Errors & Omissions Insurance Coverage
Effective January 1, 2008

Effective January 1, 2008, the activities of licensed real estate appraisers, who also hold an active real estate license with Errors & Omissions coverage with Rice Insurance, will no longer be automatically covered under that policy. Contact Rice Insurance at 1-800-637-7319 to obtain information regarding coverage.

New Federal Guidelines
Effective January 1, 2008

The Louisiana Real Estate Appraisers Board has opted to go with the “Segmented Scenario” for implementing the 2008 Real Property Appraiser Qualifications Criteria.

The segmented approach allows the requirements to be broken down into three segments (or components): Education, Experience, and Examination. An applicant must meet the criteria in effect at the time he or she completes a particular component or segment. Any component completed prior to January 1, 2008 would satisfy the current criteria, while any component not completed by January 1, 2008 would have to conform to the new criteria.

For example, if an applicant completes all of the currently required 120 (Certified Residential) or 180 (Certified General) hours of qualifying education prior to January 1, 2008, he or she would be deemed to have satisfied the education segment, and would have until December 31, 2013 to obtain his or her Certified Residential or Certified General Real Estate Appraiser License.

Any component not completed by January 1, 2008, would have to conform to the new Appraiser Qualifications Board (AQB) criteria, which may be reviewed by clicking here.

2010 UPDATE - All licensees, who were grandfathered in under the above described "Segmented Scenario," must be licensed as a Certified Residential Real Estate Appraiser or a Certified General Real Estate Appraiser by January 1, 2014.