Wash. Admin. Code § 308-125-040

Current through Register Vol. 24-23, December 1, 2024

Section 308-125-040 - Examination prerequisite state-certified residential classification

The state-certified residential real estate appraiser classification applies to appraisals of all types of residential property of one to four units without regard to transaction value or complexity and nonresidential property having a transaction value less than $250,000.

(1) As a prerequisite to taking the examination for certification as a state-certified residential real estate appraiser, an applicant shall present evidence satisfactory to the director that he/she has successfully completed not less than 200 hours in the following core modules:

(a) Basic appraisal principles, 30 hours.

(b) Basic appraisal procedures, 30 hours.

(c) The National USPAP course or equivalent, 15 hours.

(d) Residential market analysis and highest and best use, 15 hours.

(e) Residential appraiser site valuation and cost approach, 15 hours.

(f) Residential sales comparison and income approaches, 30 hours.

(g) Residential appraiser report writing and case studies, 15 hours.

(h) Statistics, modeling and finance, 15 hours.

(i) Advanced residential applications and case studies, 15 hours.

(j) Appraisal subject matter electives, 20 hours.

(2) Credit towards qualifying education requirements may be obtained via the completion of a degree program in real estate from an accredited degree-granting college or university provided the college or university has had its curriculum reviewed and approved by the appraiser qualifications board.

(3) An original certification as a state-certified residential real estate appraiser shall not be issued to any person who does not possess 1,500 hours of appraisal experience obtained continuously over a period of not less than 12 months in Washington or in another state having comparable certification requirements.

(4) Applicants for the certified residential appraiser license must satisfy one of the following college education requirement options:

(a) Possess a bachelor's degree or higher in any field of study; or

(b) Possess an associate's degree in a field of study related to business administration, accounting, finance, economics, or real estate; or

(c) Successful completion of 30 semester hours of college level courses in all of the following subject matter areas:

(i) English composition, three hours; and

(ii) Microeconomics, three hours; and

(iii) Macroeconomics, three hours; and

(iv) Finance, three hours; and

(v) Algebra, geometry, or higher mathematics, three hours; and

(vi) Statistics, three hours; and

(vii) Business or real estate law, three hours; and

(viii) Computer science, three hours; and

(ix) Two elective courses in: Accounting, geography, agricultural economics, business management, or real estate, three hours each.

(d) Successful completion of at least 30 semester hours of college level examination program (CLEP) examinations in all of the following subject matter areas:

(i) College algebra, three hours; and

(ii) College composition, six hours; and

(iii) College composition modular, three hours; and

(iv) College mathematics, six hours; and

(v) Principles of macroeconomics, three hours; and

(vi) Principles of microeconomics, three hours; and

(vii) Introductory business law, three hours; and

(viii) Information systems, three hours.

(e) Any 30 semester credit hour combination of (c) and (d) of this subsection that includes at least one course or CLEP exam in each of the following subject matter areas:

(i) Composition; and

(ii) Microeconomics; and

(iii) Macroeconomics; and

(iv) Business law; and

(v) Algebra, geometry or higher mathematics.

(f) No college level education is required to apply for state-certified residential real estate appraiser license for an appraiser that has held a state-licensed real estate appraiser license for a minimum of five years, and satisfies all of the following requirements:

(i) No record of any adverse, final and nonappealable disciplinary action affecting the state-licensed real estate appraiser's legal eligibility to engage in appraisal practice within five years immediately preceding the date of application for a state-certified residential real estate appraiser license; and

(ii) Successful completion of the following core qualifying education modules:

(A) Statistics, modeling, and finance, 15 hours; and

(B) Advanced residential applications and case studies, 15 hours; and

(C) Appraisal subject matter electives, 20 hours; and

(iii) Successful completion of the required experience as specified in subsection (3) of this section; and

(iv) Successful completion of the certified residential real property appraiser examination as specified in these rules.

Wash. Admin. Code § 308-125-040

Amended by WSR 16-02-008, Filed 12/28/2015, effective 1/28/2016

Amended by WSR 18-24-113, Filed 12/4/2018, effective 1/4/2019

Amended by WSR 24-03-043, Filed 1/9/2024, effective 2/9/2024

Statutory Authority: RCW 18.140.030(1), (7), (8), and (15). WSR 06-06-069, § 308-125-040, filed 2/28/06, effective 4/1/06. Statutory Authority: RCW 18.140.030(1). WSR 97-02-004, § 308-125-040, filed 12/20/96, effective 1/20/97; WSR 94-01-002, § 308-125-040, filed 12/1/93, effective 1/1/94; WSR 93-17-020, § 308-125-040, filed 8/10/93, effective 9/10/93. Statutory Authority: RCW 18.140.030. WSR 91-23-007, § 308-125-040, filed 11/7/91, effective 12/8/91; WSR 91-04-074, § 308-125-040, filed 2/5/91, effective 3/8/91.