Residential Evaluation Specialist (RES)

To qualify for the RES designation, the following qualifications and requirements must first be demonstrated to be eligible to sit for the master examination:

• The candidate must have at least three (3) years of experience in appraising residential real property.
• The candidate must have credit for the following six (6) educational courses:
  • IAAO Course 101: Fundamentals of Real Property Appraisal
  • IAAO Course 102: Income Approach to Valuation
  • IAAO Course 112: Income Approach to Valuation II
  • IAAO Course 311: Real Property Modeling Concepts
  • IAAO Course 400: Assessment Administration
  • IAAO Workshop 171 Standards of Professional Practice and Ethics
  • Residents of the United States are required to take either IAAO 151 or a Foundation-approved two-day USPAP course. Examination cannot be challenged. Residents outside the U.S. must provide proof of passage of a course covering the particular appraisal standards that govern appraisers within their jurisdiction in lieu of taking either IAAO 151 or a Foundation-approved two-day USPAP course. In the absence of a local standard, USPAP is required.
• Prior to sitting for any exam or submitting any report under this section a candidate must be enrolled and in good standing in the RES program. The candidate must have satisfactorily completed one of the following:
  • A real property demonstration narrative appraisal report, using all recognized approaches to value, on a single-family residence
  • A real property demonstration narrative appraisal report, using all recognized approaches to value, on the computer-assisted valuation of a group of residential properties
  • An eight (8) hour case study examination and IAAO Course 201.
• The candidate must pass a four (4) hour RES Master Examination. This examination can be given only after all other requirements have been met.
• Upon successfully completing the RES Master Examination, the candidate must submit an affidavit attesting to his or her experience before the designation can be conferred.
• Those applying for candidacy on or after January 1, 2015, must, prior to sitting for the RES master examination, hold an associate’s degree (or equivalent) or higher from an accredited college or university. In lieu of an associate’s degree, candidates must be a high school graduate (or equivalent) and satisfy one of the following options:
  • (1) Complete a minimum of twenty-one semester hours of specific subject area coursework or pass College-Level Examination Program (CLEP) exams equivalent from an accredited college or university with a grade of “C” or higher. Subject areas allowed are: English Composition, Economics or Finance, Geography, Algebra, Geometry, Statistics or higher mathematics, Accounting, Business Law, Real Estate Law or Valuation. Three semester hours equals ten points; 70 points are required.
  • (2) A minimum of seven years verifiable appraisal and/or assessment administration experience. One year of experience equals ten points; 70 points are required.
  • (3) Any combination of education and experience specified in section F. (1) and F. (2) that equals 70 points.

The Case Study Examination on Residential Property is a 100 question, multiple choice exam designed to test a candidate’s proficiency in and mastery of the concepts deemed necessary for a RES designee. Approximately half of the questions pertain directly to the information presented in the case study and require the candidate to apply knowledge and perform calculations; the other half are general appraisal questions.

IAAO case study examinations are an intense, in-depth experience unlike other IAAO exams. Designation candidates are expected to have a mastery of the core course material and its application to real world situations.

Preparation
To prepare for this examination, it is recommended a candidate thoroughly study the demonstration problems, exercises and associated solutions, chapter reviews, quizzes, work problems, data, and information found in the basic core curriculum courses.

An optional workshop is available to assist in studying for this examination: IAAO Workshop 850 CAE Case Study Review Workshop. Although not a substitute for studying the course materials, this workshop assists candidates in what to expect from a case study examination, including a practice exam. It WILL NOT cover any and all topics and concepts that will be covered in the exam. This workshop is offered in the classroom or the workshop materials can be purchased for self study.

Scheduling
The case study exam can be taken at a location and time that is agreeable to both you and your proctor. Approved proctors are IAAO CAE designees. You can locate designees using IAAO’s Membership Directory. If necessary, other IAAO designees or arrangements, such as exam testing facilities, can be approved upon request.

Once you have secured your proctor and agreed upon the details, you can use the Case Study Examination Application form to schedule your exam session. It is recommended that these forms, along with your payment, reach our office at least three weeks ahead of your desired exam date; two weeks is required to ensure your exam date.

The written master examination for the RES designation is specific to the subject. It is a test of competence, testing the candidate’s knowledge of the specific subject. The examination is given only after all general and specific requirements have been satisfactorily completed.

The examination may be administered by a proctor at any location and on any date; it is preferred that the proctor be a CAE designee, or a designation holder in the specialty. However, the Professional Development Committee (PDC) may authorize a non-designee to proctor the examination. Proctors cannot be related to the candidate, nor may they proctor if there is any potential conflict of interest.

An oral examination may be required at the discretion of the PDC. A candidate failing a master examination is permitted to retake it after thirty (30) days.

American Society of Appraisers
Candidates holding the Ad Valorem/Mass Appraisal – Residential designation from the American Society of Appraisers (ASA) may receive educational equivalencies for IAAO courses 101, 300 and USPAP. Candidates may also receive credit via waiver for IAAO real property demonstration appraisal report requirement by submitting said report to the Professional Development Committee.

Appraisal Institute
Candidates holding the SRA designation from the Appraisal Institute (AI) may receive educational equivalencies for IAAO courses 101, 102, 201 and USPAP. Candidates may also receive credit via waiver for the IAAO real property demonstration appraisal report requirement by submitting said report to the Professional Development Committee.

Appraisal Institute of Canada
Candidates holding the Accredited Appraiser Canadian Institute (AACI) designation from the Appraisal Institute of Canada (AIC) may receive educational equivalencies for IAAO courses 101, 102, 112, 201 and USPAP. Candidates may also receive credit via waiver(s) for comparable demonstration appraisal report(s) by submitting proof of designation and an Application for Demonstration Narrative Appraisal Report Waiver to the Professional Development Committee.

Candidates holding the Canadian Residential Appraiser (CRA) designation from the Appraisal Institute of Canada (AIC) may receive educational equivalencies for IAAO Courses 101, 102, 201 and USPAP. Candidates may also receive credit via waiver(s) for comparable demonstration appraisal report(s) by submitting proof of designation and an Application for Demonstration Narrative Appraisal Report Waiver to the Professional Development Committee.

University of British Columbia
Candidates satisfactorily completing the Certificate Program in Real Property Assessment (CPRPA) (including BUSI 444), the Diploma Program in Urban Land Economics (DULE) (Assessment Option), or the Bachelor of Business in Real Estate Degree (BBRE) from the University of British Columbia (UBC) may receive educational equivalencies for all IAAO non-standards and ethics educational courses required in the CAE and RES programs. Candidates must still complete IAAO Workshop 171 and IAAO Workshop 151 or an approved equivalent. Further, demonstration report waivers are available toward applicable requirements for those satisfactorily completing one of the previously listed programs and BUSI 398, BUSI 444, or BUSI 499. Additionally, the BBRE is recognized as satisfying the bachelor’s degree requirement for the CAE designation.