(a) In making its determination with respect to the courses of study required by this chapter, the Board shall give weight to courses which teach the following:
(1) Appropriate knowledge of technical terms commonly used in or related to real estate appraising and appraisal report writing and economic concepts applicable to real estate and real property;
(2) An understanding of the basic principles of land economics and the real estate appraisal process and the problems likely to be encountered in gathering, interpreting, and processing the data required in the real estate appraisal process;
(3) An understanding of the standards for the development and communication of real estate appraisals as provided in this chapter;
(4) An understanding of the ethical rules that an appraiser is required to observe;
(5) Appropriate knowledge of theories of depreciation cost estimating, methods of capitalization, and the mathematics of real estate appraisal;
(6) An understanding of basic real estate law;
(7) An understanding of the types of misconduct for which disciplinary proceedings may be initiated against an appraiser, as set forth in this chapter; and
(8) An understanding of such other matters as may confront appraisers in real estate appraisal activity.
(b) Failure to complete any of the educational requirements as provided in this chapter shall be grounds for denial of a license or certification or denial of a renewal of license or certification. No fees or portion of fees paid shall be refunded if an appraiser fails to meet the continuing education provisions of this chapter.
(c) Notwithstanding the above provisions, the Board is authorized to require additional hours of educational classes for applicants for licensure or certification or of continuing education for licensed real estate appraisers or certified real estate appraisers, in compliance with federal law.