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New AQB Requirements to Become an Appraiser

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This slide show will walk you through the Appraisal Qualifications Board (AQB) requirements for becoming a real estate appraiser and the newest - 2015 - changes to the requirements. For more …

This slide show will walk you through the Appraisal Qualifications Board (AQB) requirements for becoming a real estate appraiser and the newest - 2015 - changes to the requirements. For more information about becoming an appraiser and the appraiser profession, please visit howtobecomeanappraiser.com.

Published in: Real Estate, Business
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  • 1. Appraiser Requirements Changes to the rules
  • 2. AQB stands for Appraiser Qualification Board. It is an independent board of The Appraisal Foundation and charged with establishing the core minimum requirements to become an appraiser. What is the AQB?
  • 3. Requirement Changes On January 1, 2015, the requirements for becoming an appraiser will become more stringent. Much of the changes have to do with the educational requirements involved in ascending to more advanced categories of appraiser-ship. This slideshow will outline these changes by first discussing things that haven’t changed in order to attain the different appraiser levels followed by the requirements that have changed.
  • 4.  Basic Appraisal Principals – 30 hours  Basic Appraisal Procedures – 30 hours  Uniform Standards of Professional Appraisal Practice (USPAP) – 15 hours Trainee Requirements Education
  • 5. Trainee Experience and Exams Experience – There is no prerequisite experience necessary in becoming a Trainee Appraiser. Examination – There is no examination requirement for becoming a Trainee Appraiser. However, there are examinations associated with each of the Core Curriculum courses detailed above.
  • 6. Licensed Residential Real Estate Appraiser Education Requirements Residential Market Analysis and Highest and Best Use – 15 hours Residential Appraiser Site Valuation and Cost Approach – 15 hours Residential Sales Comparison and Income Approaches – 30 hours Residential Report Writing and Case Studies – 15 hours
  • 7. Licensed Residential Real Estate Appraiser Experience – 2,000 hours of experience are required for this designation. These experience hours must be completed in no fewer than 12 months. Examination – There is an examination required in order to obtain this level of license. The only way to bypass this exam is to qualify for and pass the Certified Residential Appraiser or Certified General Appraiser Exam instead.
  • 8. Licensed Residential Real Estate Appraiser 30 semester credit hours of college-level education from an accredited college, junior college, community college, or university OR an associated degree or higher in any field. •New requirement as of January 1, 2015
  • 9. Certified Residential Statistics, Modeling and Finance – 15 Hours Advanced Residential Applications and Case Studies - 15 Hours Appraisal Subject Matter Electives – 20 Hours Education Requirements
  • 10. Certified Residential Experience and Examinations Experience - 2,500 accumulated hours of experience are required for this designation. These experience hours must be completed in no fewer than 24 months. Examination - There is an examination required in order to obtain this level of license. The only way to bypass this exam is to qualify for and pass the Certified General Appraiser Exam instead.
  • 11. Certified Residential As of January 1, 2015, you will need a bachelor’s degree or higher (in any field) from an accredited college or University. Prior to this time, only 21 semester hours in specified subject areas were necessary. Collegiate Coursework
  • 12. Certified General Education Requirements General Appraiser Market Analysis and Highest and Best Use - 15 Hours General Appraiser Sales Comparison Approach - 15 Hours General Appraiser Site Valuation and Cost Approach - 15 Hours General Appraiser Income Approach – 45 Hours General Appraiser Report Writing and Case Studies - 10 Hours
  • 13. Certified General Experience - 3,000 of accumulated hours (1,500 hours in non-residential appraisal work) of experience are required for this designation. These experience hours must be completed in no fewer than 30 months. Examination - There is an examination required in order to obtain the Certified General Appraiser designation. There is no alternative to taking this exam. Experience and Examinations
  • 14. Certified General Collegiate Coursework As of January 1, 2015, you will need a bachelor’s degree or higher (in any field) from an accredited college or University. Prior to this time, only 30 semester hours in specified subject areas were necessary.
  • 15. More AQB Changes Education and experience must be completed prior to taking the AQB-approved National Uniform Licensing and Certification Examination. All candidates for a real property appraiser credential must undergo background screening. State appraiser regulatory agencies are strongly encouraged to perform background checks on existing credential holders as well. Credit towards qualifying education requirements may be obtained via the completion of a degree program in Real Estate from an accredited degree- granting college or university provided the college or university has had its curriculum reviewed and approved by the AQB. States had the option to implement the 2008 Real Property Appraiser Qualification Criteria via the “segmented approach.” This implementation option will no longer be valid effective January 1, 2015. States had the option to implement the 2008 Real Property Appraiser Qualification Criteria via the “segmented approach.” This implementation option will no longer be valid effective January 1, 2015. A written, proctored examination is required for all qualifying education distance course offerings. The term written refers to an examination that might be written on paper or administered electronically on a computer workstation or other device. Added topics on green building (qualifying and continuing education), seller concessions (qualifying and continuing education) and developing opinions of real property value in appraisals that also include personal property and/or business value (continuing education only). National Uniform Licensing and Certification Exams Background Checks College Degree Acceptance and Core Curriculum Requirements Deletion of the Segmented Approach to Criteria Implementation Restriction on Continuing Education Course Offerings Distance Education Requirements Revisions to Subtopics in Guide Note 1 (GN-1) and Continuing Education Topics
  • 16. A Word From Your Sponsor The information for this slideshow was assembled from various articles on my site and information directly from The Appraisal Foundation. If you like what you see and want to learn more about becoming a real estate appraiser, visit my site: Howtobecomeanappraiser.com for a more in- depth view of the appraisal profession. And while you are at it, leave a comment and let us know what you think or ask a question if you can’t find the answer on the site. We’d love to hear from you. Images from freedigitalphotos.net and Howtobecomeanappraiser.com

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