To be certified as an appraiser, the applicant must demonstrate, by passing a written examination, that she or he possesses: (1) A knowledge of technical terms commonly used in real estate appraisal. (2) An understanding of the principles of land economics, real estate appraisal processes, reliable sources of appraising data, and problems likely to be encountered in the gathering, interpreting, and processing of data in carrying out appraisal disciplines. (3) An understanding of the standards for the development and communication of real estate appraisals as provided in this part. (4) An understanding of the types of misconduct for which disciplinary proceedings may be initiated against a licensed or certified appraiser, as set forth in this part. (5) Knowledge of the theories of depreciation, cost estimating, methods of capitalization, and the mathematics of real estate appraisal.
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