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Department of Labor & Economic Growth Bureau of Commercial Services Licensing Division Real Estate Appraiser Licensing.

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Presentation on theme: "Department of Labor & Economic Growth Bureau of Commercial Services Licensing Division Real Estate Appraiser Licensing."— Presentation transcript:

1 Department of Labor & Economic Growth Bureau of Commercial Services Licensing Division Real Estate Appraiser Licensing

2 Contents Application Submission & Review Process Current AQB Qualification Criteria=Michigan Requirements 2008 AQB Qualification Criteria=MI Requirements in 2008 Continuing Education Requirements Renewing a License/Relicensure Use of Limited Real Estate Appraisers Miscellaneous Updates

3 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

4 Application Submission & Review Process (cont) Review Process Up to 30 days for first review After first review completed, random appraisal reports selected and requested After random reports reviewed and approved, AMP notified of approval and exam approval letter mailed to applicant

5 Current 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

6 Current AQB Qualification Criteria Michigan REA Requirements (cont) State Licensed Real Estate Appraiser 90 hours of appraisal prelicensure education including the 15-hour National USPAP 2000 hours of appraisal experience including 1500 hours of residential experience Successful completion of the state exam

7 Current AQB Qualification Criteria Michigan REA Requirements (cont) Certified Residential Real Estate Appraiser 120 hours of appraisal prelicensure education including the 15 hour National USPAP and a course covering narrative report writing 2,500 hours of appraisal experience including 2000 hours of residential experience obtained over a minimum of 24 months Successful completion of the state exam

8 Current AQB Qualification Criteria Michigan REA Requirements (cont) Certified General Real Estate Appraiser 180 hours of appraisal prelicensure education including the 15-hour National USPAP, a course covering narrative report writing and at least 90 hours of non-residential coursework 3000 hours of appraisal experience including at least 1500 hours of non-residential experience obtained over a minimum of 30 months Successful completion of the state exam

9 2008 AQB Qualification Criteria= MI Requirements in 2008 ImplementationFirm Date 1/1/08 In order to meet current experience time minimums, experience must (have) commence(d) by: Certified GeneralJuly 2005 Certified ResidentialJanuary 2006 State LicensedJanuary 2007

10 2008 AQB Qualification Criteria= MI Requirements in 2008 (cont) Applications received by December 31, 2007 Meet current education and experience requirements Successfully complete current exam if completing exam prior to 2008; or Successfully complete 2008 National exam if completing exam after January 1, 2008 If exam is not completed within one year of approval, applicant must reapply and then meet 2008 criteria.

11 2008 AQB Qualification Criteria= MI Requirements in 2008 (cont) Applications received after December 31, 2007 must meet all 2008 requirements including: Education Experience Applicants utilizing experience obtained as a limited appraiser under a state licensed appraiser will NOT qualify under 2008 criteria National Exam

12 Michigan Real Estate Appraisers Limited 2195 active licensees State Licensed 2250 active licensees Certified Residential 270 active licensees Certified General 970 active licensees

13 Level of Licensure Appraisal Education Appraisal Experience Exam 08 Limited Real Estate Appraiser 75 hrs ed (see specific course requirements) None 08 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 08 Certified Residential Real Estate Appraiser *200 hrs ed (see specific course requirements) *associate degree or in lieu of criteria *2,500 hours over at least 24 months with at least 2000 hours of residential 2008 National 08 Certified General Real Estate Appraiser *300 hrs ed (see specific course requirements) *bachelor degree or in lieu of criteria *3,000 hours over at least 30 months with at least 1,500 hours of non- residential 2008 National

14 08 Limited real estate appraiser license Basic appraisal principles30 hours Basic appraisal procedures30 hours 15-hour national USPAP course or equivalent15 hours TOTAL 75 hours 08 State licensed real estate appraiser Basic appraisal principles30 hours Basic appraisal procedures30 hours 15-hour national USPAP course or equivalent15 hours Residential market analysis and highest and best use15 hours Residential appraiser site valuation & cost approach15 hours Residential sales comparison and income approaches30 hours Residential report writing and case studies15 hours TOTAL 150 hrs

15 08 Certified residential real estate appraiser Basic appraisal principles30 hours Basic appraisal procedures30 hours 15-hour national USPAP course or equivalent15 hours Residential market analysis and highest and best use15 hours Residential appraiser site valuation and cost approach15 hours Residential sales comparison and income approaches30 hours Residential report writing and case studies15 hours Statistics, modeling and finance15 hours Advanced residential applications and case studies15 hours Appraisal subject matter electives20 hours TOTAL 200 hours

16 08 Certified general real estate appraiser Basic appraisal principles30 hours Basic appraisal procedures30 hours 15-hour national USPAP course or equivalent15 hours General appraiser market analysis & highest & best use30 hours Statistics, modeling and finance15 hours General appraiser site valuation and cost approach30 hours General appraiser sales comparison approach30 hours General appraiser income approach60 hours General appraiser report writing and case studies30 hours Appraisal subject matter electives30 hours TOTAL300 hours

17 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: 1.English Composition; 2.Principles of Economics (Micro or Macro); 3.Finance; 4.Algebra, Geometry, or higher mathematics; 5.Statistics; 6.Introduction to ComputersWord Processing/spreadsheets; and 7.Business or Real Estate Law.

18 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: 1.English Composition; 2.Micro Economics; 3.Macro Economics; 4.Finance; 5.Algebra, Geometry, or higher mathematics; 6.Statistics; 7.Introduction to ComputersWord Processing/spreadsheets; 8.Business or Real Estate Law; and 9.Two elective courses in accounting, geography, ag-economics, business management, or real estate.

19 Continuing Education Requirements When con ed is not required: Limited Licenseesafter 2nd renewal (This changes in 2008 to requiring 14 hours for the 2nd renewal.) Licensees upgrading1st renewal after upgrade 28 hours total, including: 7-hour National USPAP every cycle (2 years) 2-hour Michigan Law every other cycle (4 years)

20 Continuing Education Requirements (cont) Information available on website: Check course approval status Check continuing education credit received Reporting continuing education Education Sponsors Responsibility Licensee FAX ATTN: Sharon Howell (517) MAIL TO: DLEG/BCS/Licensing Division, Attn: Appraisers, PO Box 30018, Lansing MI 48909

21 Renewing a License/Relicensure Renewal Fees ($250/$350) Deadline/Grace Period (9/29) Failure to meet continuing education requirements Relicensure Requirements Fees ($180/$230) 14 hours of continuing education within last 12 months Relicensure after January 1, 2008

22 Use of Limited Real Estate Appraisers 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 CodeAn 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)

23 Use of Limited Real Estate Appraisers (cont) Standards Rule 2-3USPAP Certification--The names of individuals providing significant real property appraisal assistance who do not sign a certification must be stated in the certification.

24 Miscellaneous Updates Increased board meetings to four per year March 28, 2006 June 20, 2006 September 19, 2006 December 5, 2006


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