The Commission shall adopt regulations that prescribe the standards for education and experience required for the issuance of a certificate or license. Until the Commission adopts those regulations, the standards are as follows:

1.  An applicant for a license as a residential appraiser must furnish proof satisfactory to the Commission that the applicant has successfully completed:

(a) Not less than 90 hours of academic instruction in subjects related to appraisals taught in courses approved by the Commission; and

(b) At least 2 years of experience working full-time as an appraiser or intern.

2.  An applicant for a certificate as a residential appraiser must furnish proof satisfactory to the Commission that the applicant has successfully completed:

(a) Not less than 120 hours of academic instruction in subjects related to appraisal taught in courses approved by the Commission; and

(b) At least 2 years of experience working full-time as an appraiser or intern, including not less than 500 hours of experience relating to complex property.

3.  An applicant for a certificate as a general appraiser must furnish proof satisfactory to the Commission that the applicant has successfully completed:

(a) Not less than 180 hours of academic instruction in subjects related to appraisals taught in courses approved by the Commission; and

(b) At least 3 years of experience working full-time as an appraiser or intern. As used in this section, an ‘hour of academic instruction’ means at least 50 minutes of actual time spent receiving instruction.