What Is Required for a Real Estate Appraiser in New Mexico?
The New Mexico Real Estate Appraisers Board (NMREAB) issues four appraiser licenses: apprentice, licensed real estate appraiser, certified residential real estate appraiser and certified general real estate appraiser. It is illegal to practice appraisal activities without a license.
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Licensing Process
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Submit an application to the NMREAB along with the applicable fees and required documents. Have the application signed by a notary public. Take and pass the required licensing exam.
Apprentice Qualifications
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Appraisers must meet education requirements through a NMREAB-approved school. Apprentice requirements are 75 hours of appraisal education. No experience is required. Required courses are basic appraisal principles, basic appraisal procedures, and 15-hour National USPAP course.
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Licensed Real Estate Appraiser Qualifications
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This license requires 150 hours of approved education and 2,000 of real estate appraisal work experience within the last 12 months. In addition to the subjects required for apprentices, a licensed appraiser must also take courses such as residential market analysis and residential report writing.
Licensed Residential Real Estate Appraiser Qualifications
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This license requires 200 hours of approved education and 2,500 hours of appraisal work experience within the last 24 months. In addition to courses required for the previous two license levels, education includes statistics; modeling and finance; advanced residential applications and case studies; and 20 hours in appraisal electives.
Certified General Real Estate Appraiser Qualifications
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The highest license level requires 300 hours of approved education and 3,000 hours of work experience within the last 30 months. On top of coursework for the other licenses, a certified general appraiser license requires 30 hours of appraisal-related electives.
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