Survey results show informed, professional appraisal industry

Forty-seven percent of appraisers believe the level of federal regulation of their profession is just right, according to the results of a survey commissioned by the National Association of REALTORS® Marketing Research Department and released recently. Splitting the difference almost evenly, 27 percent said there is too little federal regulation of appraisers and 25 percent said there is too much.

The goal of the survey was "to understand how Appraiser members conduct their business, obtain appraisal industry information, and make decisions on their appraisal education and designations."

Appraisers are keeping up with the most important regulatory developments that affect their livelihoods. Ninety-three percent of 858 respondents said they were aware that the 2006 edition of USPAP eliminated the Departure Rule and added a Scope of Work Rule. Eighty-nine percent were aware that the AQB Appraiser Qualification Criteria are set to change drastically in 2008.

Three fourths of those who had heard about the AQB changes said they are receiving enough information about them.

Perhaps highlighting the difficulty attracting new people to the profession, 69 percent of respondents had been residential appraisers for more than 10 years. Seventy-one percent had been doing commercial appraisals for more than 10 years.

Of the respondents to whom the question was applicable and who provided an answer, 55 percent make more than $60,000 a year doing residential appraisals. Two thirds of respondents are doing 10 or more 1004s a month.

Twenty-four percent are making more than $60,000 doing commercial appraisals.

Asked about the highest level of education received, 64 percent of respondents indicated they had at least an associate's degree.

The full survey report can be found in PDF form by clicking here.