Appraisal Qualifications Board to change qualification criteria for real estate appraisers

Federal Issues Appraisal Mortgages

On February 1, the Appraisal Qualifications Board (Board) announced new real property appraiser qualification criteria. The Board is a part of the Appraisal Foundation, which is authorized by Congress to set the standards and qualifications for real estate appraisers. Effective May 1, states may choose to adopt the new criteria, which aims to increase the number of available appraisers, especially in rural areas. Specifically, the new criteria (i) reduces the college-level education degree requirements for licensed residential appraisers and certified residential appraisers; (ii) creates an options for licensed residential appraisers to become certified without a college-level education requirement; and (iii) reduces the number of field hours needed to obtain either designation.