(1) Applicants for certification as certified residential real estate appraisers shall provide evidence of completion of 120 hours of board approved instruction, 15 hours of which must cover the USPAP as promulgated by The Appraisal Foundation and at least 15 hours of which must cover report writing.
(2) In addition to the topics listed in ARM 24.207.505, applicants for certification as a certified residential real estate appraiser shall demonstrate that their education involved coverage of narrative report writing and direct capitalization within the income approach. The education for this class shall place particular emphasis on the appraisal of one- to four-unit residential properties.
(3) Effective January 1, 2008, the required core curriculum for certified residential licensure is:
(a) basic appraisal principles 30 hours
(b) basic appraisal procedures 30 hours
(c) the 15-hour national USPAP course or its equivalent 15 hours
(d) residential market analysis and highest and best use 15 hours
(e) residential appraiser site valuation and cost approach 15 hours
(f) residential sales comparison and income approaches 30 hours
(g) residential report writing and case studies 15 hours
(h) statistics, modeling, and finance 15 hours
(i) advanced residential application and case studies 15 hours
(j) appraisal subject matter electives 20 hours
(may include hours over minimum shown above in other modules)
(k) total certified residential education requirements 200 hours
(4) To upgrade from a trainee or a licensed real estate appraiser to a certified residential real estate appraiser, an applicant may use education obtained for licensure as a licensed real estate appraiser.
(5) Effective January 1, 2008, applicants for original certification as certified residential real estate appraisers shall provide evidence of completion of:
(a) 200 hours of board approved instruction, 15 hours of which must cover the USPAP as promulgated by The Appraisal Foundation and at least 15 hours of which must cover report writing; and
(b) 21 semester credit hours covering the subject matter of English composition, principles of economics (micro or macro) , finance, algebra, geometry or higher mathematics, statistics, introduction to computers (word processing/spreadsheets) , and business or real estate law. In lieu of the required courses, an associate degree will qualify.