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235.03.2-VII. Criteria Applicable to a Certified General Real Property Appraiser Credential

AR ADC 235.03.2-VIIArkansas Administrative CodeEffective: February 5, 2024

West's Arkansas Administrative Code
Title 235. Arkansas Department of Labor and Licensing
Division 3. Arkansas Appraiser Licensing and Certification Board
Rule 2. Arkansas Appraiser Licensing and Certification Board Rules
Effective: February 5, 2024
Ark. Admin. Code 235.03.2-VII
Formerly cited as AR ADC 151.00.1-VI;  AR ADC 151.00.1-VII
235.03.2-VII. Criteria Applicable to a Certified General Real Property Appraiser Credential
Currentness
Please consult Section III -- General Examination and Experience Criteria for additional requirements.
A. General
1. The Certified General Real Property Appraiser classification qualifies the appraiser to appraise all types of real property.
2. All Certified General appraisers must comply with the Competency Rule of USPAP
B. Examination
1. Upon completion of all applicable requirements, applicants for a State Certified General Appraiser credential shall be personally interviewed by members of the Board prior to sitting for the exam.
2. The AQB-approved Certified General Real Property Appraiser examination must be successfully completed. There is no alternative to successful completion of the exam.
The prerequisites for taking the AQB-approved examination are completion of:
a. Three hundred (300) creditable class hours as specified in Section (VI) (C) (2).
b. Completion of the college-level education requirements specified in Section (VI) (C) (1).
c. Three thousand (3,000) hours of qualifying experience obtained in no fewer than eighteen (18) months, where a minimum of one thousand five hundred (1,500) hours must be obtained in non-residential appraisal work.
3. An applicant for State Certified General Appraiser credential who fails to pass the exam after two (2) attempts will not be afforded an opportunity to retake the exam for at least six (6) months from the date of last exam. Applicants seeking to sit for the fourth attempt are required to submit a new application, any required fees, and any additional education he or she may have acquired.
C. Qualifying Education
1. Applicants for the Certified General credential must hold a bachelor's degree or higher from an accredited college or university. The college or university must be a degree-granting institution accredited by the Commission on Colleges, a national or regional accreditation association, or by an accrediting agency that is recognized by the US Secretary of Education. Applicants with a college degree from a foreign country may have their education evaluated for “equivalency” by one of the following:
• An accredited, degree-granting domestic college or university;
• A foreign degree credential evaluation service company that is a member of the National Association of Credential Evaluation Services, (NACES); or
• A foreign degree credential evaluation service company that provides equivalency evaluation reports accepted by an accredited degree-granting domestic college or university or by a state licensing Board that issues credentials in another discipline.
2. The Certified General Real Property Appraiser classification requires completion of three hundred (300) creditable class hours as listed below. As part of the 300 required hours, the applicant shall complete the 15-Hour National USPAP Course, or its AQB-approved equivalent, and the examination. There is no alternative to successful completion of the USPAP Course and examination. The required courses are:
a. Basic Appraisal Principles
30 Hours
b. Basic Appraisal Procedures
30 Hours
c. 15-Hour National USPAP Course (or its equivalent)
15 Hours
d. General Appraiser Market Analysis and Highest and Best Use
30 Hours
e. Statistics, Modeling, and Finance
15 Hours
f. General Appraiser Site Valuation and Cost Approach
30 Hours
g. General Appraiser Sales Comparison Approach
30 Hours
h. General Appraiser Income Approach
60 Hours
i. General Appraiser Report Writing and Case Studies
30 Hours
j. Appraisal Subject Matter Electives
30 Hours
(May include hours over minimum shown above in other modules)
3. Applicants must demonstrate that their education includes the core courses listed in these rules, with particular emphasis on non-residential properties. Residential is defined as “composed of one-to-four residential units.”
4. Appraisers holding a valid State Registered Appraiser credential may satisfy the educational requirements for the Certified General Real Property Appraiser credential by successfully completing the following additional education hours:
a. General Appraiser Market Analysis and Highest and Best Use
30 Hours
b. Statistics, Modeling, and Finance
15 Hours
c. General Appraiser Site Valuation and Cost Approach
30 Hours
d. General Appraiser Sales Comparison Approach
30 Hours
e. General Appraiser Income Approach
60 Hours
f. General Appraiser Report Writing and Case Studies
30 Hours
g. Appraisal Subject Matter Electives
30 Hours
5. Appraisers holding a valid State Licensed Real Property Appraiser credential may satisfy the educational requirements for the Certified General Real Property Appraiser credential by successfully completing the following additional education hours:
a. General Appraiser Market Analysis and Highest and Best Use
15 Hours
b. Statistics, Modeling, and Finance
15 Hours
c. General Appraiser Site Valuation and Cost Approach
15 Hours
d. General Appraiser Sales Comparison Approach
15 Hours
e. General Appraiser Income Approach
45 Hours
f. General Appraiser Report Writing and Case Studies
15 Hours
g. Appraisal Subject Matter Electives
30 Hours
6. Appraisers holding a valid Certified Residential Real Property Appraiser credential may satisfy the educational requirements for the Certified General Real Property Appraiser credential by successfully completing the following additional educational hours:
a. General Appraiser Market Analysis and Highest and Best Use
15 Hours
b. General Appraiser Site Valuation and Cost Approach
15 Hours
c. General Appraiser Sales Comparison Approach
15 Hours
d. General Appraiser Income Approach
45 Hours
e. General Appraiser Report Writing and Case Studies
10 Hours
7. State Registered Appraisers, State Licensed Real Property Appraisers, and Certified Residential Real Property Appraisers wishing to change to the Certified General Real Property Appraiser classification must also satisfy the requirements in Section (VI) (C) (1) and Section (VI) (C) (3).
D. Experience
Three thousand (3,000) hours of experience are required to be obtained during no fewer than eighteen (18) months. One thousand five hundred (1,500) hours must be in non-residential appraisal work. While the hours may be cumulative, the required number of months must accrue before an individual can be certified. The experience of the applicant must be of a type and nature sufficient to convince the Board of a demonstrated and proven capability of the applicant to adequately perform assignments of a type permitted by a Certified General Real Property Appraisal credential.

Credits

Amended July 1, 2013; Dec. 13, 2014; Dec. 30, 2019; Oct. 2, 2020; July 1, 2022; Feb. 5, 2024.
Current with amendments received through February 15, 2024. Some sections may be more current, see credit for details.
Ark. Admin. Code 235.03.2-VII, AR ADC 235.03.2-VII
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