II. QUALIFYING EDUCATION REQUIREMENT
A. 120 total classroom hours including 15 hours of USPAP. The remaining 105 hours includes both theory and area of specialization (minimum of 30 hours of theory). All courses must have exams. Exams can be challenged until January 1, 2004.
B. Credit toward classroom hours are granted only when the length of the course is at least 15 hours and the individual attends 90% of the class hours and successfully completes an examination pertinent to the course.
C. Qualifying education must cover all of the following topics with particular emphasis on the appraisal of personal property:

1. USPAP
2. Code of Ethics
3. The appraisal process
4. Types of appraisals
5. Types of appraisal reports
6. Uses of appraisal reports
7. Definitions of value
8. Approaches to value
9. Valuation theory and principles
10. Definitions of markets
11. Market research and analysis
12. Methods of property identification
13. Legal considerations
14. Narrative report writing

D. Course offerings may be given by:
1. Colleges or Universities
2. Community or Junior Colleges
3. Personal Property Appraisal Organizations
4. Government Entities
5. Proprietary or Non-Profit Schools

E. In the event there are not enough qualifying education courses available in the applicant's area of personal property specialization, the applicant may substitute one of the following (not to exceed 45 hours of qualifying education, nor to replace the qualifying education in appraisal theory or USPAP):

1. Successful completion of an examination in the applicant's area of specialization
2. Successful completion of a course, with an examination, in a broader area of specialization that includes the applicant's area of specialization, or
3. Successful completion of personal property specific courses, or degrees, offered by educational organizations, institutes, colleges or universities, where successful completion demonstrates competency in the applicant's area of specialization, or
4. Successful completion of other criteria, including an examination, to ensure the applicant is knowledgeable in his or her area of specialization.
5. Distance Education (any educational process based on the geographical separation of the learner and instructor - i.e., correspondence courses, video conferencing, CD ROM on-line learning, etc.) may be used for qualifying education, subject to the following:
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