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235.03.2-V. Criteria Applicable to a State Licensed Real Property Appraiser Credential

AR ADC 235.03.2-VArkansas Administrative CodeEffective: July 1, 2022

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: July 1, 2022
Ark. Admin. Code 235.03.2-V
Formerly cited as AR ADC 151.00.1-IV;  AR ADC 151.00.1-V
235.03.2-V. Criteria Applicable to a State Licensed Real Property Appraiser Credential
Currentness
Please consult Section III -- General Examination and Experience Criteria for additional requirements.
A. General
1. The State Licensed Real Property Appraiser classification applies to the appraisal of non-complex one-to-four residential units having a transaction value less than $1,000,000, and complex one-to-four residential units having a transaction value less than $250,000.
2. Complex one-to-four-unit residential property appraisal means one in which the property to be appraised, the form of ownership, or the market conditions are atypical.
3. For non-federally related transaction appraisals, transaction value shall mean market value.
a. The classification includes the appraisal of vacant or unimproved land that is utilized for one-to-four residential units, or for which the highest and best use is for one-to-four residential units.
b. The classification does not include the appraisal of subdivisions for which a development analysis/appraisal is necessary.
4. All State Licensed Real Property Appraisers must comply with the Competency Rule of USPAP.
B. Examination
1. Upon completion of all applicable requirements, applicants for a State License credential shall be personally interviewed by members of the Appraiser Licensing and Certification Board prior to being granted an approval to sit for the exam.
2. The AQB-approved State Licensed Real Property Appraiser examination must be successfully completed. The only alternative to successful completion of the State Licensed examination is the successful completion of the Certified Residential or Certified General examination.
3. The prerequisites for taking the AQB-approved examination are completion of:
a. One hundred fifty (150) creditable class hours as specified in Section (IV) (C) (1), and;
b. One thousand (1,000) hours of qualifying experience in no fewer than six (6) months.
4. An applicant for State License 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 the 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. The State Licensed Real Property Appraiser classification requires completion of one hundred fifty (150) creditable class hours as listed below. As a part of the 150 required hours, the applicant shall successfully complete the 15-Hour National USPAP Course, or its AQB-approved equivalent, and successfully pass the examination. There is no alternative to successful completion of the USPAP Course and examination. The required courses are:
a.
Basic Appraisal Principles
30 Hrs
b.
Basic Appraisal Procedures
30 Hrs
c.
15-Hour National USPAP Course (or its equivalent)
15 Hrs
d.
Residential Appraiser Market Analysis & Highest and Best Use
15 Hrs
e.
Residential Appraiser Site Valuation and Cost Approach
15 Hrs
f.
Residential Sales Comparison and Income Approaches
30 Hrs
g.
Residential Report Writing and Case Studies
15 Hrs
2. Appraisers holding a valid State Registered appraiser credential and who have completed the required 75 hours of qualifying education may satisfy the educational requirements for the State Licensed Real Property Appraiser credential by successfully completing the following additional education hours:
a. Residential Market Analysis and Highest and Best Use 15 Hours
b. Residential Appraiser Site Valuation and Cost Approach 15 Hours
c. Residential Sales Comparison and Income Approaches 30 Hours
d. Residential Report Writing and Case Studies 15 Hours
3. Appraisers holding a valid Certified Residential Real Property Appraiser credential satisfy the educational requirement for the State Licensed Real Property Appraiser credential.
4. Appraisers holding a valid Certified General Real Property Appraiser credential satisfy the educational requirements for the State Licensed Real Property Appraiser credential.
D. Experience
The applicant for a State License credential shall demonstrate at least (as a minimum) one thousand (1,000) hours of appraisal experience, obtained in no less than six (6) months. While the hours may be cumulative, the required number of months must accrue before an individual can be licensed. 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 State License Real Property Appraisal credential.

Credits

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