Jeff Dickstein, Pro Teck’s Chief Compliance Officer, is responsible for Pro Teck’s adherence to all state, federal and industry regulations. With Notes from the Regulatory Road, Jeff provides timely commentary on what is happening in the industry.
For March’s update, we focus on what’s happening with the ongoing effort to establish minimum qualifications for real property appraisers in the United States.
Earlier this month, the Appraiser Qualifications Board (AQB) of The Appraisal Foundation, an organization responsible for establishing the minimum education, experience and examination requirements for real property appraisers to obtain a state certification, released a summary of changes made to the Real Property Appraiser Qualification Criteria, effective May 1, 2018.
The changes, which were formally adopted by the AQB on Feb. 1, require states to implement real property appraiser licensing and certification requirements that are no less stringent than those issued by the AQB in the Real Property Appraiser Qualification Criteria (Criteria).
Changes made to the criteria for licensed and certified residential appraisers involve minimum standards for college-level education and experience. The changes are outlined below. Please click on the table to launch The Appraisal Foundation bulletin:
Source: The Appraisal Foundation
The AQB is also encouraging individuals to check with their state regulatory agencies to determine what the requirements are in their state.
Because state appraiser regulatory agencies are only required to adopt minimum AQB Criteria, the AQB says it is “crucial” that candidates contact their state to determine if the state intends to adopt any or all of these changes and, if so, when the changes may go into effect.
The AQB is expected to release an updated Real Property Appraiser Qualification Criteria booklet based on the May 2018 criteria in the very near future. Pro Teck will continue to keep an eye out on this issue, and as always will make sure our clients are compliant with all state and federal law.
Jeff Dickstein, Pro Teck’s Chief Compliance Officer, is responsible for Pro Teck’s adherence to all state, federal and industry regulations. He’s active with a number of industry boards and is currently Chairman of The Appraisal Foundation’s Industry Advisory Council. Jeff has been in the mortgage industry for 36 years, with more than 29 years of experience as an appraiser (he is a Certified Residential Appraiser in 17 states).