21 NCAC 57B .0102LICENSED RESIDENTIAL AND CERTIFIED RESIDENTIAL REAL ESTATE APPRAISER COURSE REQUIREMENTS

(a) Each applicant for licensure as a licensed residential real estate appraiser or for certification as a certified residential real estate appraiser shall complete a minimum of 200 hours of qualifying education, consisting of the following:

(1)A minimum of 30 hours in basic appraisal principles;

(2)A minimum of 30 hours in basic appraisal procedures;

(3)a minimum of 15 hours in residential market analysis and highest and best use;

(4)A minimum of 15 hours in Residential Appraiser Site Valuation and Cost Approach;

(5)A minimum of 30 Hours in Residential Sales Comparison and Income Approaches;

(6)A minimum of 15 hours in Residential Report Writing and Case Studies;

(7)A minimum of 15 hours in The Uniform Standards of Professional Appraisal Practice (USPAP);

(8)A minimum of 15 hours in Statistics, Modeling and Finance;

(9)A minimum of 15 hours in Advanced Residential Applications and Case Studies; and

(10)A minimum of 20 hours of appraisal subject matter electives.

Credit for these courses must be earned from a Board-approved course sponsor or school.

(b) An applicant who is currently registered with the Board as a trainee shall satisfy the educational requirements to become a licensed or certified residential real estate appraiser by completing the following education:

(1)A minimum of 15 hours in Residential Appraiser Site Valuation and Cost Approach;

(2)A minimum of 30 Hours in Residential Sales Comparison and Income Approaches;

(3)A minimum of 15 hours in Residential Report Writing and Case Studies;

(4)A minimum of 15 hours in Statistics, Modeling and Finance;

(5)A minimum of 15 hours in Advanced Residential Applications and Case Studies; and

(6)A minimum of 20 hours of appraisal subject matter electives.

(c) An applicant who was licensed as a licensed residential appraiser before January 1, 2015 shall satisfy the educational requirements to become a certified residential real estate appraiser by completing the following education:

(1)A minimum of 15 hours in Statistics, Modeling and Finance;

(2)A minimum of 15 hours in Advanced Residential Applications and Case Studies; and

(3)A minimum of 20 hours of appraisal subject matter electives.

(d) An applicant who is not currently registered by the Board as a trainee or who is not currently licensed by the Board as a licensed residential real estate appraiser must have completed all required courses no earlier than January 1, 2008.

(e) An applicant who is currently registered by the Board as a trainee or who is currently licensed by the Board as a licensed residential real estate appraiser must have completed all courses required beyond those required for his current registration, license, or certification no earlier than January 1, 2008.

(f) The Basic Appraisal Principles, Basic Appraisal Procedures, Residential Market Analysis, USPAP, and Residential Sales Comparison and Income Approach classes must have been obtained in a classroom setting. All other courses in this section may be taken on-line via the Internet.

History Note:Authority G.S. 93E-1-6(b); 93E-1-8(a); 93E-1-10;

Eff. July 1, 1994;

Amended Eff. July1, 2014; January 1, 2013; July 1, 2010; September 1, 2008; January 1, 2008; March 1, 2007; July 1, 2003; August 1, 2002;

Pursuant to G.S. 150B-21.3A, rule is necessary without substantive public interest Eff. October 3, 2017.