In a bid to revolutionize the appraisal industry, the National Association of Realtors (NAR) recently penned a letter to The Appraisal Foundation (TAF) regarding their concept paper on educational requirements for appraiser licensing. The NAR, although not taking a firm stance on the issue, commended TAF for their progressive approach towards enhancing the quality of future appraisers, emphasizing its crucial role in the sustained success of the housing market.
Below are several key points highlighted in the letter:
- NAR stresses the importance of leveraging existing data on appraisers with and without college degrees to assess the significance of a college education as a requisite for appraiser licensing. This analytical approach aims to determine the true value of educational requirements in shaping the competency of appraisers.
- The letter advocates for the Appraisal Qualifications Board (AQB) of TAF to establish equivalency credit for individuals with education and experience in licensed fields associated with valuation, such as licensed real estate salespersons, real estate agents, and real estate brokers. This move seeks to broaden the pool of qualified professionals entering the realm of real estate appraisal.
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Encouraging a more inclusive approach to appraisal education, NAR proposes integrating equivalency credit for individuals with relevant experience in licensed and regulated fields, thereby creating a more diverse and skilled workforce in the appraisal industry.
In conclusion, NAR’s feedback to TAF underscores the importance of reevaluating educational requirements for appraiser licensing in order to ensure the continuous growth and development of a proficient and diverse workforce in the housing market. By championing a forward-thinking strategy, NAR aims to pave the way for a more inclusive and dynamic appraisal industry, primed for future success and sustainability.
