(1) Applicants for original licensure as a licensed real estate appraiser shall complete at least 90 classroom hours of instruction, 15 hours of which must cover the Uniform Standards of Professional Appraisal Practice (USPAP) as promulgated by The Appraisal Foundation at the time the educational offering was completed and at least 15 hours of which must cover report writing. Applicants must demonstrate that their education involves coverage of all topics listed below with particular emphasis on the appraisals of one- to four-unit residential properties:

(a) influences on real estate value;

(b) legal considerations in appraisal;

(c) types of value;

(d) economic principles;

(e) real estate markets and analysis;

(f) evaluation process;

(g) property description;

(h) highest and best use analysis;

(i) appraisal statistical concepts/methods;

(j) sales comparison approach;

(k) site value;

(l) cost approach;

(m) income approach:

(i) gross rent multiplier;

(ii) estimation of income and expenses;

(iii) operating expense ratios.

(n) evaluation of partial interests;

(o) appraisal standards and ethics; and

(p) types of misconduct for which disciplinary proceedings may be initiated against a licensed real estate appraiser, as set forth by statute.

(2) Effective January 1, 2008, the required core curriculum for a licensed real estate appraiser is:

(a) basic appraisal principles 30 hours

(b) basic appraisal procedures 30 hours

(c) the 15-hour national USPAP course 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 report writing and case studies 15 hours

(h) total licensure education requirements 150 hours

(3) To upgrade from a trainee to a licensed real estate appraiser, an applicant may use education obtained for licensure as a trainee.

(4) Effective January 1, 2008, applicants for original licensure as a licensed real estate appraiser shall complete at least 150 hours of board approved instruction, 15 hours of which must cover the USPAP as promulgated by The Appraisal Foundation at the time the educational offering was completed and at least 15 hours of which must cover report writing. Applicants shall demonstrate that their education involves coverage of all topics listed in (1) with particular emphasis on the appraisal of one to four-unit residential properties.