Appraiser Qualifications Board of The Appraisal Foundation. Florida Chapter of IAAO Fall Conference October 29,2008 Rick O. Baumgardner, AQB Member. Appraiser Qualifications Board. Who Else is Involved? State Appraiser Regulatory Agencies Appraisal Standards Boards (USPAP)
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Florida Chapter of IAAO
Rick O. Baumgardner, AQB Member
Who Else is Involved?
Primary Role of the AQB
To provide minimum qualifications that should be maintained in order to ensure public trust in work of the appraisal profession.
Directive and Authority created by
Title XI of FIRREA
Financial Institutions Reform, Recovery, and
Enforcement Act of 1989
Congressional Authority of the AQB
Authority under Title XI of FIRREA:
Current AQB Members
AQB has jurisdiction to set minimum qualifications for the following mandated classifications:
The AQB also offers minimum requirements for the classifications of:
Note: At this time, the criteria specified in these two classifications are only recommendations.
Minimum requirements include the following:
Evolution of the
Real Property Appraiser Qualification Criteria
In 1991, the original AQB Criteria was adopted in and included classifications for:
Two major revisions were made in 1994:
In 2004, the AQB adopted a major revision and rewrite of the Criteria, to become effective on January 1, 2008.
2008 Criteria Changes – General Remarks
Did You Know?
The United States has the lowest qualification standards for real estate appraisers in the world?
Even with the 2008 criteria in place!
2008 Experience Changes
Sample Question (2008 Exam)
Scenario: An appraiser is asked to appraise an apartment complex consisting of 120 units broken down as follows:
The complex has historically had a vacancy and collection loss expense of 3% and operating expenses/replacement reserves of 35% of effective gross income. Assuming the vacancy rate and all expenses are forecast to remain constant in the foreseeable future:
Sample Questions (2008 Exam - continued)
1. What is the Potential Gross Income for the complex?
2. What is the Effective Gross Income for the complex?
Qualifying Education Classroom Hours
Trainee 75 75
Licensed 90 150
Certified Residential 120 200
Certified General 180 300
Qualifying Education was:
Qualifying Education in 2008:
Definition of Required Core Curriculum:
A set of appraisal subject matter areas (known as ‘modules’) which require a specified number of educational hours at each credential level.
Required Core Curriculum
30 Classroom Hours in Basic Appraisal Principles
Subtopics in Guide Note 1
Categorizing Appraisal Hours into
Required Core Curriculum
Appraisal education can be presented in different ways and in different orders.
While providers may opt to format their courses so that they are readily identifiable with Required Core Curriculum modules, this is not required.
…Education that layers or combines different modules or subject matter areas into one course (integrated methodology) is equally acceptable as qualifying education.
States approve education –
College-level education required for:
Degrees can be in any course of study.
In lieu of these degree requirements, a minimum number of college course work hours can be utilized:
Coursework for this requirement must be in specific areas of study.
Business or Real Estate LawAppraiser Qualifications Board
Required subject matter for “in lieu” courses for the Certified Residential level includes:
Required subject matter for “in lieu” courses for the Certified General classification is the same as Certified Residential, with the addition of:
Student has taken three courses:
Communicating with the AQB and The Appraisal Foundation is easy:
Questions & Answers