AQB Releases Personal Property Qualification Criteria - First Exposure Draft

This is appropriate timing as I am now taking the 15 hour USPAP class taught by ASA appraiser and newly elected chair of TAFAC Sandie Tropper, ASA.  Although tests have not been taken as I write this post, she is an excellent instructor.  I should be reviewing USPAP and instead I am posting to the blog.

Sandie just sent me an email/news release from the Appraisal Foundation which released the First Exposure Draft of Proposed Personal Property Appraiser Qualification Criteria. The release states the personal property qualification criteria should become effective sometime in 2011, with numerous exposure drafts being released. The comment period of the first exposure draft ends on February 15, 2011.

The exposure draft covers the following topics:

• Qualifying Education (Academic)
• Qualifying Education (Specific)
• Qualifying Distance Education
• Experience Requirements (Amount)
• Other Experience Requirements
• Continuing Education (Reaccreditation)

The exposure draft is only about 10 pages in length and has a lot of information in it.  I recommend all appraisers follow the link to see this first but not final draft.  It does reveal the direction the Appraisal Qualifications Board is taking the criteria for personal property appraisers. These pending qualifications are something all professional personal property appraisers should be aware of and be prepared for.

The exposure draft states the following for experience hours.

1. Seven hundred (700) hours of personal property appraisal experience in  area(s) of specialization AND
2. Additional experience as follows:

a. One thousand eight hundred (1,800) hours of market-related personal  property appraisal experience, of which at least nine hundred (900) additional hours are in area(s) of specialization; or
b. Four thousand five hundred (4,500) hours of market-related personal property non-appraisal experience in area(s) of specialization; or
c. Any equivalent combination of personal property appraisal experience and market-related personal property non-appraisal experience in area(s) of specialization, using the one thousand eight hundred (1,800) hour – four thousand five hundred (4,500) hour (1.0:2.5) ratio.

Click HERE to download the full Proposed Personal Property Appraiser Qualification Criteria.