Licensed appraiser

1. Permit. A licensed appraiser permit must be issued to an individual who successfully meets all of the requirements for such a permit. Education, experience, and examination requirements for licensure are all set by the appraiser qualifications board. The board adopts these as its requirements for licensure. These requirements may be found in the "Real Property Appraiser Qualification Criteria and Interpretation of the Criteria, Effective May 1, 2018", appraiser qualifications board, appraisal foundation. 2. Scope of practice. The licensed appraiser is allowed to appraise noncomplex, one-to-four family residential properties that have a transaction value of up to one million dollars and complex one-to-four family residential properties that have a transaction value of up to two hundred fifty thousand dollars. In addition, a licensed appraiser is allowed to appraise noncomplex, nonresidential properties, that have a transaction value of up to two hundred fifty thousand dollars. The licensed appraiser is bound by the competency provisions of the uniform standards of professional appraisal practice. 3. Education. An applicant for a licensed appraiser permit shall meet all of the following education requirements set by the appraiser qualifications board of the appraisal foundation. These requirements may be found in the "Real Property Appraiser Qualification Criteria and Interpretation of the Criteria, Effective May 1, 2018", appraiser qualifications board, appraisal foundation. In addition to the requirements set by the appraiser qualifications board of the appraisal foundation, an applicant for a licensed appraiser permit must be familiar with North Dakota Century Code chapter 43-23.3 and North Dakota Administrative Code title 101. 4. Experience. The applicant for licensure must submit a log from which a selection of reports will be reviewed. The reports must meet the current uniform standards of professional appraisal practice as of the effective date of the appraisal and must reflect that the applicant has an acceptable level of competency and understanding of the principles, practices, and procedures consistent with the body of knowledge for the licensed level. a. Adequate experience will be determined by the actual hours spent on an assignment, subject to a maximum established by the board. (1) Maximum hours are based on the types of appraisals performed and the types of properties appraised. (2) The number of allowable hours assigned for each appraisal type are assigned by the board as detailed in the following table: Licensed and Certified Residential Type of Property Appraised Full Appraisals Review Appraisals (With Field Review and Separate Report) Review Appraisals (Without Field Review and Separate Report) Condemnation Appraisals Single family 8 4 2 12 Multifamily (two to four units) 16 8 3 24 Vacant lot (one to four units) 4 2 1 6 Farm (homestead Licensed and Certified Residential - less than one hundred acres) Certified General Type of Property Appraised Full Appraisals Review Appraisals (With Field Review and Separate Report) Review Appraisals (Without Field Review and Separate Report) Condemnation Appraisals Land point value may be doubled if all three approaches to value are used 24 12 5 36 Residential multifamily (five to twelve units) 48 24 10 72 Residential multifamily (add sixteen hours for proposed project) 64 32 13 96 Commercial - Single tenant 48 24 10 72 Commercial - Multitenant (add twenty-four hours for proposed project) 80 40 32 120 Industrial or institutional 64 32 13 96 (3) The board may grant exceptions for good cause. b. After accumulating a minimum of fifty percent of the required appraisal experience, an applicant for licensure may voluntarily submit work product to the board to be reviewed by a board reviewer for educational purposes only. One report may be submitted for review. The board will not initiate a complaint for violations identified in this review. If the board determines the reviewed report meets the minimum requirements set forth in the uniform standards of professional appraisal practice and the applicant has an acceptable level of competency and understanding of the principles, practices, and procedures consistent with the body of knowledge for the licensed level, the board may allow the applicant to use the educational review as part of the application process for licensure.