New Appraisal Requirements – Updated April 2019

Appraisal, Blog

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UPDATE:

This appraisal education requirement change means you can become an appraiser with an Associate Degree from our affiliate company, Hondros College of Business.

Hondros College of Business offers the only Associate Degree program recognized by the Appraiser Qualifications Board (AQB) as a nationally approved education provider for appraisal. Graduates of approved programs (like the Associate Degree program at Hondros College of Business) may receive up to 300 hours, based on degree content, of the qualifying education credit toward a real property appraiser credential.

Effective May 1st of 2018, The Appraiser Qualifications Board of The Appraisal Foundation has established new minimum qualifications for real property appraisers in the United States. Qualifying education hours are required to become a real property appraiser. As well as, college-level education and experience hours, as applicable. Candidates must also successfully pass the National Uniform Licensing and Certification Examination.

It is worth noting that state appraiser regulatory agencies are only required to adopt minimum AQB criteria. Meaning that candidates should contact their state to determine if the state intends to adopt any or all of these changes and when they would go into effect for that state.

Previously, (January 1, 2015 – April 30, 2018) the requirements for a Licensed Residential Appraiser was 30 semester hours of college-level education. Effective May 1, 2018, a college-level education is no longer required. To become a Certified Residential Appraiser, the previous requirements included a bachelor’s degree or higher. Beginning May 1, 2018, a candidate will have more options (see below).

Option 1

Bachelor’s Degree in any field

Option 2

Associates Degree in a field of study related to:

  • Business Administration
  • Accounting
  • Finance
  • Economics; or Real Estate

OPTION 3

 Successful completion of 30 semester hours of college-level courses in each of the following specific topic areas:

  • English Composition (3 hours)
  • Microeconomics (3 hours)
  • Macroeconomics (3 hours)
  • Finance (3 hours)
  • Algebra, Geometry, or Higher Math (3 hours)
  • Statistics (3 hours)
  • Computer Science (3 hours)
  • Business Law or Real Estate Law (3 hours)

Two elective courses in any of the above topics, or in Accounting, Geography, Agricultural Economics, Business Management, or Real Estate (3 hours each)

Option 4

Successful completion of at least 30 hours of College Level Examination Program® CLEP®) examinations that cover each of the specific topic areas in Option #3, which are as follows:

  1. CLEP Exam: College Algebra
    • CLEP semester hours granted: 3
    • Applicable college courses: Algebra, Geometry, Statistics, or higher mathematics
  2. CLEP Exam: College Composition
    • CLEP semester hours granted: 6
    • Applicable college courses: English Composition
  3. CLEP Exam: College Composition Modular
    • CLEP semester hours granted: 3
    • Applicable college courses: English Composition
  4. CLEP Exam: College Mathematics
    • CLEP semester hours granted: 6
    • Applicable college courses: Algebra, Geometry, Statistics, or higher mathematics
  5. CLEP Exam: Principles of Macroeconomics
    • CLEP semester hours granted: 3
    • Applicable college courses: Macroeconomics or Finance
  6. CLEP Exam: Principles of Microeconomics
    • CLEP semester hours granted: 3
    • Applicable college courses: Microeconomics or Finance
  7. CLEP Exam: Introductory Business Law
    • CLEP semester hours granted: 3
    • Applicable college courses: Business Law or Real Estate Law
  8. CLEP Exam: Computer Science
    • CLEP semester hours granted: 3
    • Applicable college courses: Information Systems

Option 5

Any combination of Option #3 and Option #4 that includes all of the topics identified.

Option 6

No college-level education required. This option applies only to appraisers who have held a Licensed Residential credential for a minimum of five (5) years and have no record of any adverse, final, and non-appealable disciplinary action affecting the Licensed Residential 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.

Previously, a licensed residential appraiser would need 2,000 hours in no fewer than 12 months. A certified residential appraiser needed 2,500 hours in no fewer than 24 months. A certified general appraiser needed 3,000 in no fewer than 30 months; half of those hours needed to be non-residential appraisal work.

Effective May 1, 2018, licensed residential appraisers will need 1,000 hours in no fewer than six months. Certified residential appraisers will need 1,500 hours in no fewer than 12 months. Certified general appraisers will still need 3,000 hours; half of which must be non-residential appraisal work. However, they are able to complete this experience requirement in no fewer than 18 months.

No matter the requirements, you can trust Hondros College to provide relevant, up-to-date education. Revel in the flexibility that comes with these new requirements and enrich your career!

The charts below outline the options discussed.

(Source: Appraisal Foundation)

(Source: Appraisal Foundation)

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