Effective May 1, 2018, the Appraiser Qualifications Board (ABQ) will slash the long-time minimum requirements to become an appraiser. Many see this substantial change as a response to the nationwide appraiser shortage and to lenders applying to the ASC for a waiver from the appraiser licensing requirements in areas “where there is a shortage of appraisers leading to significant delays in obtaining appraisals.” Classes for BrightPath’s next appraiser trainee series start March 10 in Raleigh.
The AQB took bold and decisive action related to the:
Licensed Residential Appraisers who meet certain qualifications will have no college degree or college-level education requirements.
Certified Residential Appraisers will have the strict college degree requirement replaced with multiple options to meet the college-level education requirements. See the chart.
Certified General Appraisers will have the college degree requirement will stay in place.
All three categories have had a significant reduction in the minimum amount of time one must have in to upgrade. For example, the 2 years of experience needed to become Certified Residential will be cut in half to merely 1 year.
The number of actual hours performing appraisal work will be reduced significantly for 2 of the 3 categories.
Yet to be determined is how the various states will respond to these changes. Each state will decide if it will adopt the AQB’s new minimum requirements and, if so, on what timeline. North Carolina’s appraiser qualification requirements are provided for by state statute and a change would call for a Bill to be filed with the North Carolina General Assembly. The North Carolina Appraisal Board has not met since the AQB’s February 1, 2018 vote. At this point, any comment on what the North Carolina Appraisal Board will do and when can only be speculation.
BrightPath’s next appraisal trainee series starts March 10 in Raleigh, NC. You can click here for more information. As always, we’re also available either by phone at 1-800-268-6180 or via email at [email protected]. We look forward to answering your questions and helping you plan your future.