Coursework from the bachelor of business administration major and master of science real estate degree programs at the Marshall Bennett Institute of Real Estate at Roosevelt University (MBIRE) has been approved by the Appraiser Qualifications Board (AQB) to satisfy most educational requirements to obtain a state license as a real property appraiser.
This groundbreaking course approval opens the appraisal industry to MBIRE’s diverse talent pool and helps reduce discrimination in valuation process.
Effective immediately and retroactive to include those who graduated from MBIRE as of and after May 2020, the approval grants credit for 285 of the required 300 hours, reducing the path to appraisal licensure by more than a year.
“This approval is a monumental step in the right direction for our students as well as the industry,” said Collete English Dixon, executive director of MBIRE. “Students will save not only hundreds of hours on the path to becoming an appraiser, but also thousands of dollars in tuition – allowing them to advance their career sooner than anticipated and with less barriers, like the additional class hours and fees. And, since we have one of the most diverse bodies of real estate students in the country, we will be supplying the valuation industry with access to a much-needed, diverse pipeline of talent.”
Property appraisers and assessors are one the least diverse segments of the real estate sector. In the Chicago area, 5% of appraisers are African American, 3% are Latino, and 1% are Asian, while 90% are white, according to the 2019 U.S. Census 5-year American Community Survey.
“The positive ripple effect of this approval cannot be understated, as having more people of color become appraisers reduces discrimination in the valuation process,” English Dixon said. “The industry is already seeking ways to improve diversity by recruiting new appraisers and educating the industry about potential bias. Our effort to seek and secure AQB approval is just one more step in that direction.”
The new initiative also gives Roosevelt University a competitive advantage as it is the only college in Illinois to receive AQB approval for its real estate courses. “We’re thrilled the AQB acknowledged the value of our undergraduate and graduate programs,” English Dixon said. “Being able to apply coursework that’s already been completed really shortens the appraisal career path for our graduates.”
An appraiser has many career options, from working for the county assessor’s office to being an appraiser in the private sector.
Previously, graduates pursuing an appraisal career had to take 300 hours of AQB-approved courses in addition to their real estate degree. The recent approval will now reduce that to just one 15-hour class – the National USPAP Course – to complete outside of coursework at Roosevelt University.
After a MBIRE graduate presented the idea to have school credit count toward the appraisal licensure education hours, Thomas Hamilton, Ph D, MAI, a full professor in the real estate department, worked with the student to create a proposal and present it to the AQB for review.
“Pursuing this initiative and getting the result we wanted proves that the Marshall Bennett Institute of Real Estate delivers what the industry needs,” said English Dixon.
In addition to the education requirement, appraisal students need to present a log of hours working on appraisal projects and pass the national exam for the certified general appraisal license.
