Appraisal Founation Approves New Personal Property Qualification Criteria

After several years of debate and several exposure drafts, the Appraiser Qualifications Board and the Appraisal Foundation have approved the new Personal Property Appraiser Qualification Criteria. The new criteria will take effect on January 1, 2018 and sponsors of the Appraisal Foundation are required to follow and adhere to the criteria.

Dave Bunton, president of the Appraisal Foundation was a speaker at the ISA annual conference in Philadelphia and announced the news during his presentation.

As a the ISA representative to The Appraisal Foundation Advisory Council (TAFAC) I participated in the development of the criteria and also authored the ISA official response and agreement to the new criteria.  Follow the source link below to read the new criteria.

The Appraisal Foundation reports on the new qualificaiton criteria.

Washington, DC — March 24, 2015 — The Appraiser Qualifications Board (AQB) of The Appraisal Foundation today announced the adoption of an updated Personal Property Appraiser Qualification Criteria, which will take effect on January 1, 2018. The updated Criteria outlines recommended minimum education and experience requirements for personal property appraisers. These requirements are mandatory for members of The Appraisal Foundation’s sponsoring organizations that confer personal property designations but are voluntary for all other personal property appraisers.
The AQB decided to update the Criteria based on input it received from personal property appraisers and users of personal property appraisals. In addition, the Board sought extensive feedback from The Appraisal Foundation Advisory Council’s (TAFAC) Personal Property Issues Committee and the Personal Property Resource Panel of the Board of Trustees. Based on this feedback, the AQB adopted several new requirements, including 30 semester hours of college-level education from an accredited college, junior college, community college, or university, as well as a mandatory new 7-Hour Personal Property USPAP Update Course for existing personal property appraisers.

“The updated Personal Property Appraiser Qualification Criteria reflects valuable input from appraisers and client groups, and represents a positive step forward to modernize and harmonize the minimum qualifications for professional personal property appraisers,” said Wayne R. Miller, Chair of the AQB.

Source: The Appraisal Foundation