AQB Takes First Steps in Lowering Appraiser Qualifications

As discussed in a recent article published by McKissock Learning on their blog, see the link below, the Appraisal Qualifications Board (AQB) of the Appraisal Foundation will adopted changes to the Real Property Appraiser Qualifications Criteria following its fourth exposure draft that will become effective on May 1, 2018.

The changes effectively begin, in my opinion, a breakdown of the entry barrier erected by appraisers, that restricted entry into the appraisal industry.  As noted in the McKissock article, the following are some of the changes that are being adopted together with those noted in the following table:

1. The college coursework previously required was removed for the Licensed Residential Appraiser credential level.
2. Alternatives have been created to the college degree requirement for the Certified Residential Appraiser credential. You will no longer have to have a bachelor’s degree.
3. The number of required experience hours and the minimum time periods for the three credential levels were modified.

This decrease in licensing requirements is in my opinion the first in many years and it is in keeping with the what I predicted would happen following the NAR study that noted a falling number of appraisers in the market in the future.

So, someone should ask “how many more individuals will become appraisers because of these AQB changes?"  I didn’t get an answer from the AQB because I don’t think they know. Will the number of appraisers increase or decrease? Again, we all know there will likely be more appraisers than there would have been without the changes, but no one knows how many more.  After the new rules / qualifications have been implemented the AQB and others will likely evaluate the changes and decide if there needs to be another change.

It’s my opinion that the pending changes will prove to be insufficient to bring enough new appraisers into the ranks to compensate for projected losses. If the way to solve the problem (project appraiser shortage) is lowering qualifications then there will likely be at least another round by the AQB of lowering qualification standards in the near future.

https://www.mckissock.com/blog/appraisal/aqb-adopts-changes-to-real-property-appraiser-qualification-criteria/?utm_campaign=APP18%20US%20BLOG%20ALL%20AQB%20Update&utm_medium=email&_hsenc=p2ANqtz-9D2xwV9KwabHe4ZJ0PNmJKPtuBLQ1zPULPBl8r6odIlqfdJI0mzd25rVGUb5hs_m2UFmBPqTSyyYVQXzPdPzF4j4z8yQ&_hsmi=60412518&utm_content=60412518&utm_source=hs_email&hsCtaTracking=1706e6a9-7ab7-4e99-9065-09184806c648%7C9322c87f-d2ec-4694-adfd-e385d12c9fb6

For more appraisal information contact Glenn J. Rigdon MA, MRICS, ASA is a Las Vegas / Henderson Nevada based appraiser who can be contacted via email or via his business website known as Appraiser Las Vegas  (http://www.appraiserlasvegas.com), or http://www.horizonvillageappraisal.com, or you can also click on “Contact Us” on the home page of this website or visit my public profile at LinkedIn at http://www.linkedin.com/pub/glenn-rigdon-ma-mrics-asa/1a/30b/879/

Article source: http://www.appraisalarticles.com/General-Appraisal-Articles/Appraisal-Standards/4689-AQB-Takes-First-Steps-in-Lowering-Appraiser-Licensing-Requirements.html