Minimum number of years experience required to perform an Appraisal Review?

Question

Does USPAP require 5 years experience to perform desk reviews or is this just an unsubstantiated urban legend?

Answer 1

I have heard that before also. I have never seen any USPAP guidelines about the experience in years. It just states that you have to be qualified to do the initial appraisal that you are reviewing. A licensed residential couldn't review a commercial appraisal. I do know some lenders have their own experience criteria for review appraisers. This is where the legend might have come from.

Additional: I called the Appraisal Foundation and I was right,there is no amount of years. You just have to be competent and have the license qualification to have done the original appraisal you are reviewing.

Answer 2

There is no article in USPAP Standard 3 about duration of experience for Review Appraisals. However, there is specific language regarding Competency. In otherwords, if you perform the review, you better be competent. Otherwise, you have also violated the Ethics provisions.

In USPAP, competency is completely self-determined. As a safegaurd, many lenders institute their own standards as to who is competent. That is where the common 5-year experience rule was developed, not USPAP.

Answer 3

Hear in Wa. state there is a course at the tech college, 2,000$ to get an appraisors license. I asked the guy who did ours and he did this here for an at home job for retirement. He said most of it is formatted on computer and then he goes out to the home with his digital camera.