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