(1) Applicants for certification as certified residential real estate appraisers shall provide evidence of completion of 120 hours of board-approved instruction in the required core curriculum.

(2) In addition to the topics listed in ARM 24.207.505, applicants for certification as a certified residential real estate appraiser shall demonstrate that their education involved coverage of the required core curriculum requirements.

(3) The required core curriculum for certified residential licensure 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) statistics, modeling, and finance 15 hours

(i) advanced residential application and case studies 15 hours

(j) appraisal subject matter electives 20 hours

(may include hours over minimum shown above in other modules)

(k) total certified residential education requirements 200 hours

(4) To upgrade from a trainee or a licensed real estate appraiser to a certified residential real estate appraiser, an applicant may use education obtained for licensure as a licensed real estate appraiser, as long as the education meets the required core curriculum.

(5) Applicants for original certification as certified residential real estate appraisers shall provide evidence of completion of:

(a) 200 hours of board-approved instruction in the required core curriculum; and

(b) 21 semester credit hours covering the subject matter of English composition, principles of economics (micro or macro), finance, algebra, geometry or higher mathematics, statistics, introduction to computers (word processing/spreadsheets), and business or real estate law. In lieu of the required courses, an associate degree will qualify;

(c) a passing score of 70 percent or a pass/fail grade must be achieved for semester credit hours;

(d) semester credit hours must be received from an accredited college; and

(e) online college credits must be received from an accredited college.