LICENSED RESIDENTIAL APPRAISER LICENSE APPLICATION CHECKLIST

I. General

A. The Licensed Residential Real Property Appraiser classification applies to the appraisal of non-complex one-to-four residential units having a transaction value less than $1,000,000, and complex one-to-four residential units having a transaction value less than $400,000.

B. Complex one-to-four unit residential property appraisal means one in which the property to be appraised, the form of ownership, or the market conditions are atypical.

C. For non-federally related transaction appraisals, transaction value shall mean market value.

1. The classification includes the appraisal of vacant or unimproved land that is utilized for one-to-four residential units, or for which the highest and best use is for one-to-four residential units.

2. The classification does not include the appraisal of subdivisions for which a development analysis/appraisal is necessary.

D. All Licensed Residential Real Property Appraisers must comply with the COMPETENCY RULE of USPAP.

II. Examination

A. The AQB-approved Licensed Residential Real Property Appraiser examination must be successfully completed. The only alternative to successful completion of the Licensed Residential examination is the successful completion of the Certified Residential or Certified General examination.

B. The prerequisites for taking the AQB-approved examination are completion of:

1. One hundred fifty (150) creditable class hours as specified in the Required Core Curriculum; and

2. One thousand (1,000) hours of qualifying experience in no fewer than six (6) months.

III. Qualifying Education

A. The Licensed Residential Real Property Appraiser classification requires completion of one hundred fifty (150) creditable class hours as specified in the Required Core Curriculum. As part of the 150 required hours, the applicant shall successfully complete the 15-Hour National USPAP Course, or its AQB-approved equivalent, and successfully pass the examination. There is no alternative to successful completion of the USPAP Course and examination.

B. Appraisers holding a valid Trainee Appraiser credential may satisfy the educational requirements for the Licensed Residential Real Property Appraiser credential by successfully completing the following additional educational hours:

1. Residential Market Analysis and Highest and Best Use 15 Hours

2. Residential Appraiser Site Valuation and Cost Approach 15 Hours

3. Residential Sales Comparison and Income Approaches 30 Hours

4. Residential Report Writing and Case Studies 15 Hours

TOTAL - 75 Hours

C. Appraisers holding a valid Certified Residential Real Property Appraiser credential satisfy the educational requirements for the Licensed Residential Real Property Appraiser credential.

D. Appraisers holding a valid Certified General Real Property Appraiser credential satisfy the educational requirements for the Licensed Residential Real Property Appraiser credential.

IV. Experience

One thousand (1,000) hours of experience are required to be obtained in no fewer than six (6) months.