Illinois Administrative Code › Title 68 - PROFESSIONS AND OCCUPATIONS › Part 1455 - REAL ESTATE APPRAISER LICENSING › Subpart C - EDUCATION REQUIREMENTS › Section 1455.150 - Qualifying Education Requirements; State Certified General Real Estate Appraiser; State Certified Residential Real Estate Appraiser; Associate Real Estate Trainee Appraiser; Non-Resident Qualifying Education; In Lieu of Requirements; Foreign Degrees

Current through Register Vol. 48, No. 28, July 12, 2024
a) Residential
An applicant for licensure as a State Certified Residential
				  Real Estate Appraiser shall meet the following criteria:
1) 1,500 hours of experience obtained during
				no fewer than 12 months is required, of which, no less than 50% must be in
				residential 1 to 4 families, USPAP compliant, appraisal work. While the hours
				may be cumulative, the required number of months must accrue before an
				individual can be certified;
2) 200
				hours of modular appraisal education as stated in the Guide Notes (GN-1) of the
				Real Property Appraiser Qualification Criteria;
3) Utilize one of the six formal education
				options, as follows:
Option 1
Bachelor's Degree or higher or equivalent from an
							 accredited college, community college or university; or
Option 2
Associates Degree in a field of study related
							 to:
* Business Administration;
* Accounting;
* Finance;
* Economics; or
* Real Estate; or
Option 3
Successful completion of 30 semester hours of
							 college-level courses in each of the following topic areas:
* English Composition - 3 hours;
* Microeconomics - 3 hours;
* Macroeconomics - 3 hours;
* Finance - 3 hours;
* Algebra, Geometry, or Higher Math - 3 hours;
* Statistics - 3 hours;
* Computer Science - 3 hours;
* Business Law or Real Estate Law - 3 hours;
							 and
* Two elective courses in any of the previous topics
							 in Option 3 or in:
* Accounting, Geography, Agricultural Economics,
							 Business Management, or
Real Estate - 3 hours each; or
Option 4
Successful completion of at least 30 semester hours
							 of College Level Examination Program (CLEP) examinations that cover each of the
							 specific topic areas in Option 3 (refer to the following CLEP Equivalency Table
							 below); or
Option 5
Any combination of Option 3 and Option 4 that
							 includes all of the topics identified; or
Option 6
No college-level education provided that the
							 applicant held an active license as a Licensed Residential credential (in
							 Illinois a 154 or 554 prefix) for a minimum of five years and have no record of
							 any adverse, final, and non-appealable enforcement action affecting the
							 Licensed Residential Appraiser's legal eligibility to engage in appraisal
							 practice within the five years immediately preceding the date of application
							 for a Certified Residential credential.
CLEP Equivalency Table
CLEP Exams
CLEP Semester
Hours Granted
Applicable College Courses
College Algebra
3
Algebra, Geometry, Statistics, or Higher
							 Mathematics
College Composition
6
English Composition
College Composition Modular
3
English Composition
College Mathematics
6
Algebra, Geometry, Statistics, or Higher
							 Mathematics
Principles of Macroeconomics
3
Macroeconomics or Finance
Principles of Microeconomics
3
Microeconomics or Finance
Introductory Business Law
3
Business Law or Real Estate Law
Computer Science
3
Information Systems
4) If
				an individual applicant for licensure submits integrated course credit for
				approval, the course must have been approved by the Course Approval Program of
				the AQB and a topic matrix revealing the exact number of hours for each section
				of course content must be provided for review. Only integrated course credit
				bundled together to equal a module will be accepted. Partial credit toward a
				module will not be accepted. It is the applicant's responsibility to
				demonstrate compliance as part of the application.