18VAC130-20-210: Standards for the approval of appraisal educational offerings for prelicensure credit

A. Content.

1. Prior to licensure, applicants must have successfully completed (i) the 15-hour National Uniform Standards of Professional Appraisal Practice course and (ii) an eight-hour valuation bias and fair housing laws and regulations course.

2. While various appraisal courses may be credited toward the classroom requirement specified for each classification of licensure, all applicants for licensure as an appraiser trainee or a licensed residential, certified residential, or certified general real estate appraiser must demonstrate that course work included coverage of the required topics listed in this subdivision.

Basic appraisal principles (30 hours)

Basic appraisal procedures (30 hours)

Residential market analysis and highest and best use (15 hours)

Residential appraiser site valuation and cost approach (15 hours)

Residential sales comparison and income approaches (30 hours)

Residential report writing and case studies (15 hours)

Statistics, modeling and finance (15 hours)

Advanced residential applications and case studies (15 hours)

General appraiser market analysis and highest and best use (30 hours)

General appraiser sales comparison approach (30 hours)

General appraiser site valuation and cost approach (30 hours)

General appraiser income approach (60 hours)

General appraiser report writing and case studies (30 hours)

3. All appraisal and appraisal-related offerings presented for prelicense credit must have a final, written examination. The examination may not be an open book examination.

4. Credit toward the classroom hour requirement to satisfy the educational requirement prior to licensure will be granted only where the length of the educational offering is at least 15 classroom hours, except for the eight-hour course on valuation bias and fair housing laws and regulations.

B. Instruction. With the exception of courses taught at accredited colleges, universities, junior and community colleges, or adult distributive or marketing education programs, all other prelicense educational offerings given after January 1, 1993, must be taught by instructors certified by the board. All courses in the Uniform Standards of Professional Appraisal Practice must be instructed by an Appraisal Qualifications Board certified instructor.