A public hearing is scheduled to review standards and collect public comment on proposed changes to the standards property appraisers must adhere to when valuing real estate. The Appraisal Foundation, a Congressionally-authorized nonprofit that sets appraiser qualifications and standards, will review the real property appraiser qualification criteria during an Appraiser Qualifications Board (AQB) meeting in Minneapolis. The meeting is scheduled for 8:30 a.m., Friday, June 25, at the Westin Hotel. At the hearing, five panels of three to seven representatives from federal agencies, state regulators, users of appraisal services, appraisal educators and professional appraisal societies, will discuss issues surrounding property valuations and appraisers. The AQB periodically reviews the current real property appraiser qualification criteria to make changes when needed. With this public hearing and next round of revisions, the AQB seeks to move the appraisal industry toward greater professionalism, by updating education, qualifications and other standards, the board said. The panels will evaluate and consider a number of topics, including:
- Current college-level education requirements
- The feasibility and usefulness of required criminal background checks for appraiser candidates
- Setting minimum qualifications for supervising appraisers
- Considering the concept of requiring both education and experience prior to taking the National Uniform Licensing and Certification Examination
- Requiring the 7-Hour National Uniform Standards of Professional Appraisal Practice (USPAP) update course to be taken within a specific timeframe after release date of the new standards are implemented.
In addition to the live panels, the board issued an online survey to collect public comment. After commentary is collected, a draft of the proposed changes will be released before the end of the year. The board added any revisions made to the criteria would not likely go into effect until 2014-2015 in order to provide ample time for any legislative/regulatory changes at the state level. Write to Austin Kilgore. Want more on the valuation industry? Check out the latest edition of HW Focus.