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National Registry Fee Increase for Appraisers
Under the authority of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Appraisal
Subcommittee (ASC) has approved a modification of the annual National Registry fee to $40 from the
current $25.
All States are required to transmit to the ASC a roster of individuals who have received a State
license or certificate to perform appraisals and a National Registry fee from those individuals for
each year their name appears on the Registry. The fee increase goes into effect on January 1, 2012.
All original and renewed licenses issued after January 1, 2012 will be charged a triennial National
Registry fee of $120.
FHA Appraiser Roster
In December, 2008, in Mortgage Letter 2008-39, the U.S. Department of
Housing and Urban Development revised the eligibility requirements
for appraisers to qualify for placement and retention on
the Federal Housing Administration Appraiser Roster. You
may obtain additional information regarding the new FHA
requirements that take effect on October 1, 2009, via the
HUD website.
Anyone who is considering upgrading their license status to a certified
residential or certified general must take the examination.
You may download the Candidate Bulletin, which contains
the examination requirements and filing instructions via
the PSI website. Examination
applications should be filed with our testing vendor, PSI,
at least six weeks before the desired date for examination.
Verification of Work Experience Credit
Based on the 2008 AQB Criteria, under "Criteria Applicable to All Appraiser
Classifications", the work experience log has been amended
to require that each examination candidate provide a narrative
that reflects: Description of work performed by the trainee/applicant;
Scope of supervising appraiser's review; and Scope of supervising
appraiser's supervision.
Effective immediately, the Commission will only recognize the newly revised work
experience log that reflects the 2008 Criteria. Applicants
for the examination may obtain the Candidate Information
Bulletin, which contains examination materials, instructions
and the work log, via PSI Exams.
Notice to Individuals Pursuing Licensure or Certification Regarding
AQB-CAP Approval For Certain Courses
Effective 1/1/2008, applicants for licensure or certification by the Commission
must meet the revised educational criteria outlined in the
posting which follows on this webpage.
If you are planning to take courses in pursuit of licensure
or certification as a Real Estate Appraiser, making application
after that date, please check to be sure that any course
you plan on taking has been approved through the Appraiser
Qualifications Board-Course Approval Program (AQB-CAP).
Trainees seeking initial licensure or licensees and certified
residential appraisers seeking to upgrade their status should
all be mindful of the AQB-CAP approval requirement. Any
course taken after 9/1/2006 to meet post 1/1/08 educational
requirements must be AQB-CAP approved or it will not be acceptable to the Commission.
NOTICE TO ALL MARYLAND REAL ESTATE APPRAISERS
IMPLEMENTATION OF NEW EDUCATION QUALIFICATION CRITERIA
In February, 2004, the Appraiser Qualifications Board (“AQB”) of the
Appraisal Foundation adopted changes to the Real Property
Appraiser Qualifications Criteria that will become effective
on January 1, 2008. These changes represent the minimum
national requirements that each state must implement for
individuals applying for the Licensed, Certified Residential,
and Certified General classifications of licensure. The
revised AQB Real Property Appraiser Qualification Criteria
apply to applicants applying for an original license or
certificate. It would also apply to those individuals who
are changing from one credential level to another.
The new revisions
increase the education requirements for the Licensed classification
from 90 to 150 hours; Certified Residential classification
from 120 to 200 hours; and Certified General classification
from 180 to 300 hours. The revised education criteria also
includes requirements for college-level education for the
Certified Residential and Certified General classifications.
The revised education criteria for the Certified Residential
classification requires an Associate degree or higher, or
in lieu of a degree, a minimum of 21 college semester hours
in specified coursework. The revised educational criteria
for the Certified General classification requires a Bachelors
degree or higher, or in lieu of a degree, a minimum of 30
college semester hours in specified coursework.
Detailed requirements by category are as follows:
Effective January 1, 2008, in order to meet the 75-hour requirement for a
trainee license, an applicant shall, at a minimum, have
completed the required Appraiser Qualifications Board core
curriculum for the Trainee Education Requirements:
- Basic Appraisal Principles - 30 hours
- Basic Appraisal Procedures - 30 hours
- The 15-Hour National USPAP Course or its equivalent - 15 hours
To be eligible to sit for the licensed real estate appraiser examination,
on and after January 1, 2008, an applicant shall have successfully
completed 150 classroom hours of study.
Effective January 1, 2008, in order to meet the 150-hour requirement an applicant
shall, at a minimum, have completed the required Appraiser
Qualifications Board core curriculum for the Licensed Education
Requirements:
- Basic Appraisal Principles - 30 hours
- Basic Appraisal Procedures - 30 hours
- The 15-Hour National USPAP Course or its equivalent - 15 hours
- Residential Market Analysis and Highest and 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 Case Studies - 15 hours
To be eligible to sit for the certified residential real estate appraiser
examination, on and after January 1, 2008, an applicant shall:
- have successfully completed 200 classroom hours of study;
- hold an Associate degree, or higher, from an accredited college, junior college, community college
or university; or
- in lieu of an Associate degree, an applicant shall have successfully completed 21 semester credit
hours or its equivalent including having passed the
following collegiate subject matter courses at an accredited
college, junior college, community college or university:
- English Composition;
- Principles of Economics (Micro or Macro);
- Finance
- Algebra, Geometry, or higher mathematics;
- Statistics;
- Introduction to Computer-Word processing/spreadsheets; and
- Business or Real Estate Law
Effective January
1, 2008, in order to meet the 200-hour requirement, an applicant
shall, at a minimum, have completed the required Appraiser
Qualifications Board core curriculum for the Certified Residential
Education Requirements:
- Basic Appraisal Principles - 30 hours
- Basic Appraisal Procedures - 30 hours
- The 15-Hour National USPAP Course or its equivalent - 15 hours
- Residential Market Analysis and Highest and 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 Case Studies - 15 hours
- Statistics,
Modeling and Finance - 15 hours
- Advanced
Residential Applications and Case Studies - 15 hours
-
Appraisal Subject Matter Electives - 15 hours
To be eligible to sit for the certified general real estate appraiser
examination, on and after January 1, 2008, an applicant shall:
- have successfully completed 300 classroom hours of study;
- hold a Bachelors degree or higher from an accredited college or university; or
- in lieu of a Bachelors degree, an applicant shall have successfully
completed 30 semester credit hours or its equivalent
including having passed the following collegiate level
subject matter courses from an accredited college, junior
college, community college or university;
- English Composition;
- Micro Economics;
- Macro Economics;
- Finance;
- Algebra, Geometry, or higher mathematics;
- Statistics;
- Introduction to Computer-Word processing/spreadsheets;
- Business or Real Estate Law; and
- Two elective courses in accounting, geography, ageconomics,
business management, or real estate.
Effective January 1, 2008, in order to meet the 300-hour requirement, an applicant
shall, at a minimum, have completed the required Appraiser
Qualifications Board core curriculum for the Certified General
Education Requirements:
- Basic Appraisal Principles - 30 hours
- Basic Appraisal Procedures - 30 hours
- The 15-Hour National USPAP Course or its equivalent - 15 hours
- General Appraiser Market Analysis and Highest and Best Use - 30 hours
- Statistics, Modeling and Finance - 15 hours
- General Appraiser Sales Comparison Approach - 30 hours
- General Appraiser Site Valuation and Cost Approach - 30 hours
- General Appraiser Income Approach - 60 hours
- General Appraiser Report Writing and Case Studies - 30 hours
- Appraisal Subject Matter Electives - 30 hours
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