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 two hundred fifty thousand dollars.

(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 two hundred hours in the following core modules:

(a) Basic appraisal principles, thirty hours.

(b) Basic appraisal procedures, thirty hours.

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

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

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

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

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

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

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

(j) Appraisal subject matter electives, twenty 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 two thousand five hundred hours of appraisal experience obtained continuously over a period of not less than twenty-four months in Washington or in another state having comparable certification requirements.

(4) Applicants for the certified residential appraiser license must possess a bachelor's degree or higher in any field of study.

[Statutory Authority: RCW 18.140.030 (1) and (15). WSR 16-02-008, § 308-125-040, filed 12/28/15, effective 1/28/16; WSR 13-17-002, § 308-125-040, filed 8/7/13, effective 9/7/13. 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.]

RCW 18.140.030 (1) and (15). WSR 16-02-008, § 308-125-040, filed 12/28/15, effective 1/28/16; WSR 13-17-002, § 308-125-040, filed 8/7/13, effective 9/7/13. 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.