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Mississippi Real Estate Appraiser Licensing and Certification Board. Mississippi Real Estate Appraiser Licensing and Certification Act of PDF
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1 Mississippi Real Estate Appraiser Licensing and Certification Board Mississippi Real Estate Appraiser Licensing and Certification Act of 1990 Title 30: Professions and Occupations Part 1501: Mississippi Real Estate Appraiser Licensing and Certification Board Part 1501 Chapter 1: Educational Requirements for Appraiser Trainee, Licensed Real Estate Appraiser, Certified Residential Real Estate Appraiser and Certified General Real Estate Appraiser. Rule 1.1 Educational Requirements for Appraiser Trainee, Licensed Real Estate Appraiser, Certified Residential Real Estate Appraiser and Certified General Real Estate Appraiser. Each applicant for an Appraiser Trainee credential shall have completed the required number of classroom hours of courses in subjects related to real estate appraisal as set forth in Part 1501, Chapter 11 of the Administrative Rules. Each applicant for a credential as a State Licensed real estate appraiser, a State Certified Residential real estate appraiser or a State Certified General real estate appraiser shall have successfully completed the required number of classroom hours of appraisal courses in subjects as set forth in Part 1501, Chapter 3 of the Administrative Rules. 1. Class hours will be credited only for educational offerings with content that follows and complies with the specific required core curriculum documented in Part 1501, Chapters 3 and Chapter 11 for each respective licensing credential. The course content requirements may be general or specific to the property types. 2. Class hours may be obtained only where the minimum length of the Qualifying Education offering is at least 15 hours and the individual course participant successfully completes an approved closed-book examination which is pertinent to that educational offering. 3. Where the Qualifying Education course includes multiple topics identified within the current Appraisal Qualification Board (AQB) Required Core Curriculum, there must be appropriate testing for each of the components. Courses which are taken to satisfy the Qualifying Education requirements must not be repetitive. The Uniform Standards of Professional Appraisal Practice (USPAP) courses which are completed in different years (licensing periods) are not considered to be repetitive. All courses should be designed to foster problem-solving skills in the education process by utilizing case studies as a major teaching method, when applicable. 1
2 4. All applicants for a credential must complete the 15-Hour National USPAP Course, or its equivalent, and must pass the accompanying examination. At least one of the course instructors must be an AQB Certified USPAP Instructor who is also an active State Certified Appraiser and is in good standing with all Appraiser Licensing Boards where any appraisal credential is held. Equivalency shall be determined through the AQB Course Approval Program (CAP) or by an alternate method established by the AQB. The USPAP education presented in a distance education format must be designed to foster appropriate student-to-student, student-to-instructor and student-to-material interaction. 5. Distance Education courses: (a) Any education process based on the geographical separation of student and instructor. (b) Course(s) must provide for an interaction where the student is guaranteed verbal or written communication with the instructor. (c) Content approval is to be obtained from the AQB, a state licensing jurisdiction, or an accredited college, community college, or university that offers distance education programs and is approved or accredited by the Commission on Colleges, a regional or national accreditation association, or by an accrediting agency that is recognized by the United States Secretary of Education. Non-academic credit from college or community college courses shall be approved by either the AQB or the state licensing jurisdiction. (d) Course delivery mechanism approval is to be obtained from one of the following sources: i. The AQB approved organizations providing approval of course design and delivery; or ii. A college that qualifies for content approval as indicated in paragraph (c) above and that awards academic credit for the distance education course; or iii. A college that qualifies for content approval with a distance education delivery program that approves the course design and a delivery that incorporates interactivity. 6. A class hour is defined as 60-minutes, of which at least 50 minutes are instructional and are attended by the student. The prescribed number of class hours includes time for examinations. 7. Experience may not be substituted for education. 8. Credit for the class hour requirements may be obtained only from the following providers and only after being approved by the Mississippi Appraisal Board (Board): 2
3 (a) Colleges or universities (b) Community or junior colleges (c) Real estate appraisal or real estate related organizations (d) State or federal agencies or commissions (e) Proprietary schools (f) The Appraisal Foundation or any of its affiliated boards (g) Providers approved by state certification and licensing agencies Source: Miss. Code Ann (1)(i), (2)(f), Part 1501 Chapter 2: Experience Requirements for Licensed Appraiser, Certified Residential Appraiser and Certified General Appraiser Applicants. Rule 2.1 Experience Hours for Licensed Appraiser, Certified Residential Appraiser and Certified General Appraiser. 1. Each applicant for a credential as a Licensed real estate appraiser shall have obtained at least two thousand (2000) hours of appraisal experience gained over a period of not less than twelve (12) months under the direct supervision of a Mississippi State Certified Supervisory Appraiser and all of the required experience must be completed prior to submitting an application for the Licensed Appraiser credential. Each applicant for a credential as a State Certified Residential real estate appraiser shall have obtained at least two thousand five hundred (2500) hours of appraisal experience acquired over a minimum of twenty-four (24) months. Each applicant for a credential as a State Certified General real estate appraiser shall have obtained at least three thousand (3000) hours of appraisal experience acquired over a minimum of thirty (30) months. (a) An applicant for a credential as a Licensed real estate appraiser shall have obtained at least two thousand (2000) hours of appraisal experience under the direct supervision of a State Certified Residential real estate appraiser or a State Certified General real estate appraiser. (b) An applicant for a credential as a State Certified Residential real estate appraiser shall have obtained at least one thousand two hundred fifty (1250) of the required two thousand five hundred (2500) hours in the residential category and, furthermore, no more than one thousand six hundred (1600) hours may be credited during any twelve month period. (c) An applicant for a credential as a State Certified General real estate appraiser shall have obtained at least one thousand five hundred (1500) of the required three 3
4 thousand (3000) hours in the general appraisal category and no more than one thousand nine hundred (1900) hours may be credited during any twelve month period. (d) Acceptable appraisal experience includes the following: Fee and staff appraisal, review appraisal, appraisal analysis, feasibility analysis, and real estate consulting. (e) The verification for experience credit which is claimed by an applicant shall be via a log sheet and/or affidavits on specific forms which are prescribed by the Board. Following the applicant s submission of the appraisal log, the Board will request a minimum of two (2) sample appraisals from among those reports which have been documented by the applicant for experience credit. In addition, the applicant must agree to furnish other appraisal reports if deemed necessary by the Board. The sample appraisal reports must be USPAP compliant and must include at least one (1) complex appraisal from the category being applied for. (f) The appraiser is required to document the actual number of hours worked in the performance of each appraisal assignment and must report and record those specific hours on their Appraisal Board Experience Log. The Appraisal Board considers the experience credit work-hours allowed in Rule 2.2 and Rule 2.3 (below) to be the maximum number of acceptable hours per appraisal classification. The appraiser may request additional hours for an appraisal by submitting the proper supporting documentation to the Appraisal Board. This supporting documentation should be in the form or a Daily Log which is attached to the Appraisal Board Experience Log. All logs must have the Appraisal Board Appraiser s Affidavit attached to the log. All work-hours submitted are subject to Appraisal Board approval. After being issued the Licensed Appraiser credential as required by Mississippi Code , the documented experience required for a credential in the State Certified General and the State Certified Residential categories shall be obtained as follows: Source: Miss. Code Ann , (1)(i), (2)(f), Rule 2.2 Certified General Real Estate Appraiser Experience Hours for Licensing. 1. An applicant for a State Certified General real estate appraiser credential must provide evidence satisfactory to the Board that the applicant has completed a minimum of three thousand (3000) hours of appraisal experience (equivalent to 3000 hours of actual appraisal work) obtained over a minimum of thirty (30) months. Experience credits (work-hours) for the State Certified General real estate appraiser credential shall be awarded as follows: (a) a complex, non-residential appraisal shall be limited to no more than 66 hours of credit: (b) a complex, non-residential field review shall be limited to no more than 16 hours of credit; 4
5 (c) a complex, non-residential desk review shall be limited to no more than 8 hours of credit; (d) a non-complex, non-residential appraisal shall be limited to no more than 16 hours of credit; (e) a non-complex, non-residential field review shall be limited to no more than 8 hours of credit; (f) a non-complex, non-residential desk review shall be limited to no more than 4 hours of credit. Source: Miss. Code Ann (1)(i), (2)(f), Rule 2.3 Certified Residential Real Estate Appraiser Experience Hours for Licensing. An applicant for a State Certified Residential real estate appraiser credential must provide satisfactory evidence to the Board that the applicant has completed a minimum of two thousand five hundred (2500) hours of appraisal experience (equivalent to 2500 hours of actual appraisal work) obtained continuously over a minimum of twenty four (24) months. The experience credits for the State Certified Residential real estate appraiser residential shall be awarded as follows: 1. Credits (hours) referred to as residential experience shall be derived from appraisals of oneto-four family residential properties. 2. a complex, residential appraisal shall be limited to no more than 24 hours of credit; 3. a complex, residential field review shall be limited to no more than 8 hours of credit; 4. a complex, residential desk review shall be limited to no more than 4 hours of credit; 5. a non-complex, residential appraisal shall be limited to no more than 12 hours of credit; 6. a non-complex, residential field review shall be limited to no more than 4 hours of credit; 7. a non-complex, residential desk review shall be limited to no more than 2 hours of credit. Source: Miss. Code Ann (1)(i), (2)(f), Rule 2.4 Licensed Appraiser Experience Hours for Licensing. An applicant for a Licensed real estate appraiser credential must provide evidence satisfactory to the Board that the applicant has completed a minimum of two thousand (2000) hours of appraisal experience which has been obtained over a minimum of not less than twelve (12) months. The experience hours for the Licensed real estate appraiser credential shall be determined by the 5
6 Board by evaluating the types and the variety of the individual appraisals which are documented in the experience log that is signed by both the applicant and the Certified Supervisory Appraiser and by determining the Appraiser Trainee s hours. Source: Miss. Code Ann (1)(i), (2)(f), Rule 2.5 Appraiser Trainee Experience Hours. Appraiser Trainee experience hours which have been documented and verified by a Certified Supervisory Appraiser can be included as appraisal experience for either a State Certified General credential or a State Certified Residential credential. The verified experience workhours must be compliant with Mississippi Code for the Licensed Appraiser credential or for either category of certification and must have been obtained preceding the filing of the application. Source: Miss. Code Ann , (1)(i), (2)(f), Rule 2.6 Definition of a Non-Complex Appraisal. A non-complex appraisal is one having the following characteristics; 1. there is an active market of essentially identical properties; 2. adequate data is a available to the appraiser 3. adjustments to comparable sales are not large in the aggregate, specifically not exceeding the trading range found in the market of essentially identical properties; and 4. for residential property, the contract price falls within the market norm (Medial sales price) of homes in the neighborhood. Examples of a non-complex residential appraisal are those similar to Fannie Mae Form 1004 and Freddie Mac Form 70, not including the income approach (up to 12 hours credit); usage of Fannie Mae Forms 2055 and 2075 (up to 8 hours credit); valuation of vacant land or site appraisals using only the sales comparison approach or a narrative report (up to 4 hours credit). In all cases, compliance with the Uniform Standards of Professional Appraisal Practice (USPAP) is required. Note: A non-complex, non-residential appraisal (up to16 hours credit) is a report which does not include each of the three (3) approaches to value even though all three (3) approaches would be applicable for the classification of the property appraised and/or when sufficient market data was available to develop each of the three (3) approaches. All credit hours for appraisals are subject to final determination and approval by the Appraisal Board. 6
7 Source: Miss. Code Ann (1)(i), (2)(f), Rule 2.7 Definition of a Complex Appraisal. A complex appraisal is one that relies to any significant degree on all three (3) approaches to value (cost, sales comparison and income approaches) or is an appraisal that has at least one of the following characteristics: 1. There is not an active market of properties similar to the property being appraised. 2. There is not adequate data available to the appraiser. 3. The adjustments to comparable sales are large and the aggregate adjustments exceed the trading range of the identified sales. 4. For residential property, the contract price does not fall within the market norm of houses in the market area. No appraisal experience credit will be allowed for a complex appraisal unless all three (3) approaches to value are fully developed in the report. Examples: a complex, non-residential appraisal (up to 66 hours of credit) may contain any of the following: income capitalization approach; income expense analysis; building-land residual technique; leased fee-leasehold interest; absorption rate; discounting to present value; highest and best use is not the current use; itemized accrued depreciation; unit-in-place method or quantity survey method in the cost approach; site or vacant land using the allocation method, abstraction method, subdivision development method, or land residual method; appraisal requires the appraiser s use of data obtained from a professional who is not an appraiser; a use of property that has no comparable sales with the same use; a property covered by the Environmental Protection Agency; a conservation easement; an appraisal that requires the before and after values. Other valuations may qualify as determined by the Appraisal Board. Note: A complex residential appraisal (up to 24 hours of credit) is a 1 to 4 unit appraisal similar to Fannie Mae Form 1004/Freddie Mac Form 70 but it will include the GRM income approach; Fannie Mae Form 1025/Freddie Mac Form 72; Fannie Mae Form 1072/Freddie Mac Form 465; Fannie Mae Form 1075/Freddie Mac Form 466; or a narrative report. In all cases, compliance with the Uniform Standards of Professional Appraisal Practice (USPAP) is required. Source: Miss. Code Ann (1)(i), (2)(f), Rule 2.8 Accepting Responsibility for an Appraisal Report. Each signer (co-author) of an appraisal report who is accepting responsibility for the report shall be awarded (experience) credit for the appraisal based on the actual number of documentable (work) hours that each appraiser contributed to the report as identified and indicated in the content of the report. 7
8 Source: Miss. Code Ann (1)(i), (2)(f), Rule 2.9 Appraisals are subject to Verification by the Board. All appraisals submitted or claimed for experience credit are subject of verification and authentication by the Board. Applicants may not claim experience credit for appraisals which are not supported by written reports or file memoranda or which were performed by the applicant at a time when the applicant lacked the legal authority to perform real estate appraisals. Upon request, the applicant shall furnish the Board with copies of two (2) specifically identified appraisal reports, file memoranda, or other data supporting the experience credit sought by the applicant. In addition, the experience credit will only be accepted when accompanied by a sworn affidavit which is signed by the applicant and states that all information contained in the application, including the compilation of hours documented, are true and correct. Source: Miss. Code Ann (1)(i), (2)(f), Rule 2.10 Appraisal Experience for State, County, or Municipal Public Officers. State, county or municipal public officers, or their salaried employees while performing their duties as mass appraisers, may satisfy the appraisal experience requirement under this rule by submitting a signed/notarized affidavit from the supervising tax assessor or other appropriate official, and as follows: 1. For the Licensed real estate appraiser credential, by affidavit and documentation as prescribed by the Board, certifying that the applicant has obtained a minimum of two thousand (2000) hours of appraisal experience over a minimum of twelve (12) months while holding a valid Appraiser Trainee credential. 2. For the State Certified Residential real estate appraisal credential, by proper documentation as prescribed by the Board which indicates that the applicant holds or has held a credential as a State Licensed real estate appraiser or a State Certified General real estate appraiser and has obtained a minimum of two thousand five hundred (2500) hours of credible appraisal work experience over a minimum of twenty-four (24) months. Up to one-half (1/2) of the two thousand five hundred (2500) hours of credit for appraisal experience may be satisfied by presenting proper documentation on an experience log sheet as prescribed by the Board of having performed in a supervisory capacity of the value estimating process for mass appraisal work. Any experience for the State Certified Residential credential beyond the real property mass appraisal experience which is acceptable under the provisions of this rule shall consist of residential category properties and shall be in compliance with the guidelines established in Rule 2.1(1)<e & f> and shall have been obtained over a period of not less than nine (9) months. 3. For the State Certified General real estate appraisal credential, by proper documentation as prescribed by the Board which indicates that the applicant holds or has held a credential as a State Licensed real estate appraiser or a State Certified Residential real estate appraiser and has obtained a minimum of three thousand (3000) hours of credible appraisal work experience over a minimum of thirty (30) months. Up to one-half (1/2) of the three thousand (3000) hours of credit for appraisal experience credit may be satisfied 8
9 by presenting proper documentation on an experience log sheet as prescribed by the Board of having performed in a supervisory capacity of the value estimating process for mass appraisal work. Any experience for the State Certified General credential beyond the real property mass appraisal experience which is acceptable under the provisions of this rule shall consist of non-residential category properties and shall be in compliance with the guidelines set forth in Rule 2.1(1)<e & f> and shall have been obtained over a period of not less than twelve (12) months. 4. Any affidavit which is submitted for experience credit must set forth the applicant's job description, duties and/or role in the value estimating process if it is not already included in the job description and duties. 5. The affiant must be fully aware and understand that experience credit shall only be awarded to those applicants who demonstrate that they used techniques to value properties which are similar to those used by other appraisers; they effectively utilize the appraisal process and the only components of the mass appraisal process that shall be given credit are highest and best use analysis, model specification (developing the model) and model calibration (developing adjustments to the model). Other components, by themselves, shall not be eligible for experience credit. 6. Any experience which is claimed for mass appraisal work must be consistent with the most current guidelines of the Appraisal Subcommittee of the Federal Financial Institutions Examination Council and must be compliant with the Mass Appraisal Development and Reporting guidelines as set forth in Standard 6 of USPAP. Source: Miss. Code Ann (1)(i), (2)(f), Part 1501 Chapter 3: Requirements for Licensing and Certification; Examinations; Fees. Rule 3.1 Requirements Necessary to Qualify as a Licensed Real Estate Appraiser. 1. Qualifying Education: Applicants for the Licensed Real Estate Appraiser credential shall successfully complete thirty (30) semester hours of college-level education from an accredited college, junior college, community college or university. The college or university must be a degree-granting institution accredited by the Commission on Colleges, a regional or national accreditation association or by an accrediting agency that is recognized by the United States Secretary of Education. If an accredited college or university accepts the College-Level Examination Program (CLEP) and examinations(s) and issues a transcript for the exam, showing its approval, it will be considered as credit for the college course. Applicants holding an Associate Degree, or higher, from an accredited college, junior college, community college or university satisfy the 30-hour college-level education requirement. Applicants for the Licensed Real Estate Appraiser credential shall also successfully 9
10 complete not less than a minimum of one hundred fifty (150) creditable class hours as specified in the required Core Curriculum as published by the Appraisal Qualifications Board of the Appraisal Foundation. The applicant shall have completed the approved 15- hour National Uniform Standards of Professional Appraisal Practice (USPAP) Course and the accompanying examination. There is no alternative to the successful completion of the USPAP course and the examination. In addition to the seventy-five (75) hours of Qualifying Education mandated in Part 1501, Chapter 11, Rule 11.5 (5) of the Administrative Rules, applicants holding a valid Appraiser Trainee credential may satisfy the educational requirements for the Licensed Real Property Appraiser credential by completing the following additional educational hours: Residential Market Analysis and Highest and Best Use Residential Appraiser Site Valuation and Cost Approach Residential Sales Comparison and Income App[roaches Residential Report Writing and Case Studies TOTAL 75 Hours 2. Experience: A minimum of two thousand (2000) hours of appraisal work-experience gained over a period of not less than twelve (12) months is required. Acceptable appraisal work-experience includes, but is not limited to, the following: (a) For a Mississippi Appraiser Trainee, experience shall have been gained under the direct supervision of a Mississippi State Certified Appraiser. The verification of the experience credit which is claimed by an applicant shall be accomplished via an affidavit from a Certified Supervisory Appraiser and shall be on Forms specifically prescribed by the Board. In addition, an Experience Log which lists the various appraisal task performed by the Appraiser Trainee must be signed by both the Appraiser Trainee and the Certified Supervisory Appraiser and must be submitted for Board approval with the application for the Licensed Appraiser credential. In order for the Appraiser Trainee to list and document appraisals on the appraisal experience log, the Certified Supervisory Appraiser must state the name of the Appraiser Trainee in the Appraiser's Certification and must actually state in the appraisal, I affirm that (Appraiser Trainee s name and permit number) performed (number) hours of appraisal tasks for this appraisal. The log must describe the appraisal tasks (work) performed, identify the specific appraisal report for which the tasks (work) were performed, the date the tasks were performed and must state the number of appraisal task (work) hours completed for each appraisal. The appraisals must be available should the Board desire to review any or all of them for the purpose of verifying the appraisal task (work) hours claimed by the Appraiser Trainee. The Mississippi Appraiser Trainee's appraisal task (work) hours which are completed in compliance with USPAP can be included as appraisal experience hours to qualify for either the State Certified General real estate appraiser 10
11 credential or the State Certified Residential real estate appraiser credential. (b) For those individuals other than Mississippi Appraiser Trainees, a listing of legally performed, USPAP compliant appraisals which are signed by the applicant, or of tasks which were specifically performed by the applicant, if not allowed to sign reports, must be submitted along with the application as proof of experience. The listing of task (work) hours must describe the task performed, identify the specific appraisal report for which the task was performed, indicate the date the task was performed and must state the number of experience hours claimed. The appraisals must be available should the Board desire to review them for the purpose of verifying work-experience. 3. Examination: All applicants must pass the Appraisal Qualification Board approved Licensed Residential Real Property Appraiser Examination. The only alternative to the successful completion of the Licensed Residential Real Property Examination is the successful completion of the Certified Residential Real Property Appraiser Examination or the Certified General Real Property Appraiser Examination. An applicant will be instructed to contact the State approved Testing Provider and establish an examination date which will allow the examination to be completed within three (3) months of their application being approved by the Appraisal Board. The examination will consist of multiple choice questions from a question bank and applicants will be allowed four (4) hours to complete the examination while using a silent calculator. The Appraisal Qualifications Board approved examination will include questions concerning the Uniform Standards of Professional Appraisal Practice (USPAP). There is no limitation on the number of attempts that an approved applicant may take in order to pass the Licensed Residential Real Property Examination but the examination must be passed within three (3) months of the applicant being approved for testing by the Appraisal Board. For those applicants who pass the Licensed Residential Real Property Examination, the results of the examination may be used to qualify for the credential for a time period of twenty-four (24) months. If the applicant does not pass the Licensed Residential Real Property Appraiser Examination within three (3) months of their application being approved by the Board, they shall be ineligible for a similar examination until after the expiration of six (6) months from the date such applicant was last eligible to take the examination, and then only upon making full application as in the first instance and meeting all requirements for application that are in effect at the time of re-applying. NOTE: Applicants must complete all Qualifying Education requirements and all work experience requirements prior to making an application for the Licensed Residential Real Property Appraiser Examination. An applicant must also schedule a testing date and pass the Mississippi State specific portion of the examination within sixty (60) days of passing the Appraisal Qualification Board approved Licensed Residential Real Property Appraiser Examination. The State examination will consist of multiple choice questions referencing the Mississippi Real Estate Appraiser Licensing and Certification Act and the Administrative Rules and Regulations of the Mississippi Appraisal Board. It will also include questions concerning 11
12 the Uniform Standards of Professional Appraisal Practice (USPAP). Applicants will be allowed two (2) hours to complete the State examination and may use a silent calculator. An applicant is allowed two (2) opportunities to pass the examination. Any applicant who fails to pass the State examination upon two (2) occasions shall be ineligible for a similar examination until after the expiration of six (6) months from the date such applicant last took the examination, and then only upon making a full application as in the first instance and meeting all requirements for application in effect at the time of reapplying. The State Examinations are administered by the Appraisal Board Staff and the applicant will be notified of the available examination dates after the application has been approved and the necessary requirements satisfied. Source: Miss. Code Ann , , Rule 3.2 Requirements to Qualify as a State Certified Residential Real Estate Appraiser: 1. Qualifying Education: Applicants for the State Certified Residential real estate appraiser 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 regional or national accreditation association or by an accrediting agency that is recognized by the United States Secretary of Education. Applicants for the State Certified Residential real estate appraiser credential shall also successfully complete not less than a minimum of two hundred (200) creditable classroom hours as specified in the Required Core Curriculum as published by the Appraisal Qualifications Board of the Appraisal Foundation. As part of the two hundred (200) required hours, the applicant shall successfully 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 the examination. In addition to the attainment of a Bachelor's degree, the prerequisite(s) for taking the Certified Residential Real Property Appraiser examination is the successful completion of two hundred (200) creditable class hours of course work as indicated below: Basic Appraisal Principles Basic Appraisal Procedures The 15-Hour National USPAP Course or its Equivalent Residential Market Analysis and Highest and Best Use Residential Appraiser Site Valuation and Cost Approach Residential Sales Comparison and Income Approaches Residential Report Writing and Case Studies Statistics, Modeling and Finance Advanced Residential Applications and Case Studies Appraisal Subject Matter Electives TOTAL 20 Hours 200 Hours 12
13 2. Appraisers holding a valid State Licensed real estate appraiser credential may satisfy the educational requirements for the State Certified Residential Appraiser credential by completing the following additional educational hours: Statistics, Modeling and Finance Advanced Residential Applications/Case Studies Appraisal Subject Matter Electives 20 Hours TOTAL 50 Hours In addition to the seventy-five (75) hours of Qualifying Education mandated in Part 1501, Chapter 11, Rule 11.5 (5) of the Administrative Rules, applicants holding a valid Appraiser Trainee credential may satisfy the educational requirements for the Certified Residential Real Property Appraiser credential by completing the following additional educational hours: Residential Market Analysis and Highest and Best Use Residential Appraiser Site Valuation and Cost Approach Residential Sales Comparison and Income Approaches Residential Report Writing and Case Studies Statistics, Modeling and Finance Advanced Residential Applications and Case Studies Appraisal Subject Matter Electives TOTAL 20 Hours 125 Hours Licensed Appraisers wishing an upgrade to the State Certified Residential real estate appraiser credential must also satisfy the college-level degree education requirements as specified in Rule 3.2 (1). Appraisers holding a State Certified General real estate appraiser credential satisfy the educational requirements for the State Certified Residential real estate appraiser credential. *Note: The Mississippi Appraisal Board requires that all individuals who apply for the Certified Residential real estate appraiser credential must have completed the 15-hour National USPAP course within sixty (60) months of making their application. 3. Experience: All applicants must submit proof of having at least a minimum of two thousand five hundred (2500) hours of appraisal experience obtained during no fewer than twenty-four (24) months, of which, one thousand two hundred fifty (1250) hours must be in residential appraisal work. While the hours may be cumulative, the required number of months must accrue before an individual can be certified. Experience is calculated based on experience work hours as set forth in Rule 2.1 of the Administrative Rules of the Mississippi Appraisal Board. Applicants must list identifying terminology for each appraisal which is being used to develop the total number of hours being claimed. These appraisals must be made available to the Board should they desire to review them in order to verify the experience being claimed by an applicant. Copies of two (2) appraisal reports, to be chosen by the Board from the experience log that is submitted with the application, must be submitted for review prior to being allowed to sit 13
14 for the examination. If necessary to verify compliance with the experience requirement, other reports may be requested for review by the Board. *Note: The Ethics Rule, Confidentiality section of USPAP, allows the submission of appraisal reports for review by a state license regulatory agency without obtaining permission from the client to release confidential information. 4. Examination: All applicants must pass the Appraiser Qualification Board approved Certified Residential Real Property Appraiser Examination. The only alternative to successful completion of the Certified Residential Real Property Appraiser Examination is the successful completion of the Certified General Real Property Appraiser Examination. An applicant will be instructed to contact the State approved Testing Provider and establish an examination date which will allow the examination to be completed within three (3) months of their application being approved by the Appraisal Board. The examination will consist of multiple choice questions from a question bank and applicants will be allowed four (4) hours to complete the examination while using a silent calculator. The Appraisal Qualifications Board approved examination will include questions concerning the Uniform Standards of Professional Appraisal Practice (USPAP). There is no limitation to the number of attempts that an approved applicant may take in order to pass the Certified Residential Real Property Appraiser Examination but the examination must be passed within three (3) months of the applicant being approved for testing by the Appraisal Board. For those applicants who pass the Certified Residential Real Property Appraiser Examination, the results of the examination may be used to qualify for the credential for a time period of twenty-four (24) months. If the applicant does not pass the Certified Residential Real Property Appraiser Examination within three (3) months of their application being approved by the Board, they shall be ineligible for a similar examination until after the expiration of six (6) months from the date such applicant was last eligible to take the examination, and then only upon making full application as in the first instance and meeting all requirements for application that are in effect at the time of re-applying. NOTE: Applicants must complete all Qualifying Education requirements and all work experience requirements prior to making an application for the Certified Residential Real Property Appraiser Examination. An applicant must also schedule a testing date and pass the Mississippi State specific portion of the examination within sixty (60) days of passing the Appraisal Qualification Board approved Certified Residential Real Property Appraiser Examination. The State examination will consist of multiple choice questions referencing the Mississippi Real Estate Appraiser Licensing and Certification Act and the Administrative Rules and Regulations of the Mississippi Appraisal Board. It will also include questions concerning the Uniform Standards of Professional Appraisal Practice (USPAP). Applicants will be allowed two (2) hours to complete the State examination and may use a silent calculator. An applicant is allowed two (2) opportunities to pass the examination. Any applicant who fails to pass the State examination upon two (2) occasions shall be ineligible for a similar examination until after the expiration of six (6) months from the date such 14
15 applicant last took the examination, and then only upon making a full application as in the first instance and meeting all requirements for application in effect at the time of reapplying. The State Examinations are administered by the Appraisal Board Staff and the applicant will be notified of the available examination dates after the application has been approved and the necessary requirements satisfied. Source: Miss. Code Ann (1)(a)(b)(c), (1)(i), (2)(f)(g)(j), , Rule 3.3 Requirements to Qualify as a State Certified General Real Estate Appraiser. 1. Education: All applicants for a State Certified General real estate appraiser 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 which is accredited by the Commission on Colleges, a regional or national accreditation association or by an accrediting agency that is recognized by the United States Secretary of Education. Applicants for the State Certified General real estate appraiser credential shall also successfully complete not less than a minimum of three hundred (300) creditable classroom hours as specified in the Required Core Curriculum as published by the Appraisal Qualifications Board of the Appraisal Foundation. As part of the three hundred (300) required hours, the applicant shall successfully 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 the examination. In addition to the above, the prerequisite for taking the AQB-approved Certified General Real Property Appraiser examination is the successful completion of three hundred (300) creditable class hours of course works as listed below: Basic Appraisal Principles Basic Appraisal Procedures The 15- Hour National USPAP Course or its Equivalent General Appraiser Market Analysis & Highest & Best Use Statistics, Modeling and Finance General Appraiser Sales Comparison Approach General Appraiser Site Valuation & Cost Approach General Appraiser Income Approach General Appraiser Report Writing and Case Studies Appraisal Subject Matter Electives TOTAL 60 Hours 300 Hours In addition to the Qualifying Education requirements mandated by Part 1501, Chapter 11, Rule 11.5 (5) of the Administrative Rules, applicants holding a valid Appraiser Trainee credential may satisfy the educational requirements for the State Certified General Real Property Appraiser credential by completing the following additional educational hours: 15
16 General Appraiser Market Analysis & Highest Best Use Statistics, Modeling and Finance General Appraiser Sales Comparison Approach General Appraiser Site Valuation & Cost Approach General Appraiser Income Approach General Appraiser Report Writing & Case Studies Appraisal Subject Matter Electives TOTAL 60 Hours 225 Hours Appraisers holding a valid Licensed Appraiser real estate appraiser credential may satisfy the educational requirements for the State Certified General real estate appraiser credential by completing the following additional educational hours: General Appraiser Market Analysis & Highest Best Use Statistics, Modeling and Finance General Appraiser Sales Comparison Approach General Appraiser Site Valuation & Cost Approach General Appraiser Income Approach General Appraiser Report Writing & Case Studies Appraisal Subject Matter Electives TOTAL 45 Hours 150 Hours Licensed Appraisers wishing to upgrade to the State Certified General real estate appraiser credential must hold a Bachelor's degree or higher from an accredited college or university as specified in Rule 3.3(1). Appraisers holding a valid State Certified Residential real estate appraiser credential may satisfy the educational requirements for the State Certified General Appraiser credential by completing the following additional educational hours: General Appraiser Market Analysis & Highest Best Use General Appraiser Sales Comparison Approach General Appraiser Site Valuation & Cost Approach General Appraiser Income Approach General Appraiser Report Writing & Case Studies TOTAL 45 Hours 10 Hours 100 Hours **Note: The Mississippi Appraisal Board requires all individuals who apply for the State Certified General real estate appraiser credential to have completed the 15-hour National USPAP course within sixty (60) months of making their application. 2. Experience: All applicants must submit proof of having completed at minimum of three thousand (3000) hours of appraisal experience which was obtained during no fewer than thirty (30) months, of which, one thousand five hundred (1500) hours must be in nonresidential appraisal work. Experience is calculated through work experience hours that are documented in Part 1501, Chapter 2 of the Administrative Rules of the Mississippi 16
17 Appraisal Board. Applicants must list identifying terminology for each appraisal which is used to calculate the total number of hours being claimed. These appraisals must be available to the Board should they desire to review them in order to verify the experience being claimed by the applicant. Copies of two (2) appraisal reports, to be chosen by the Board from the experience log that is submitted with application, must be submitted for review prior to being approved to sit for the examination. In addition, other reports may be requested for review if required by the Board. Note: The Ethics Rule, Confidentiality Section of USPAP, allows the submission of appraisal reports for review to a state license regulatory agency without obtaining permission from the client to release confidential information. 3. Examination: All applicants must pass the Appraiser Qualification Board approved Certified General Real Property Appraiser Examination. An applicant will be instructed to contact the State approved Testing Provider and establish an examination date which will allow the examination to be completed within three (3) months of their application being approved by the Appraisal Board. The examination will consist of multiple choice questions from a question bank and applicants will be allowed six (6) hours to complete the examination while using a silent calculator. The Appraisal Qualifications Board approved examination will include questions concerning the Uniform Standards of Professional Appraisal Practice (USPAP). There is no limitation to the number of attempts that an approved applicant may take in order to pass the Certified General Real Property Appraiser Examination but the examination must be passed within three (3) months of the applicant being approved for testing by the Appraisal Board. For those applicants who pass the Certified General Real Property Examination, the results of the examination may be used to qualify for the credential for a time period of twenty-four (24) months. If the applicant does not pass the Certified General Real Property Appraiser Examination within three (3) months of their application being approved by the Board, they shall be ineligible for a similar examination until after the expiration of six (6) months from the date such applicant was last eligible to take the examination, and then only upon making full application as in the first instance and meeting all requirements for application that are in effect at the time of re-applying. NOTE: Applicants must complete all Qualifying Education requirements and all work experience requirements prior to making an application for the Certified General Real Property Appraiser Examination. An applicant must also schedule a testing date and pass the Mississippi State specific portion of the examination within sixty (60) days of passing the Appraisal Qualification Board approved Certified General Real Property Appraiser Examination. The State examination will consist of multiple choice questions referencing the Mississippi Real Estate Appraiser Licensing and Certification Act and the Administrative Rules and Regulations of the Mississippi Appraisal Board. It will also include questions concerning the Uniform Standards of Professional Appraisal Practice (USPAP). Applicants will be allowed two (2) hours to complete the State examination and may use a silent calculator. An applicant is allowed two (2) opportunities to pass the examination. Any applicant 17
18 who fails to pass the State examination upon two (2) occasions shall be ineligible for a similar examination until after the expiration of six (6) months from the date such applicant last took the examination, and then only upon making a full application as in the first instance and meeting all requirements for application in effect at the time of reapplying. The State Examinations are administered by the Appraisal Board Staff and the applicant will be notified of the available examination dates after the application has been approved and the necessary requirements satisfied. (a) Fees: i. Application/State Exam $ ii. Applications for Appraiser Trainee $ iii. Applications pursuant Rule 9 $ (Licensees of Other State) iv. Applications pursuant Rule 6 $ (Temporary Privilege) v. Credentials Issuance (2 years) Licensed Appraiser $ Certified Residential $ Certified General $ Licensing after examination: After passing both portions of the examination(s), an applicant must pay, within one hundred eighty (180) days from the examination date, the necessary fees to have their credential issued. If the appropriate fees are not paid within the stated 180 day time period, or unless extenuating circumstances for such failure are brought to the attention of the Board and a hearing before the Board is requested, the $ application fee will be forfeited and the applicant will be required to start the application process over by filing a new application with payment of another $ application fee. If any application requirement changes after the applicant has passed the examination but prior to the time their original credential has been issued, the applicant will be required to meet the new requirements prior to the issuing of their credential. Source: Miss. Code Ann (1)(a)(b)(c), (1)(i), (2)(f)(g)(j), , Part 1501 Chapter 4: Board Organization Rule 4.1 Board Organization. The Mississippi Real Estate Appraiser Licensing and Certification Board shall elect a chairman and a vice-chairman who will serve in the absence of the chairman or at the discretion of the chairman. The election of officers shall be held annually in December. In the event of a vacancy 18
19 in either position, the Board shall set a date, after adequate notice to all members to all members to elect a replacement. Special meetings may be called by the chairman on his own motion or by written request of three (3) members. Board meeting procedures will follow Robert's Rules of Order as pertains to boards or groups of limited membership as constitutes this Board. Information concerning Board action, meeting dates, licensing and certification and other Board responsibilities under Chapter 34, Mississippi Real Estate Appraiser Licensing and Certification Act, may be obtained from the Board office and staff. Applications, complaint forms and other printed material may also be requested through written or telephonic contact with the Board staff. Source: Miss. Code Ann Part 1501 Chapter 5: Continuing Education. Rule 5.1 Continuing Education. As a prerequisite to renewal of license, an active status licensed or certified appraiser whose license was issued or renewed prior to January 1, 1998 shall present evidence satisfactory to the Board that such appraiser has obtained twenty (20) hours of Board approved continuing education during the preceding license cycle. In order to renew a license which was issued or renewed January 1, 1998 or thereafter, an appraiser shall present evidence satisfactory to the Board of having obtained twenty eight (28) hours of Board approved continuing education which shall include at least seven (7) hours in USPAP coverage. Source: Miss. Code Ann (1)(i), Rule 5.2 Approved Courses. 1. Any course, which meets the educational requirements for licensing as set forth in Section of the Mississippi Code of 1972, Annotated and the Administrative Rules and Regulations of the Mississippi Real Estate Appraiser Licensing and Certification Act, is deemed to be an approved continuing education course. 2. Any course sponsored or provided by the Board which the Board may deem to be an approved continuing education course. 3. Any course which has been individually approved by the Board pursuant to the provisions of this Rule. Any course in this category must be approved prior to its presentation. 4. Any course which has been approved for real estate appraiser continuing education by any state or country wherein their appraiser licensing and certification program has been approved by the Appraisal Subcommittee and which course satisfies the requirements established in Part 1501, Chapter 5, Rule 5.2 (1, 2, & 3) of this Rule with the exception of instruction in license law which pertains solely to a state other than Mississippi, may be utilized to meet the requirements for continuing education upon approval of the 19
Florida Real Estate Appraisal Law Book