APPRAISAL LICENSE REQUIREMENTS
Virginia has adopted the Segmented Scenario listed in the Executive Summary of the 2008 Real Property Appraiser Qualification Criteria found here.
Passing a final exam is required in all cases. All experience must have been obtained after January 30, 1989, and in compliance with the Uniform Standards of Professional Appraisal Practice (USPAP) to be acceptable for credit.
| LICENSED APPRAISER TRAINEE |
| This license gives recognition to the trainee/apprentice and allows the trainee to perform real estate appraisals under the supervision of a licensed appraiser. This license is NOT mandatory at this time. |
| Education: |
75 hours of appraisal education. |
| Experience: |
None required. |
| Required Courses: |
Basic Appraisal Principles; Basic Appraisal Procedures; and 15-Hour USPAP. |
| LICENSED RESIDENTIAL REAL ESTATE APPRAISER |
| This license permits the holder to appraise non-complex residential properties of one to four residential units up to a transaction value of one million dollars and non-complex non-residential properties up to a transaction value of $250,000. |
| Education: |
150 hours of appraisal education. |
| Experience: |
2,000 hours of appraisal experience in no fewer than 12 months. |
| Required Courses: |
Basic Appraisal Principles; Basic Appraisal Procedures; 15-Hour USPAP; Residential Report Writing & Case Studies; Residential Sales Comparison & Income Approaches; Residential Market Analysis and Highest & Best Use; and Residential Site Valuation & Cost Approach. |
| CERTIFIED RESIDENTIAL REAL ESTATE APPRAISER |
| This license permits the holder to appraise any residential property regardless of the transaction value and any non-residential property with a transaction value of no more than $250,000. |
| Education: |
200 hours of appraisal education of which 15 hours must be in Uniform Standards of Professional Appraisal Practice. Associates degree or higher in any field of study; or, in lieu of the required degree, 21 semester credit hours covering the following subject matter courses: English Composition; Principles of Economics (Micro or Macro); Finance; Algebra, Geometry or higher mathematics; Statistics; Computer Science; and Business or Real Estate Law. |
| Experience: |
2,500 hours of appraisal experience during no fewer than 24 months. |
| Required Courses: |
All courses required for Licensed Appraisers; and Advanced Residential Applications; Mastering Unique & Complex Property Appraisal; and Statistic, Modeling & Finance. |
| CERTIFIED GENERAL REAL ESTATE APPRAISER |
| This license permits the holder to appraise any real property. |
| Education: |
300 hours of appraisal education of which 15 hours must be in Uniform Standards of Professional Appraisal Practice and 30 hours in Advanced Income Appraisal. Bachelors degree or higher in any field of study; or, in lieu of the required degree, 30 semester credit hours covering the following subject matter courses: English Composition; Principles of Economics (Micro or Macro); Finance; Algebra, Geometry or higher mathematics; Statistics; Computer Science; and Business or Real Estate Law; and two elective courses in accounting, geography, agricultural economics, business management, or real estate. |
| Experience: |
3,000 hours of appraisal experience during no fewer than 30 months. A minimum of 1,500 hours must be in non-residential appraisal assignments and include assignments, which demonstrate the use and understanding of the income approach. |
| Required Courses: |
All courses required for Certified Residential Real Estate Appraiser; and 30 hours of electives. Hour overages from required topics may apply towards elective credit. |
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