Section 193F.6.2. Education.

Education requirements for an applicant to obtain a certificate as a certified general real property appraiser shall be in compliance with the criteria as set forth by the Appraiser Qualifications Board (AQB) of the Appraisal Foundation.

         6.2(1) Formal education.

            a.               Applicants must hold a bachelor’s degree or higher from an accredited college, junior college, community college, or university. In lieu of the bachelor’s degree, an applicant shall successfully pass all of the following collegiate subject matter courses from an accredited college, junior college, community college, or university:

             (1)             English composition;

             (2)             Microeconomics;

             (3)             Macroeconomics;

             (4)             Finance;

             (5)             Algebra, geometry, or higher mathematics;

             (6)             Statistics;

             (7)             Computer science;

             (8)             Business or real estate law; and

             (9)             Two elective courses in accounting, geography, agricultural economics, business management, or real estate.

            b.               Total hours of equivalent college courses in lieu of a bachelor’s degree are 30 semester credit hours or equivalent. If an accredited college or university (accredited by the Commission on Colleges, by a regional or national accreditation association, or by an accrediting agency that is recognized by the U.S. Secretary of Education) accepts the College-Level Examination Program© (CLEP) examination(s) and issues a transcript for the examination(s) showing the college’s or university’s approval, the CLEP credit will be considered as credit for the college course.

            c.               Effective January 1, 2015, applicants must hold a bachelor’s degree or higher from an accredited college or university.

         6.2(2) Core criteria. In addition to the formal education in 6.2(1), an applicant must complete 300 creditable class hours before taking the AQB-approved examination. All courses must be AQB-approved under current core criteria to be considered creditable. The required courses and 300 hours consist of the following:

            a.                                            Basic appraisal principles     30 hours

            b.                                          Basic appraisal procedures     30 hours

            c.                      The 15-hour USPAP course or equivalent    15 hours

            d.               General appraiser market analysis and highest and best use           30 hours

            e.          General appraiser site valuation and cost approach     30 hours

            f.                 General appraiser sales comparison approach     30 hours

            g.                              General appraiser income approach     60 hours

            h.            General appraiser report writing and case studies    30 hours

            i.                                    Statistics, modeling and finance    15 hours

            j.                                 Appraisal subject matter electives     30 hours

         6.2(3) Degree program. Credit toward core criteria qualifying education requirements may also be obtained via the completion of a degree in real estate from an accredited degree-granting college or university, provided that the college or university has had its curriculum reviewed and approved by the AQB.

[ARC 7774B, IAB 5/20/09, effective 6/24/09; ARC 1731C, IAB 11/12/14, effective 12/17/14]