R162-2g-601. Appendices

Appendix 1. Residential Experience Hours Schedule. An applicant may submit experience for the successful completion of an AQB-approved PAREA program module including the Licensed Residential Module of 1,000 experience hours and the Certified Residential Module of 500 experience hours. Alternatively, the hours shown in the following schedule shall be awarded for form appraisals. Fifteen hours may be added to the hours shown if the appraisal is a narrative appraisal instead of a form appraisal. TABLE 1 Property Type Hours that may be earned (a) one-unit dwelling, above-grade: (i) living area less than 4,000 square feet, including a site Up to 10 hours (Expected avg hrs 7.5) PART 1 Task Hours Highest and Best Use Analysis 0.25 Neighborhood Description 0.5 Exterior Inspection 0.5 Interior Inspection 0.5 Market Conditions 0.75 Land Value Estimate 0.5 Improvement Cost Estimate 0.5 Income Value Estimate 2.5 Sales Comparison Value Estimate 2.5 Final Reconciliation 0.25 Appraisal Report Preparation 1.75 Restricted Appraisal Report Preparation 0.5 (ii) living area 4,000 square feet or more, including a site Up to 10 hours PART 2 Task Hours Highest and Best Use Analysis 0.25 Neighborhood Description 0.5 Exterior Inspection 0.75 Interior Inspection 0.75 Market Conditions 0.75 Land Value Estimate 0.75 Improvement Cost Estimate 0.75 Income Value Estimate 3.0 Sales Comparison Value Estimate 3.0 Final Reconciliation 0.25 Appraisal Report Preparation 2.0 Restricted Appraisal Report Preparation 0.5 (b) multiple one-unit dwellings in the same subdivision or condominium project, which dwellings are substantially similar: (ii) over 25 dwellings 7 hours per dwelling, up to a maximum of 42 hours (c) two to four-unit dwelling (i) 1-25 dwellings 70 hours maximum PART 3 Task Hours Highest and Best Use Analysis 0.25 Neighborhood Description 0.5 Exterior Inspection 0.5 Interior Inspection 0.5 Market Conditions 0.75 Land Value Estimate 0.5 Improvement Cost Estimate 0.5 Income Value Estimate 3.0 Sales Comparison Value Estimate 3.0 Final Reconciliation 0.25 Appraisal Report Preparation 2.0 Restricted Appraisal Report Preparation 0.5 (d) employee relocation counsel reports completed on currently accepted Employee Relocation Counsel form Up to 10 hours (e) residential lot, 1-4 unit Up to 7 hours PART 4 Task Hours Highest and Best Use Analysis 0.25 Neighborhood Description 0.5 Site Inspection 0.25 Market Conditions 0.75 Sales Comparison Value Estimate 1-3 Final Reconciliation 0.25 Appraisal Report Preparation 2.0 Restricted Appraisal Report Preparation 0.5 (f) multiple lots in the same subdivision, which lots are substantially similar (i) 1-25 lots 5 hours per lot, up to a maximum of 30 hours (ii) Over 25 maximum lots 50 hours (g) small parcel of less than 20 acres Up to 6.5 hours PART 5 Task Hours Highest and Best Use Analysis 0.25 Neighborhood Description 0.5 Site Inspection 0.25 Market Conditions 0.75 Sales Comparison Value Estimate 1-3 Final Reconciliation 0.25 Appraisal Report Preparation 2.0 Restricted Appraisal Report Preparation 0.5 (h) vacant land, 20-640 acres 20-40 hours, per board decision (k) review of residential appraisals with no opinion of value developed as part of the review performed in conjunction with investigations by government agencies 10-50 hours (i) recreational, farm, or timber acreage suitable for a house site: (i) up to 10 acres 10 hours (ii) 10 acres or more 15 hours (j) other unusual structures or acreage that are much larger or more complex than typical properties 5-35 hours, per board decision (k) review of residential appraisals with no opinion of value developed as part of the review performed in conjunction with investigations by government agencies 10-50 hours Appendix 2. General Experience Hours Schedule. Appraisal reports claimed for property types identified in Subsections (a) through (k) of the following schedule shall be narrative appraisal reports. Experience hours listed in this schedule may be increased by 50% for unique and complex properties if the applicant notes the number of extra hours claimed on the appraiser experience log submitted by the applicant, and if the applicant maintains in the workfile for the appraisal an explanation as to why the extra hours are claimed. TABLE 2 Property Type Hours that may be earned (a) Apartment buildings: (i) 5-100 units 40 hours (ii) over 100 units 50 hours (b) hotel or motels: (i) 50 units or fewer 30 hours (ii) 51-150 units 40 hours (iii) over 150 units 50 hours (c) nursing home, rest home, care facilities: (i) fewer than 80 beds 40 hours (ii) 80 beds or more 50 hours (d) industrial or warehouse building: (i) smaller than 20,000 square feet 30 hours (ii) 20,000 square feet or more, single tenant 40 hours (iii) 20,000 square feet or more, multiple tenants 50 hours (e) office buildings: (i) smaller than 10,000 square feet 30 hours (ii) 10,000 square feet or more, single tenant 40 hours (iii) 10,000 square feet or more, multiple tenants 50 hours (f) entire condominium projects, using income approach to value: (i) 5- to 30-unit project 30 hours (ii) 31- or more-unit project 50 hours (g) retail buildings: (i) smaller than 10,000 square feet 30 hours (ii) 10,000 square feet or more, single tenant 40 hours (iii) 10,000 square feet or more, multiple tenants 50 hours (ii) 10,000 square feet or more, single tenant 40 hours (iii) 10,000 square feet or more, multiple tenants 50 hours (f) entire condominium projects, using income approach to value: (i) 5- to 30-unit project 30 hours (ii) 31- or more-unit project 50 hours (h) commercial, multi-unit, industrial, or other non-residential use acreage: (i) 1 to less than 100 acres 20-40 hours (ii) 100 acres or more, income approach to value 50-60 hours (i) other unusual structures or assignments that are much larger or more complex than the properties described in Subsections (a) through (h) 5 to 100 hours per board decision (j) entire subdivisions or planned unit developments (PUDs): (i) 1- to 25-unit subdivision or 30 hours (ii) over 25-unit subdivision or PUD 50 hours (k) feasibility or market analysis 5 to 100 hours, each per board decision, up to a maximum of 500 hours Form Narrative (l) farm and ranch appraisals: (i) irrigated cropland, pasture other than rangeland: (A) 1 to less than 11 acres 10 hrs 15 hrs (B) 11-less than 40 acres 12.5 hrs 20 hrs (C) 40-less than 160 acres 15 hrs 25 hrs (D) 160-less than 1,280 acres 25 hrs 40 hrs (E) 1,280 acres or more 40 hrs 50 hrs (ii) dry farm: (A) 1 to less than 1,280 acres 15 hrs 25 hrs (B) 1,280 acres or more 20 hrs 40 hrs (m) Improvements on properties other than a rural residence, maximum 10 hours: (i) dwelling 5 hrs 5 hrs (ii) shed 2.5 hrs 2.5 hrs (n) cattle ranches (i) 0-200 head 15 hrs 20 hrs (ii) 201-500 head 25 hrs 30 hrs (iii) 501-1,000 head 30 hrs 40 hrs (iv) more than 1,000 head 40 hrs 50 hrs (o) sheep ranches (i) 0-2,000 head 25 hrs 30 hrs (ii) more than 2,000 head 35 hrs 45 hrs (ii) 101-300 head 25 hrs 30 hrs (iii) more than 300 head 30 hrs 35 hrs (q) orchards (i) up to 50 acres 30 hrs 40 hrs (ii) more than 50 acres 40 hrs 50 hrs (r) rangeland or timber (i) 0-640 acres 20 hrs 25 hrs (ii) more than 640 acres 30 hrs 35 hrs (s) poultry (i) 0-100,000 birds 30 hrs 40 hrs (ii) more than 100,000 birds 40 hrs 50 hrs (t) mink (i) 0-5,000 cages 30 hrs 35 hrs (ii) more than 5,000 cages 40 hrs 50 hrs (u) fish farm 40 hrs 50 hrs (v) hog farm 40 hrs 50 hrs (w) review of Appendix 2 appraisals with no opinion of value developed as part of the review, performed in conjunction with investigations by government agencies 20-100 hours (x) natural resource properties, depending on complexity: (i) sand and gravel 1-20 hours per site (ii) mine 1-110 hours (iii) oil and gas 1-50 hours per site (y) pipelines and gas distribution properties, depending on complexity 10-40 hours (z) telephone and electrics properties, depending on complexity 5-80 hours (aa) airline and railroad properties, depending on complexity 10-80 hours (bb) appraisal review or audit, depending on complexity 2.5-125 hours (cc) capitalization rate study 10 to 100 hours (dd) mineral pricing study 10 to 100 hours (ee) effective tax rate study 10 to 100 hours (ff) Ad valorem centrally assessed property tax appeal preparation 5 to 125 hours Appendix 3. Mass Appraisal Experience Hours Schedule. TABLE 3 Property Type Hours that may be earned (a) one-unit dwelling, above-grade living area less than 4,000 square feet: PART 1 Task Hours Highest and Best Use Analysis 0.25 Income Value Estimate 2.5 Neighborhood Description 0.5 Exterior Inspection 0.5 Interior Inspection 0.5 CAMA Data Input and Review 0.5 Market Conditions 0.75 Land Value Estimate 0.5 Improvement Cost Estimate 0.5 Sales Comparison Value Estimate 2.5 Final Reconciliation 0.25 Appraisal Report Preparation 1.75 Restricted Appraisal Report Preparation 0.5 (b) one-unit dwelling, above-grade living area 4,000 square feet or more: PART 2 Highest and Best Use Analysis 0.25 Neighborhood Description 0.5 Exterior Inspection 0.75 Interior Inspection 0.75 CAMA Data Input and Review 0.5 Market Conditions 0.75 Land Value Estimate 0.75 Improvement Cost Estimate 0.75 Income Value Estimate 3.0 Sales Comparison Value Estimate 3.0 Final Reconciliation 0.25 Appraisal Report Preparation 2.0 Restricted Appraisal Report Preparation 0.5 (c) two- to four-unit dwelling: PART 3 Highest and Best Use Analysis 0.25 Neighborhood Description 0.5 Exterior Inspection 0.5 Interior Inspection 0.5 CAMA Data Input and Review 0.5 Market Conditions 0.75 Land Value Estimate 0.5 Improvement Cost Estimate 0.5 Income Value Estimate 3.0 Sales Comparison Value Estimate 3.0 Final Reconciliation 0.25 Appraisal Report Preparation 2.0 Restricted Appraisal Report Preparation 0.5 (d) commercial and industrial buildings, depending on complexity: PART 4 Highest and Best Use Analysis 0.25 Neighborhood Description 0.5 Exterior Inspection 0.5-4.5 Interior Inspection 0.5-9.5 CAMA Data Input and Review 0.5 Market Conditions 1.5 Land Value Estimate 2.0 Improvement Cost Estimate 2.0 Income Value Estimate 2-15 Sales Comparison Value Estimate 2-15 Final Reconciliation 0.5 Appraisal Report Preparation 1-10 Restricted Appraisal Report Preparation 0.5 (e) agricultural and other improvements, depending on complexity: PART 5 Highest and Best Use Analysis 0.25 - 0.5 Neighborhood Description 0.5 Exterior Inspection 0.25 - 0.5 Interior Inspection 0.5-1 CAMA Data Input and Review 0.5 Market Conditions 0.75 Land Value Estimate 0.5 - 1 Improvement Cost Estimate 0.5 - 1 Income Value Estimate 1 - 3 Sales Comparison Value Estimate 1 - 3 Final Reconciliation 0.25 Appraisal Report Preparation 2.0 Restricted Appraisal Report Preparation 0.5 (f) vacant land, depending on complexity: PART 6 Highest and Best Use Analysis 0.25 - 0.5 Neighborhood Description 0.5 Site Inspection 0.25 Land Segregation 0.25 CAMA Data Input and Review 0.5 Inspection 0.25 - 2.25 Market Conditions 0.75 Income Value Estimate 1-3 Sales Comparison Value Estimate 1-3 Final Reconciliation 0.25 Appraisal Report Preparation 2.0 Restricted Appraisal Report Preparation 0.5 g) land valuation guideline for development: (i) 25 or fewer parcels 10 hours (ii) 26 to 500 parcels 30 hours (iii) over 500 parcels 25 additional hours for each 500 parcels, up to a maximum of 125 hours for each guideline (h) land valuation guideline update: (i) 25 or fewer parcels 1 hour (ii) 26 to 500 parcels 3 hours (iii) over 500 parcels 2.5 additional hours for each 500 parcels, up to a maximum of 12.5 hours for each guideline (i) assessment or sales ratio study, data collection, verification, sample inspection, analysis, conclusion, and implementation: (i) base study of 100 reviewed sales 125 hours (ii) additional increments of 100 sales 25 additional hours for each 100 additional sales, up to a maximum of 375 hours for each study (j) multiple regression model, development and implementation: (i) fewer than 5,000 parcels 100 hours (ii) additional increments of 500 parcels 5 additional hours for each additional 500 parcels, up to a maximum of 375 hours for each regression model (k) industry depreciation study and analysis 5 to 40 hours (l) reviews of "land value in use" in accordance with Section 59-2-505: (i) office review only 0.25 hours (ii) field review 0.5 hours (m) natural resource properties, depending on complexity: (i) sand and gravel 1-20 hours per site (ii) mine 1-110 hours (iii) oil and gas 1-50 hours per site (n) pipelines and gas distribution properties, depending on complexity 10-40 hours (o) telephone and electrics properties, depending on complexity 5-80 hours (p) airline and railroad properties, depending on complexity 10-80 hours (q) appraisal review or audit, depending on complexity 2.5-125 hours (r) capitalization rate study 10 to 100 hours (s) mineral pricing study 10 to 100 hours (t) effective tax rate study 10 to 100 hours (u) Ad valorem centrally assessed property tax appeal preparation 5 to 125 hours Appendix 4. Appraiser Education. TABLE 4 Required Core Curriculum Trainee Appraiser Hours Basic Appraisal Principles 30 Hours Basic Appraisal Procedures 30 Hours 15-Hour national USPAP Course or its Equivalent 15 Hours Appraiser and Trainee Course 4 Hours Trainee Appraiser Education Requirements 87 Total Hours Licensed Appraiser Basic Appraisal Principles 30 Hours Basic Appraisal Procedures 30 Hours 15-Hour national USPAP Course or its Equivalent 15 Hours Appraiser and Trainee Course 4 Hours Residential Market Analysis and Highest and Best Use 15 Hours Residential Appraiser Site Valuation and Cost Approach 15 Hours Residential Sales Comparison and Income Approaches 30 Hours Residential Report Writing and Case Studies 15 Hours Licensed Residential Education Requirements 162 Total Hours Certified Residential Basic Appraisal Principles 30 Hours Basic Appraisal Procedures 30 Hours 15-Hour national USPAP Course or its Equivalent 15 Hours Appraiser and Trainee Course 4 Hours Residential Market Analysis and Highest and Best Use 15 Hours Residential Appraiser Site Valuation and Cost Approach 15 Hours Residential Sales Comparison and Income Approaches 30 Hours Residential Report Writing and Case Studies 15 Hours Statistics, Modeling and Finance 15 Hours Advanced Residential Applications and Case Studies 15 Hours Valuation Bias and Fair Housing Laws and Regulations 8 Hours Appraisal Subject Matter Electives (May include hours over the minimum shown in other modules) 12 Hours Certified Residential Education Requirements 204 Total Hours Certified General* Basic Appraisal Principles 30 Hours Basic Appraisal Procedures 30 Hours 15-Hour national USPAP Course or its Equivalent 15 Hours Appraiser and Trainee Course 4 Hours *General Appraiser Market Analysis and Highest and Best Use 30 Hours Statistics, Modeling and Finance 15 Hours *General Sales Comparison and Income Approaches 30 Hours *General Appraiser Site Valuation and Cost Approach 30 Hours General Appraiser Income Approach 60 Hours *General Appraiser Report Writing and Case Studies 30 Hours Valuation Bias and Fair Housing Laws and Regulations 8 Hours Appraisal Subject Matter Electives (May include hours over the minimum shown in other modules) 22 Hours Certified General Education Requirements *The four Certified General courses identified with an asterisk * may substitute for the equivalent four Licensed Appraiser or Certified Residential courses when a candidate provides proof of completion of these courses when applying for a Licensed or Certified Residential appraisal credential. 304 Total Hours TABLE 5 Continuing Education Topics (Division Certification Required) (1) Ad valorem taxation (2) Arbitration, dispute resolution (3) Courses related to the practice of real estate appraisal or Consulting (4) Development cost estimating (5) Ethics and standards of professional practice, USPAP (6) Valuation bias and fair housing laws and regulations (7) Land use planning, zoning (8) Management, leasing, timesharing (9) Property development, partial interests (10) Real estate law, easements, and legal interests (11) Real estate litigation, damages, condemnation (12) Real estate financing and investment (13) Real estate appraisal-related computer applications (14) Real estate securities and syndication (15) Developing opinions of real property value in appraisals that also include personal property or business value (16) Seller concessions and impact on value (17) Energy efficient items and "green building" appraisals