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.
Ê As used in this section, an “hour of academic instruction” means at least 50 minutes of actual time spent receiving instruction.