The new criteria covers definitions, qualifying education - general, qualifying education - appraisal, qualifying education - distance, appraisal experience, Experience Specific to Area of Specialization and Continuing Education. Keep in mind if you qualified under earlier AF criteria, you are grandfathered, with the exception of following the continuing education criteria.
I need to review in detail, so I should have more to post later, but again, I encourage all appraisers to submit comments to the AQB on the new proposed criteria. Please keep in mind that ISA, AAA and ASA are sponsors of the Appraisal Foundation, and with that, members of those organizations are required to follow the educational qualifications and criteria of the Appraisal Foundation and the AQB.
The basics of the proposed criteria state
Source: The Appraisal FoundationGENERAL EDUCATION REQUIREMENTS
33 I. Definitions - the terms used in the Criteria are defined as follows:
34 Appraisal Education – The study of valuation theory and methodology, which includes,
35 but is not limited to, the study of markets and prices, economics and market trends, report
36 writing, research and development of comparable sale data, explaining the rationale
37 behind values derived, and so forth.
38 Distance Education - Any educational process based on the geographical separation of
39 student and instructor. All qualifying distance education must provide interaction
40 between the student and instructor and include a final examination.
41 Specialized Appraisal Education – The study of specialized subject matter which is the
42 area of expertise of the appraiser, such as: machinery and equipment; fine art; jewelry;
43 antique furniture; decorative arts; airplanes; boats; classic cars; livestock, and so forth.
44 Classroom Hour – At least 50 minutes of a5:40 PM 12/11/2014 60-minute class of instruction are attended
45 by the student. The classroom hours include time for the examinations.
46 II. Qualifying Education - General
47 A. Applicants shall successfully complete 30 semester hours of college-level education,
48 from an accredited college, junior college, community college, or university. The
49 college or university must be a degree-granting institution accredited by the
50 Commission on Colleges, a regional or national accreditation association, or by an
51 accrediting agency that is recognized by the U.S. Secretary of Education. If an
52 accredited college or university accepts the College-Level Examination Program®
53 (CLEP) and examination(s) and issues a transcript for the exam, showing its approval,
54 it will be considered as credit for the college course.
55 B. Applicants holding an Associate degree, or higher, from an accredited college, junior
56 college, community college, or university satisfy the 30-hour college-level education
57 requirement.
58 C. Applicants with a college degree from a foreign country may have their education
59 evaluated for “equivalency” by one of the following:
60 • An accredited, degree-granting domestic college or university;
61 • The American Association of Collegiate Registrars and Admissions Officers
62 (AACRAO);
63 • A foreign degree credential evaluation service company that is a member of the
64 National Association of Credential Evaluation Services (NACES); or
65 • A foreign degree credential evaluation service company that provides equivalency
66 evaluation reports accepted by an accredited degree-granting domestic college or
67 university or by a state licensing board that issues credentials in another
68 discipline.
69Exposure Draft of Proposed Personal Property Appraiser Qualification Criteria 6
70 III. Qualifying Education – Appraisal
71 A. Applicants must have successfully completed a total of one hundred and twenty (120)
72 creditable classroom hours.
73 B. Applicants must have successfully completed the 15-Hour Personal Property USPAP
74 Course (or its AQB-approved equivalent), including passing the associated course
75 final examination. The 15-Hour Personal Property USPAP Course must be taught
76 by an AQB-certified USPAP instructor in good standing.
77 C. At a minimum, applicants must complete a course and successfully pass an
78 examination in valuation theory and principles (minimum of 45 hours). Valuation
79 theory must be specific to the appraisal of personal property.
80 D. Credit for the classroom hour requirement may be obtained from the following:
81 1. Nationally accredited, degree-granting colleges or universities;
82 2. Personal property appraiser professional organizations;
83 3. Government entities; and
84 4. Proprietary or not-for-profit schools.
85 E. If an accredited college or university (accredited by the Commission on Colleges, a
86 regional or national accreditation association, or by an accrediting agency that is
87 recognized by the U.S. Secretary of Education) accepts the College-Level
88 Examination Program® (CLEP) examination(s) and issues a transcript for the exam,
89 it will be considered as credit for the college course.
90 F. Qualifying Education – in addition to the 15-Hour Personal Property USPAP Course
91 and 45 hours of valuation theory and principles, 60 credit hours of education that
92 must cover the topics listed below with particular emphasis on the appraisal of
93 personal property:
94 1. Codes of ethics
95 2. The appraisal process
96 3. Types of appraisals and appraisal reports
97 4. Practices and procedures
98 5. Uses of appraisal reports
99 6. Definitions of value and types of value
100 7. Valuation theory and principles
101 8. Definitions of markets
102 9. Market research and analysis and comparison sales
103 10. Methods of property identification
104 11. Legal and regulatory considerations
105 12. Report writing
106 G. Credit for courses taken to satisfy the qualifying education requirements shall not be
107 repetitive in subject matter.
108 H. Each course credited toward the required number of qualifying education hours
109 should represent a progression by which the appraiser’s knowledge is increased.
110 I. A Bachelors, Masters, or Doctoral degree in valuation theory and/or personal
111 property appraisal from an accredited, degree-granting college or university will
112 fulfill the requirement for the valuation theory portion of the qualifying education
113 classroom hours.
114 J. If sufficient qualifying education courses in the applicant’s area of personal property
115 specialization are not available, the applicant may substitute one of the following:
116 1. Successful completion of an examination acceptable to the credentialing entity
117 demonstrating competency in the applicant’s area of specialization;
118 2. Successful completion of an existing course with examination in a broader area of
119 specialization that includes the applicant’s area of specialization;
120 3. Successful completion of personal property-specific appraisal courses or degrees
121 offered by a nationally accredited, degree-granting college or university, where
122 successful completion demonstrates competency in the applicant’s area of
123 specialization; or
124 4. Successful completion of other criteria, including an examination to ensure
125 requisite knowledge in the applicant’s area of specialization, acceptable to the
126 credentialing entity.
127 The alternatives in this section (above) shall not substitute for more than 45 hours
128 of specialization education.
129 K. There is no substitute for qualifying education in valuation theory and principles or
130 USPAP.
131 IV. Qualifying Education - Distance Education
132 A. Distance education may be used for qualifying appraisal/valuation education or
133 education/training in the area of the appraiser’s specialization, subject to the approval
134 of the credentialing authority, as follows:
135 1. A distance education course may be acceptable to meet qualifying education
136 classroom hour requirements, or its equivalent, provided that the course is
137 approved by the credentialing authority and meets one of the following
138 conditions:
139 a. The course is taught by a qualified person acceptable to the credentialing
140 authority as a subject matter expert, available to answer questions, provide
141 information, monitor student attendance, and meets the requirements of the
142 accrediting organization;
143 b. The course is presented by a nationally accredited, degree-granting college or
144 university, credentialing personal property appraisal organization, government
145 entity, propriety or non-profit school that offers distance education programs,
146 where:
147 1) The student successfully completes a final examination proctored by an
148 official approved by the credentialing entity; and
149 2) The course meets the requirements outlined in Section III above for
150 qualifying appraisal education (classroom hours).Exposure Draft of Proposed Personal Property Appraiser Qualification Criteria 8
151 V. Appraisal Experience
152 A. Applicants must obtain 700 hours of personal property appraisal experience.
153 B. Appraisal experience consists of tasks associated with the accomplishment of specific
154 personal property appraisal assignments. These tasks include the identification and
155 evaluation of personal property, research and analysis, and the reporting of a value
156 conclusion which concludes in developing USPAP compliant reports.
157 C. Experience documentation in the form of reports or file memoranda, or if unavailable,
158 other evidence at the credentialing authority’s discretion, must be provided to the
159 credentialing authority to support the experience claimed.
160 D. Education may not be substituted for experience.
161 VI. Experience Specific to Area of Specialization
162 In addition to the general appraisal experience requirements outlined above, applicants
163 must also obtain the following experience in their area of specialization:
164 A. A minimum of 1,800 hours of market-related personal property appraisal experience
165 (the equivalent to one year full-time allowing for holidays), performing any aspect of
166 “valuation services” (as defined by USPAP), of which at least 900 additional hours
167 are in the area(s) of specialization;
168 or
169 B. A minimum of 4,500 hours of market-related personal property non-appraisal
170 experience (equivalent to 2.5 years full-time allowing for holidays) in area(s) of
171 specialization;
172 and
173 C. An equivalent combination of market-related personal property appraisal experience
174 and market-related non-appraisal experience in area(s) of the appraiser’s
175 specialization based upon a minimum ratio of 1 year to 2.5 years. In addition:
176 1. The number of hours which may be awarded in one year may not exceed 1,800
177 hours (equivalent to 1 year full-time allowing for holidays).
178 2. There is no minimum number of hours of experience which must be acquired in
179 any one year.
180 3. There is no time limit during which experience may be obtained.
181 4. An hour of experience is defined as verifiable time spent in performing tasks in
182 accordance with acceptable appraisal experience, and as defined by the
183 accrediting organization.
184 5. Market-related non-appraisal experience is defined as knowledge obtained
185 through actual observation or direct contact or from what has been gained through
186 time and practice through practical application such as direct inspection,
187 identification or sales with regard to a personal property specialty area. Such
188 knowledge includes Connoisseurship which is a combination of formal or
189 informal hands-on experience to achieve expertise (or product knowledge), which
190 is needed to value property. For example, an antique dealer, museum curator, Exposure Draft of Proposed Personal Property Appraiser Qualification Criteria 9
191 machinery and equipment sales representative, teacher, conservator, author,
192 scholar, jeweler, auction house specialist or catalog specialist, where direct
193 contact and professional interaction with personal property would be considered
194 market related experience. Being a collector or student would not apply to market
195 related experience.
196 VII. Continuing Education
197 The purpose of continuing education (CE) is to ensure that a personal property appraiser
198 participates in a program that maintains and increases skill, knowledge, and competency
199 in personal property appraising in compliance with USPAP.
200 A. Credentialed appraisers are required to obtain seventy (70) hours of continuing
201 education during each five (5) year period preceding credential renewal. Twenty (20)
202 hours of which must be in coursework related to valuation theory. Appraisers may
203 not receive credit for completion of the same continuing education course offering
204 more than once within the five (5) year cycle other than the 2-year, 7-Hour Personal
205 Property USPAP Update Course.
206 B. Continuing education hours may be obtained at any time during each five (5) year
207 period.
208 C. Credit for the CE hour requirement may be obtained from the following:
209 1. Accredited colleges or universities
210 2. Personal property appraiser organizations
211 3. Government agencies or entities
212 4. Proprietary or not-for-profit schools
213 5. Museums
214 6. Other professional or business organizations
215 D. Eligible continuing education hours include attendance at lectures, seminars and
216 instruction at educational conferences, personal property appraisal organization
217 conferences.
218 E. Credit may be granted for educational offerings which are consistent with the purpose
219 of continuing education and include personal property-related appraisal topics such
220 as, but not limited to:
221 1. Ad valorem taxation
222 2. Arbitration
223 3. Business courses related to practice of personal property appraisal
224 4. Ethics and standards of professional practice
225 5. Valuation
226 6. Personal property law
227 7. Personal property litigation and expert testimony
228 8. Personal property financing and investments
229 9. Personal property appraisal related computer applications
230 10. Personal property identification
231 11. Report writing
232 12. Connoisseurship
233 F. Personal property appraisal-related field trips are acceptable for continuing education
234 credit. However, transit time to or from the field trip location cannot be included
235 when awarding credit if instruction does not occur.
236 G. Continuing education credit may also be granted for participation, other than as a
237 student, in appraisal education processes and programs. Examples of appraisal
238 methodology activities or areas of specialization for which credit may be granted are
239 as follows:
240 1. Teaching and/or course development in areas similar to Section I above.
241 Appraisers may not receive credit for teaching the same continuing education
242 course offering more than once within an appraiser’s continuing education cycle;
243 2. Authorship of a published scholarly paper, book, or monograph; or
244 3. Similar activities that are determined by the credentialing organization to be
245 equivalent to obtaining continuing education.
246 H. Additionally, as part of continuing education hours, the appraiser must successfully
247 complete an AQB-approved 7-Hour Personal Property USPAP Update Course, or an
248 AQB-approved 15-Hour Personal Property USPAP Course every two calendar years
249 current with each new issue of USPAP prior to expiration to the standards document
250 life. USPAP courses must be taught by an AQB-certified USPAP instructor in good
251 standing. AQB-certified USPAP instructors may satisfy this requirement by teaching
252 either course every two calendar years. USPAP courses developed by accrediting
253 entities or education providers must be submitted to the AQB for an equivalency
254 review and approval. A distance education course may be acceptable for meeting the
255 continuing education classroom hour requirement, or its equivalent, provided that the
256 course is approved by the credentialing authority and meets one of the following
257 conditions:
258 1. The course is presented by a qualified person considered to be a subject matter
259 expert and available to answer questions, provide information, monitor student
260 attendance, and meets the requirements for continuing education courses
261 established by the AQB; or
262 2. The course is presented by an accredited, degree-granting college or university,
263 recognized personal property appraisal organization, government entity, or
264 propriety or non-profit school that offers distance education programs.
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