Real Estate Appraisal Boards were established in different states of the US, since the enactment of Financial Institutions Reform and Recovery and Enforcement Act (FIRREA), which made it compulsory for each state to have licensed appraisers for federally related financial matters. Although these state level boards have similar objectives and are guided by the same principles, it is not unusual to find variation in some aspects. Alongside, the boards are required to accommodate recommendations of The Appraiser Foundation (TAF), which was assigned the task to develop standards for quality appraisal practices across the nation.
The Appraiser Foundation has two divisions, namely, Appraisal Qualifications Board (AQB) and the Uniform Standards of Professional Appraisal Practice (USPAP). Both the divisions carry out research and study in their specific areas and set standards for the states to follow in determining minimum educational and other requirements for different categories of appraisal licensure. While conducting exams for assessing the abilities of the applicants, the boards implement guidelines of these divisions of TAF.
To work in a state of the US as an appraiser, one needs a relevant license issued by the real estate appraisal board of that state. Although licenses may not be required in some cases to work in a small-scale level within the judiciary of a state, they can provide an immense opportunity for career growth. In most cases, licenses are offered for a period of a few years, which can further be extended after applying properly to the concerned authority. |
|
