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On January 6, 2020, the Appraiser Qualifications Board (AQB) released proposed changes to the Appraiser Qualification Criteria that would align with recent changes by the federal banking agencies allowing the use of evaluations for residential properties under $400,000 in lieu of an appraisal in federally related transactions. The proposed changes to the Criteria would allow licensed residential real property appraisers to perform appraisals of complex one-to-four residential unit properties up to $400,000. Currently the limit is $250,000 which reflects the former value used by the federal banking agencies.
Comments are due February 6, 2020.
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