(1) Applicants for certification as certified general real estate appraisers shall provide evidence of 180 hours of board approved instruction, 15 hours of which must cover the Uniform Standards of Professional Appraisal Practice, as promulgated by The Appraisal Foundation and at least 15 hours of which must cover report writing.

(2) In addition to the topics listed in ARM 24.207.505, applicants for general certification shall demonstrate that the education included:

(a) narrative report writing; and

(b) income approach, including the following:

(i) addressing estimation of income and expenses;

(ii) operating statement ratios;

(iii) direct capitalization;

(iv) cash flow estimates;

(v) measures of cash flow; and

(vi) discounted cash flow analysis.

(3) The education for certification as a certified general real estate appraiser shall place particular emphasis on the appraisal of nonresidential properties.

(4) Effective January 1, 2008, the core curriculum for certified general licensure is:

(a) basic appraisal principles 30 hours

(b) basic appraisal procedures 30 hours

(c) the 15-hour national USPAP course or its equivalent 15 hours

(d) general appraiser market analysis and highest and best use 30 hours

(e) statistics, modeling, and finance 15 hours

(f) general appraiser sales comparison approach 30 hours

(g) general appraiser site valuation and cost approach 30 hours

(h) general appraiser income approach 60 hours

(i) general appraiser report writing and case studies 30 hours

(j) appraisal subject matter electives 30 hours

(may include hours over minimum shown above the other modules)

(k) total certified general education requirements 300 hours

(5) To upgrade from a trainee, a licensed real estate appraiser or a certified residential real estate appraiser to a certified general real estate appraiser, an appraiser may use education obtained for licensure as a licensed real estate appraiser with the additional 90 hours being obtained from nonresidential courses.

(6) To upgrade from a certified residential real estate appraiser to a certified general real estate appraiser, an appraiser may use education obtained for licensure as a licensed real estate appraiser or residential certification with the additional 60 hours being obtained from nonresidential courses.

(7) Effective January 1, 2008, applicants for certification as a certified general real estate appraiser shall provide evidence of:

(a) 300 hours of board approved instruction, 15 of which must cover the USPAP as promulgated by The Appraisal Foundation and at least 15 hours of which must cover report writing; and

(b) 30 semester credit hours covering the subject matter courses of English composition, economics (micro or macro) , finance, algebra, geometry or higher mathematics, statistics, introduction to computers (word processing/spreadsheets) , business or real estate law and two elective courses in either accounting, geography, agricultural economics, business management, or real estate. In lieu of the required courses, a bachelors degree will qualify.