On February 1, 2018, the Appraisal Qualifications Board (AQB) adopted sections 1,2, and 4 of the Fourth Exposure Draft of Proposed Changes to the Real Property Appraiser Qualification Criteria at a public AQB meeting in Washington, DC. NAR had previously submitted comments on the Fourth Exposure Draft.
Here is an overview of the adopted sections:
Section 1. Revisions to the college-level education requirements for Licensed Residential and Certified Residential.
- No longer require a Bachelor's degree for Licensed Residential
- Certified Residential requires one of the following:
- Bachelor's Degree in ANY field
- Associate's Degree in Business Administration, Accounting, Finance, Economics, or Real Estate
- Completion of 30 hours of (1) relevant coursework, or (2) College Level Examination Program (CLEP) exams (3) or some mix of both
Section 2. Alternative to Bachelor's Degree requirement for Licensed Residential to become Certified Residential
- Must have 5 years experience
- No disciplinary action within the past 5 years
- Completion of specific additional education
Section 4. Reduction of Experience Hours
- Licensed Residential: 1000 hours in 6 months
- Certified Residential: 1500 hours in 12 months
- Certified General: 3000 in 18 months
The implementation date of the changes to the Real Property Appraiser Qualification Criteria is set as May 1st, 2018.