This year there will be major changes to the Real Property Appraiser Qualification Criteria. Also, the Appraiser Qualifications Board (AQB) is in its Fourth Exposure Draft concerning proposed changes to the AQB’s Real Property Appraiser Qualification Criteria. How would these new criteria affect your profession as a real estate appraiser?
The Appraiser Qualifications Board (AQB) establishes the minimum education, experience and examination requirements for real property appraisers to obtain a state certification under the provisions of Title XI of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA). As needed, the AQB issues exposure drafts on proposed changes to the Real Property Appraiser Qualification Criteria and the Personal Property Appraiser Qualification Criteria.
Feedback from Stakeholders to be considered
To obtain feedback on proposed changes to the Uniform Standards of Professional Appraisal Practice or the Real Property Appraiser Qualification Criteria, the Appraisal Standards Board and Appraiser Qualifications Board issue Exposure Drafts. Exposure Drafts always have comment deadlines, and the Boards read and consider each comment received prior to making any changes.
The AQB reads and discusses each comment that they receive, so please take some time to read the exposure drafts and send your comments! AQB Fourth Exposure Draft of Proposed Changes to the Real Property Appraiser Qualification Criteria comment deadline was January 12, 2018. To review the draft and comments, click here.
NAR Comments on Real Property Appraiser Qualification Criteria
National Association of REALTORS® (NAR) consists of 1.3 million members and has a big say in the new requirements. Last, January 12, 2018, the association submitted a comment letter to the AQB in response to the Fourth Exposure Draft . According to the comment submitted, NAR agreed with the AQB’s removal of the degree requirement for Licensed Residential appraisers, the basic appraiser qualification, and to instead require completion of 150 AQB Core Curriculum credit hours. NAR also agreed with the AQB’s increased flexibility for successful completion of the education requirements for Certified Residential appraisers.
One of the major concerns of NAR however, is the AQB proposal to reduce the experience hours for appraiser classifications. This presents a possible impact on the quality of incoming appraisers. In addition, NAR asked the AQB to allow for prior work experience to count towards the education requirements.
You can view NAR’s comment at this link.
What do you think of the new Real Property Appraiser Qualification Criteria? Share your feedback with us.