The summer issue of The Appraiser is now available. This is the third issue of the revised AALCB newsletter. This new issue includes articles on 2015 updates, renewal information, and timberland ownership. You should find a number of items in this newsletter are pertinent to your appraisal practice. We hope you enjoy The Appraiser and look forward to your comments.
Follow this link to the November issue of The Appraiser: http://www.arkansas.gov/alcb/appraiser
Changes for Supervising Appraisers and potential State Registered Appraisers
This spring the AALCB has been engaged in two changes to its Rules and Regulations. These changes are required in order to comply with the Dodd-Frank Act, the Real Property Appraiser Qualification Criteria, and the Appraisal Subcommittee. These rule changes were accomplished according to the Arkansas Administrative Procedure Act. Below are summaries, not the full text of the adopted rules.
Supervising Appraiser Status (effective July 1, 2013). State Certified appraisers who supervise trainees (State Registered appraisers) shall be in good standing and not subject to any disciplinary action within the last three (3) years that affects their ability to engage in appraisal practice.
Prerequisite for those who apply to be a State Registered Appraiser (effective July 1, 2013). As the prerequisite for application, an applicant must have completed 75 creditable hours of qualifying education as specified by the Appraisal Qualifications Board (AQB). Applicants must pass the course examinations and pass the 15-Hour National USPAP Course (or its AQB-approved equivalent) and examination as part of the 75 creditable hours. All qualifying education must be completed within the five (5) year period prior to the date of submission of a Trainee (State Registered) Appraiser application.
Upcoming Changes to Real Property Appraiser Qualifications
You’ve been hearing about these changes for more than a year. In late 2011, the Appraiser Qualifications Board of the Appraisal Foundation adopted significant changes to the Real Property Appraiser Qualification Criteria. They become effective January 1, 2015.
Please click on the link below for a two-page summary of the changes. The Arkansas Appraiser Licensing and Certification Board has already implemented some of these qualification changes. We anticipate adopting the balance of the changes between now and the end of 2014.