The Appraiser Qualifications Board (AQB) of The Appraisal Foundation recently issued its Third Exposure Draft of Proposed Changes to the Real Property Appraiser Qualification Criteria, and is currently reviewing all the written and verbal comments it has received.
After considering all of the feedback it received from the first two exposure drafts, as well as from prior outreach efforts, the AQB addressed the following topics in its third exposure draft:
1) Degree requirement for Licensed Residential and Certified Residential credentials:
Section 1 of the document addresses the current college-level education requirements for these two classifications.
2) Practical Applications of Real Estate Appraisal (PAREA) experience requirements:
Section 2 of the document addresses the development of specific module guidelines for the Practical Applications of Real Estate Appraisal – including proposed changes to Guide Note 4 (GN-4) of the Criteria. The modules, according to the AQB, would be designed for use by colleges and universities, professional organizations, proprietary schools, and appraisal firms.
3) The experience hours required for Licensed Residential, Certified Residential, and Certified General credentials:
Section 3 of the document contains proposed revisions to the current hours and timeframes that are required for the Licensed Residential, Certified Residential, and Certified General classifications.
To view the third exposure draft in its entirety, click here.