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Kaplan University School of Professional and Continuing Education Kaplan University School of Professional and Continuing Education

New Mexico Appraisal State Requirements

New Mexico Real Estate Appraisers Board

Toney Anaya Building
2550 Cerrillos Road, 2nd Floor
Santa Fe, New Mexico 87050
Phone: 505-476-4622
Email: nm.reab@state.nm.u
Website

Trainee Appraiser Pre Licensing Education Requirements
A. Be 18 years old
B. Be a legal resident of the  United States
C. Is not actually licensed, has a registration pursuant with ruling 16.62.28.8, “A holder of a trainee registration, but not a license or certificate, is authorized to prepare appraisals of all types of real estate or real property, provided such appraisals are not described or referred to as “state licensed” or “state certified” and provided further, the trainee appraiser does not assume or use any title, designation or abbreviation likely to create the impression that he/she is a state-licensed or state-certified real estate appraiser.”
D. Successfully complete 75 hours of education to include:

a. 30 hours Basic Appraisal Procedures
b. 30 hours Basic Appraisal Principles
c. 15 Hour National USPAP course or its equivalent

E. Comply with the competency rule of (USPAP)
F. Pass background check
G. Start an experience log to include the following information:

a. Type of property
b. Date of report
c. Address of Appraised property
d. Description of work performed by the trainee appraiser and the scope of the review and supervision of the supervisory appraiser
e. Number of actual work hours by the trainee appraiser on the assignment
f. The signature and state certification number of the supervising appraiser.

H. Declare a supervisor and meet experience requirements listed below:

a. Must work directly under Supervising Appraiser who shall be in good standing with the state for at least three years
b. Shall review all appraisal reports and supporting data used in connection with appraisals in which the services of a trainee are utilized
c. Certify that the report is in compliance with USPAP
d. Maintain an experience log jointly with the appraiser trainee to ensure the experience log is accurate, current and complies with the requirements of the trainee appraiser’s credentialing jurisdiction.
e. Sign the appraisal experience log at least every 30 days and use the title “supervising appraiser” when signing and review the hours claimed on the log and address any discrepancies.

I. To review regulations that State of New Mexico requires, please review the link below as it provides additional information http://164.64.110.134/parts/title16/16.062.0002.pdf


Licensed Residential Appraiser Education Requirements
A. Pursuant with ruling 16.62.3.8 Licensed Residential real estate appraisers may appraise complex residential or non residential real estate provided such appraisals are not described or referred to as meeting the requirements of FIREEA. Licensed Residential real estate appraisers may not assume or use any title, designation or abbreviation likely to create the impression of certification.
B. May only appraise properties that meet the following:

a. One to four residential units having a transaction value less than $1,000,000
b. Complex one to four residential units having a transaction value less than $250,000.

C. Be 18 years old
D. Be a legal resident of the United States
E. Provide proof of successful completion of 150 hours of education to include:

a. Basic Appraisal Principles- 30 hours
b. Basic Appraisal Procedures- 30 hours
c. 15 Hour National USPAP Course- 15 hours
d. Residential Market Analysis and Highest and Best Use- 15 hours
e. Residential Appraiser Site Valuation and Cost Approach- 15 hours
f. Residential Sales Comparison and Income Approaches- 30 hours
g. Residential Report Writing and Case Studies- 15 hours
h. If applicant holds a valid Trainee Appraiser certification, 75 hours can be deducted from education requirements

F. Pass background check and submit fingerprints
G. Successfully pass the AQB (appraiser qualification board) approved licensed residential real estate appraiser examination
H. Applicants must provide proof of a minimum of 1000 hours of experience obtained in no fewer than 6 months.

Certified Residential Licensed Education Requirements
A. Pursuant with ruling 16.62.4.8 a residential certificate is eligible to prepare appraisals of all residential real estate for federally related transactions or other uses. He/She may appraise nonresidential real estate provided such appraisals are not described or referred to as meeting the requirements of FIRREA. The holder of a residential certificate may not assume any title, designation or abbreviation likely to create the impression of general certification.
B.  Be 18 years old
C. Be a legal resident of the United States
D. Provide proof of successful completion of 200 hours of education to include:

a. Basic Appraisal Principles- 30 hours
b. Basic Appraisal Procedures- 30 hours
c. 15 Hour National USPAP course-15 hours
d. Residential Market Analysis and Highest and Best Use- 15 hours
e. Residential Appraiser Site Valuation and Cost Approach- 15 hours
f. Residential Sales Comparison and Income Approaches- 30 hours
g. Residential Report Writing and Case Studies- 15 hours
h. Statistics, Modeling and Finance- 15 hours
i. Advanced Residential Applications and Case Studies- 15 hours
j. Appraisal Subject Matter Electives- 20 hours

E. Provide proof of completing college-level education under the following options:

a. Option 1: Hold a bachelor’s degree or higher from an accredited college or university in any field of study
b. Option 2: Hold an associates degree in any field related to:

i. Business Administration
ii. Accounting
iii. Finance
iv. Economics
v. Real Estate
c. Option 3: Successful completion of 30 semester hours of college-level courses in each of the following specific topic areas
i. English Composition- 3 hours
ii. Microeconomics- 3 hours
iii. Macroeconomics- 3 hours
iv. Finance- 3 hours
v. Algebra, Geometry, or Higher Math- 3 hours
vi. Statistics- 3 hours
vii. Computer Science- 3 hours
viii. Business Law or Real Estate Law- 3 hours
ix. Two elective courses in any of the above topics, or in Accounting, Geography, Agricultural Economics, Business Management, or Real Estate- 3 hours each

d. To see additional options on college-level education, please review the statute.

F. Applicants must have a minimum of 1,500 hours of experience in real property appraisal obtained during no fewer than 12 months as defined in 16.62.1 NMAC
G. Pass examination and have experience requirement met within 24 months of passing exam.
H. Pass background check and submit fingerprints
I. See additional information and requirements for licensure in ruling 16.62.4


Certified General Licensed Education Requirements
A. Pursuant with statute 16.62.5.8 holders of a general certificate may prepare appraisals on all real estate and may indicate that such appraisals are state certified.
B. Be 18 years old
C. Be a legal resident of the United States
D. Submit a duly made application to the board office
E. Hold a Bachelor’s degree or higher from an accredited college or university
F. Pass background check
G. Successfully complete a written examination on the New Mexico Real Estate Appraisers Act
H. Pay applicable fees
I. Provide proof of completion of 300 hours of education to include as follows:

a. Basic Appraisal Principles- 30 hours
b. Statistics, Modeling and Finance- 15 hours
c. Basic Appraisal Procedures- 30 hours
d. 15 Hour national USPAP- 15 hours
e. General Appraiser Market Analysis and Highest and Best Use- 30 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 Report Writing and Case Studies- 30 hours
j. Appraisal Subject Matter Electives- 30 hours
k. To see which education can be reduced with holding a previous license, see rulings here: http://164.64.110.134/parts/title16/16.062.0005.pdf
J. Applicants must have a minimum of 3,000 hours of experience in real property appraisal obtained during no fewer than 18 months, of which 1,500 hours must be in non-residential appraisal work.


Appraisal Continuing Education Requirements
A. Renewal periods are every two years by April 30th
B. Pursuant to ruling 16.62.12.8 NMAC a complete renewal application, accompanied by the required fee and completion of 28 hours of education is required.
C. Required 28 hours of education must include 7 hour National USPAP course
D. To review more information about renewals or reinstatements, please review the states rulings here: http://164.64.110.134/parts/title16/16.062.0007.pdf

Exam Information
A. Pursuant with ruling 16.62.6.8  All Candidates for licensure or certification must successfully complete the appraiser qualifications board endorsed uniform state certifications/licensing examination or equivalent
B. National exams are taken through Pearson Vue where all scheduling, fees, or exam questions can be answered.
C. Advise candidates to review the Candidate Information Bulletins to ensure fully prepared on exam day.
D. Upon successful completion of exam, the state will notify candidates of the Jurisprudence exam that is required to take. Any questions can be directed to the state or found on their website here: http://www.rld.state.nm.us/boards/Real_Estate_Appraisers_Exams_and_Education_Schedule.aspx