Exposure Draft - Proposed Interpretations and the Retirement of Guide Note 4 |
This exposure draft has been prepared for the purpose of seeking public comment on three proposed actions under the Real Property Appraiser Qualification Criteria.
First, the AQB is considering the adoption of an Interpretation clarifying how Section VI, §7 of the Criteria regarding Practical Applications of Real Estate Appraisal (PAREA) interacts with the minimum time (“no fewer than” months) requirements that apply to each credential. Interpretations are essential to a proper understanding of the Criteria, and once adopted, they are binding on all users of the Criteria and incorporated into the next published edition.
Second, the AQB is considering the adoption of an Interpretation clarifying how the Valuation Bias and Fair Housing (VBFH) continuing education course applies when a credential holder seeks reactivation. This clarification ensures that the VBFH course is treated in the same manner as the 7-Hour National USPAP Continuing Education Course—that is, credential holders must complete the most recent edition of the course at the time of reactivation. This proposed Interpretation provides clear and consistent implementation guidance to state regulatory agencies and credential holders.
Third, the AQB is considering the retirement of Guide Note 4 (GN-4) on Practicum. While GN-4 was originally developed to provide helpful guidance, subsequent changes to the Criteria and the marketplace have rendered much of its content outdated or redundant. As with all proposals, this potential retirement will not be effective unless and until it is adopted following the exposure process.
The AQB invites all interested parties to review these proposals carefully and provide written comments. All feedback will be considered before any final decisions are made.
On behalf of the AQB, thank you for taking the time to review and respond to this exposure draft.
First, the AQB is considering the adoption of an Interpretation clarifying how Section VI, §7 of the Criteria regarding Practical Applications of Real Estate Appraisal (PAREA) interacts with the minimum time (“no fewer than” months) requirements that apply to each credential. Interpretations are essential to a proper understanding of the Criteria, and once adopted, they are binding on all users of the Criteria and incorporated into the next published edition.
Second, the AQB is considering the adoption of an Interpretation clarifying how the Valuation Bias and Fair Housing (VBFH) continuing education course applies when a credential holder seeks reactivation. This clarification ensures that the VBFH course is treated in the same manner as the 7-Hour National USPAP Continuing Education Course—that is, credential holders must complete the most recent edition of the course at the time of reactivation. This proposed Interpretation provides clear and consistent implementation guidance to state regulatory agencies and credential holders.
Third, the AQB is considering the retirement of Guide Note 4 (GN-4) on Practicum. While GN-4 was originally developed to provide helpful guidance, subsequent changes to the Criteria and the marketplace have rendered much of its content outdated or redundant. As with all proposals, this potential retirement will not be effective unless and until it is adopted following the exposure process.
The AQB invites all interested parties to review these proposals carefully and provide written comments. All feedback will be considered before any final decisions are made.
On behalf of the AQB, thank you for taking the time to review and respond to this exposure draft.
If you have any questions, please contact the Board at AQB@appraisalfoundation.org.
Jerry Yurek
Chair, Appraiser Qualifications Board
Chair, Appraiser Qualifications Board