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Q & A - How to Become An Appraiser 2008 Criteria 
(pdf format 8K)

 

National USPAP Update Clarification

Following additional research and clarification by the Appraiser Qualifications Board, the requirement for completing the 7 hour National USPAP Update course is based on a 24-month period and not on a credential renewal period.

The links below reflect the date of when each Kentucky Licensed/Certified Appraiser must complete the 7 hours National USPAP Update course. Please review both the memo and list for clarification and required completion date for the 7 hours National USPAP Update course.  If you have any questions, please contact the Board office at (859) 543-8943.

Memo: Clarification on National USPAP Update Course Completion   (PDF Format 63K)

List:  National USPAP Update Course Required Date (PDF Format 186K)  REVISED 5/08/09

 

BOARD MEETING

Upcoming Meeting

Date:

July 24, 2009 - 9:00 a.m.

Location:
Board Office
2624 Research Park Drive, Lexington, KY

Future Meeting Dates*

	August 28, 2009 September 25, 2009 October 23, 2009 November 20, 2009 December 18, 2009
	Click here for Directions to the KREAB office.  **Any information requesting to be reviewed at the KREAB Board meetings must be submitted to the Board seven (7) days prior to the meetings.**

Open Meeting Policy
(PDF Format - 7 KB)

*Meeting dates are subject to change.

FANNIE MAE ANNOUNCEMENT

The KREAB has received a number of requests for information and interpretation of the Fannie Mae Announcement 08-30, among the most frequently asked questions is “Does Fannie Mae actually require that supervising appraisers must visit every subject property with the Kentucky Associate real property appraiser?”

Upon receiving the announcement and discussing it with various appraisers and professions, it was my belief that Fannie Mae did intend the above.  However, after meeting with and communicating directly with a representative of Fannie Mae, I have discovered that is not the intent.

Therefore, the attached memorandum explains the reasoning for what Fannie Mae did and did not intend with the language in Announcement 08-30.  Also, please understand that the intent of Fannie Mae will apply nationally, to all licensed and certified appraisers; however, the information contained within the attached memorandum that is specific to Kentucky and the KREAB will apply only to Kentucky licensed and certified real property appraisers.

Fannie Mae Announcement

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The Kentucky Housing Corporation (KHC), the state housing finance agency, is currently soliciting real estate appraiser participation for the establishment of an appraiser roster to fill conventional appraisal requests.  KHC must establish a random appraisal assignment system to be in compliance with the Home Valuation Code of Conduct as mandated by Fannie Mae announcement 09-01 and effective on May 1, 2009.  All licensed and certified real estate appraisers in the state of Kentucky may apply to be placed on KHC’s conventional appraisal roster.  Appraisers are not guaranteed to receive any appraisal requests from KHC.  All appraisal requests will be assigned at random based upon an appraiser’s service area and property location. 

 A copy of the application and Memorandums of agreement can be found at www.kyhousing.org or by contacting KHC toll-free in Kentucky at (800) 633-8896 or (502) 564-7630, extension 291 or TTY 711. 

If you require additional information regarding KHC’s Home Valuation Code of Conduct or KHC’s conventional appraiser roster, please contact Andrew Hawes toll-fee in Kentucky at (800) 633-8896 or (502) 564-7630, extension 326; TTY 711; or email ahawes@kyhousing.org.

You may also complete the attached form and return it to the Homeownership Department, Kentucky Housing Corporation, 1231 Louisville Road, Frankfort, Kentucky 40601.

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On March 3, 2008, New York Attorney General Andrew M. Cuomo entered into the following agreement with Fannie Mae and Freddie Mac.  Home Value Protection Program and Cooperation Agreement (PDF Format 63K)

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Please review the following on Appraising Physical Segments (5 acre portion).

Appraising Physical Segments (PDF format 8K)

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DO YOU WANT TO BE ON THE FHA APPRAISER APPROVAL ROSTER?  Please review the attached.

FHA Appraiser Approval Steps

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AMC Advisory

At the May 22, 2009 Board meeting, the KREAB voted to approve the attached advisory.  Kentucky licensed and certified appraisers should become familiar with the advisory when and if an appraisal fee is collected for appraisal assignments that require the appraiser to keep a part of the fee and submit the remainder to a third party.  

 Please review the advisory and contact the KREAB office if there are questions or concerns.

Standard for Single-Family Residential Buildings (ANSI-Z765) Became A Requirement for All Kentucky Licensed/Certified Appraisers.

Order your copy of ANSI Z765 online direct from the NAHB Research Center or by calling 800-638-8556.

Pursuant to 201 KAR 30:030, all Associate Real Property Appraisers licensed after July 1, 2001 shall submit to the board two (2) complete summary appraisal reports.  Per Appraisal Subcommittee Policy Statement 10 revision, the Board shall immediate require all applicant submit a log of work experience.  From that log the Board staff will select appraisal reports for each level of experience review.

The reports selected from the log will be reviewed to verify minimum USPAP compliance and use of acceptable appraisal practices, methods and techniques.  Any deficiencies will be noted so future appraisals will be compliant.  If it is believed necessary to establish the competency of the associate, the board shall request additional reports from the log for review.