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
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Bachelor's Degree or higher or equivalent from an
accredited college, community college or university; or
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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
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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
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Any combination of Option 3 and Option 4 that
includes all of the topics identified; or
|
Option 6
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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.
b) Any person who makes application for an
Associate Real Estate Trainee Appraiser License shall be required, as a
pre-requisite to examination, to successfully complete 75 classroom hours of
qualifying education in subjects related to real estate appraisal, as outlined
by Subpart H, and shall include 15 hours of instruction relative to USPAP that
is approved by the AQB and taught by an AQB certified instructor. All
qualifying education requirements shall only be accepted from education
providers and courses approved by the Division. All 75 hours of qualifying
education for the Associate Real Estate Trainee Appraiser credential must be
completed within 5 years prior to the date of initial application.
c) The Division may accept evidence of
successful completion of qualifying education credit from another jurisdiction,
if that jurisdiction's requirements are substantially the same as the State of
Illinois' and meet the minimum licensing requirements of the Real Property
Appraiser Qualification Criteria and may be in modular format for licensure
after May 1, 2018. A real estate appraiser who wishes to obtain credit for
qualifying education courses not licensed by the Division shall submit to the
Division:
1) An application provided by the
Division requesting approval for qualifying education credit, signed by the
applicant, on which all questions are answered;
2) A certificate of successful completion
provided by the education provider, a certification by the jurisdiction of the
appraiser's place of residence of successful completion of the requested
qualifying education credit, or any other evidence to be considered by the
Division; and
3) The fee required
by Section
1455.320.
d) General
An applicant for licensure as a State Certified General Real
Estate Appraiser who has not gained appraisal experience shall meet the
following criteria:
1) 3,000 hours of
experience obtained during no fewer than 18 months is required, of which 1,500
hours must be in non-residential appraisal work. While the hours may be
cumulative, the required number of months must accrue before an individual can
be certified;
2) 300 hours of
modular appraisal education as stated in the Required Core Curriculum of the
Real Property Appraiser Qualification Criteria;
3) Bachelors degree or higher or equivalent
(see subsection (g)), from an accredited college or university; and
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.
e) The
Division may accept evidence of successful completion of qualifying education
credit from another jurisdiction, if that jurisdiction's requirements are
substantially the same as the State of Illinois' and meet the minimum licensing
requirements of the Real Property Appraiser Qualification Criteria and may be
in modular format for licensure after May 1, 2018. A real estate appraiser who
wishes to obtain credit for qualifying education courses not licensed by the
Division shall submit to the Division:
1) An
application provided by the Division requesting approval for qualifying
education credit, signed by the applicant, on which all questions are
answered;
2) A certificate of
successful completion provided by the education provider, a certification by
the jurisdiction of the appraiser's place of residence of successful completion
of the requested qualifying education credit, or any other evidence to be
considered by the Division; and
3)
The fee required by Section 1455.320.
f) Credit toward qualifying education
requirements may also be obtained via the completion of a graduate (masters or
doctoral) degree in Real Estate from an accredited 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.
g) Applicants seeking credit for foreign
degrees shall have an evaluation of their education credentials to convert the
credentials to American equivalent semester credits and courses. Only vendors
and organizations recognized by the Illinois State Board of Education will be
permitted to conduct the evaluations.