Certified Residential Appraiser
Introduction
A Certified Residential Appraiser is an advanced designation that allows one to accept more profitable Appraisal assignments than a Licensed Appraiser. This is a more profitable tier within the real estate appraisal profession, however with great earnings comes a need for higher skills within the valuation process, and therefore this classification also requires a Bachelors’s Degree.
Certified Residential Appraisers are entrusted to value more expensive real properties such as luxury condos and mansions. With a more affluent clientele comes a necessity for greater skill and business savvy.
Certified Residential Appraiser Requirements
Qualifying Education: (200 hours)
You must take all required courses to become a Appraisal Apprentice Plus:
- Basic Appraisal Principles (R-5) (30 hours)
- Basic Appraisal Procedures (R-6) (30 hours)
- 15-hour National USPAP Course or Equivalent
- Residential Market Analysis and Highest and Best Use (R-7) (15 hours)
- Residential Appraiser Site Valuation and Cost Approach (R-8) (15 hours)
- Residential Sales Comparison and Income Approaches (R-9) (30 hours)
- Residential Report Writing and Case Studies (R-10) (15 hours)
- Statistics, Modeling and Finance (SMF) (15 hours)
- Advanced Residential Applications and Case Studies (R-11) (15 hours)
- Appraisal Subject Matter Electives (20 hours): Introduction to Residential Income Properties (RE-1), Fair Housing/Fair Lending and
- Environmental Issues (RE-2), or such other elective course approved by the Department.
Experience: 1,500 hours of acceptable appraisal experience in not less than 24 months.