HOME    SEARCH    ABOUT US    CONTACT US    HELP   
           
Prev Next

24.207.509    QUALIFYING EXPERIENCE

(1) Acceptable appraisal experience must be for an unrelated client or where the applicant has no financial interest in the property.

(2) All applicants claiming experience shall have made a substantial contribution in arriving at a value conclusion as evidenced by the applicant's signature on the experience log and the applicant's name identified within the signed certification as required by the USPAP. To claim qualifying experience, the applicant's contribution must be identified within the certification and scope of work. The experience log must demonstrate progressive participation in the appraisal process.

(3) All evidence of experience must be supported by a work file or written report and made available to the board for review.

(4) The experience log claimed by an applicant shall be on forms prescribed by the board which shall include:

(a) type of property;

(b) date of report;

(c) address of appraised property;

(d) description of work performed by the trainee/applicant and signature and license number of the trainee;

(e) number of actual work hours claimed by the trainee/applicant on the assignment in accordance with (8), (9), and (10); and

(f) scope of the review and the signature and certification number of the mentor. 

(5) All experience submitted to the board must be done in conformance with the USPAP as promulgated by the Appraisal Foundation that is current at the time the appraisal experience is completed.

(6) Qualifying experience must be obtained within five years prior to application date, unless otherwise previously approved by the board.

(7) Timber and mineral valuations shall not qualify as real estate appraisal experience, unless performed in conjunction with a real estate appraisal assignment involving real property.

(8) The board will use the following maximum hourly credit as a guide toward the crediting of experience hours:

(a) single unit residential (one unit dwelling)

(i) appraisal report 12

(ii) restricted appraisal report 12

(b) multiunit residential (two to four units)

(i) appraisal report 20

(ii) restricted appraisal report 20

(c) residential vacant land less than ten acres

(i) appraisal report 8

(ii) restricted appraisal report 8

(d) individual residential subdivision sites (per site) (not to exceed 20 hours - two sites per subdivision) 

(i) appraisal report 5

(ii) restricted appraisal report 5

(e) land (undeveloped nonresidential tracts, residential multifamily sites, commercial sites, industrial sites, land in transition, etc.)

(i) appraisal report 25

(ii) restricted appraisal report 25

(f) rural, agricultural, or residential ten to 160 acres

(i) appraisal report 25

(ii) restricted appraisal report 25

(g) rural, agricultural, or residential 161 to 2000 acres

(i) appraisal report 30

(ii) restricted appraisal report 30

(h) agricultural in excess of 2000 acres

(i) appraisal report 40

(ii) restricted appraisal report 40

(i) rural, agricultural, or residential 160 to 1000 acres with improvements

(i) appraisal report 50

(ii) restricted appraisal report 50

(j) rural, agricultural, or residential over 1000 acres with improvements

(i) appraisal report 60

(ii) restricted appraisal report 60

(k) residential multifamily (5-12 units) (apartments, condominiums, townhouses, mobile home parks, etc.)

(i) appraisal report 35

(ii) restricted appraisal report 35

(l) residential multifamily (13+ units) (apartments, condominiums, townhouses, mobile home parks, etc.)

(i) appraisal report 60

(ii) restricted appraisal report 60

(m) commercial single tenant (office building, retail store, restaurant, service station, bank, day care center, etc.)

(i) appraisal report 40

(ii) restricted appraisal report 40

(n) commercial multitenant (office building, shopping center, hotel, etc.)

(i) appraisal report 60

(ii) restricted appraisal report 60

(o) industrial (warehouse, manufacturing plant, etc.)

(i) appraisal report 70

(ii) restricted appraisal report 70

(p) institutional (nursing home, hospital, school, church, government building, etc.)

(i) appraisal report 70

(ii) restricted appraisal report 70

(9) Appraisal review reports that do not contain the reviewer's opinion of value will be allowed a maximum one-third of the allotted time found in (8).

(10) The board may provide a variance from the hourly standards provided in (8) and (9). To be considered for such a variance, an applicant must submit a written request for a variance supported by documentation, which demonstrates the need for additional credit hours.

History: 37-1-131, 37-54-105, 37-54-303, MCA; IMP, 37-1-131, 37-54-105, 37-54-202, 37-54-303, MCA; NEW, 1997 MAR p. 308, Eff. 2/11/97; AMD, 2000 MAR p. 3521, Eff. 12/22/00; TRANS, from Commerce, 2001 MAR p. 1331; AMD, 2002 MAR p. 911, Eff. 3/29/02; AMD, 2003 MAR p. 110, Eff. 1/31/03; AMD, 2006 MAR p. 919, Eff. 3/24/06; AMD, 2007 MAR p. 472, Eff. 4/13/07; AMD, 2008 MAR p. 2272, Eff. 10/24/08; AMD, 2011 MAR p. 577, Eff. 4/15/11; AMD, 2014 MAR p. 3064, Eff. 12/25/14; AMD, 2016 MAR p. 217, Eff. 2/6/16.

Home  |   Search  |   About Us  |   Contact Us  |   Help  |   Disclaimer  |   Privacy & Security