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?"


7 comments:

  1. When are they proposing that these changes will go into effect? I'm just upgrading to licensed residential, but it looks like I've already met the proposed Certified training requirement, so looks like I could move up quick. And yes, the bar is being lowered too far. The system of training could use improvement, but the standards shouldn't be lowered.

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  2. I am also in a similar situation and would love to see the hours lowered. I have been a trainee for 3.5 years now, and would have enough hours to be certified. Any info on when these changes would go through?

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  3. If the changes are adopted, they would go in effect no sooner than January 1, 2018.

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  4. Follow up. The momentum for these changes appears to have stalled. Stay tuned.

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    1. Any update on the qualification changes??

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  5. Any update on this? The licensing board is not forthcoming with any answers as to whether they will adopt the new criteria.

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    1. Hello Melanie, The North Star Chapter of the Appraisal Institute has introduced a bill that would bring Minnesota into alignment with the new, lower standards. Stay tuned!

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