West Virginia Code of State Rules › Agency 190 - Real Estate Appraiser Licensing And Certification Board › Title 190 - LEGISLATIVE RULE WEST VIRGINIA REAL ESTATE APPRAISER LICENSING AND CERTIFICATION BOARD › Series 190-02 - Requirements for Licensure and Certification › Section 190-2-5 - Additional Qualifications for Licensed Residential Appraisers

Current through Register Vol. XLI, No. 28, July 12, 2024
5.1.
				Education.
5.1.a. An applicant who has
				completed and passed one hundred fifty (150) classroom hours of courses
				required under this subsection, of which fifteen (15) hours shall be the
				National Uniform Standards of Professional Appraisal Practice Course or
				equivalent, meets the education requirements for licensure. Equivalency shall
				be determined through the AQB course approval program or by an alternate method
				established by the AQB.
5.1.b. The
				board shall grant credit towards classroom hours or classroom hours of distance
				education only where the length of the educational course is at least fifteen
				(15) hours and the applicant completed and passed an examination concerning
				that course: Provided, that effective January 1, 2015, the applicant shall have
				passed a final written exam, which for classroom hours of distance education
				shall be a closed-book written exam proctored by an official approved by the
				college, university or other sponsoring organization.
5.1.c. An applicant may obtain credit towards
				classroom hours or classroom hours of distance education from the following
				entities provided that the courses have been registered with and approved by
				the board:
5.1.c.1. Accredited colleges or
				universities;
5.1.c.2. Community or
				junior colleges;
5.1.c.3. Real
				estate appraisal or real estate related organizations;
5.1.c.4. Local, state or federal agencies,
				boards or commissions;
5.1.c.5.
				Proprietary schools;
5.1.c.6. Adult
				distributive or marketing educational programs;
5.1.c.7. Upon completion of a degree in Real
				Estate from an accredited degree-granting college or university approved by the
				Association to Advance Collegiate Schools of Business, or a regional or
				national accreditation agency recognized by the U.S. Secretary of Education,
				provided that the college or university has had its curriculum reviewed and
				approved by the AQB; or
5.1.c.8.
				Any other entity which has received prior approval by the board.
5.1.d. The applicant shall
				complete all qualifying education within the five (5) year period prior to the
				date of submission of application for an apprentice permit.
5.1.e. The Board shall only credit appraisal
				courses completed by an applicant for Licensed Residential real estate
				appraiser and required by subdivision 5.1.a. of this subsection, if the
				applicant can show that his or her education involved coverage of all of the
				following topics and all minimum corresponding hours attendant with each topic:
5.1.e.1. Thirty (30) hours of basic appraisal
				principles, of which course hours may be evidenced by the following educational
				subtopics:
5.1.e.1.A. Real Property Concepts
				and Characteristics, including, but not limited to:
5.1.e.1.A.1. Basic Real Property
				Concepts;
5.1.e.1.A.2. Real
				Property Characteristics; and
5.1.e.1.A.3. Legal Description;
5.1.e.1.B. Legal Consideration,
				including, but not limited to:
5.1.e.1.B.1.
				Forms of Ownership;
5.1.e.1.B.2.
				Public and Private Controls;
5.1.e.1.B.3. Real Estate Contracts;
				and
5.1.e.1.B.4. Leases;
5.1.e.1.C. Influences on Real
				Estate Values, including, but not limited to:
5.1.e.1.C.1. Governmental;
5.1.e.1.C.2. Economic;
5.1.e.1.C.3. Social; and
5.1.e.1.C.4. Environmental, Geographic and
				Physical;
5.1.e.1.D.
				Types of Value, including, but not limited to:
5.1.e.1.D.1. Market Value; and
5.1.e.1.D.2. Other Value Types;
5.1.e.1.E. Economic Principles,
				including, but not limited to:
5.1.e.1.E.1.
				Classical Economic Principles; and
5.1.e.1.E.2. Application and Illustrations of
				the Economic Principles;
5.1.e.1.F. Overview of Real Estate Markets
				and Analysis, including, but not limited to:
5.1.e.1.F.1. Market Fundamentals,
				Characteristics, and Definitions;
5.1.e.1.F.2. Supply Analysis;
5.1.e.1.F.3. Demand Analysis;
5.1.e.1.F.4. Use of Market Analysis;
				and
5.1.e.1.G. Ethics
				and How They Apply in Appraisal Theory and Practice;
5.1.e.2. Thirty (30) hours of basic appraisal
				procedures, of which course hours may be evidenced by the following educational
				subtopics:
5.1.e.2.A. Overview of Approaches
				to Value;
5.1.e.2.B. Valuation
				Procedures, including, but not limited to:
5.1.e.2.B.1 Defining the Problem;
5.1.e.2.B.2. Collecting and Selecting
				Data;
5.1.e.2.B.3.
				Analyzing;
5.1.e.2.B.4. Reconciling
				and Final Value Opinion; and
5.1.e.2.B.5. Communicating the
				Appraisal;
5.1.e.2.C.
				Property Description, including, but not limited to:
5.1.e.2.C.1. Geographic Characteristics of
				the Land/Site;
5.1.e.2.C.2.
				Geologic Characteristics of the Land/Site;
5.1.e.2.C.3. Location and Neighborhood
				Characteristics;
5.1.e.2.C.4.
				Land/Site Considerations for Highest and Best Use; and
5.1.e.2.C.5. Improvements -- Architectural
				Styles and Types of Construction;
5.1.e.2.D. Residential
				Applications;
5.1.e.3.
				Successful completion of the fifteen (15) hour National Uniform Standards of
				Professional Appraisal Practice Course, or its equivalent;
5.1.e.4. Fifteen (15) hours of residential
				market analysis and highest and best use, of which course hours may be
				evidenced by the following educational subtopics:
5.1.e.4.A. Residential Markets and Analysis,
				including, but not limited to:
5.1.e.4.A.1.
				Market Fundamentals, Characteristics and Definitions;
5.1.e.4.A.2. Supply Analysis;
5.1.e.4.A.3. Demand Analysis; and
5.1.e.4.A.4. Use of Market
				Analysis;
5.1.e.4.B.
				Highest and Best Use, including, but not limited to:
5.1.e.4.B.1. Test Constraints;
5.1.e.4.B.2. Application of Highest and Best
				Use;
5.1.e.4.B.3. Special
				Considerations;
5.1.e.4.B.4. Market
				Analysis; and
5.1.e.4.B.5. Case
				Studies;
5.1.e.5. Fifteen (15) hours of residential
				appraiser site valuation and cost approach, of which course hours may be
				evidenced by the following educational subtopics:
5.1.e.5.A. Site Valuation, including, but not
				limited to:
5.1.e.5.A.1. Methods;
				and
5.1.e.5.A.2. Case
				Studies;
5.1.e.5.B. Cost
				Approach, including, but not limited to:
5.1.e.5.B.1. Concepts and
				Definitions;
5.1.e.5.B.2.
				Replacement/Reproduction Cost New;
5.1.e.5.B.3. Accrued Depreciation;
5.1.e.5.B.4. Methods of Estimating Accrued
				Depreciation; and
5.1.e.5.B.5. Case
				Studies;
5.1.e.6. Thirty (30) hours of residential
				sales comparison and income approaches, of which course hours may be evidenced
				by the following educational subtopics:
5.1.e.6.A. Valuation Principles &
				Procedures -- Sales Comparison Approach;
5.1.e.6.B. Valuation Principles &
				Procedures -- Income Approach;
5.1.e.6.C. Finance and Cash
				Equivalency;
5.1.e.6.D. Financial
				Calculator Introduction;
5.1.e.6.E.
				Identification, Derivation and Measurement of Adjustments;
5.1.e.6.F. Gross Rent Multipliers;
5.1.e.6.G. Partial Interests;
5.1.e.6.H. Reconciliation; and
5.1.e.6.I. Case Studies and
				Applications;
5.1.e.7.
				Fifteen (15) hours of residential report writing and case studies, of which
				course hours may be evidenced by the following educational subtopics:
5.1.e.7.A. Writing and Reasoning
				Skills;
5.1.e.7.B. Common Writing
				Problems;
5.1.e.7.C. Form
				Reports;
5.1.e.7.D. Report Options
				and USPAP Compliance; and
5.1.e.7.E. Case Studies.
5.1.f. An applicant
				shall submit to the board a listing of courses, which he or she claims meet the
				education credit requirement, on a form approved by the board. An applicant
				shall submit proof of the completion of a course claimed for credit.