INTRODUCTION

NOTICE

Be advised that the Arkansas Appraiser Licensing and Certification Board, pursuant to the State's Administrative Procedures Act has revised, amended, and updated a number of its rules and regulations affecting the qualifying requirements for licensing of appraisers.  One of the major revisions the Board has made to its existing rules, which became effective January 16, 2000, is a qualifying education requirement relating to the taking of the Uniform Standards of Professional Appraisal Practice fifteen hour course.

All applicants for State License, Certified Residential, and Certified General Licensure should take notice of the provisions set forth in the Rules and Regulations Section III - (b)(1), IV(b)(1), and V(b)(1), that states in part "which shall include coverage for a Uniform Standards of Professional Appraisal Practice course of not lass than fifteen hours within the previous two years prior to the initial sitting for the exam".

Appraisers in training and all applicants for upgrade should strongly consider this fact when developing and pursuing their personal appraisals education plan.  Any questions concerning the revised rule and its application should be directed to the Arkansas Appraiser Licensing Board located at 2725 Cantrell Road, Suite 202, Little Rock, AR 72201 or by phone (501) 296-1843.

THE PURPOSE OF THE EXAMINATION

The passage of the Real Estate Appraisal Reform Amendments in Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 made each state responsible for implementing licensure and/or certification programs for real estate appraisers. The licensure or certification examination you will take was developed to meet the evaluation requirement set out in the federal law and to provide a basis for assessing your knowledge of the specific skills required for appraisal licensure or certification.

WHO MUST TAKE THE EXAMINATION?

Any person wishing to practice as a licensed or certified appraiser in the state of Arkansas and perform appraisals relative to federally-related transactions must successfully pass the (1) state License, (2) residential certification or (3) the general certification examination and, within twelve (12) months of the test date, apply for licensure or certification.

APPRAISER CLASSIFICATION

A state licensed appraiser may perform appraisals of non-complex one (1) to four(4) unit residential properties having a transaction value of less than $1,000,000 or such other transaction value levels as shall be set by the Federal Financial Institutions Regulatory Agencies and of complex one(1) to four(4) unit residential properties having a transaction value of less than $250,000 or such other transaction value levels as shall be set by the Federal Financial Institutions Regulatory Agencies. In addition, a state licensed appraiser may perform appraisals in federally-related transactions of all other properties of a non-complex character with transaction values up to levels set by the Federal Financial Institutions Regulatory Agencies subject to the Competency Provisions of the Uniform Standards of Professional Appraisal Practice.

A state certified residential appraiser may perform appraisals in federally-related transactions of all properties that a state licensed appraiser may appraise and also all one(1) to four(4) unit residential properties without regard to transaction value or complexity. All appraisals and/or appraisal services performed by state certified residential appraisers shall be subject to the Competency Provisions of the Uniform Standards of Professional Appraisal Practice.

A state certified general appraiser shall have no transaction value limits or complexity restrictions on his/her appraisal practice in federally-related transactions, subject only to the Competency Provisions of the Uniform Standards of Professional Appraisal Practice.

No language in any regulation shall authorize an unqualified appraiser to appraise property that the Federal Financial Institutions Regulatory Agencies deem the appraiser unqualified to appraise or that the appraiser should not appraise without compliance with the competency provisions of the Uniform Standards of Professional Appraisal Practice.

These restrictions shall not preclude any person who is not state licensed or certified from participating in the performance of appraisals or providing of appraisal services in federally-related transactions provided that the participation is under the supervision of a state licensed appraiser, a state certified residential appraiser, or a state certified general appraiser.The intent of this provision is to allow persons to participate in the performance of appraisals or providing of appraisal services under the supervision of properly licensed or certified appraisers as employees, apprentices, trainees, sub-contractors, co-signers, research assistants, or other capacities related to the production of appraisal reports or the delivery of appraisal services without being licensed or certified.All appraisals performed or appraisal services rendered in federally-related transactions must be performed or rendered by a person or persons holding the appropriate license or certificate and all written reports shall bear the signature(s) and seal(s) of all properly licensed or certified person(s) who participated significantly in the performance of the appraisal or delivery of appraisal services.All licensed or certified appraiser signing an appraisal report or other document representing the delivery of appraisal services shall assume full joint and several responsibility and liability for the compliance of the appraisal performed or the appraisal service rendered with respect to compliance with the Uniform Standards of Professional Appraisal Practice.

Information about the eligibility requirements for each appraiser classification is contained in the Education Eligibility Requirements and Work Experience Eligibility Requirements sections of this booklet. Review these eligibility requirements carefully.You may NOT take an examination if you cannot properly document your eligibility for it.

THE PASSING SCORE

To pass your examination, you must answer 75% or more of the questions correctly.