CHICAGO CHAPTER of the APPRAISAL INSTITUTE

Before choosing the Appraisal Institute education package most appropriate for your needs, please read the important notes below:

1. As of January 1, 2008, new course requirements for appraiser Licensing/Certification become effective.

2. The Appraiser Qualifications Board set new minimum education criteria to become effective in all states by January 1, 2008.

· The requirements for education, experience, and college-level work will change.

· The required number of classroom hours in appraisal education has increased significantly.

· The minimum classroom hours of coverage requirements for specific topic areas, known as modules, has changed.

3. If you are entering the profession or upgrading your license, and anticipate that you will not be able to complete your education prior to January 1, 2008, you will fall under the new education criteria.

4. Please note: These are minimum criteria; states have the option requiring more hours than Listed below.

5. State regulators can choose one of two options to implement qualifying education changes: Firm Date Scenario or Segmented Scenario.

6. Be sure to contact your state regulatory agency for details.
Current & Future Required Minimum Appraisal Education Hours

	Appraiser Trainee	Certified Residential	Certified General
Current
Classroom	75	120	180
Experience	0	2,500 hours in no fewer than 24 months	30 months + 3,000 hours in no fewer than 30 months
Effective 1/01/08
Classroom	75	200	300
Experience	No Change	No Change	No Change

College Requirements for 1/1/08

	Appraiser Trainee	Certified Residential	Certified General
1/1/08	None	Associate degree or higher. In lieu of the required degree, 21 semester credit hours covering the following subject matter courses: English Composition; Principles of Economics; Finance; Algebra, Geometry or higher mathematics; Statistics; Intro to Computers – Word processing/spreadsheets; Business or Real Estate Law.	Bachelors degree or higher. In lieu of the required degree, 30 semester credit hours covering the following subject matter courses: English Composition; Micro Economics; Macro Economics; Finance; Algebra, Geometry or higher mathematics; Statistics; Intro to Computers – Word processing/spreadsheets; Business or Real Estate Law; and 2 electives in accounting, geography, ag-econmics, business management or real estate.

The Appraisal Institute will meet all of your education needs now and in 2008!

Over a three-year period, the Appraisal Institute is rolling out an entirely new curriculum, which is based on the new AQB criteria. Some courses are already available and others will be introduced during 2006 and 2007.

Appraiser Trainee

If you want to become an appraiser trainee you need to take:

Appraiser Trainee

Available Now

(Meets current & future 75-hour education criteria)

Basic Appraisal Principles	30
Basic Appraisal Procedures	30
National Uniform Standards of Professional Appraisal Practice (USPAP) Course, 15 - Hour	15
	75

Certified Residential Appraiser

Before 1/01/08: If you are seeking to obtain your Certified Residential Appraiser Classification by December 31, 2007, you may take courses in the following:

Certified Residential Appraiser

(Meets current 120-hour education criteria)

Basic Appraisal Principles	30
Basic Appraisal Procedures	30
National Uniform Standards of Professional Appraisal Practice (USPAP) 15 – hour	15
Residential Sales Comparison & Income Approaches*	30
Residential Report Writing and Case Study	15
	120

*Residential Sales Comparison & Income Approaches available after May 2006

As of 1/01/08: If you are planning to obtain your Certified Residential Appraiser Classification after December 31, 2007, you may take courses in the following:

Certified Residential Appraiser

(Meets future 200-hour education criteria)

Basic Appraisal Principles	30
Basic Appraisal Procedures	30
National Uniform Standards of Professional Practice (USPAP) Course, 15-hour	15
Residential Market Analysis and Highest & Best Use	15
Residential Site Valuation & Cost Approach	15
Residential Sales Comparison & Income Approaches	30
Real Estate Finance, Statistics and Valuation Modeling	15
Residential Report Writing and Case Studies	15
Advanced Residential Applications and Case Studies	15
Advanced Residential Report Writing (elective)	30
	210

Certified General Appraiser

Before 1/01/08: If you are seeking to obtain your Certified General Appraiser Classification by December 31, 2007, you may take courses in the following:

Certified General Appraiser

Available Now

(Meets current 180-hour education criteria)

Basic Appraisal Principles	30
Basic Appraisal Procedures	30
National Uniform Standards of Professional Appraisal Practice (USPAP) Course, 15-hour	15
Basic Income Capitalization	39
General Applications or Any advanced level course^ (elective)	40
Residential Case Study* or Residential Sales Comparison & Income Approaches**	39* or 30**
Non – Residential Report Writing	15
	208* or 199**

*Residential Case Study no longer available after February 2006

** Residential Sales Comparison & Income Approaches available after May 2006

^You may take General Applications or any advanced level course as your elective

After 1/01/08: If you are planning to obtain your Certified General Appraiser Classification after December 31, 2007, you will need to take 300 hours of education.

Certified General Appraiser

Available Now in the Near Future

(Meets future 300-hour education criteria)

Basic Appraisal Principles	30
Basic Appraisal Procedures	30
National Uniform Standards of Professional Appraisal Practice (USPAP) 15 – Hour	15
Real Estate Finance, Statistics and Valuation Modeling	15
General Market Analysis and Highest & Best Use*	30
General Appraiser Sales Comparison Approach**	30
General Appraiser Site Valuation and Cost Approach**	30
General Appraiser Income Approach/ Part A**	30
General Appraiser Income Approach/ Part B**	30
General Appraiser Report Writing and Case Studies***	30
Electives	30
	300

* Available June 2006

**Available June 2007

***Available August 2007

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