Plymouth, MI, 48170 Phone: (734)207-5301, Fax: (734)207-5208 AREAI@comcast.net
STATE APPRAISER LICENSING INFORMATION
Classes are designed to meet State requirements for pre-licensing of all levels of licensing and for continuing education. All classes and seminars have been accepted by the State of Michigan, Board of Real Estate Appraisers, for the number of hours indicated. Our instructors are all experienced appraisers, licensed or certified, and experienced teachers. Classes taken for continuing education may be repeated in another two year cycle. Fifteen hour classes may be used for 14 hours of continuing education.
2008 AQB QUALIFICATION CRITERIA
Level of Licensure |
Education |
Experience |
Exam |
|
Limited Real Estate Appraiser |
75 hours of approved pre-licensure appraiser education (see specific course requirements in Table I below) |
None |
None |
|
State Licensed Real Estate Appraiser |
150 hours of approved pre-licensure appraiser education (see specific course requirements in Table I below) |
*2,000 hours of appraisal experience including at least 1,500 hours of residential experience over at least 12 months |
2008 National exam |
|
Certified Residential Real Estate Appraiser |
200 hours of approved pre-licensure appraiser education (see specific course requirements in Table I below) and an associate degree or 21 college semester credit hours (see Table II below for in lieu of requirements)
|
*2,500 hours of appraisal experience including at least 2,000 hours of residential experience over at least 24 months |
2008 National exam |
|
Certified General Real Estate Appraiser |
300 hours of approved pre-licensure appraiser education (see specific course requirements in Table I below) and a bachelor degree or 30 college semester credit hours (see Table II below for in lieu of requirements) |
*3,000 hours of appraisal experience including at least 1,500 hours of non-residential experience over at least 30 months |
2008 National exam |
• LIMITED REAL ESTATE APPRAISER
o 75 hours of appraisal pre-licensure education Basic Appraisal Principles (30 hours), Basic Appraisal Procedures (30 hours), National Uniform Standards of Professional Appraisal Practice (15 hours)
• STATE LICENSED REAL ESTATE APPRAISER
o 150 (or an additional 60 hours) hours of appraisal pre-licensure education; 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)
o 2000 hours of appraisal experience including 1500 hours of residential experience over 12 months or more supervised by a certified residential or certified general real estate appraiser
o Successful completion of the state exam
• CERTIFIED RESIDENTIAL REAL ESTATE APPRAISER
o 200 hours (an additional 50 hours) including Statistics, Modeling, and Finance (15 hours), Advanced Residential Applications and Case Studies (15 hours), Appraisal Subject Matter Elective (20 hours)
o 2500 hours of appraisal experience including the previous 2000 hours experience obtained over a minimum of 24 months
o Associate degree or 21 semester credit hours consisting of
§ English Composition
§ Principles of Economics (Micro and Macro)
§ Finance
§ Algebra, Geometry or higher mathematics
§ Statistics
§ Introduction to Computers—Word Processing/spreadsheets
§ Business or Real estate Law
o Successful completion of state exam
• CERTIFIED GENERAL REAL ESTATE APPRAISER
o 300 Hours of Appraisal pre-licensure education: General Appraiser Market Analysis and Highest and Best Use (30 hours), General Appraiser Site 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)
o 3000 hours of appraisal experience including at least 1500 hours of non-residential experience obtained over a minimum of 30 months
o Bachelor degree or 30 semester credit hours
§ English Composition
§ Micro Economics
§ Macro Economics
§ Finance
§ Algebra, Geometry, or higher mathematics
§ Statistics
§ Introduction to Computer—Word Processing/spreadsheets
§ Business or Real Estate Law
§ Two elective courses in accounting, geography, ag-economics, business management or real estate
o Successful completion of the state exam
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