Appraisers Flashcards
The Appraiser Qualifications Board (AQB)
establishes the qualification criteria for state licensing, certification and recertification of appraisers. FIRREA mandates that all state certified appraisers must meet the minimum education, experience and examination requirements promulgated by the AQB. The AQB has also developed voluntary criteria for personal property appraisers.
he Appraisal Standards Board (ASB)
establishes the rules for developing an appraisal and reporting its results. In addition, it promotes the use, understanding and enforcement of the Uniform Standards of Professional Appraisal Practice (USPAP) as required by FIRREA.
The Appraisal Practices Board (APB)
was created in 2010. The APB is charged with the responsibility of identifying and issuing opinions on recognized valuation methods and techniques, which may apply to all disciplines within the appraisal profession. The APB offers voluntary guidance in topic areas in which appraisers and users of appraisal services feel are the most needed. Compliance with all guidance issued by the APB is entirely voluntary.
State Licensed and Certified Appraisers
Although real estate professionals are empowered to perform appraisals, they cannot perform an appraisal for any federally related real estate transaction. Valuation required for mortgage approval and underwriting must be provided by a non-biased third party with no interest in the actual deal.
Registered Trainee Appraiser
Requirements for this license include successfully completing 100 classroom hours of Board-approved courses covering the topics required by the FREAB in subjects related to real estate appraisal.
Certified Residential Appraiser
Requirements for this license include Successfully completing 200 classroom hours of board-approved courses covering the topics required by the FREAB in subjects related to real estate appraisal. This must include 15 hours of the Uniform Standards of Professional Appraisal Practice. CRA’s must also have an associate’s college degree.
Certified General Appraiser
Requirements for this license include successfully completing 300 classroom hours of board-approved courses covering the topics required by the FREAB in subjects related to real estate appraisal. This must include 15 hours of the Uniform Standards of Professional Appraisal Practice. Provide proof of satisfactory completion of either a 4 year bachelor’s degree or higher, OR a total of 30 semester hours consisting of: English Composition; Micro Economics, Macro Economics; Finance; Algebra; Geometry or higher mathematics; Statistics; Computer Science; and either Business Law or Real Estate Law. Also must include any 2 or the following courses: Accounting; Geography; Agricultural Economics; Business Management. Or Real Estate.
Real Estate Professionals and Appraisals
475, Florida Statute allows sales associates to appraise real property for any non-federally related real estate transactions. However, any real estate professional who provides an appraisal for a non-federally related transaction must comply with the most current USPAP requirements. This includes the ethics set forth in the standards as well as report retention and format.
