§ 5-20.7-10 - Experience requirement. - Rhode Island Statutes

SECTION 5-20.7-10

   § 5-20.7-10  Experience requirement. –(a) An original certification as a state certified real estate appraiser orlicensing as a state licensed appraiser shall not be issued to any person whodoes not possess the requisite experience in real property appraisal asrequired by the appraisal qualifications board of the Appraisal Foundation andsupported by adequate written reports or file memoranda. The experience must beacquired within a period of five (5) years immediately preceding the filing ofthe application for certification. The experience shall be of the type ofappraisal for which the applicant is seeking certification/licensing and shallmeet the minimum standards of the Appraisal Foundation and/or applicablefederal regulations.

   (b) Each applicant for certification and licensing shallfurnish, under oath, a detailed listing of the real estate appraisal reports orfile memoranda for each year for which experience is claimed by the applicant.For an applicant for general certification at least fifty percent (50%) of theprepared reports must demonstrate knowledge and working understanding of incomecapitalization or other nonresidential reports. Upon request, the applicantshall make available to the director or board for examination a sample ofappraisal reports, which the applicant has prepared in the course of his or herpractice.