The Appraisal Foundation recently announced that its Appraiser Qualifications Board (AQB) has adopted revisions to the Real Property Appraiser Qualification Criteria, which will become effective on May 1, 2018.
The board’s revisions will provide additional methods for entry into the real property appraisal profession and have also changed the number of experience hours that are necessary – as well as the timeframe for obtaining that experience.
According to the press release, the AQB will further develop a concept that was outlined in a previous exposure draft, known as “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 either real properties or virtual properties through emerging classroom technologies.
The Appraisal Foundation said that it will provide guidance to state appraiser regulatory agencies regarding the recent changes, and that these agencies may implement the new criteria on or after May 1st, but not before. It’s important to note, however, that these individual state organizations may choose to implement only some, all, or even none of the AQB’s revisions.
For more information about the AQB’s impending qualification changes, click here.
For the latest updates as they become available, visit the Appraisal Foundation’s website.
The Appraisal Foundation – appraisalfoundation.org