to comply with USPAP;
   3. (3) The number of hours of experience that a certified general real estate appraiser applicant can claim shall be the actual number of hours required to complete each assignment; and
   4. (4) The actual number of hours the applicant spent, up to a maximum of 40, in the preparation of feasibility studies, market analysis, cash flow analysis, investment analysis, and other appraisal consulting assignments, provided the reports conform to USPAP Standards if required by USPAP, shall be the number of credits awarded.

2. (b) A PAREA program that applies to applicants who are not under the supervision of a licensed certified residential or certified general appraiser and are approved by the AQB shall serve as an alternative to the traditional experience requirements as described in Rab 302.04(a) and shall:

   1. (1) Be the PAREA program that is AQB approved and meets all required elements found in the PAREA section of the “Real Property Appraiser Qualification Criteria” as defined in Rab 302.01(a); and
   2. (2) Not require that there be a client for an appraisal for that experience to qualify as an experience.
3. (c) Applicants using PAREA training as alternative experience shall submit a certificate of completion that is signed by an individual from the training program qualified to verify an applicant’s successful completion.

4. (d) Applicants using PAREA training as alternative experience shall not:

   1. (1) Receive partial credit for PAREA training; and
   2. (2) Receive a certificate of completion until all required components of PAREA training have been successfully completed and approved by the program mentor.

Source. (See Revision Note at chapter heading for Rab 100) #5435, eff 7-15-92; ss by #6787, INTERIM, eff 7-15-98, EXPIRED: 11-12-98 New. #6958, eff 3-23-99, EXPIRED: 3-23-07 New. #8854, INTERIM, eff 3-24-07, EXPIRED: 9-20-07 New. #9018, eff 11-1-07; ss by #10270, eff 2-2-13 (from Rab 302.03), EXPIRED: 2-2-23 New. #13967, eff 7-16-24 (see Revision Note at chapter heading for Rab 300)