Section 5.04 - Requirements for State-certified Residential Real Estate AppraisersEach applicant shall:
(1) Pass the Massachusetts Examination for State-certified Real Estate Appraisers or an equivalent examination approved by the Board;(2) Complete 200 classroom hours of primary education in real estate appraisal;(3) Satisfy at least one of the following five options in 264 CMR 5.04(3)(a) through (e): (a) Bachelor's Degree in any field of study;(b) Associate's Degree in a field of study related to: i. Business Administration;(c) Successful completion of 30 semester hours of college-level courses in each of the following specific topic areas: 1. English Composition (three semester hours);2. Microeconomics (three semester hours);3. Macroeconomics (three semester hours);4. Finance (three semester hours);5. Algebra, Geometry, or Higher Math (three semester hours);6. Statistics (three semester hours);7. Computer Science (three semester hours);8. Business Law or Real Estate Law (three semester hours); and9. Two elective courses in any of the above topics, or in Accounting, Geography, Agricultural Economics, Business Management, or Real Estate (three semester hours).(d) Successful completion of at least 30 semester hours of College Level Examination Program® (CLEP®) examinations from the following subject matter areas: 1. College Algebra (three semester hours);2. College Composition (six semester hours);3. College Composition Modular (three semester hours);4. College Mathematics (six semester hours);5. Principles of Macroeconomics (three semester hours);6. Principles of Microeconomics (three semester hours);7. Introductory Business Law (three semester hours);8. Information Systems (three semester hours); or(e) Any combination of 264 CMR 5.04(3)(c) and (d) that ensures coverage of all topics and hours identified in 264 CMR 5.04(3)(c).(4) As an alternative to the requirements in 264 CMR 5.04(3), individuals who have held a State-licensed Real Estate Appraiser credential for a minimum of five years may qualify for a Certified Residential credential by satisfying all of the following: (a) No record of any adverse, final and non-appealable disciplinary action affecting the State- licensed Real Estate Appraiser's legal eligibility to engage in appraisal practice within the five years immediately preceding the date of application for a Certified Residential credential;(b) Successful completion of the additional required qualifying education as specified in 264 CMR 5.04(6);(c) Successful completion of the required experience as specified in 264 CMR 5.04(5); and(d) Successful completion of the Certified Residential Real Property Appraiser examination as specified in 264 CMR 5.04(1).(5) Submit evidence of the required real estate appraisal experience as described in 264 CMR 5.06.(6) Appraisers holding a valid State-licensed Real Estate Appraiser credential may satisfy the educational requirements for the Certified Residential Real Property Appraiser credential by successfully completing the following additional educational hours: (a) Statistics, Modeling and Finance | 15 Hours |
(b) Advanced Residential Applications and Case Studies | 15 Hours |
(c) Appraisal Subject Matter Electives | 20 Hours |
| TOTAL 50 Hours |
Amended by Mass Register Issue 1323, eff. 10/7/2016.Amended by Mass Register Issue 1416, eff. 5/1/2020.