Licensed Residential Real Property Appraiser
Your Path to Professional Licensure
What can I appraise as a Licensed Residential Real Property Appraiser?
A Licensed Residential Real Property Appraiser can appraise one to four (non-complex) residential units with a transactional value of less than $1 million, and one to four (complex) residential units with a transactional value of less than $400,000.
What steps do I need to take?
Step 1: Education requirement: at least 150 hours* of qualifying education:
- Trainee Real Property Appraiser License or appraiser trainee qualification education (at least 75* hours)
- Residential Market Analysis and Highest & Best Use (15 Hours)
- Residential Site Valuation and Cost Approach (15 Hours)
- Residential Sales Comparison and Income Approaches (30 Hours)
- Residential Report Writing and Case Studies (15 Hours)
*Check with your state to see if additional courses (or criteria) are necessary.
Step 2: Complete 1,000 hours of experience under a supervisor. Be sure to consider our PAREA alternative for gaining your experience.
Step 3: Pass the National Licensed Residential Real Property Appraiser Exam.
Step 4: Pass a background check.
Step 5: Submit your application and fees to your state board.
AI PAREA—the Appraisal Institute Practical Applications of Real Estate Appraisal program—is a standardized and convenient approach to gaining the experience you need to achieve the licensed residential (LR) appraisal credential.