Connecticut Administrative Code › Title 20 - Professional and Occupational Licensing, Certification › 504 - Real Estate Appraisers › Section 20-504-5 - Application for licensure or certification

Current through July 10, 2024
(a)
State
			 certified general appraiser.
Each applicant for a general certification
			 shall prove to the satisfaction of the commission or commissioner that the
			 applicant has met the following examination, education, and experience
			 requirements:
(1) Successful completion of
			 the AQB-approved Certified General Real Property Appraiser
			 examination;
(2) As a prerequisite
			 to sit for the examination, successful completion of courses approved by the
			 commission totaling at least three hundred (300) classroom hours of study in
			 accordance with the Required Core Curriculum. The Required Core Curriculum
			 topic areas and required number of hours are:
(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) General Appraisal Market Analysis and
			 Highest and Best Use (30 hours);
(E) Statistics, Modeling and Finance (15
			 hours);
(F) General Appraiser Sales
			 Comparison Approach (30 hours);
(G)
			 General Appraiser Site Valuation and Cost Approach (30 hours);
(H) General Appraiser Income Approach (60
			 hours);
(I) General Appraiser
			 Report Writing and Case Studies (30 hours); and
(J) Appraisal Subject Matter Electives (30
			 hours).
(3) Applicants
			 completing the required three hundred (300) classroom hours of study shall be
			 able to demonstrate that their education involved coverage of all topics listed
			 below, with particular emphasis on the appraisal of non-residential properties:
(A) Influences on real estate
			 value;
(B) Legal consideration in
			 appraisal;
(C) Types of
			 value;
(D) Economic
			 principles;
(E) Real estate markets
			 and analysis;
(F) Valuation
			 process;
(G) Property
			 description;
(H) Highest and best
			 use analysis;
(I) Appraisal math
			 and statistics;
(J) Sales
			 comparison approach;
(K) Site
			 value;
(L) Cost approach;
(M) Income approach:
(i) estimation of income and
			 expenses;
(ii) operating statement
			 ratios;
(iii) direct
			 capitalization;
(iv) cash flow
			 estimates;
(v) measures of cash
			 flow; and
(vi) discounted cash flow
			 analysis;
(N) Valuation
			 of partial interests;
(O) Narrative
			 report writing; and
(P) Successful
			 completion of the 15-hour USPAP course within the six (6) year period preceding
			 the date of the application. Said course shall consist of at least fifteen (15)
			 classroom hours, including a cumulative examination, and shall be taught by an
			 AQB certified USPAP instructor who is a state certified residential or state
			 certified general appraiser. The hours of instruction completed as part of the
			 USPAP course shall be applied as a credit toward the total number of hours
			 listed as a prerequisite to sit for the examination in subdivision (2) of this
			 subsection.
(4) As a
			 prerequisite to sit for the examination, completion of either three thousand
			 (3,000) hours of appraisal experience, as defined in subparagraphs (A) and (B)
			 of this subdivision, or equivalent experience as determined by the commission.
(A) Three thousand (3,000) hours of appraisal
			 experience obtained during no fewer than eighteen (18) months is required.
			 Experience documentation in the form of an appraisal log shall be submitted to
			 support the experience claimed.
If requested, reports or file memoranda shall be made available
				to support the experience claimed. Hours may be treated as cumulative in order
				to achieve the necessary 3,000 hours of appraisal experience.
(B) For credit, the applicant shall have
			 accumulated a total of three thousand (3,000) hours of appraisal experience of
			 which at least one thousand five hundred (1,500) hours shall be in
			 non-residential appraisal work.
(5) As a prerequisite to obtain
			 certification, the applicant shall have obtained the minimum educational
			 requirement of a bachelor's degree from an accredited college, university, or
			 institute of higher education.