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Department of Labor & Economic Growth Bureau of Commercial Services Licensing Division. Real Estate Appraiser Licensing July 2008. Contents. Application Submission & Review Process AQB Qualification Criteria=MI Requirements Continuing Education Requirements Renewing a License/Relicensure

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Department of Labor & Economic GrowthBureau of Commercial ServicesLicensing Division

Real Estate Appraiser Licensing

July 2008


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Contents

  • Application Submission & Review Process

  • AQB Qualification Criteria=MI Requirements

  • Continuing Education Requirements

  • Renewing a License/Relicensure

  • Use of Limited Real Estate Appraisers

  • Miscellaneous Updates


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Application Submission & Review Process

  • Application Submission

    • Complete and submit application to the department with application fee along with the following:

      • Course completion certificates

      • Experience log

      • Sample appraisal reports


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Application Submission & Review Process (con’t)

  • Review Process

    • 30 to 90 days for first review

    • After first review completed, random appraisal reports selected and requested

    • After random reports reviewed and approved, PSI notified of approval and exam approval letter mailed to applicant


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AQB Qualification Criteria =Michigan REA Requirements

  • All levels of licensure

    • 18 years of age

    • Good moral character--having the ability, and likely to, serve the public in a fair, honest and open manner

  • Limited Real Estate Appraiser

    • 75 hours of appraisal prelicensure education including the 15-hour National USPAP course


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AQB Qualification Criteria =Michigan REA Requirements (con’t)

  • State Licensed Real Estate Appraiser

    • 150 hours of specific appraisal prelicensure education

    • 2000 hours of appraisal experience including 1500 hours of residential experience in not less than 12 months

    • Successful completion of the national exam


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AQB Qualification Criteria =Michigan REA Requirements (con’t)

  • Certified Residential Real Estate Appraiser

    • 200 hours of appraisal specific prelicensure education

    • 2,500 hours of appraisal experience including 2000 hours of residential experience obtained in not less than 24 months

    • Successful completion of the national exam


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AQB Qualification Criteria =Michigan REA Requirements (con’t)

  • Certified General Real Estate Appraiser

    • 300 hours of specific appraisal prelicensure education

    • 3000 hours of appraisal experience including at least 1500 hours of non-residential experience obtained in not less than 30 months

    • Successful completion of the national exam


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AQB Qualification Criteria =MI Requirements in 2008 (con’t)

  • Applications received after December 31, 2007 must meet all 2008 requirements including:

    • Education

    • Experience

      • Appraisal experience may accrue for limited real estate appraisers’ experience gained under state licensed appraisers by December 31, 2007. However, beginning January 1, 2008, any balance of experience required must be under certified residential or certified general appraisers.

    • National Exam


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Michigan Real Estate Appraisers

  • Limited

    • 1,365 active licensees

  • State Licensed

    • 1,880 active licensees

  • Certified Residential

    • 730 active licensees

  • Certified General

    • 1044 active licensees


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Level of Licensure

Appraisal Education

Appraisal Experience

Exam

Limited Real Estate Appraiser

75 hrs ed (see specific course requirements)

None

None

State Licensed Real Estate Appraiser

150 hrs ed (see specific course requirements)

*2,000 hours over a least 12 months with at least 1,500 hours residential

2008 National

Certified Residential Real Estate Appraiser

*200 hrs ed (see

specific course

requirements)

*associate degree

or in lieu of degree

*2,500 hours over at least 24 months with at least 2000 hours of residential

2008 National

Certified General Real Estate Appraiser

*300 hrs ed (see

specific course

requirements)

*bachelor degree or in

lieu of degree

*3,000 hours over at least 30 months with at least 1,500 hours of non-residential

2008 National


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Limited real estate appraiser license

Basic appraisal principles

30 hours

Basic appraisal procedures

30 hours

15-hour national USPAP course or equivalent

15hours

TOTAL

75 hours

State licensed real estate appraiser

Basic appraisal principles

30hours

Basic appraisal procedures

30 hours

15-hour national USPAP course or equivalent

15 hours

Residential market analysis and highest and best use

15 hours

Residential appraiser site valuation & cost approach

15 hours

Residential sales comparison and income approaches

30 hours

Residential report writing and case studies

15 hours

TOTAL

150 hrs


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Certified residential real estate appraiser

Basic appraisal principles

30 hours

Basic appraisal procedures

30 hours

15-hour national USPAP course or 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

20 hours

TOTAL

200 hours


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Certified general real estate appraiser

Basic appraisal principles

30 hours

Basic appraisal procedures

30 hours

15-hour national USPAP course or equivalent

15 hours

General appraiser market analysis & highest & best use

30 hours

Statistics, modeling and finance

15 hours

General appraiser site valuation and cost approach

30 hours

General appraiser sales comparison approach

30 hours

General appraiser income approach

60 hours

General appraiser report writing and case studies

30 hours

Appraisal subject matter electives

30 hours

TOTAL

300 hours


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In lieu of an associate degree, an applicant for Certified Residential must successfully pass the following collegiate subject matter courses from an accredited college, junior college, community college or university for a total of 21 semester credit hours:

  • English Composition;

  • Principles of Economics (Micro or Macro);

  • Finance;

  • Algebra, Geometry, or higher mathematics;

  • Statistics;

  • Introduction to Computers—Word Processing/spreadsheets; and

  • Business or Real Estate Law.


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In lieu of a bachelor degree, an applicant for Certified General must successfully pass the following collegiate subject matter courses from an accredited college, junior college, community college or university for a total of 30 semester credit hours:

  • English Composition;

  • Micro Economics;

  • Macro Economics;

  • Finance;

  • Algebra, Geometry, or higher mathematics;

  • Statistics;

  • Introduction to Computers—Word Processing/spreadsheets;

  • Business or Real Estate Law; and

  • Two elective courses in accounting, geography, ag-economics, business management, or real estate.


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Continuing Education Requirements General must successfully pass the following collegiate subject matter courses from an accredited college, junior college, community college or university for a total of 30 semester credit hours:

  • When con ed is and is not required per AQB:

  • Licensees upgrading:

    Credentialed appraisers are required to complete

    continuing education for a partial year in a

    continuing education cycle as follows:

    For continuing education cycle periods of 185 days or more,

    14 hours of continuing education is required.

    For continuing education cycle periods of less than 185

    days, no continuing education hours are required.

  • 28 hours total, including:

    • 7-hour National USPAP every 2 years

    • 2-hour Michigan Law every other renewal cycle (4 years)


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Continuing Education Requirements General must successfully pass the following collegiate subject matter courses from an accredited college, junior college, community college or university for a total of 30 semester credit hours:

  • Limited Licensed Real Estate Appraiser are required to attain 14 hrs. of continuing education in their 3rd and successive years of licensure.


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Continuing Education Requirements (con’t) General must successfully pass the following collegiate subject matter courses from an accredited college, junior college, community college or university for a total of 30 semester credit hours:

  • Information available on website: www.michigan.gov/appraisers

    • Check course approval status

    • Check continuing education credit received

  • Reporting continuing education

    • Education Sponsors’ Responsibility

      • FAX ATTN: Peggy Waugh (517) 241-7539

      • MAIL TO: DLEG, BCS, Licensing Division, Attn: Testing & Education Services, P.O. Box 30018, Lansing, MI 48909


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Renewing a License/Relicensure General must successfully pass the following collegiate subject matter courses from an accredited college, junior college, community college or university for a total of 30 semester credit hours:

  • Renewal Fees ($250 limited/$350 SL, CR, CG)

  • Deadline/Grace Period (8/1 to 9/29)

  • Must meet continuing education requirements

  • Relicensure Requirements

    • Fees ($180 limited/$230 SL, CR, CG)

    • 14 hours of continuing education within for each year their license is lapsed

    • Relicensure (for licenses expired more than 60 days) Prior to

      reactivation, credential holders in an inactive status

      must complete all required continuing education

      hours that would have been required if the credential

      holder was in an active status. The required hours

      must also include the most recent edition of a 7-hour

      National USPAP Update Course. If a license has been lapsed for more than 3 years as of January 1, 2008 – the 2008 AQB Criteria must be met.


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Use of Limited Real Estate Appraisers General must successfully pass the following collegiate subject matter courses from an accredited college, junior college, community college or university for a total of 30 semester credit hours:

  • Administrative Rule 403(1)(a)—A limited real estate appraiser may perform appraisal services appraise properties that are not federally related transactions or real estate related financial transactions

  • Section 2607(7) of the Michigan Occupational Code—An appraisal performed by a limited real estate appraiser (non-real estate related financial transaction) must be co-signed by the supervisor (state licensed, certified residential, or certified general)


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Use of Limited Real Estate Appraisers (con’t) General must successfully pass the following collegiate subject matter courses from an accredited college, junior college, community college or university for a total of 30 semester credit hours:

  • Standards Rule 2-3—USPAP Certification--The names of individuals providing significant real property appraisal assistance who do not sign a certification must be stated in the certification.


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Miscellaneous Updates General must successfully pass the following collegiate subject matter courses from an accredited college, junior college, community college or university for a total of 30 semester credit hours:

  • Board meeting dates for the 2008 year

    • March 25, 2008

    • June 17, 2008

    • September 16, 2008

    • December 2, 2008

    • Licensed appraisers may be credited con. ed. for attending one board meeting per renewal cycle; min. 2 hrs; max. 7 hrs. Meetings must be at least 2 hours in length for con. ed.


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