Appraisal Licensing & Certification

Rhode Island Real Estate Appraisal Certification – License Requirements Summary

Effective December 31, 1991, federally regulated depository institutions must use State certified or licensed appraisers for appraisals in connection with federally related real estate financial transactions. This means any appraisal with a federally-chartered lender, lender who sells mortgages to secondary markets, FHA, VA, RIHMFC, etc. Other appraisals needing certified appraisers include federally funded projects and the Department of Transportation. Certification is not required for private appraisal work; however, the private appraisal can not be submitted in a court action to establish value where federal funds are involved. The following is a breakdown of Appraisal Designations related to appraisals, education required, experience required, testing, and continuing education requirements.

NOTICE – Important changes to Appraiser Qualifications – On February 20, 2004, the Appraiser Qualifications Board of The Appraisal Foundation adopted changes to the Real Property Appraiser Qualification Criteria that became effective on January 1, 2008. These changes represent the minimum national requirements that each state must implement for individuals applying for a real estate appraiser license or certification as of January 1, 2008. The changes include increased required education, as well as college degrees. College-level courses and degrees must be obtained from an accredited college or university.

In addition to the college-level course requirements, the appraisal education classroom hour requirement has increased for the State Licensed, State Certified Residential and State Certified General classifications. The Trainee classification remains unchanged at 75 classroom hours. The number of appraisal education classroom hours to become a State Licensed appraiser has increased from 90 hours to 150 hours; Certified Residential has increased from 120 hours to 200 hours; and, Certified General classification has increased from 180 hours to 300 hours.

Helpful Links:

A Guide For Understanding the 2008 Real Property Appraiser Qualification Criteria – The Appraisal Foundation

Executive Summary of the 2008 Real Property Appraiser Qualification Criteria – DBR

Certified General

  • Qualified for Appraisal of All types of property
  • Requires 300 hours of approved education concentrating on income-producing properties, including 15 hours of Uniform Standards of Professional Appraisal Practice (or its equivalment).
  • Requires 3,000 hours of experience over at least two years with a 50 percent minimum spent on appraising income properties
  • Requires passing a General Appraiser Examination
  • Requires 28 hours of continuing education every two years on the anniversary date of obtaining certification.
  • Bachelors degree or higher. In lieu of the required degree Thirty (30) semester credit hours covering the following subject matter courses: English Composition; Micro Economics; Macro Economics; Finance; Algebra, Geometry or higher mathematics; Statistics; Computer Science; Business or Real Estate Law; and two (2) elective courses in accounting, geography; agricultural economics; business management; or real estate.

Certified Residential

  • Qualified for Appraisal of 1-4 unit properties, having no minimum transaction value
  • Requires 200 hours of approved education, including 15 hours of Uniform Standards of Professional Appraisal Practice.
  • Requires 2,500 hours of experience over at least two years
  • Requires passing a Certified Residential Examination
  • Requires 28 hours of continuing education every two years on the anniversary date of obtaining certification.
  • Associate degree or higher. In lieu of the required degree, Twenty-one (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.

Licensed Residential

  • Qualified for Appraisal of non-complex 1-4 unit properties for transaction up to a value of $1,000,000 only and complex 1-4 residential units with a transaction value less than $250,000.
  • Requires 150 hours of approved education, including 15 hours of Uniform Standards of Professional Appraisal Practice.
  • Requires 2,000 hours of experience in no fewer than 12 months
  • Requires passing a Licensed Residential Examination
  • Requires 28 hours of continuing education every two years on the anniversary date of obtaining certification.
  • No College-Level Courses required

Requirements to become an Appraiser:

You must first become a Trainee under the supervision of a state-certified appraiser. Practice is limited to the types of properties and transactions for which the supervising appraiser is qualified. Requires 75 hours of approved education, including 15 hours of Uniform Standards of Professional Appraisal Practice. Experience requirement must be completed within two years of receiving the Trained License. Two year extensions are available in some circumstances. Requires passing a Licensed Residential Examination Requires 28 hours of continuing education every two years on the anniversary date of obtaining license. The Trainee License is not renewable, but must be converted to another license/certification.

Second you must become a Licensed Residential Appraiser. This entails working under the supervision of a certified appraiser for 2,000 hours and two years experience, and evidence of 150 classroom hours of education. Practice is limited to the types of properties and transactions for which the supervising appraiser is qualified. An additional 15 hours of education is required.

The next level is a Certified Residential Appraiser. This requires and additional 30 hours of approved education and passing the Certified Residential Examination.

More information on the above certifications from the Department of Business Regulations