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 190-2-6 - Additional Qualifications for Certified General and Certified Residential Appraisers

Current through Register Vol. XLI, No. 28, July 12, 2024
6.1. Education.
6.1.a. An applicant who has completed and
				passed three hundred (300) classroom hours of courses required under this
				subsection, of which fifteen (15) hours include the National Uniform Standards
				of Professional Appraisal Practice Course or its equivalent, meets the
				education requirements for general certification. Equivalency shall be
				determined through the AQB course approval program or by an alternate method
				established by the AQB.
6.1.b. An
				applicant who has completed and passed two hundred (200) classroom hours of
				courses required under this subsection, of which fifteen (15) hours include the
				National Uniform Standards of Professional Appraisal Practice Course or its
				equivalent, meets the education requirements for residential certification.
				Equivalency shall be determined through the AQB course approval program or by
				an alternate method established by the AQB.
6.1.c. The board shall grant credit towards
				classroom hours or classroom hours of distance education only where the length
				of the educational course was at least fifteen (15) hours and an applicant
				passed an examination concerning the course.
6.1.d. 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:
6.1.d.1. Accredited colleges or
				universities;
6.1.d.2. Community or
				junior colleges;
6.1.d.3. Real
				estate appraisal or real estate related organizations;
6.1.d.4. Local, state or federal agencies,
				boards or commissions;
6.1.d.5.
				Proprietary schools;
6.1.d.6. Adult
				distributive or marketing educational programs;
6.1.d.7. 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
6.1.d.8.
				Any other entity which has received prior approval by the board.
6.1.e. There is no time limit for
				when an applicant must obtain qualifying education credit: Provided, that all
				qualifying education shall be completed within the five (5) year period prior
				to the date of submission of an application for an apprentice permit.
6.1.f. The Board shall only credit appraisal
				courses completed by an applicant for state certified general classification
				and required by subdivision 6.1.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, with particular
				emphasis on the appraisal of non- residential properties:
6.1.f.1. Thirty (30) hours of basic appraisal
				principles, of which course hours may be evidenced by the following educational
				subtopics:
6.1.f.1.A. Real Property Concepts
				and Characteristics, including, but not limited to:
6.1.f.1.A.1. Basic Real Property
				Concepts;
6.1.f.1.A.2. Real
				Property Characteristics; and
6.1.f.1.A.3. Legal Description;
6.1.f.1.B Legal Consideration,
				including, but not limited to:
6.1.f.1.B.1.
				Forms of Ownership;
6.1.f.1.B.2.
				Public and Private Controls;
6.1.f.1.B.3. Real Estate Contracts;
				and
6.1.f.1.B.4.
				Leases;
6.1.f.1.C
				Influences on Real Estate Values, including, but not limited to:
6.1.f.1.C.1. Governmental;
6.1.f.1.C.2. Economic;
6.1.f.1.C.3. Social; and
6.1.f.1.C.4. Environmental, Geographic and
				Physical;
6.1.f.1.D.
				Types of Value, including, but not limited to:
6.1.f.1.D.1. Market Value;
6.1.f.1.D.2. Other Value Types; and
6.1.f.1.E. Economic Principles,
				including, but not limited to:
6.1.f.1.E.1.
				Classical Economic Principles; and
6.1.f.1.E.2. Application and Illustrations of
				the Economic Principles;
6.1.f.1.F. Overview of Real Estate Markets
				and Analysis, including, but not limited to:
6.1.f.1.F.1. Market Fundamentals,
				Characteristics, and Definitions;
6.1.f.1.F.2. Supply Analysis;
6.1.f.1.F.3. Demand Analysis; and
6.1.f.1.F.4. Use of Market
				Analysis;
6.1.f.1.G.
				Ethics and How They Apply in Appraisal Theory and Practice;
6.1.f.2. Thirty (30) hours of
				basic appraisal procedures, of which course hours may be evidenced by the
				following educational subtopics:
6.1.f.2.A.
				Overview of Approaches to Value;
6.1.f.2.B. Valuation Procedures, including,
				but not limited to:
6.1.f.2.B.1. Defining the
				Problem;
6.1.f.2.B.2. Collecting
				and Selecting Data;
6.1.f.2.B.3.
				Analyzing;
6.1.f.2.B.4. Reconciling
				and Final Value Opinion; and
6.1.f.2.B.5. Communicating the
				Appraisal;
6.1.f.2.C Property
				Description, including, but not limited to:
6.1.f.2.C.1. Geographic Characteristics of
				the Land/Site;
6.1.f.2.C.2.
				Geologic Characteristics of the Land/Site;
6.1.f.2.C.3. Location and Neighborhood
				Characteristics;
6.1.f.2.C.4.
				Land/Site Considerations for Highest and Best Use; and
6.1.f.2.C.5. Improvements - Architectural
				Styles and Types of Construction;
6.1.f.2.D. Residential
				Applications;
6.1.f.3.
				Successful completion of the fifteen (15) hour National Uniform Standards of
				Professional Appraisal Practice Course, or its equivalent;
6.1.f.4. Thirty (30) hours of general
				appraiser market analysis and highest and best use, of which course hours may
				be evidenced by the following educational subtopics:
6.1.f.4.A. Real Estate Markets and Analysis,
				including, but not limited to:
6.1.f.4.A.1.
				Market Fundamentals, Characteristics and Definitions;
6.1.f.4.A.2. Supply Analysis;
6.1.f.4.A.3. Demand Analysis; and
6.1.f.4.A.4. Use of Market
				Analysis;
6.1.f.4.B.
				Highest and Best Use, including, but not limited to:
6.1.f.4.B.1. Test Constraints;
6.1.f.4.B.2. Application of Highest and Best
				Use;
6.1.f.4.B.3. Special
				Considerations;
6.1.f.4.B.4. Market
				Analysis; and
6.1.f.4.B.5. Case
				Studies;
6.1.f.5. Fifteen (15) hours of statistics,
				modeling and finance, of which course hours may be evidenced by the following
				educational subtopics:
6.1.f.5.A.
				Statistics;
6.1.f.5.B. Valuation
				Models ((Automated Value Models (AVM) and Mass Appraisal)); and
6.1.f.5.C. Real Estate
				Finance;
6.1.f.6. Thirty
				(30) hours of general appraiser sales comparison approach, of which course
				hours may be evidenced by the following educational subtopics:
6.1.f.6.A. Value Principles;
6.1.f.6.B. Procedures;
6.1.f.6.C. Identification and Measurement of
				Adjustments;
6.1.f.6.D.
				Reconciliation; and
6.1.f.6.E. Case
				Studies;
6.1.f.7. Thirty
				(30) hours of general appraiser site valuation and cost approach, of which
				course hours may be evidenced by the following educational subtopics:
6.1.f.7.A. Site Valuation, including, but not
				limited to:
6.1.f.7.A.1. Methods;
				and
6.1.f.7.A.2. Case
				Studies;
6.1.f.7.B. Cost
				Approach, including, but not limited to:
6.1.f.7.B.1. Concepts and
				Definitions;
6.1.f.7.B.2.
				Replacement/Reproduction Cost New;
6.1.f.7.B.3. Accrued Depreciation;
6.1.f.7.B.4. Methods of Estimating Accrued
				Depreciation; and
6.1.f.7.B.5. Case
				Studies;
6.1.f.8. Sixty (60) hours of general
				appraiser income approach, of which course hours may be evidenced by the
				following educational subtopics:
6.1.f.8.A.
				Overview;
6.1.f.8.B. Compound
				Interest;
6.1.f.8.C. Lease
				Analysis;
6.1.f.8.D. Income
				Analysis;
6.1.f.8.E. Vacancy and
				Collection Loss;
6.1.f.8.F.
				Estimating Operating Expenses and Reserves;
6.1.f.8.G. Reconstructed Income and Expense
				Statement;
6.1.f.8.H. Stabilized
				Net Operating Income Estimate;
6.1.f.8.I. Direct Capitalization;
6.1.f.8.J. Discounted Cash Flow;
6.1.f.8.K. Yield Capitalization;
6.1.f.8.L. Partial Interests; and
6.1.f.8.M. Case Studies;
6.1.f.9. Thirty (30) hours of general
				appraiser report writing and case studies, of which course hours may be
				evidenced by the following educational subtopics:
6.1.f.9.A. Writing and Reasoning
				Skills;
6.1.f.9.B. Common Writing
				Problems;
6.1.f.9.C. Report Options
				and USPAP Compliance; and
6.1.f.9.D. Case Studies;
6.1.f.10. Thirty (30) hours of appraisal
				subject matter electives.
6.1.g. The Board shall only credit appraisal
				courses completed by an applicant for state certified residential
				classification and required by subdivision 6.1.b. 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
				with particular emphasis on the appraisal of one to four unit residential
				properties:
6.1.g.1. Thirty (30) hours of
				basic appraisal principles, of which course hours may be evidenced by the
				following educational subtopics:
6.1.g.1.A.
				Real Property Concepts and Characteristics, including, but not limited to:
6.1.g.1.A.1. Basic Real Property
				Concepts;
6.1.g.1.A.2. Real
				Property Characteristics; and
6.1.g.1.A.3. Legal Description;
6.1.g.1.B. Legal Consideration,
				including, but not limited to:
6.1.g.1.B.1.
				Forms of Ownership;
6.1.g.1.B.2.
				Public and Private Controls;
6.1.g.1.B.3. Real Estate Contracts;
				and
6.1.g.1.B.4. Leases;
6.1.g.1.C. Influences on
				Real Estate Values, including, but not limited to:
6.1.g.1.C.1. Governmental;
6.1.g.1.C.2. Economic;
6.1.g.1.C.3. Social; and
6.1.g.1.C.4. Environmental, Geographic and
				Physical;
6.1.g.1.D.
				Types of Value, including, but not limited to:
6.1.g.1.D.1. Market Value; and
6.1.g.1.D.2. Other Value Types;
6.1.g.1.E. Economic Principles,
				including, but not limited to:
6.1.g.1.E.1.
				Classical Economic Principles; and
6.1.g.1.E.2. Application and Illustrations of
				the Economic Principles;
6.1.g.1.F. Overview of Real Estate Markets
				and Analysis, including, but not limited to:
6.1.g.1.F.1. Market Fundamentals,
				Characteristics, and Definitions;
6.1.g.1.F.2. Supply Analysis;
6.1.g.1.F.3. Demand Analysis; and
6.1.g.1.F.4. Use of Market Analysis;
				and
6.1.g.1.G. Ethics
				and How They Apply in Appraisal Theory and Practice
6.1.g.2. Thirty (30) hours of basic appraisal
				procedures, of which course hours may be evidenced by the following educational
				subtopics:
6.1.g.2.A. Overview of Approaches
				to Value;
6.1.g.2.B. Valuation
				Procedures, including, but not limited to:
6.1.g.2.B.1. Defining the Problem;
6.1.g.2.B.2. Collecting and Selecting
				Data;
6.1.g.2.B.3.
				Analyzing;
6.1.g.2.B.4. Reconciling
				and Final Value Opinion; and
6.1.g.2.B.5. Communicating the
				Appraisal;
6.1.g.2.C.
				Property Description, including, but not limited to:
6.1.g.2.C.1. Geographic Characteristics of
				the Land/Site;
6.1.g.2.C.2.
				Geologic Characteristics of the Land/Site;
6.1.g.2.C.3. Location and
				Characteristics;
6.1.g.2.C.4.
				Land/Site Considerations for Highest and Best Use; and
6.1.g.2.C.5. Improvements - Architectural
				Styles and Types of Construction;
6.1.g.2.D. Residential
				Applications;
6.1.g.3.
				Successful completion of the fifteen (15) hour National Uniform Standards of
				Professional Appraisal Practice Course, or its equivalent;
6.1.g.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:
6.1.g.4.A. Residential Markets and Analysis,
				including, but not limited to:
6.1.g.4.A.1.
				Market Fundamentals, Characteristics and Definitions;
6.1.g.4.A.2. Supply Analysis;
6.1.g.4.A.3. Demand Analysis; and
6.1.g.4.A.4. Use of Market
				Analysis;
6.1.g.4.B.
				Highest and Best Use, including, but not limited to:
6.1.g.4.B.1. Test Constraints;
6.1.g.4.B.2. Application of Highest and Best
				Use;
6.1.g.4.B.3. Special
				Considerations;
6.1.g.4.B.4. Market
				Analysis; and
6.1.g.4.B.5. Case
				Studies;
6.1.g.5. Fifteen (15) hours of residential
				appraiser site valuation and cost approach, of which course hours may be
				evidenced by the following educational subtopics:
6.1.g.5.A. Site Valuation, including, but not
				limited to:
6.1.g.5.A.1. Methods;
				and
6.1.g.5.A.2. Case
				Studies;
6.1.g.5.B. Cost
				Approach, including, but not limited to:
6.1.g.5.B.1. Concepts and
				Definitions;
6.1.g.5.B.2.
				Replacement/ Reproduction Cost New;
6.1.g.5.B.3. Accrued Depreciation;
6.1.g.5.B.4. Methods of Estimating Accrued
				Depreciation; and
6.1.g.5.B.5. Case
				Studies;
6.1.g.6. Thirty (30) hours of residential
				sales comparison and income approaches, of which course hours may be evidenced
				by the following educational subtopics:
6.1.g.6.A. Valuation Principles &
				Procedures -- Sales Comparison Approach;
6.1.g.6.B. Valuation Principles &
				Procedures -- Income Approach;
6.1.g.6.C. Finance and Cash
				Equivalency;
6.1.g.6.D. Financial
				Calculator Introduction;
6.1.g.6.E.
				Identification, Derivation and Measurement of Adjustments;
6.1.g.6.F. Gross Rent Multipliers;
6.1.g.6.G. Partial Interests;
6.1.g.6.H. Reconciliation; and
6.1.g.6.I. Case Studies and
				Applications;
6.1.g.7.
				Fifteen (15) hours of residential report writing and case studies, of which
				course hours may be evidenced by the following educational subtopics:
6.1.g.7.A. Writing and Reasoning
				Skills;
6.1.g.7.B. Common Writing
				Problems;
6.1.g.7.C. Form
				Reports;
6.1.g.7.D. Report Options
				and USPAP Compliance; and
6.1.g.7.E. Case Studies;
6.1.g.8. Fifteen (15) hours in statistics,
				modeling and finance, of which course hours may be evidenced by the following
				educational subtopics:
6.1.g.8.A.
				Statistics;
6.1.g.8.B. Valuation
				Models ((Automated Value Models (AVM) and Mass Appraisal)); and
6.1.g.8.C. Real Estate Finance;
6.1.g.9. Fifteen (15) hours in
				advanced residential applications and case studies, of which course hours may
				be evidenced by the following educational subtopics:
6.1.g.9.A. Complex Property, Ownership and
				Market Conditions;
6.1.g.9.B.
				Deriving and Supporting Adjustments;
6.1.g.9.C. Residential Market Analysis;
				and
6.1.g.9.D. Advanced Case
				Studies;
6.1.g.10.
				Twenty (20) hours in appraisal subject matter electives.
6.1.h. 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.
6.1.i. An applicant for the Certified
				Residential appraiser certification must satisfy at least one of the following
				options
6.1.i.1. Possession of a Bachelor's
				Degree in any field of study;
6.1.i.2. Possession of an Associate's Degree
				in a field of study related to:
6.1.i.2.A.
				Business Administration;
6.1.i.2.B
				Accounting;
6.1.i.2.C.
				Finance;
6.1.i.2.D. Economics;
				or
6.1.i.2.E. Real
				Estate;
6.1.i.3 Successful
				completion of thirty (30) semester hours of college-level courses that cover
				each of the following specific topic areas and hours:
6.1.i.3.A. English Composition (3 semester
				hours);
6.1.i.3.B. Microeconomics
				(3 semester hours);
6.1.i.3.C.
				Macroeconomics (3 semester hours);
6.1.i.3.D. Finance (3 semester
				hours);
6.1.i.3.E. Algebra,
				Geometry or higher mathematics (3 semester hours);
6.1.i.3.F. Statistics (3 semester
				hours);
6.1.i.3.G. Computer Science
				(3 semester hours;
6.1.i.3.H.
				Business or Real Estate Law (3 semester hours); and
6.1.i.3.I. Two elective courses in any of the
				topics listed in this paragraph or in accounting, geography, agricultural
				economics, business management or real estate (3 semester hours
				each);
6.1.i.4.
				Successful completion of at least thirty (30) hours of College Level
				Examination Program (CLEP) Examinations from each of the following subject
				matter areas:
6.1.i.4.A. College Algebra (3
				semester hours);
6.1.i.4.B. College
				Composition (6 semester hours);
6.1.i.4.C. College Composition Modular (3
				semester hours);
6.1.i.4.D. College
				Mathematics (6 semester hours);
6.1.i.4.E. Principles of Macroeconomics (3
				semester hours);
6.1.i.4.F.
				Principles of Microeconomics (3 semester hours);
6.1.i.4.G. Introductory Business Law (3
				semester hours); and
6.1.i.4.H.
				Information systems (3 semester hours).
6.1.i.5. Any combination of paragraphs
				6.1.i.3 and 6.1.i.4 of this rule that ensures coverage of all topics and hours
				identified in 6.1.i.3.
6.1.j. An applicant for the Certified General
				appraiser certification shall have a bachelor's degree, or higher, from an
				accredited college or university
6.1.k. As an alternative to the Bachelor's
				Degree requirement, individuals who have held a Licensed Residential credential
				for a minimum of five (5) years may qualify for a Certified Residential
				credential by satisfying the following:
6.1.k.1. Has no finally adjudicated
				disciplinary action affecting the appraiser's legal eligibility to engage in
				appraisal practice within five (5) years immediately preceding the date of
				application for a Certified Residential credential; and
6.1.k.2. Completion of specific additional
				education which includes the following:
6.1.k.2.A. Statistics, Modeling and Finance
				consisting of fifteen (15) hours;
6.1.k.2.B. Advanced Residential Applications
				and Case Studies consisting of fifteen (15) hours; and
6.1.k.2.C. Appraisal Subject Matter Electives
				consisting of twenty (20) hours.