Posted by: JoAnn Apostol
Published: March 27, 2018
On February 1, 2018, the Appraisal Qualification Board of the Appraisal Foundation adopted new criteria for obtaining a license. This is a result of a lengthy exposure process and much consideration. The effective date of the changes is May 1, 2018, for the AQB. Once adopted by the AQB, each state has the option to adopt the criteria or retain other criteria that are more stringent.
These criteria changes may affect students who are entering the profession and already gaining experience. It depends on which state a student plans to apply for a license. Therefore, students should contact their local appraisal school or state licensing agency to determine if these changes apply to them. The major changes to the criteria relate to the degree requirements, hours of experience, and time required to obtain a license.
The following changes to the degree requirements will be taking effect on May 1.
The current degree requirements include a two-year degree or 30-semester-hour education alternative to obtain a Licensed Residential license. The new criteria eliminate this requirement; therefore, there are no college requirements for getting a Licensed Residential license.
The current degree requirements include a four-year degree or higher to obtain the Certified Residential license. The new requirements include six options, such as a four-year degree, a two-year degree in specific topics, 30 semester hours of college courses in specific course work, passing CLEP® exams, and any combination of courses and college exams. The last alternative is only available to appraisers who have held a License Residential credential for at least five years.
The criteria remain unchanged. A four-year degree is required.
The changes to the requirements for hours of experience and time are as follows.
The current requirements include 2,000 hours of experience under a certified supervisory appraiser with 50% of the hours available for practicum experience. This experience had to be completed in no less than 12 months. The new criteria reduce the number of hours to 1,000 hours of experience in no less than 6 months.
The current requirements are for 2,500 hours of experience in no less than 24 months. The AQB adopted criteria effective May 1, 2018, will be 1,500 hours in no less than 12 months.
The current requirements include 3,000 hours of experience with 1,500 hours required to be non-residential. These hours must be obtained in no less than 30 months of time. The new criteria do not change the number or type of hours, but reduces the time requirement to no less than 18 months.
If you’re a student, you will be able to obtain your licenses faster once these criteria are adopted by the states. You should plan appropriately. Signing up for the additional education needed to get your license is critical if you want to apply for a license in each state. Both the education and experience hours must be completed before you apply for the license.
There are requirements other than those summarized here, so you should review your state’s requirements. The AQB has published a summary of the changes and the complete criteria effective May 1, 2018. You should read these documents and your state’s criteria to determine if the changes will affect you and your licensing path.