Current through Register Vol. XLI, No. 50, December 13, 2024
Section 190-2-7 - Procedure for Calculation of Experience by the Board7.1. As provided in Sections 5 and 6 of this rule, an applicant for residential appraiser licensing or certification shall provide evidence satisfactory to the board that the applicant possesses the required amount of appraisal experience.7.2. As provided in subdivision 6.2.b. of this rule, an applicant for general appraiser certification shall provide evidence satisfactory to the board that the applicant possesses the required amount of appraisal experience. At least one-half of the hours of the required experience shall be in non-residential appraisal assignments.7.3. If an applicant for licensure or certification feels that he or she has performed any real estate appraisals under unique circumstances, or that he or she has expended a greater amount of hours in the performance of an appraisal than the provisions of this section allow, the applicant may provide the board with a log detailing the amount of actual hours spent on the appraisals, with sufficient details of the hours of experience for which he or she is requesting experience credit.7.4. For the purpose of this section only: a non-complex appraisal is one for which: 7.4.a. There is an active market of essentially identical properties;7.4.b. Adequate data is available to the appraiser;7.4.c. Adjustments to comparable sales are not large in the aggregate, specifically not exceeding the trading range found in the market of essentially identical properties; and7.4.d. For residential property, the contract price falls within the market norm (median sales price) of homes in the neighborhood.7.5. For the purpose of this section only, a complex appraisal is one for which the property appraised, the form of ownership, or market conditions are atypical. This would generally require an expanded scope of work to address some unusual property or ownership attribute.7.6. All appraisals submitted or claimed for experience credit are subject to verification by the board. An applicant may not claim experience hours for appraisals which are not supported by written reports or file memoranda. On request, an applicant shall furnish the board copies of appraisal reports and file memoranda supporting the experience hours sought by the applicant. The board shall treat all appraisal reports and file memoranda submitted to the board as confidential to the extent permitted by law.