LREAB Announces New Appraiser License Class

Act 547 of the 2022 Regular Session created the Licensed Residential Appraiser (LRA) license classification in Louisiana, as established and recognized by the Appraiser Qualification Board (AQB) and the Real Property Appraiser Qualification Criteria.

Licensed Residential Appraisers may appraise real property limited to: noncomplex one-to-four residential units having a transaction value of less than one million dollars ($1M); and complex one-to-four residential units having a transaction value of less than four hundred thousand dollars ($400,000).

Qualifications

Any person interested in becoming a Licensed Residential Appraiser (LRA) shall:

• Satisfy the requirements to become an Appraiser Trainee

• Complete 150 creditable class hours as specified in the AQB’s Required Core Curriculum

• Complete 1000 hours of qualifying experiencing in no fewer than 6 months

• Complete and submit a Louisiana Real Estate Appraisers Board (Board) license application

• Successfully complete the AQB-approved Licensed Residential Appraiser examination

A Board-registered Trainee Appraiser who appraises properties subject to the supervision of a Certified General Appraiser or Certified Residential Appraiser, may satisfy the education required for the Licensed Residential Appraiser license by completing these additional hours:

• Residential Market Analysis and Highest Best Use - 15 Hours

• Residential Appraiser Site Valuation and Cost Approach - 15 Hours

• Residential Sales Comparison and Income Approaches - 30 Hours

• Residential Report Writing and Class Studies - 15 Hours

For more information on becoming a Licensed Residential Appraiser (LRA), please visit www.LREAB.gov/LRA. You may also contact Ms. Allison Burnette, Board Administrative Coordinator: aburnette@lreab.gov.