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Month: February, 2018

The Appraisal Foundation Press Release - AQB Adopts 4th Exposure Draft

Thursday, February 1, 2018

AQB Adopts Sections 1, 2, and 4 with an implementation date of May 1, 2018

Click on link for the complete exposure draft document.

AQB Fourth Exposure Draft RPAQC FINAL.pdf

 

National Board Adopts Revised Criteria for

Real Property Appraiser Qualifications

 

FOR IMMEDIATE RELEASE

February 1, 2018 

 

Contact:

Paula Douglas Seidel

paula@appraisalfoundation.org, 202.624.3048

 

Washington, DC -- The Appraiser Qualifications Board (AQB) of The Appraisal Foundation (Foundation) adopted revisions to the Real Property Appraiser Qualification Criteria (Criteria). These changes will provide additional methods for entry into the real property appraisal profession in the United States. The Criteria will become effective on May 1, 2018.

 

Today’s changes were the result of a nearly three-year process of deliberations, which included the issuance of a discussion draft, concept paper, and four exposure drafts. The proposed changes were publicly vetted at a formal hearing, focus group session, and at several public board meetings. The proposed changes generated over 1,300 comment letters. 

 

Today’s changes include a number of options for entry into the residential appraisal profession. Additionally, the number of experience hours and timeframe for obtaining that experience have been modified.

 

In the coming months, the AQB will further develop a concept that was outlined in previous exposure drafts: Practical Applications of Real Estate Appraisal (PAREA). PAREA will provide an alternative method for appraisers to gain experience towards obtaining a real property appraiser credential by performing USPAP-compliant appraisals on real properties as well as virtual properties via emerging classroom technology. 

 

Mark Lewis, Chair of the Appraiser Qualifications Board, said of today’s action, “The importance of qualified appraisers performing solid valuations on residential and non-residential real property cannot be understated.” He continued, saying, “The Real Property Appraiser Qualification Criteria is a living document that needs to fully reflect ongoing changes in the marketplace. These changes were adopted with the ultimate goal of protecting the public trust.” 

 

The Foundation will work closely with state appraiser regulatory agencies to implement the new Criteria by the effective date of May 1, 2018. Visit The Appraisal Foundation’s website at www.appraisalfoundation.org for more information on these exciting new changes. 

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