Appraisal Qualifications Board Adopts Proposal to Address Appraiser Shortage

The Appraisal Qualifications Board announced today that it will adopt a proposal to change the qualification criteria for real property appraisers. ABA — which has long raised concerns about the shortage of appraisers, particularly in rural areas — supported the proposal, noting in previous comments that it “presents workable solutions that will keep the industry viable with improved residential licensing criteria, while maintaining high certification standards.”

Effective May 1, the AQB will reduce the college-level education degree requirements for licensed residential and certified residential appraisers, create an alternative track for licensed residential appraisers to become certified without obtaining a bachelor’s degree and reduce the number of field hours needed to obtain certification from 2,000 to 1,000 for licensed appraisers and 2,500 to 1,500 for certified appraisers. ABA believes that these changes are an important step toward encouraging new entrants into the profession and addressing the appraisal issues currently facing the industry. For more information, contact ABA’s Sharon Whitaker.