North Dakota Administrative Code › Title 101 - Real Estate Appraiser Qualifications and Ethics Board › Article 101-02 - Appraiser Apprentice, Licensure, or Certification › Chapter 101-02-02 - Definitions, Criteria, and Qualifications › Section 101-02-02-05 - Licensed appraiser

Current through Supplement No. 393, July, 2024
1.
Permit.
A licensed appraiser permit must be issued to an
				individual who successfully meets all of the requirements for such a permit.
Education, experience, and examination requirements for
				  licensure are all set by the appraiser qualifications board. The board adopts
				  these as its requirements for licensure. These requirements may be found in the
				  "Real Property Appraiser Qualification Criteria and Interpretation of the
				  Criteria, Effective May 1, 2018", appraiser qualifications board, appraisal
				  foundation.
2.
Scope
				of practice.
The licensed appraiser is allowed to appraise noncomplex,
				one-to-four family residential properties that have a transaction value of up
				to one million dollars and complex one-to-four family residential properties
				that have a transaction value of up to two hundred fifty thousand dollars. In
				addition, a licensed appraiser is allowed to appraise noncomplex,
				nonresidential properties, that have a transaction value of up to two hundred
				fifty thousand dollars. The licensed appraiser is bound by the competency
				provisions of the uniform standards of professional appraisal
				practice.
3.
Education.
An applicant for a licensed appraiser permit shall meet
				all of the following education requirements set by the appraiser qualifications
				board of the appraisal foundation.
In addition to the requirements set by the appraiser
				  qualifications board of the appraisal foundation, an applicant for a licensed
				  appraiser permit must be familiar with North Dakota Century Code chapter
				  43-23.3 and North Dakota
				  Administrative Code title 101.
4.
Experience.
The applicant
				for licensure must submit a log from which a selection of reports will be
				reviewed. The reports must meet the current uniform standards of professional
				appraisal practice as of the effective date of the appraisal and must reflect
				that the applicant has an acceptable level of competency and understanding of
				the principles, practices, and procedures consistent with the body of knowledge
				for the licensed level.
a. Adequate experience
				will be determined by the actual hours spent on an assignment, subject to a
				maximum established by the board.
(1) Maximum
				hours are based on the types of appraisals performed and the types of
				properties appraised.
(2) The
				number of allowable hours assigned for each appraisal type are assigned by the
				board as detailed in the following table:
Licensed and Certified
							 Residential
Type of Property Appraised
Full Appraisals
Review Appraisals (With Field Review and
							 Separate Report)
Review Appraisals (Without Field Review and
							 Separate Report)
Condemnation Appraisals
Single family
8
4
2
12
Multifamily (two to four units)
16
8
3
24
Vacant lot (one to four units)
4
2
1
6
Farm (homestead - less than one hundred acres)
16
8
3
24
Certified General
Type of Property Appraised
Full Appraisals
Review Appraisals (With Field Review and
							 Separate Report)
Review Appraisals (Without Field Review and
							 Separate Report)
Condemnation Appraisals
Land point value may be doubled if all three
							 approaches to value are used
24
12
5
36
Residential multifamily (five to twelve units)
48
24
10
72
Residential multifamily (add sixteen hours for
							 proposed project)
64
32
13
96
Commercial -Single tenant
48
24
10
72
Commercial -Multitenant (add twenty-four hours for
							 proposed project)
80
40
32
120
Industrial or institutional
64
32
13
96
(3)
				The board may grant exceptions for good cause.