Getting Appraisal Experience Hours

Did you know that up to half of the hours of experience needed to upgrade your appraisal licenses can come from non-client based work?   Its true.

I'm a big fan of this option.  This allows Supervisor Appraisers to create appraisal assignments for their trainees that have no deadlines or client pressures, thus allowing for a better learning environment.   Keep in mind that the final appraisal report still must comply with USPAP.

Minnesota Adopts the New Appraisal Licensing Standards

Starting January 1, 2020, the State of Minnesota will follow the new AQB appraisal licensing standards.  The new standards will make it easier for Appraisers in Minnesota to upgrade their credentials.  The new standards are as follows:

Licensed Residential Real Property Appraiser:

• Hours of Experience: 1,000 hours accumulated in no less than 6 months
• College Requirement: No college education requirement
• Pre-licensing Education: 150 hours

Certified Residential Real Property Appraiser:

• Hours of Experience: 1,500 hours accumulated in no less than 12 months
• College Requirement: No longer requires a 4 year degree.  There are now six different ways an appraiser can satisfy the college education requirement.

1. 4 Year Degree in any major
2. 2 Year Degree in Business Administration, Accounting, Finance, Economics or Real Estate
3. 30 Semester hours of college level course work in each of the following
• English Composition
• Micro Economics
• Macro Economics
• Finance
• Algebra, Geometry or Higher Math
• Statistics
• Computer Science
• Business or Real Estate Law'
• Two Elective Courses in Accounting, Geography, Agricultural Economics, Business Management, or Real Estate

                4.  30 semester hours of College Level Examination Program®(CLEP®) examinations

                5.  Any combination of option 3 and 4

                6.  No college education requirement for appraisers that have held the Licensed Real                                 Property Appraiser credential for a minimum of 5 years.

• Pre-licensing education: 200 hours

Certified General Real Property Appraiser

• Hours of Experience: 3,000 hours accumulated in no less than 18 months, half of which must be non-residential
•  College Requirement:  4 Year Degree in any major
• Pre-licensing education: 300 hours

Lowering the Bar - Follow Up

As a follow up to a previous post, the Appraisal Qualifications Board (AQB) did ultimately adopt the new, lower standards for appraisal licensing upgrades.  They went into effect in May of 2018.  The new standards are found in the AQB's Real Property Appraiser Qualification Criteria.  

As of February of 2019, the State of Minnesota has NOT adopted the new standards.  However, the Government Relations Committee of the North Star Chapter of the Appraisal Institute has introduced a bill that would change Statute 82B and bring Minnesota into alignment with the national standard.

Stay Tuned!