At its public meeting on February 1, 2018, the Appraiser Qualifications Board (AQB) of The Appraisal Foundation adopted changes to the Real Property Appraiser Qualifications Criteria, as proposed in its Fourth Exposure Draft. The effective date for these changes is May 1, 2018.
What does this mean for prospective entrants to the appraisal profession, current trainees, and current credentialed appraisers who wish to upgrade their credential? Let’s go to the highlights, with details below.
- The college coursework requirement was removed for the Licensed Residential Appraiser credential level.
- Alternatives have been created to the college degree requirement for the Certified Residential Appraiser credential.
- The number of required experience hours and the minimum time periods for the three credential levels were modified.
It is no longer an AQB requirement that an applicant for a Licensed Residential Appraiser credential must complete any college coursework.
The AQB has also created several alternatives for the bachelor’s degree requirements for applicants for a Certified Residential Appraiser credential. These would include obtaining an associate’s degree in a focused area of study (e.g., business, finance, accounting, economics, etc.), completing 30 college semester credit hours in specified topics, or successful completion of College Level Examination Program (CLEP) exams in specified topics.
Revised AQB experience hours and experience period
The AQB has revised the minimum number of experience hours and minimum experience period for the three credential levels as follows:
|Classification||Number of hours||Mimimum period|
Note that the experience hour requirement for a Certified General applicant is unchanged at 3,000 hours, and includes a minimum of 1,500 hours of non-residential appraisal experience.
Now, for the reality check. The AQB is responsible for creating minimum qualifications. States are free to adopt more stringent (i.e., higher) qualifications if they wish.
Current requirements are already higher than these requirements. This means that each state is free to take one of four courses of action:
- Adopt these revisions effective 5/1/2018.
- Adopt these revisions, with an effective date further off in the future.
- Adopt some of these revisions, but not all of them.
- Adopt none of these revisions, and leave their requirements exactly the same as they are now.
For example, all states currently require a bachelor’s degree for a Certified Residential Appraiser applicant, with no alternative. A state may decide to revise its requirements to allow alternatives to the bachelor’s degree requirement, or it may decide to retain its current requirements. That choice is up to the individual state.
You may want to contact your state appraisal regulatory agency to see what they plan to do, although they might not yet have plans at this early date. At McKissock, we will keep tabs on which states revise their requirements, and which states do not.
For more details, including the full text of the AQB’s Fourth Exposure Draft, visit The Appraisal Foundation’s website at www.appraisalfoundation.org
Article by Dan Bradley. Dan Bradley is the Director of Online Appraisal Curriculum for McKissock Learning. He has been a practicing real property appraiser since 1987, and has been instructing and authoring appraisal courses since 1992. Dan is a state certified general appraiser in Pennsylvania, holds an SRA designation from the Appraisal Institute, and is currently on the FHA appraiser roster. He also holds a CDEI (Certified Distance Education Instructor) designation from the International Distance Education Certification Center (IDECC). He earned a Bachelor of Science degree from Clarion University of Pennsylvania. From 2004 until 2013, Dan was a member of the Pennsylvania State Board of Certified Real Estate Appraisers, serving for five years as vice-chairman and three years as chairman. He has also has served as a contracted expert witness appraisal reviewer for the Pennsylvania Department of State.