Thursday, September 7, 2017
A unique way for Appraisers to help.....
The SBA is looking for appraisers to help with the wave of disaster loans as a result of Hurricane Harvey. These are not volunteers positions, appraisers are paid. Check out the article published by the Appraisal Institute.
Wednesday, April 5, 2017
Lowering The Bar
In response to the declining numbers of appraisers nationwide, the Appraiser Qualifications Board (AQB) of the Appraisal Foundation is considering lowering the qualifying education and experience requirements for appraisers. In it's third exposure draft to the Real Property Appraiser Qualification Criteria issued in March 2017, the AQB is proposing changes that would make it easier for appraisers to upgrade their licenses. If adopted, the changes would go into effect no sooner than January 1, 2018.
In January 2015, the AQB mandated that four year college degrees be a prerequisite to obtaining either the Certified Residential or Certified General license. Additionally they required a two year college degree or 30 hours of college level education in topics relevant to appraising.
They are now proposing no college requirements for Licensed Residential Real Property Appraisers. For the Certified Residential Real Property Appraiser credential they are proposing an alternative to the four year college degree. If an applicant has held a Licensed Residential Real Property credential for at least three years and is in good standing with their respective jurisdiction, then they would only require 21 hours of college level course work. The course work will have to be in topics relevant to appraising such as algebra, economic, composition, etc. The four year degree requirement for the Certified General credential will remain.
Additionally, the experience needed to upgrade an appraisal license is also potentially being changed
Current Proposed
Licensed Residential: 2,000 hours 1,000 hours
Certified Residential: 2,500 hours 1,500 hours
Certified General: 3,000 hours 2,000 hours
This no doubt would be a relief to existing Licensed appraisers that are unable to meet the four year college degree requirement to get to the Certified Residential level. But add the reduction in experience requirements and the question becomes "is the bar being lowered too far?"
In January 2015, the AQB mandated that four year college degrees be a prerequisite to obtaining either the Certified Residential or Certified General license. Additionally they required a two year college degree or 30 hours of college level education in topics relevant to appraising.
They are now proposing no college requirements for Licensed Residential Real Property Appraisers. For the Certified Residential Real Property Appraiser credential they are proposing an alternative to the four year college degree. If an applicant has held a Licensed Residential Real Property credential for at least three years and is in good standing with their respective jurisdiction, then they would only require 21 hours of college level course work. The course work will have to be in topics relevant to appraising such as algebra, economic, composition, etc. The four year degree requirement for the Certified General credential will remain.
Additionally, the experience needed to upgrade an appraisal license is also potentially being changed
Current Proposed
Licensed Residential: 2,000 hours 1,000 hours
Certified Residential: 2,500 hours 1,500 hours
Certified General: 3,000 hours 2,000 hours
This no doubt would be a relief to existing Licensed appraisers that are unable to meet the four year college degree requirement to get to the Certified Residential level. But add the reduction in experience requirements and the question becomes "is the bar being lowered too far?"
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