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If you want to be a Tennessee real estate appraiser, you’ll apply for a license with the Department of Commerce & Insurance. Appraisal management companies need to register and get a surety bond.�Keep reading to find out how to get licensed and bonded, and to learn more about what’s new in May.
Real estate appraiser licensing
Appraisers in Tennessee are regulated by the Department’s Real Estate Appraiser Commission. They start as Registered Trainees and must work under licensed appraisers for 36 months. Trainees also must complete 75 hours of qualifying education in the five years prior to taking the licensure exam. After training is complete, appraiser applicants choose a licensing qualification based on their educational experience:
- State Licensed Appraiser
- State Certified Residential Appraiser
- State Certified General Appraiser
Each type of license allows appraisals of different types of property in varying values�certified general appraisers can appraise any property. OnMay 1, 2018, new rules for each license level’s educational experience will take effect. One notable change is that licensed residential Tennessee real estate appraisers will no longer need 30 hours of college-level education. See the complete breakdown of what kinds of education are accepted for each license qualification. Besides education, the new rule will change the required hours of experience for each license type:
- Licensed Residential Appraisers�1,000 hours in no fewer than six months
- Certified Residential Appraisers�1,500 hours in no fewer than 12 months
- Certified General Appraisers�3,000 hours in no less than 18 months; at least 1,500 hours in non-residential appraisal
Once approved to take the exam, Tennessee real estate appraiser applicants have 12 months and four chances to pass. Then they must submit their application and $555 fee to the Commission.
Appraisal management company registration and bonding
Appraisal management companies (AMCs) need to be certified if they provide appraisal services and during a twelve-month period, oversee 15 or more licensed appraisers in one state, or 25 or more licensed appraisers in two or more states. AMC registration asks for the business’s address and contact information, and asks that a controlling person is specified.
AMCs need to renew their registration every two years, and the Commission does not charge a fee. AMCs need a $20,000 surety bond at the time of registration. The bond is the company’s promise that they will uphold the provisions of the Tennessee Appraisal Management Company Registration and Regulation Act.