Learn: Chapter 1 - The Appraisal Profession

Uniform Standards of Professional Appraisal Practice (USPAP)

The nationally recognized ethical and performance standards that guide appraisal practice

Report

Any written or oral message that transmits the results of an appraisal or appraisal review to the client, or to someone the client authorizes, once the assignment is complete

Appraisal

The act or process of developing an opinion of value, and it can also refer to the opinion of value that results from that process

Appraiser Qualifications Board (AQB)

Establishes the qualifications that all states must meet in licensing, certification, and re-certification of appraisers

FIRREA (Financial Institutions Reform, Recovery, and Enforcement Act of 1989)

Law that establishes state licensing and certification requirements

What are the 4 components of Real Property Appraiser Qualification Criteria?

1) Qualifying Education

2) Experience

3) Examinations

4) Continuing Education

USPAP Continuing Education

Every 2 Years

- 7 Hour National USPAP Continuing Education - Valuation Bias and Fair Housing Laws and Regulations

Hours Required for Trainee

83

Hours Required for Licensed Residential

158

Hours Required for Certified Residential

200 (need Bachelors)

Hours Required for Certified General

300 (need Bachelors)

Experience Requirement: Trainee

Just the course hours and passing the course exam

Experience Requirement: Licensed Residential

Course hours, minimum of 1,000 hours of exp., no less than 6 months

Experience Requirement: Certified Residential

Course hours, minimum of 1,500 hours of exp., no less than 12 months

Experience Requirement: Certified General

Course hours, minimum of 3,000 hours of exp., no less than 18 months.

At least 1,500 hours of that experience must be in non-residential appraisal work

Work Allowed: Trainee

Work under supervision

Work Allowed: Licensed Residential

Non-complex, 1-4 residential units,

Work Allowed: Certified Residential

Any 1-4 residential units

Work Allowed: Certified General

Any real estate