Legislation

Want To Be An Appraiser?

Becoming an appraiser is now easier than ever.

Recent years have seen fewer new applicants to become an appraiser and many current appraisers are retiring soon.  The result has been an extreme shortage of appraisers.  Over the past two years, this has led the Appraisal Foundation’s Appraiser Qualifications Board to conduct a long review its application process.

Training and education seem to be at the root of the problem.  Compensation for appraisers is generally judged as inadequate, given the educational requirements.  In addition, on-the-job-training is virtually non-existent for two reasons.  First, currently practicing appraisers resist training their future competition.  Second, the structure of the industry doesn’t provide training programs, and doesn’t provide compensation for mentoring new hires.

The decision was made to lower the minimum education requirements for an appraiser license or certification, effective May 1st of 2018.  Previously, licensees needed at least 30 semester hours of college education and certified appraisers at least a Bachelor’s degree. The basic license will longer require any college education. There will be multiple options to acquire a certification, all but one requiring some college education.

More:
http://realtormag.realtor.org/daily-news/2018/04/02/board-curbs-appraiser-requirements
https://www.housingwire.com/articles/42976-appraisal-foundation-drastically-reduces-requirements-to-become-an-appraiser

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