The purpose of the amendment is a substantial rewording of the rule language.

 

DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION

Florida Real Estate Appraisal Board

RULE NO.:RULE TITLE:

61J1-10.003Certified Residential Appraiser

PURPOSE AND EFFECT: The purpose of the amendment is a substantial rewording of the rule language.

SUMMARY: Substantial rewording.

SUMMARY OF STATEMENT OF ESTIMATED REGULATORY COSTS AND LEGISLATIVE RATIFICATION:

The Agency has determined that this will not have an adverse impact on small business or likely increase directly or indirectly regulatory costs in excess of $200,000 in the aggregate within one year after the implementation of the rule. A SERC has not been prepared by the Agency.

The Agency has determined that the proposed rule is not expected to require legislative ratification based on the statement of estimated regulatory costs or if no SERC is required, the information expressly relied upon and described herein: During discussion of the economic impact of this rule at its meeting, the Board, based upon the expertise and experience of its members, determined that a Statement of Estimated Regulatory Costs (SERC) was not necessary and that the rule will not require ratification by the Legislature. No person or interested party submitted additional information regarding the economic impact at that time.

Any person who wishes to provide information regarding a statement of estimated regulatory costs, or provide a proposal for a lower cost regulatory alternative must do so in writing within 21 days of this notice.

RULEMAKING AUTHORITY: 475.614, FS.

LAW IMPLEMENTED: 475.613(2), 475.617(2), FS.

IF REQUESTED WITHIN 21 DAYS OF THE DATE OF THIS NOTICE, A HEARING WILL BE SCHEDULED AND ANNOUNCED IN THE FAR.

THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE IS: Allison McDonald, Executive Director, Florida Real Estate Appraisal Board, 400 West Robinson Street, #N801, Orlando, FL 32801.

 

THE FULL TEXT OF THE PROPOSED RULE IS:

 

Substantial rewording of Rule 61J1-10.003 follows.  See Florida Administrative Code for present text.

 

61J1-10.003 Certified Residential Appraiser.

An applicant for certification as a residential real estate appraiser must present evidence satisfactory to the Board that the applicant meets the following minimum education, experience, and examination requirements:

(1) Satisfactory completion of at least 200 classroom hours in approved academic courses in subjects related to real estate appraisal, including the following required core curriculum that are prerequisites to taking the AQB-approved examination in subsection (3) of this rule:

(a) Basic appraisal principles (30 hours);

(b) Basic appraisal procedures (30 hours);

(c) The 15-hour National USPAP course, or its equivalent, taught by an AQB-certified USPAP instructor;

(d) Residential Market Analysis and Highest and Best Use (15 hours);

(e) Residential Appraiser Site Valuation and Cost Approach (15 hours);

(f) Residential Sales Comparison and Income Approaches (30 hours);

(g) Residential Report Writing and Case Studies (15 hours);

(h) Statistics, Modeling and Finance (15 hours);

(i) Advanced Residential Applications and Case Studies (15 hours); and

(j) Appraisal Subject Matter Electives (20 hours) which shall include the Florida laws and rules and the Roles and Responsibilities of Supervisors and Trainees.

(2) Applicants for the Certified Residential credential must also satisfy at least one of the following five options:

(a) Bachelor’s degree in any field of study from an accredited college or university

(b) An Associate’s degree, or higher, from an accredited college, junior college, community college, or university in a field of study related to:

1. Business Administration;

2. Accounting;

3. Finance;

4. Economics;

5. Real Estate.

(c) Successful completion of at least 30 semester credit hours of college-level courses including all of the following collegiate subject matter courses from an accredited college, junior college, community college, or university:

1. English Composition (3 semester hours);

2. Microeconomics (3 semester hours);

3. Macroeconomics (3 semester hours);

4. Finance (3 semester hours);

5. Algebra, Geometry, or higher mathematics (3 semester hours);

6. Statistics (3 semester hours);

7. Computer Science (3 semester hours);

8. Business or Real Estate Law (3 semester hours); and

9. Two elective courses in the following topics:

a. accounting (3 semester hours);

b. geography (3 semester hours);

c. agricultural economics (3 semester hours);

d. business management (3 semester hours);

e. real estate (3 semester hours).

(d) Successful completion of at least 30 semester hours of College Level Examination Program (CLEP) examinations from each of the following subject matter areas:

1. College Algebra (3 semester hours);

2. College Composition (6 semester hours);

3. College Composition Modular (3 semester hours);

4. College Mathematics (6 semester hours);

5. Principles of Macroeconomics (3 semester hours);

6. Principles of Microeconomics (3 semester hours);

7. Introductory Business Law (3 semester hours); and

8. Information Systems (3 semester hours).

(e) Any combination from section 1(c) and 1(d) above that ensures that all the courses listed in 1(c) have been completed.

(3) As an alternative to the requirements in section (2) above, licensees who have held the Licensed Residential credential for a minimum of five (5) years may qualify for a Certified Residential credential by satisfying all of the following:

(a) No record of any adverse, final, non-appealable disciplinary action affecting the Licensed Residential appraiser’s legal eligibility to engage in appraisal practice within the five (5) years immediately preceding the date of application for a Certified Residential appraiser credential;

(b) Successful completion of the additional required qualifying education as follows:

1. Statistics, Modeling and Finance (15 hours);

2. Advanced Residential Applications and Case Studies (15 hours);

3. Appraisal Subject Matter Electives (20 hours);

(c) Successful completion of the required experience requirements as stated in section (4) below;

(d) Successful completion of the examination as stated in paragraph (5) below.

(4) Experience requirements. At least 1500 hours as set forth in Rule 61J1-6.001, F.A.C.

(5) Examination. Successful completion of the AQB-approved Certified Residential Real Property Examination and the Florida laws and rules examination.

RulemakingSpecific Authority 475.614 FS. Law Implemented 475.613, 475.615, 475.617 FS. History–New 12-27-07, Amended 3-31-09, 7.17-11, 9-8-14,                                 .

 

NAME OF PERSON ORIGINATING PROPOSED RULE: Florida Real Estate Appraisal Board

NAME OF AGENCY HEAD WHO APPROVED THE PROPOSED RULE: Florida Real Estate Appraisal Board

DATE PROPOSED RULE APPROVED BY AGENCY HEAD: February 4, 2019

DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: June 18, 2018