NAC645C.237. Certification as residential appraiser: Required instruction and higher education.

     1. A course of instruction for an applicant for a certificate as a residential appraiser must:

     (a) Consist of at least the following:

          (1) Thirty hours of instruction on basic appraisal principles;

          (2) Thirty hours of instruction on basic appraisal procedures;

          (3) Fifteen hours of instruction in the National USPAP Course;

          (4) Fifteen hours of instruction on residential market analysis and analysis of the highest and best use of real estate;

          (5) Fifteen hours of instruction on residential appraiser valuation of a site and cost approach;

          (6) Thirty hours of instruction on residential sales comparison and income approaches;

          (7) Fifteen hours of instruction on residential report writing and case studies;

          (8) Fifteen hours of instruction on statistics, modeling and finance;

          (9) Fifteen hours of instruction on advanced residential applications and case studies;

          (10) Three hours of instruction on the laws of this State governing appraisals; and

          (11) Twenty hours of instruction in elective courses relating to appraisals.

     (b) Except as otherwise provided in subsection 2, be completed within the 5 years immediately preceding the submission of an application for a certificate.

     2. The Division may allow credit for a course of instruction set forth in subsection 1 that is completed more than 5 years before the submission of an application for a certificate as a residential appraiser if the course is successfully completed at an accredited college or university.

     3. An applicant for a certificate as a residential appraiser must:

     (a) Hold an associate degree or higher from an accredited college or university; or

     (b) Have earned at least a total of 21 semester credit hours or its equivalent in the following subjects, with a minimum of 3 semester credit hours or its equivalent in each of the following subjects, from an accredited college or university:

          (1) English composition;

          (2) Principles of micro- or macroeconomics;

          (3) Finance;

          (4) Algebra, geometry or a higher level of mathematics;

          (5) Statistics;

          (6) Computer science; and

          (7) Business or real estate law.

     (Added to NAC by Comm’n of Appraisers of Real Estate, eff. 11-19-91; A by R100-03, 1-30-2004; R158-05, 9-18-2006, eff. 1-1-2008; R196-08, 2-11-2009)