The
State of Michigan requires licensing of all real estate appraisers.
Appraiser's are regulated by the Michigan State Board of Real Estate
Appraisers Bureau of Commercial Services Licensing Division, Department
of Consumer and Industry Services.
Therefore,
the first consideration in choosing an appraiser is making sure he/she
is properly licensed. Click here "License verification"
A
state issued pocket card is required in the appraiser's possession when
inspecting your property. The pocket card information can be typed into
the license verification form at this link to verify the validity of
any Michigan appraiser license.
On
February 20, 2004, the Appraiser Qualifications Board of The Appraisal
Foundation adopted changes to the Real Property Appraiser Qualification
Criteria that become 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. Therefore, applicants
for a real estate appraisal license or certification should always
check with their state for individual requirements. The changes include
increased required education, which is summarized as follows:
Limited
Real Estate Appraiser
Licensees
in this category, if qualified, may appraise real property involved in
any non federally related transaction.
They may also assist a State Licensed or State Certified appraiser in
the development of a federally related appraisal, but they may
not sign the report, or be the sole
inspector of the property. The, "Limited Real
Estate Appraiser" should be acknowledged in the report, in accordance
with the Uniform Standards of Professional Appraisal Practice (USPAP)
Standard 2-3.
Certain
federal financial institution regulatory agencies have applied a "de
Minimus" level to their transactions of $250,000 or $1,000,000, beneath
which they do not require the services of a State Licensed or State
Certified appraiser. The, "Limited Real Estate Appraiser" should check
with the federal agency involved, in order to determine if they qualify
to perform such appraisals. The De Minimus does not apply to Secondary
Mortgage Transactions involving Fanny Mae or Freddie Mac.
The
"Limited Real Estate Appraiser" application can be filed upon
completion of 75 hours of pre-licensure courses, including 15 hours of
USPAP. Documentable appraisal experience is not required. Fourteen
hours of continuing education is required in third and successive
years.
State Licensed Appraiser
Licensees in this
category, may appraise real
property involving any non federally related transactions.
They
may also appraise federally
related transactions involving non-complex 1 to 4 family residential
properties with transaction values up to $1,000,000; complex 1 to 4
family residential property with values less than S250,000, and all
other types of property with values less than $250,000.
They may
assist a
State Certified Appraiser in appraising residential properties over
$1,000,000 or complex non-residential properties under $250,000, but
they may not sign the report.
Their contribution must be acknowledged pursuant to
Standard 2-3 of the Uniform Standards of Professional Appraisal
Practice.
Applications
for the licensing exam may be
filed upon completion of 150 hours of residential level pre licensure
courses including 15 hours USPAP mandatory, and 2,000 hours of
documentable residential appraisal experience. There must be 28 hours
of continuing education for every 2 years of licensing.
CERTIFIED
RESIDENTIAL REAL ESTATE APPRAISER
Certified
residential Real Estate Appraisers may appraise real residential
property of any type or value, including appraisals for federally
related transactions.
An application may be filed upon
completion
of 200 hours of course work which includes at least 15 hours of USPAP;
and 2,500 hours of documentable appraisal experience over 24 months, at
least 2,000 of which are for residential properties. The applicant must
have an 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;Introduction to Computers – Word
Processing/Spreadsheets; and
Business or Real Estate Law. There must be 28 hours of continuing
education for every 2 years of licensing.
CERTIFIED
GENERAL REAL ESTATE APPRAISER
Certified General
Real Estate Appraisers may appraise real property of any type or value,
including appraisals for federally related
transactions.
An application may be filed upon
completion
of 300 hours of course work which includes at least 15 hours of USPAP;
and 3,000 hours of documentable appraisal experience over 30 months, at
least 2,500 of which are for non-residential properties. The applicant
must have a 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;
Introduction to Computers – Word Processing/Spreadsheets; Business or
Real Estate Law; and two (2) elective courses in accounting, geography,
ag-economics, business management, or real estate. There must be 28
hours of continuing education for every 2 years of licensing.
As a
result of licensing, the ability level of the appraiser is adequate
for virtually any assignment which he/she is experienced and licensed
to complete. However, locating the best
person for any job requires a little research, appraisers are no
different.
*If
the appraiser is not assigned by the bank, or you are looking for your
own appraiser, call Home Pro, Inc... 248-348-3528 in
Wayne and Oakland County Michigan. Located outside Wayne and Oakland
County? Ask the bank, Realtor, or relocation company, for the name of
an independent appraiser.
