Before attending I posted to the AW Blog asking if any readers had questions about the AQB exposure draft for personal property appraiser qualifications. Most seemed to want more information on how the guidelines will be applied and who might be impacted by the potential changes.
Unfortunately, there was little introductory information in the first exposure draft on who is required to follow the guidelines and how the new qualifications will be applied, and this led to some confusion in how the requirement are applied and who it impacts. Remember, for real estate, the States are normally the certifying body, and they then follow the recommendations on educational guidelines by the AQB. With personal property we answer to our appraisal association and not the individual state.
One of the main concerns has been the introduction of new educational requirements for personal property appraisers,including the recommendation to hold at least an associates degree. Most members attending the meetings felt strongly that more education, both general and specialty related was needed. Keep in mind that all appraisal divisions are looking at their qualifications, and more education seems to be a common theme.
First, I would like to say, and this should be emphasized in the next exposure draft (possibly to be published in June) that these qualification guidelines are only for new appraisers. Appraisers currently designated will be grandfathered in for the initial requirements, but of course will have to fulfill any requirements for continuing education.
Secondly, the guidelines only apply to those organizations which are sponsors of the Appraisal Foundation, or those organizations which wish voluntarily follow the guidelines. Click HERE to see a complete list of Appraisal Foundation sponsors.
In a quick review of the list of AF sponsors, ASA, AAA and RICS are all listed as sponsors of the AF. Unless other organizations decide to follow and require their members to follow the new AQB personal property guidelines (if and when approved), then there is no requirement to do so. Keep in mind that appraisers and organizations which do not follow the guidelines may be at a competitive disadvantage to those that do. Keep in mind that 12 years ago personal property appraising and USPAP/AF issues were not nearly as important or as emphasized by personal property organizations and users of appraisals are they are now.
I will post to the AW Blog when the next exposure draft is published, and hopefully it will contain enough information on the application of the new guidelines as well as the proposed educational requirements for sponsors of the Appraisal Foundation.
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