Section 876IAC3-3-4.1. Educational requirements for Indiana certified residential appraiser

  1. (a) This section establishes the educational requirements for an Indiana certified residential appraiser.

  (b) The minimum prerequisite to sit for the Indiana certified residential appraiser examination is two hundred (200) classroom hours of specific course content stated in subsection (h) and meeting the requirements in subsection (g).

  (c) A classroom hour is defined as fifty (50) minutes of classroom lecture out of each sixty (60) minute segment.

  (d) Credit toward the classroom hour requirement may only be granted where the:

(1) length of the educational offering is at least fifteen (15) hours; and

(2) individual successfully completes a written, proctored examination pertinent to that educational offering.

  (e) Credit for the classroom hour requirement must be from a course, including a distance learning course, approved by the Appraisal Qualifications Board. Credit towards qualifying education requirements may be obtained through the completion of a degree program in real estate from an accredited degree-granting college or university provided that the curriculum has been approved by the Appraisal Qualifications Board.

  (f) Qualifying education credit will be accepted regardless of when the courses were taken as long as they were taken before the application was filed.

  (g) Applicants for licensure as a certified residential appraiser must hold a bachelor's degree or higher from an accredited college or university.

  (h) The minimum qualifying education classroom hours shall be as follows:

	Basic appraisal principles	30
	Basic appraisal procedures	30
	The fifteen (15) hour National Uniform Standards of Professional Appraisal Practice course or its equivalent	15
	Residential market analysis and highest and best use	15
	Residential appraiser site valuation and cost approach	15
	Residential sales comparison and income approaches	30
	Residential report writing and case studies	15
	Statistics, modeling, and finance	15
	Advanced residential applications and case studies	15
	Appraisal subject matter electives	20
	TOTAL	200

  (i) For a course to meet the fifteen (15) hours of Uniform Standards of Professional Appraisal Practice requirement under subsection (h) after December 31, 2003, the instructor must be:

(1) an Appraiser Qualification Board certified Uniform Standards of Professional Appraisal Practice instructor; and

(2) a state certified residential or certified general real estate appraiser.

However, if the course is taught by two (2) or more instructors, only one (1) is required to have been a state certified residential or certified general real estate appraiser.

  (j) Notwithstanding subsection (i), the fifteen (15) hours of Uniform Standards of Professional Appraisal Practice course will meet the requirements under subsection (h) if the course was taken prior to January 1, 2004. (Indiana Real Estate Commission; 876 IAC 3-3-4.1; filed Aug 15, 2007, 10:01 a.m.: 20070912-IR-876060095FRA, eff Jan 1, 2008; filed Aug 28, 2013, 10:24 a.m.: 20130925-IR-876120610FRA; filed Dec 29, 2014, 1:39 p.m.: 20150128-IR-876140304FRA, eff Jan 1, 2015 [IC 4-22-2-36 suspends the effectiveness of a rule document for 30 days after filing with the Publisher. LSA Document #14-304 was filed Dec 29, 2014.])