How to Get a New Mexico Real Estate Appraiser License

The New Mexico Real Estate Appraisers Board has identified three levels of real property appraisal classification:

• Apprentice Appraiser
• Licensed Appraiser
• Certified Appraiser

Current New Mexico Real Estate Appraiser License Requirements

The New Mexico Real Estate Appraisers Board has established the minimum educational requirements for an appraisal license. The minimum educational requirements include the following:

Apprentice Appraiser

A holder of an apprentice 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 apprentice 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. Apprentices are not qualified to perform under FIRREA, Title XI. Applicants for apprentice real estate appraisers in the state of New Mexico must:

• be a legal resident of the United States;
• have reached the age of majority;
• prove successful completion of real estate appraisal education of at least 75 board-approved classroom hours; real estate appraisal education programs completed for credit toward this requirement shall include coverage of the following topics, with emphasis on ethics, and basic appraisal principles and procedures in: basic appraisal principles - 30 hours; basic appraisal procedures - 30 hours; and the 15-hour national USPAP course or its equivalent;
• courses taken in satisfying the qualifying education requirements shall not be repetitive in nature; each course credited toward the required number of qualifying education hours shall represent a progression in which the appraiser's knowledge is increased and none may be taken on-line;
• demonstrate to the board that he/she is honest, trustworthy and competent;
• successful completion of a written examination on the New Mexico Real Estate Appraisers Act, administered by the board;
• pay the fees set out in 16.62.12.8 NMAC;
• submit a duly made application to the board office.

A holder of a license may appraise complex residential or nonresidential real estate provided such appraisals are not described or referred to as meeting the requirements of FIRREA. The holder of a license may not assume or use any title, designation or abbreviation likely to create the impression of certification.

For federally related transactions, the licensed real estate appraiser classification applies to the appraisal of non-complex one to four residential units having a transaction value less than $1,000,000 and complex one to four residential units having a transaction value less than $250,000.

Complex one-to four-family residential property appraisal means one in which the property to be appraised, the form of ownership, or the market conditions are atypical. For non-federally related transaction appraisals, transaction value shall mean market value.

All licensed real estate appraisers must comply with the competency rule of the national uniform standards of professional appraisal practice (USPAP).

Applicants for licensure in the state of New Mexico must:

1. be a legal resident of the United States;
2. have reached the age of majority;
3. prove successful completion prior to November 15, 2007, of 90 classroom hours of board approved real estate appraisal education; real estate appraisal education programs completed for credit toward this requirement shall include coverage of the following topics, with emphasis on ethics, and basic appraisal principle and procedures in: basic principles - 30 hours; basic appraisal procedures - 30 hours; the 15-hour national uniform standards of professional appraisal practice (USPAP) course or its equivalent; and a minimum of 15 hours from one or more of the following:
   1. residential market analysis and highest and best use;
   2. residential appraiser site valuation and cost approach;
   3. residential sales comparison and income approaches;
   4. residential report writing and case studies;
4. submit application for acceptance of appraisal courses no later than November 15, 2007; education courses which do not meet the appraiser qualifications board (AQB) criteria effective January 1, 2008 cannot be carried forward after December 31, 2007;
5. prove (effective January 1, 2008 and thereafter an applicant for licensure, not completing their education requirement prior to December 31, 2007) successful completion of real estate appraisal education of at least 150 board-approved classroom hours as outlined in the required core curriculum of the appraiser qualifications board (AQB); real estate appraisal education programs completed for credit toward this requirement shall include coverage of the following modules (no more than 50% of the courses from courses d. through g. may be from courses offered over the internet or distance learning modalities):
   1. basic appraisal principles 30 hours
   2. basic appraisal procedures 30 hours
   3. the 15 hour national USPAP course and examination 15 hours
   4. residential market analysis and highest and best use 15 hours
   5. residential appraiser site valuation and cost approach 15 hours
   6. residential sales comparison and income approaches 30 hours
   7. residential report writing and case studies 15 hours
6. successfully complete the appraiser qualifications board (AQB) approved licensed real estate appraiser examination; there is no alternative to successful completion of the examination; successful completion of the examination is valid for a period of 24 months, and the applicant must meet the requisite experience requirement within 24 months;
7. courses taken in satisfying the qualifying education requirements shall not be repetitive in nature; each course credited toward the required number of qualifying education hours shall represent a progression in which the appraiser's knowledge is increased;
8. demonstrate to the board that he/she is honest, trustworthy and competent;
9. successfully complete a written examination on the New Mexico Real Estate Appraisers Act, administered by the board;
10. pay the fee set out in 16.62.12.8 NMAC;
11. meet the minimum criteria for state licensure issued by the appraisers qualifications board of the appraisal foundation;
12. submit a duly made application to the board office.

New Mexico Appraisal Regulatory Agency

Recent Changes to Real Property Appraiser Qualifications

Beginning January 1, 2015, the AQB has made significant changes to appraisal qualifications. Some states may choose to implement the changes sooner, so be sure to check with your state regulator.

Several important changes are outlined below, with complete details available on this AQB publication:

Upcoming Changes to Real Property Appraiser Qualifications

Important Change: Increased College Degree Requirements

Implications: After January 1, 2015, you must hold a bachelor's degree to obtain the Certified Residential license level or beyond. If you achieve this license level prior to January 1, 2015, you will be grandfathered in under the old regulations.