brevity in this course, we will refer to this law as the

Chapter 7 OK Jurisdictional Requirements for Supervisory Appraiser and Trainee Appraiser Flashcards The Licensing LawThe law that created licensing and certification for appraisers in Oklahoma is known as the Oklahoma Certified Real Estate Appraisers Act. For the sake of brevity in this course, we will refer to this law as the Appraiser Certification Act. In a previous chapter, we stated that the federal FIRREA legislation required each state to set up a program for licensure and certification of real estate appraisers. The Oklahoma Appraiser Certification Act, which was passed in 1990, created the Real Estate Appraiser Board ("the Board") within the Oklahoma Insurance Department.The Oklahoma Certified Real Estate Appraisers Act is over 25 years old now, and has been amended several times since its original passage. Only the state legislature has the power to make or amend state laws.The Appraiser Certification Act can be found in the Oklahoma Statutes, 59 O.S. Sections 858-700 through 858-732.A PDF version of the text of the Appraiser Certification Act is available on the Oklahoma Appraisal Board's website at

http://www.ok.gov/oid/documents/Statute%20eff%2012110

1.pdf We will cover relevant provisions of the Act in this chapter.Passing the ExamExams are scored upon completion and applicants will receive their results immediately after completion.Applicants who pass the exam will receive proof of successful completion of the exam from PSI. The applicant will then forward this information to the Department, along with the required fee, and a new certification will be issued. Certifications are valid for three years after issuance.Applicants who fail the exam will need to contact PSI to reschedule another exam attempt. The cost for a re-take is $150.An examination is not required for licensure as a Trainee Appraiser.Areas of Knowledge Required for Certification An applicant for a state licensed, state certified residential, or state certified general appraiser must demonstrate, through an examination, that they possess the

following:Knowledge of technical terms related to

appraising, report writing, and economic conceptsUnderstanding of land economics, appraisal processes, and problems likely to be encountered when

appraisingUnderstanding of the standards of development and communication for real estate appraisalsKnowledge of theories of depreciation, cost estimating, capitalization methods, and mathematics of real estate appraisalKnowledge of other principles and procedures that may be appropriate for the classification being applied forBasic understanding of real estate lawUnderstanding the types of misconduct for which disciplinary proceeding may be initiated against an appraiser in OklahomaThe above requirements do not apply to Trainee Appraisers, as they are not required to pass an examination prior to becoming certified as a Trainee.Experience Requirements for Certified Residential Appraiser The Board's regulations also state that the experience requirements for the Certified Residential Appraiser credential are consistent with the AQB Criteria.This means that an applicant for a Certified Residential Appraiser credential in Oklahoma must demonstrate completion of 1,500 hours of appraisal experience over a period of not

less than 12 months.The requirements of the AQB also require that all experience claimed must be in conformance with USPAP and completed after January 30, 1989.Qualifications for Licensed Appraiser Credential The Board's regulations set forth the education and experience requirements for the State Licensed Appraiser credential. The education and experience requirements must be completed before the individual may apply to sit for

the examination.According to the Board's regulations, an applicant for a Licensed Appraiser credential must satisfy the requirements set forth by the Appraiser Qualification Criteria promulgated by the AQB.This means an applicant must complete 150 hours of qualifying education based on

the AQB's Required Core Curriculum, as follows:Basic

Appraisal Principles (30 hours)Basic Appraisal Procedures (30 hours)15-Hour National USPAP Course or equivalent (15 hours)Residential Market Analysis & Highest and Best Use (15 hours)Residential Appraiser Site Valuation & Cost Approach (15 hours)Residential Sales Comparison and Income Approaches (30 hours)Residential Report Writing and Case Studies (15 hours)Effective May 1, 2018, an applicant for a Licensed Appraiser credential does not need to complete any college-level coursework.Supervisory Appraiser ResponsibilitiesThe Supervisory Appraiser must:Notify the Board in writing immediately when supervision of a Trainee Appraiser has been terminated by the Supervisory Appraiser or Trainee