Tomorrow's Appraiser. AQB Sets a Higher Standard

Gary Taylor and Margo Wright

ERES from European Real Estate Society (ERES)

Abstract: The next generation of appraisers will face more rigorous training than their predecessors on the road to becoming state licensed and certified. Unchanged for over ten years, the educational requirements for entry into the profession have been due for an overhaul to address fundamental changes in the practice of appraisal such as the increased reliance on data-sharing and automated valuation models, the global economic system, and the expanded role of appraisers in the area of market analysis and risk assessment. Beginning in 2000, the Appraiser Qualifications Board (AQB) of The Appraisal Foundation in the United States asked for feedback on appraiser qualifications from a wide constituency of appraisers, bank regulators, professional appraiser associations, state licensing officials, government agencies, appraiser educators, and users of appraisal services. Public testimony was solicited from panels of these constituents in early 2001. Task forces also were formed to explore and report on specific, relevant issues. From this input, as well as a wealth of letters, e-mails, and comments to the AQB, the first exposure draft of the proposed criteria emerged in February 2002. The revised Real Property Appraiser Qualification Criteria1 proposed by the AQB increases significantly the qualifying education requirements for those seeking Licensed Residential, Certified Residential, and Certified General credentials. Implementation is slated for 2007 or four years after the adoption of the final draft. The criteria will apply to individuals seeking a new credential or changing from one credential level to another.

JEL-codes: R3 (search for similar items in EconPapers)
Date: 2004-06-01
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